InvestorNewsBreaks – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) Reports Q3 Financial Numbers, Operational Update
Nov 11, 2022
Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed new-generation power electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries, has released an operational update in conjunction with the filing its financial results for the nine months ended Sept. 30, 2022. Highlights of the update note that the company is on schedule for key deliverables and milestones for the next quarter, including the delivery of a prototype e-axle to Linamar as well as pilots with Vicinity and SEA Electric and ISO certification by the end of the year. The update noted that the initial deliveries of its Coil Driver(TM) for series production is slated to begin in third quarter 2023 and its Cell Driver(TM) is on schedule for completion of UL certification requirements in second quarter 2023. The company also reported that, following a capital raise of approximately $9.8 million earlier this year, it is closing Q3 2023 with approximately $13.1 million in cash.
“We are energized, we are focused, and we are determined,” said Exro Technologies CEO Sue Ozdemir. “Our Q3 results demonstrate Exro’s tenacity to continue to advance our products, our partnerships and our business through a challenging macro environment. Despite interim delays with various items, our team has worked hard to execute and deliver. Thanks to these efforts, we remain on track for all key deliverables in Q4 2022 and, importantly, for start of production in Q3 2023. While bringing new technology to market is never easy, and there are bound to be challenges ahead, internally we are excited by the potential the next several quarters hold for our business and shareholders. Our Coil Driver is derisked and moving into customer vehicles, our Cell Driver energy storage is scheduled for UL certification in Q2 2023, and the demand we are seeing for our products is promising. We look forward to keeping our shareholders updated regularly on our progress on their behalf.”
To view the full press release, visit https://ibn.fm/1x1nR
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators and batteries. Exro enables the application to achieve more with less energy consumed. The company’s advanced motor control technology, the Coil Driver, expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring its technology to the electric mobility industries and beyond. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.
As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
[email protected]
InvestorWire is part of the InvestorBrandNetwork.
More News
'TV and cheap booze' blamed for landlord quitting
Lincolnshire has lost 27% of its pubs and bars since 2009 and some are calling on the government to act against cheap supermarket booze.
Ship attack reports near Hormuz reach record high as oil exports slow
BBC Verify analysis of data from a UK maritime agency shows 12 vessels were struck in a week.
Netflix Replaces Bela Bajaria as Chief Content Officer
Peter Rice, a former executive at Disney and Fox, will take over from Bela Bajaria, who had held the job since 2023.
Living with a stink? Technology might help
Smells from rubbish dumps and industrial facilities are being more carefully monitored.
I find it quite demoralising in store - why I do all my shopping online
After Primark announced plans for home delivery, we hear from women who never go into clothes stores.
Gulf Oil Is Still Flowing Despite a Surge in Attacks on Ships
Shipping operators are braving the Strait of Hormuz, but the risks are high and transportation costs have skyrocketed.
Tech Stocks Drop Further Amid Doubts Over AI Spending
Tech stocks plunged before reversing course, as concerns over soaring A.I. spending and stubborn inflation fueled a sell-off.
'I'd spend $1,000 on a wedding present'
New Yorkers share how much they spend on a wedding gift - and how they decide.
Homeownership Drifts Further Out of Reach as Mortgage Rates Rise
Mortgage rates have pushed above 7 percent and home prices remain elevated, hurting the prospects of would-be buyers.
'I paid thousands to a company for jobs that never came'
Apurv Patel is one of several people who say they were promised job opportunities that did not appear.
Data Centers Become Targets in Wars in Ukraine, Russia and the Middle East
Military forces have sought to damage the computing hubs that power online services and artificial intelligence systems.
Mortgage Rates Hover at 7.4%, Highest Since 2023
The average 30-year, fixed-rate mortgage has steadily risen in recent weeks, compounding affordability challenges for many Americans.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.