Exro Announces Upcoming Analyst Day and Q3 Results Date With Note to Shareholders
Exro Technologies has announced its Q3 earnings release for November 13, 2024, followed by an Analyst Day event at their Mesa, Arizona headquarters on November 14. The company addresses recent stock volatility, noting a 50% decline since September due to the expiration of SEA Electric merger lock-up agreements. Key developments include enhanced investor relations through partnership with The Blueshirt Group, successful navigation of supply chain challenges, and operational cost reductions. The company has secured additional capital to support SEA-Drive® production scaling for two OEMs, emphasizing their focus on operational excellence and path to profitability.
Exro Technologies ha annunciato il rilascio dei risultati del terzo trimestre per il 13 novembre 2024, seguito da un evento Analyst Day presso la loro sede di Mesa, Arizona, il 14 novembre. L'azienda affronta la recente volatilità azionaria, evidenziando un calo del 50% da settembre a causa della scadenza degli accordi di lock-up della fusione con SEA Electric. I principali sviluppi includono un miglioramento delle relazioni con gli investitori grazie alla collaborazione con The Blueshirt Group, una navigazione di successo delle sfide della catena di approvvigionamento e riduzioni dei costi operativi. L'azienda ha assicurato capitale aggiuntivo per supportare l'espansione della produzione di SEA-Drive® per due produttori OEM, sottolineando il proprio impegno per l'eccellenza operativa e un percorso verso la redditività.
Exro Technologies ha anunciado el lanzamiento de sus resultados del tercer trimestre para el 13 de noviembre de 2024, seguido de un evento del Día del Analista en su sede de Mesa, Arizona, el 14 de noviembre. La empresa aborda la reciente volatilidad de las acciones, notando una caída del 50% desde septiembre debido a la expiración de los acuerdos de bloqueo de la fusión con SEA Electric. Los desarrollos clave incluyen la mejora de las relaciones con los inversores a través de una asociación con The Blueshirt Group, la exitosa navegación de los desafíos de la cadena de suministro y la reducción de costos operativos. La empresa ha asegurado capital adicional para apoyar la expansión de la producción de SEA-Drive® para dos OEMs, enfatizando su enfoque en la excelencia operativa y el camino hacia la rentabilidad.
엑스로 테크놀로지스가 2024년 11월 13일에 제3분기 실적 발표를 하고, 11월 14일 애리조나주 메사 본사에서 애널리스트 데이 이벤트를 개최한다고 발표했습니다. 회사는 SEA Electric 합병의 잠금 해제 계약 만료로 인해 9월 이후 50% 하락한 최근 주가 변동성에 대처하고 있습니다. 주요 개발 사항으로는 The Blueshirt Group과의 파트너십을 통한 투자자 관계 개선, 공급망 문제 극복, 운영 비용 절감이 포함됩니다. 회사는 두 개의 OEM을 위한 SEA-Drive® 생산 확장을 지원하기 위해 추가 자본을 확보하였으며, 운영 효율성과 수익성 향상에 대한 초점을 강조하고 있습니다.
Exro Technologies a annoncé la publication de ses résultats du troisième trimestre pour le 13 novembre 2024, suivie d'un événement Analyst Day à son siège de Mesa, en Arizona, le 14 novembre. L'entreprise aborde la récente volatilité des actions, notant une baisse de 50 % depuis septembre en raison de l'expiration des accords de verrouillage de fusion avec SEA Electric. Les développements clés comprennent l'amélioration des relations avec les investisseurs grâce à un partenariat avec The Blueshirt Group, la navigation réussie des défis de la chaîne d'approvisionnement et la réduction des coûts opérationnels. L'entreprise a sécurisé des capitaux supplémentaires pour soutenir l'augmentation de la production de SEA-Drive® pour deux OEMs, soulignant son engagement envers l'excellence opérationnelle et son chemin vers la rentabilité.
Exro Technologies hat die Veröffentlichung seiner Ergebnisse für das 3. Quartal für den 13. November 2024 angekündigt, gefolgt von einem Analystentag in der Zentrale in Mesa, Arizona, am 14. November. Das Unternehmen geht auf die jüngste Volatilität der Aktien ein und weist auf einen Rückgang von 50 % seit September hin, bedingt durch das Auslaufen der Lock-up-Vereinbarungen zur Fusion mit SEA Electric. Wichtige Entwicklungen umfassen die Verbesserung der Investorenbeziehungen durch eine Partnerschaft mit The Blueshirt Group, die erfolgreiche Bewältigung von Herausforderungen in der Lieferkette und die Senkung der Betriebskosten. Das Unternehmen hat zusätzliches Kapital gesichert, um die Produktionssteigerung von SEA-Drive® für zwei OEMs zu unterstützen und betont seinen Fokus auf operative Exzellenz und den Weg zur Rentabilität.
- Successfully secured additional capital for SEA-Drive® production scaling
- Achieved substantial cost savings through headcount reductions and facility closures
- Successfully resolved Q2 inventory and parts shortage issues
- Engaged The Blueshirt Group to enhance investor relations
- Stock price declined over 50% since late September 2024
- Trading volumes increased to 3x average daily levels, creating downward pressure
- Lock-up expiration from SEA Electric merger causing selling pressure
Dear Exro Shareholders,
Despite recent headwinds, Exro's proprietary intellectual property continues to position us for strong growth. Our patented and proven technology is designed to make the transition to electrification more cost-effective while improving performance. The acquisition of SEA Electric was a strategic move to accelerate the integration of our Coil Driver® technology into OEM platforms, a development expected to drive market adoption and revenue growth. We are pleased to report that this integration is progressing as planned and will be showcased at our upcoming Analyst Day.
In light of recent market volatility, we are committed to continuing to enhancing our investor relations strategy. Shareholders can look forward to the following updates:
- Enhanced Investor Relations Support: We are committed to continuously improving our investor relations efforts with more frequent updates and more transparent communication channels to ensure investors continue to have timely access to information and a comprehensive understanding of Exro's progress. In this light, Exro recently engaged leading North American investor relations firm, The Blueshirt Group, to manage and support Exro's IR strategy. The Blueshirt team is comprised of Wall Street and industry veterans who have extensive relationships and established credibility with analysts, bankers, institutional investors, VCs and the media through years of strong execution.
- Q3 Results Announcement on November 13, 2024: We will announce our Q3 results after the market closes. Management will host a conference call for analysts following the release of Q3 results with details to be provided in advance on our website.
- Analyst Day on November 14, 2024: We are hosting our inaugural Analyst Day in
Mesa, Arizona . This invitation-only event will showcase our technology with on-site demos of vehicles. Attendees will have the opportunity to speak with customers, industry experts and Exro executives to better understand the disruptive nature of our technology. Additionally, we will provide an update on our business strategy and path to profitability. Video recordings from the event will be posted to our investor relations website following the event.
Our resilience is rooted in our strong partnerships with blue-chip OEMs and a commitment to quality and innovation. Following our merger with SEA Electric, we have made significant strides in addressing key operational challenges, including:
- Supply Chain Management: We successfully navigated many inventory and parts shortages that were highlighted in our Q2 results, ensuring minimal disruption to our operations.
- Operational Efficiencies: We remain focused on cost reductions and right-sizing the business to meet OEM demand. To that end, we've achieved substantial annualized cost savings through headcount reductions, facility closures, and proactive resource management, positioning Exro on a clear path to profitability.
- Financial Stability: We recently raised additional capital to support our working capital needs as we scale SEA-Drive® production volumes for two OEMs, which will drive both growth and profitability.
In recent weeks, our share price has faced significant downward pressure, with a decline of over
We believe the recent pressure on our stock is primarily attributable to the expiration of the lock-up agreement related to our merger with SEA Electric. Specifically, SEA shareholders received Exro shares with a six-month lock-up period, which expired in early October. This event, combined with weak broader market conditions for electric vehicle-related stocks, resulted in trading volumes more than three times the average daily levels, which contributed to the downward pressure on the share price.
While we are currently navigating short-term market challenges, we remain focused on operational excellence, revenue growth, and profitability through scale. The long-term market outlook remains positive as demand for electrified commercial vehicles continues to grow. In 2023, commercial truck sales in the
We deeply appreciate the continued support of our shareholders and look forward to updating you on our progress in the coming weeks. We are confident that we are building a better future, where sustainability and innovation work hand in hand.
Thank you for your ongoing trust and support.
Sue Ozdemir
CEO, Exro
Rod Copes
Board Chair, Exro
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new generation power control electronics. Its innovative suite of solutions, including the Exro Coil Driver®, Exro Cell Driver®, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at www.exro.com/investors
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified using terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, which could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2023, and financial statements and related MD&A for the financial year ended December 31, 2023, filed with the securities regulatory authorities in certain provinces of
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of
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SOURCE Exro Technologies Inc.
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