Exro Technologies Reports Record Revenue with Q2 Financial Results
Exro Technologies (TSX: EXRO, OTCQB: EXROF) reported record quarterly revenue of C$5.3 million in Q2 2024, with 36 propulsion system units delivered. The company had C$6.7 million in completed units at quarter-end, including 40 units for early Q3 delivery. Exro achieved ETL certification for its Cell Driver® battery energy storage system and is on track to deliver its 2024 target of US$10 million in cost savings, having already realized US$7.5 million. The company restructured a US$53 million convertible debenture into a promissory note, removing dilution potential and securing up to US$7 million in additional funding. Exro is focused on profitability and integrating its Coil Driver® technology into major OEM programs launching in Q3 and Q4, aiming for production in 2025.
Exro Technologies (TSX: EXRO, OTCQB: EXROF) ha riportato un fatturato trimestrale record di 5,3 milioni di dollari canadesi nel secondo trimestre del 2024, con la consegna di 36 unità di sistemi di propulsione. L'azienda aveva 6,7 milioni di dollari canadesi in unità completate alla fine del trimestre, di cui 40 unità pronte per la consegna all'inizio del terzo trimestre. Exro ha ottenuto la certificazione ETL per il suo sistema di accumulo di energia Cell Driver® ed è sulla buona strada per raggiungere il target di 10 milioni di dollari USA in risparmi sui costi per il 2024, avendo già realizzato 7,5 milioni di dollari USA. L'azienda ha ristrutturato un'obbligazione convertibile da 53 milioni di dollari USA in una cambiale, eliminando il potenziale di diluizione e assicurando fino a 7 milioni di dollari USA in finanziamenti aggiuntivi. Exro si concentra sulla redditività e sull'integrazione della sua tecnologia Coil Driver® nei principali programmi OEM che saranno lanciati nel terzo e quarto trimestre, puntando a una produzione nel 2025.
Exro Technologies (TSX: EXRO, OTCQB: EXROF) informó de ingresos trimestrales récord de 5,3 millones de dólares canadienses en el segundo trimestre de 2024, con la entrega de 36 unidades de sistemas de propulsión. La compañía tenía 6,7 millones de dólares canadienses en unidades completadas al final del trimestre, incluyendo 40 unidades para entrega anticipada en el tercer trimestre. Exro logró la certificación ETL para su sistema de almacenamiento de energía Cell Driver® y está en camino de alcanzar su meta de 10 millones de dólares en ahorros de costos para 2024, habiendo ya realizado 7,5 millones de dólares. La empresa reestructuró un debenture convertible de 53 millones de dólares en una nota promisoria, eliminando el potencial de dilución y asegurando hasta 7 millones de dólares en financiamiento adicional. Exro se centra en la rentabilidad e integrando su tecnología Coil Driver® en los principales programas de OEM que se lanzarán en el tercer y cuarto trimestre, con el objetivo de iniciar la producción en 2025.
엑스로 기술(TSX: EXRO, OTCQB: EXROF)은 2024년 2분기에 530만 캐나다 달러의 분기별 수익 기록을 보고하며, 36개의 추진 시스템 유닛을 전달했습니다. 회사는 분기 말에 670만 캐나다 달러의 완성된 유닛을 보유하고 있었으며, 이 중 40개 유닛은 3분기 초에 전달될 예정입니다. 엑스로는 Cell Driver® 배터리 에너지 저장 시스템에 대한 ETL 인증을 획득하였으며, 이미 750만 달러의 실현을 하여 2024년 1천만 달러의 비용 절감 목표를 달성할 수 있는 경로에 있습니다. 회사는 5,300만 달러의 전환사채를 약속어음으로 재구성하여 희석 가능성을 제거하고, 최대 700만 달러의 추가 자금을 확보했습니다. 엑스로는 수익성에 집중하고 있으며, 3분기 및 4분기에 출범할 주요 OEM 프로그램에 Coil Driver® 기술을 통합하는 것을 목표로 하고 있어, 2025년 생산을 목표로 하고 있습니다.
Exro Technologies (TSX: EXRO, OTCQB: EXROF) a rapporté un chiffre d'affaires trimestriel record de 5,3 millions de dollars canadiens au deuxième trimestre de 2024, avec la livraison de 36 unités de systèmes de propulsion. L'entreprise disposait de 6,7 millions de dollars canadiens en unités complètes à la fin du trimestre, dont 40 unités pour une livraison anticipée au début du troisième trimestre. Exro a obtenu la certification ETL pour son système de stockage d'énergie Cell Driver® et est en bonne voie pour atteindre son objectif de 10 millions de dollars américains d'économies de coûts pour 2024, ayant déjà réalisé 7,5 millions de dollars américains. L'entreprise a restructuré une obligation convertible de 53 millions de dollars américains en une note à ordre, éliminant ainsi le potentiel de dilution et sécurisant jusqu'à 7 millions de dollars américains de financements supplémentaires. Exro se concentre sur la rentabilité et l'intégration de sa technologie Coil Driver® dans les principaux programmes OEM qui seront lancés au cours des troisième et quatrième trimestres, visant une production en 2025.
Exro Technologies (TSX: EXRO, OTCQB: EXROF) berichtete von einem Rekordumsatz von 5,3 Millionen kanadischen Dollar im 2. Quartal 2024, mit der Lieferung von 36 Antriebssystemeinheiten. Das Unternehmen hatte 6,7 Millionen kanadische Dollar an abgeschlossenen Einheiten zum Quartalsende, einschließlich 40 Einheiten zur frühen Lieferung im 3. Quartal. Exro erhielt die ETL-Zertifizierung für sein Cell Driver®-Batteriespeichersystem und ist auf dem besten Weg, das Ziel von 10 Millionen US-Dollar an Kosteneinsparungen für 2024 zu erreichen, wobei bereits 7,5 Millionen US-Dollar realisiert wurden. Das Unternehmen restrukturierte eine convertible Debenture von 53 Millionen US-Dollar in ein Schuldschein, um die Verwässerungspotential zu beseitigen und bis zu 7 Millionen US-Dollar an zusätzlicher Finanzierung zu sichern. Exro konzentriert sich auf Rentabilität und integriert seine Coil Driver®-Technologie in die wichtigsten OEM-Programme, die im 3. und 4. Quartal starten sollen, mit dem Ziel, 2025 in Produktion zu gehen.
- Record quarterly revenue of C$5.3 million in Q2 2024
- C$6.7 million in completed units at quarter-end
- ETL certification awarded for Cell Driver® battery energy storage system
- On track to deliver US$10 million cost savings target for 2024
- Restructured US$53 million convertible debenture, securing up to US$7 million in additional funding
- Transition from nil revenue in Q2 2023 to current revenue levels indicates early stage of commercialization
- Record quarterly revenue of
C with$5.3 million C at quarter end in completed units$6.7 million - Exceeded targeted bill of material costs and savings of
5% , recognizing over10% - Recognized cumulative annual business cost-savings of
US and on track to deliver 2024 target of$7.5 million US $10 million - Awarded ETL certification for the Exro Cell Driver® stationary battery energy storage system
- Subsequent to quarter end, restructured
US convertible debenture into a promissory note, removing the dilutive potential of a convert while providing up to an additional$53 million US in funding$7 million
Highlights
- Record revenue: Exro achieved record revenue of
C in Q2 2024 with the delivery of 36 propulsion system units, a significant increase from nil reported in Q2 2023. In addition, the Company had$5.3 million C in completed units at the end of Q2, including an additional 40 completed units being delivered in early Q3.$6.7 million - Cell Driver™ Certification: the Company was awarded ETL certification to UL standards at the end of June which marked the next phase of commercialization for its proprietary battery energy storage technology.
- Path to Profitability: the initial target of
US is on track for 2024, with$10 million US annualized savings realized to date from headcount restructure, facilities, and operational efficiencies.$7.5 million
Exro is focused on achieving profitability and realizing annualized cost savings of
"We are pleased about our progress immediately post-merger," said Exro CEO Sue Ozdemir. "We delivered record revenue and production volumes, on track for our cost-out targets, and integrated our technology offerings. Despite challenges, our team's dedication has been outstanding, and we are confident in our continued growth and industry disruption."
Conference Call Information
Management will host its first quarterly earnings conference call for analysts and investors at 8:30 a.m. Eastern time / 5:30 a.m. Pacific time on Thursday, August 15, 2024. Details below:
Toll-Free Dial-In Number: 800-245-3047
Conference ID: EXROQ2
The condensed consolidated interim financial statements and Management's Discussion and Analysis for the quarter ended June 30, 2024, are available at www.exro.com/investors and on SEDAR+ under Exro Technologies Inc. at www.sedarplus.ca.
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company's innovative technologies serve to bridge the performance-cost gap in e-mobility (Exro Coil Driver®) and stationary energy storage (Exro Cell Driver®), and act to accelerate 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, that 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, 2022, and financial statements and related MD&A for the financial year ended December 31, 2022, 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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