Exro Technologies Reports Third Quarter 2024 Financial Results
Exro Technologies reported record Q3 2024 results with revenue reaching $11.0 million, a 108% increase from Q2. The company delivered 74 e-propulsion systems to OEM customers, up 106% from Q2. Exro achieved over US$15 million in cost savings through operational efficiencies, including a 35% headcount reduction. The company announced Stellantis N.V. as its automotive passenger vehicle OEM partner and completed a $25 million public offering. In technology validation, their Coil Driver® successfully powered a 17-tonne commercial electric vehicle up an 18% grade during pilots in Brazil.
Exro Technologies ha riportato risultati record per il terzo trimestre del 2024, con ricavi che hanno raggiunto 11,0 milioni di dollari, un aumento del 108% rispetto al secondo trimestre. L'azienda ha consegnato 74 sistemi di propulsione elettrica a clienti OEM, con un incremento del 106% rispetto al secondo trimestre. Exro ha ottenuto oltre 15 milioni di dollari USA in risparmi sui costi grazie a efficienze operative, compresa una riduzione del 35% della forza lavoro. L'azienda ha annunciato Stellantis N.V. come partner OEM per veicoli passeggeri e ha completato un'offerta pubblica di 25 milioni di dollari. Nella validazione tecnologica, il loro Coil Driver® ha alimentato con successo un veicolo commerciale elettrico da 17 tonnellate su una pendenza del 18% durante i test in Brasile.
Exro Technologies reportó resultados récord para el tercer trimestre de 2024, con ingresos que alcanzaron $11.0 millones, un aumento del 108% en comparación con el segundo trimestre. La compañía entregó 74 sistemas de propulsión eléctrica a clientes OEM, un aumento del 106% desde el segundo trimestre. Exro logró más de $15 millones en ahorros de costos a través de eficiencias operativas, incluyendo una reducción del 35% en la plantilla. La empresa anunció a Stellantis N.V. como su socio OEM de vehículos de pasajeros y completó una oferta pública de $25 millones. En validación tecnológica, su Coil Driver® alimentó con éxito a un vehículo eléctrico comercial de 17 toneladas en una pendiente del 18% durante las pruebas en Brasil.
Exro Technologies는 2024년 3분기 기록적인 실적을 발표하였으며, 수익은 1100만 달러에 달해 2분기 대비 108% 증가하였습니다. 이 회사는 OEM 고객에게 74개의 전기 추진 시스템을 공급하였으며, 이는 2분기 대비 106% 증가한 수치입니다. Exro는 운영 효율성을 통해 1500만 달러 이상의 비용 절감을 달성했으며, 인력은 35% 감소했습니다. 이 회사는< b>Stellantis N.V.를 자동차 승용차 OEM 파트너로 발표하고 2500만 달러 규모의 공모를 완료했습니다. 기술 검증 차원에서, 그들의 Coil Driver®는 브라질에서의 시범 운전 중 17톤 상업용 전기차를 18% 경사에서 성공적으로 구동했습니다.
Exro Technologies a annoncé des résultats records pour le troisième trimestre 2024, avec des revenus atteignant 11,0 millions de dollars, soit une augmentation de 108% par rapport au deuxième trimestre. L'entreprise a livré 74 systèmes de propulsion électrique à des clients OEM, en hausse de 106% par rapport au deuxième trimestre. Exro a réalisé plus de 15 millions de dollars d'économies grâce à des gains d'efficacité opérationnelle, dont une réduction de 35% des effectifs. L'entreprise a annoncé Stellantis N.V. comme partenaire OEM pour véhicules de passagers et a complété une offre publique de 25 millions de dollars. En validation technologique, leur Coil Driver® a réussi à alimenter un véhicule électrique commercial de 17 tonnes sur une pente de 18% lors des essais au Brésil.
Exro Technologies hat für das dritte Quartal 2024 Rekordzahlen vermeldet, mit Einnahmen von 11,0 Millionen Dollar, was einem Anstieg von 108% im Vergleich zum zweiten Quartal entspricht. Das Unternehmen lieferte 74 E-Antriebssysteme an OEM-Kunden, ein Anstieg von 106% im Vergleich zum zweiten Quartal. Exro erzielte über 15 Millionen US-Dollar an Kosteneinsparungen durch betriebliche Effizienz, einschließlich einer Reduzierung der Mitarbeiterzahl um 35%. Das Unternehmen kündigte Stellantis N.V. als Partner für Pkw-OEMs an und schloss eine öffentliche Platzierung über 25 Millionen Dollar ab. In der Technologievalidierung hat ihr Coil Driver® während der Pilotprojekte in Brasilien ein 17-Tonnen-Elektrofahrzeug erfolgreich eine 18% Steigung hochgefahren.
- Record quarterly revenue of $11.0M, up 108% from Q2 2024
- Delivered 74 e-propulsion systems, a 106% increase over Q2 2024
- Achieved US$15M in cost savings through operational efficiencies
- 18% reduction in bill of materials costs with additional 20% expected by Q2 2025
- Secured partnership with major automotive manufacturer Stellantis N.V.
- Completed $25M public offering strengthening cash position
- Required to write down all goodwill and portion of intangibles from SEA Electric acquisition
- Share price decline from April through Q3 2024
- Lower than forecasted outlook from April
- 35% workforce reduction in last six months
- Delivered 74 e-propulsion systems to blue-chip OEM customers, a
106% increase over Q2 2024 and a new quarterly record. - Record quarterly revenue of
, a$11.0 million 108% increase over Q2 2024. - Recognized cumulative annual business cost-savings of more than
US in cost savings.$15 million - Announced the completion of a public offering for proceeds of
.$25 million - Announced Stellantis N.V. as its automotive passenger vehicle OEM partner, lifting a more than year-long nondisclosure agreement.
- Management will host a conference call for analysts today at 6:00 p.m. ET.
Highlights
- Record revenue: Exro achieved record revenue of
in Q3 2024 with the delivery of 74 propulsion system units, an increase from$11.0 million in Q2 2024.$5.3 million - Path to profitability. To date the Company has achieved more than
US in cost savings, having recognized operational efficiencies, including a reduction in headcount by approximately$15 million 35% in the last six months. Additionally, the Company continues to drive down costs related to the bill of materials of its e-propulsion system having recognized more than18% savings with visibility to an additional20% by the end of Q2 2025. - Technology performance. In on-road pilots in collaboration with Giaffone for an industry-leading beverage company in
Brazil , a fully loaded 17-tonne commercial electric delivery vehicle equipped with Exro's Coil Driver® successfully navigated an18% grade at speed.
"We are pleased with our progress in Q3 and momentum heading into Q4," said Exro CEO Sue Ozdemir. "We achieved key milestones on a number of fronts including units shipped, cost reduction in both our design and cost structure, as well as negotiated a strategic partnership which will accelerate our growth trajectory. We remain focused on driving profitability through execution by the end of next year."
Exro is well-positioned to meet the evolving needs of the EV market. With industry-leading technology, consistent growth in deliveries to blue-chip OEM customers, and a strong focus on profitability, the Company is set to penetrate the commercial truck market and build on its Q3 success.
Given the decline in the Exro's share price from April 5, 2024 through the end of Q3, combined with the lower than forecasted outlook from April, the Company was obligated to complete an impairment test which resulted in a write-down of all goodwill and a portion of intangibles related to the SEA Electric acquisition. This is a non-cash adjustment to the carrying value of these assets.
Conference Call Information
Management will host a quarterly earnings conference call for analysts and investors at 6:00 p.m. Eastern time / 3:00 p.m. Pacific time today, Wednesday, November 13, 2024. Details below:
Toll-Free Dial-In Number: 800-445-7795
Conference ID: EXROQ3
The condensed consolidated interim financial statements and Management's Discussion and Analysis for the quarter ended September 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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