CALGARY, AB, Jan. 15, 2024 /CNW/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean-technology company that develops new generation power-control electronics that expand the capabilities of electric motors and batteries, is pleased to announce the release of a Q1 2024 letter to shareholders.
Following the Company's operational update in a 2023 year-end note to shareholders on December 20, 2023, this letter revisits Exro's exceptional operational performance in 2023 and details key focus areas and milestones for the upcoming year.
Dear Exro Shareholders,
Last year's shareholder annual letter (LINK) emphasized 2023 as our launch year, marked by the successful start of production from our world-class manufacturing facility – a milestone we proudly achieved. Building on last year's momentum, our focus for 2024 evolves into an even more ambitious theme: transformative collaborations. This year's success will be underlined by noteworthy commercial partnerships – advancing those already public and bringing new partnerships into our ecosystem. These impactful relationships stand as third-party endorsements to our innovations and precisely embody our vision for the diverse applications of our technology, showcasing the potential of our Coil Driver™ and Cell Driver™ in real-world scenarios.
Indicated in our December shareholder letter and as tradition holds, this Q1 2024 shareholder letter outlines our strategic focus areas for 2024 and references notable strides completed over the past twelve months. The support from Exro shareholders like yourself has been instrumental, and we look forward to the exciting year ahead together as we continue to expand the boundaries of control in e-mobility and energy storage.
Last year was a strong chapter for Exro. At the start of the year, we detailed key focus areas, with a keen eye on working full speed towards the start of series production and first deliveries for its products. Achieving these milestones hinged on sample deliveries, customer validations, and commercial agreement traction with existing and new partners. We are proud to have accomplished almost all of what we set out to achieve, in addition to accomplishments not on our roadmap at the beginning of the year. The dedication and hard work of our team, coupled with strategic planning, allowed us to recognize significant milestones, shaping another remarkable year for Exro to build off.
Despite these many accomplishments, the market backdrop for electric vehicle related companies witnessed considerable pressure last year, particularly in the second half of 2023. This backdrop resulted in a slower than expected transition of the industry as access to capital for most companies became limited, and consumers grappled with high interest rates, inflation, and uncertainty, lending to a lower outlook for electric vehicle sales. We share your frustrations with how this macro environment has contributed to the performance of Exro's shares. As a management team, it is our belief that the embedded value of our accomplishments and technology potential is not reflected at current share price levels. Our primary motivation is to create long term shareholder value through our technology partnerships and accretive business decisions.
Our foundation is strong, we have proven resiliency in turbulence and have invested in the processes in our organization that will allow us to have a rewarding 2024. With that, we are pleased to update shareholders on the key areas that we will bring focus to this year:
We remain deeply appreciative of our shareholders' support and the confidence put into our vision. Progress is not a goal, but a consistent companion for Exro. Each year, we make remarkable strides towards ambitious objectives, and 2024 will be no exception. We look forward to achieving new milestones together.
Sincerely,
Sue Ozdemir
Chief Executive Officer
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 (Coil Driver™) and stationary energy storage (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.
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 Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.
Last Trade: | US$0.12 |
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Market Cap: | US$61.130M |
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