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Exro Technologies Announces Fourth Quarter and Full Year 2023 Financial Results

01 April 2024
  • Exro generated revenue of $5,736,140 for the twelve months that ended December 31, 2023.
  • The Company lifted the nondisclosure agreement with Giaffone and announced the completion of Coil DriverTM validation in Q4 2023 and acceptance of purchase order agreements which commenced in Q1 2024.
  • Coil Driver™ start of production was launched in Q3 2023 with low volume production and was followed by initial deliveries to customers of sample units in Q4 2023.
  • On January 30, 2024, Exro entered into a Merger Agreement with SEA Electric Inc. for the acquisition of SEA Electric and an associated equity financing for gross proceeds of $30,020,000.

CALGARY, AB, April 1, 2024 /CNW/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean technology company which has developed new generation power control electronics that expand the capabilities of electric motors and batteries, announced today its financial results for the quarter ended December 31, 2023.

"Our Company continued operational momentum through Q4 2023, closing out the year with several important milestones achieved", said Exro Chief Executive Officer, Sue Ozdemir. "2023 already feels like a distant memory with Exro entering into transformational merger with electric vehicle technology company SEA Electric in Q1 2024, setting the stage for accelerated revenue growth, technology deployments, and path to profitability. We look forward to closing the transaction and delivering on commitments to our major commercial and passenger vehicle OEM partners in 2024 and beyond."

Exro and Sea Electric merger

Subsequent to year end Exro entered into a Merger Agreement ("the Transaction") with SEA Electric Inc. ("SEA Electric"). The Transaction is expected to enhance Exro's technology offerings, accelerate revenue growth, and contribute to its path to profitability.

The Transaction is expected to provide meaningful benefits to Exro, including but not limited to:

  • Technology Synergy: The Transaction combines Exro's Coil Driver™ motor control technology with SEA Electric's SEA-Drive vehicle control unit (VCU) software technology. This integration is anticipated to deliver superior performance, efficiency, and total cost of ownership advantages, embedded in a complete package electric propulsion system for the commercial vehicle space. Exro and SEA Electric have been testing the technology in partnership over the prior 3 years.
  • Revenue Acceleration: Following the Transaction, the company is forecasting delivery of over 1,000 propulsion systems in 2024 to blue-chip original equipment manufacturers (OEMs). This strategic move is expected to drive substantial revenue growth.
  • Multi-Year Commitments: Leading commercial vehicle OEMs have made multi-year commitments to the combined company. These commitments underscore the confidence in the merged entity's capabilities and potential.

In conjunction with the Transaction, the Company announced a bought deal private placement offering for gross proceeds of $30 million through the offering of 31,600,000 subscription receipts at a price of $0.95 per subscription receipt. The subscription receipts will be exchanged for common shares upon close of the Transaction and proceeds released to the Company. The Transaction is expected to be completed on April 5, 2024, subject to customary closing conditions, including regulatory approvals and approval by Exro shareholders.

Fourth quarter and subsequent operating highlights

In Q4 2023, Exro lifted the NDA and announced a partnership with Giaffone Electric, further expanding its strategic collaborations into South America. In Q1 2023, Exro and Giaffone integrated Coil Driver™ systems within commercial delivery vehicles for a global leading food and beverage company. Additional systems were ordered and deliveries continued through Q1 2024.

Exro successfully completed bench testing of 48V coil drivers for a hybrid diesel application with its off-highway NDA partner in Europe. Commercial discussions for units and systems are underway, with negotiations involving the lifting of the NDA.

Coil Driver™ start of production was launched in Q3 2023 with low volume production and was followed by initial deliveries of sample units in Q4 2023.

With Exro's Cell Driver™ energy storage, the company announced a distribution partnership with Greentech Renewables Southwest and named Re:Build Manufacturing as the exclusive manufacturing partner for the Company's Cell Driver cabinets. Exro has onboarded 40+ distribution and installation partners across North America and the Caribbean

On March 6, 2024 Exro announced that it has completed the testing program required to receive UL certification for its Cell Driver™ stationary energy storage system. The test results are currently being reviewed by approved UL certifier Intertek Laboratories, followed by an audit of Exro's contract manufacturer for the Cell Driver™, Re:Build Manufacturing. It is anticipated that final UL certification will be received in Q2 2024. Commercial sales and marketing activities continue.

The Company has disclosed additional key highlights from 2023 in the MD&A released on April 1, 2024.

Fourth quarter and year ended 2023 financial highlights

For the three months ended  December 31, 2023

  • Revenue of $935,410 (2022 – $1,807,859)
  • Comprehensive loss of $18,201,611 (2022 – $25,301,810)
  • Selling, general and administration expense decreased by $5,886 to $2,592,706 from $2,598,592
  • Payroll and consulting fees increased by $796,058 to $4,474,702 from $3,678,644
  • Research and development increased by $1,840,285 to $4,485,833 from $2,645,548

For the twelve months ended  December 31, 2023

  • Revenue of $5,736,140 (2022 – $2,185,448)
  • Comprehensive loss of $50,143,198 (2022 – $39,495,905)
  • Selling, general and administration expense decreased by $1,343,234 to $9,776,036 from $11,119,270
  • Payroll and consulting fees increased by $2,883,319 to $16,669,923 from $13,786,604
  • Research and development increased by $4,071,391 to $12,836,892 from $8,765,501

The Company generated revenue of $935,410 and $5,736,140, for the three and twelve months ended December 31, 2023, respectively through the execution on engineering services agreements.

Exro saw an overall increase in operating costs for the twelve months ended December 31, 2023, which was driven largely by higher payroll and research and development costs compared to the same period in 2022, offset by a reduction in selling, general and administration expenses. In addition the Company saw higher expenses related to non-cash items including a loss on investment in SEA, fair value loss on derivative assets, interest expense settled through the issuance of shares in the Company, and higher depreciation and share-based payments.

Liquidity and capital resources

As at December 31, 2023, the Company had cash and cash equivalents of $6,241,176 and accounts receivable of $4,233,672. The Company had accounts payable and accrued liabilities of $8,629,951.

Results of operations and selected financial data

For the twelve months



Basic and diluted
loss per common

Weighted average
number of common

December 31, 2023

$        5,736,140

$              (50,143,198)

$                        (0.31)


December 31, 2022

$        2,185,448

$              (39,495,905)

$                        (0.29)


Outstanding share data

As of April 1, 2024, there were 170,121,818 Common Shares issued and outstanding.

Additional information

The financial statements and Management's Discussion and Analysis for the quarter ended December 31, 2023, released April 1, 2024, can be viewed at or on SEDAR+ under Exro Technologies Inc. at

Unless otherwise indicated, all figures are in Canadian currency, Cdn.

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 (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

Visit us on social media @exrotech.

On behalf of the board of directors
Sue Ozdemir, Chief Executive Officer


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 by the use of 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, 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 Canada and available at 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.

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