MESA,
Ariz., Nov. 14, 2024 /PRNewswire/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company"
or "Exro"), a leading clean-technology company that provides
proprietary motor-control and complete electric propulsion system
technology for e-mobility, today announced the launch of OEM
vehicles integrated with its Coil Driver technology in
collaboration with Nidec Motor Corporation. A launch event, taking
place today at Exro's inaugural analyst day in Mesa, AZ, will also feature an update from
Exro's management team on the company's business progress and
future outlook. Industry experts and key customers will be in
attendance to discuss the challenges and advancements shaping the
electrification landscape. These discussions will emphasize why
Exro's innovative technology is at the forefront of transforming EV
performance, energy efficiency, and scalability.
"Our Analyst Day will offer the vision and roadmap to capitalize
on the significant opportunity in front of us," said Exro CEO
Sue Ozdemir. "While we're proud of
what we've accomplished, we believe the coming year will further
set Exro apart with the integration of our Coil Driver® into
electric vehicle platforms, new OEM and strategic partnerships, and
improved financial stability."
"Coming off of improved third quarter results, we are pleased
with our progress and momentum," CFO Darrell Bishop commented. "Next year is setting
up to be transformational for Exro as we target to achieve
profitability in the second half of the year through growth, scale
and managing our cost structure."
Highlights from Exro's Analyst Day event:
- After 18 months of testing, we are pleased to announce the
launch of our Medium Duty driveline using an electric motor from
global motor manufacturer Nidec Motor Corporation
- Exro is also proud to unveil the Company's fully integrated
Coil Driver® propulsion systems, featured in onsite OEM vehicles
for a ride-and-drive event
- The onsite vehicles demonstrate the innovative combination of
Exro's Coil Driver technology with full propulsion systems,
including cutting-edge charging solutions, highlighting performance
improvements, energy efficiency, and future-forward electric
vehicle capabilities.
- The Company is on track to begin the integration of the Coil
Driver® into all series production propulsion systems in the second
half of 2025.
- Update on partnerships, including commercial vehicle OEMs,
automotive passenger vehicle programs and Cell Driver progress
- The Company provides 2024 revenue guidance of $24-$28 million and
2025 revenue guidance of $85-$110 million,
representing growth and continued validation of Exro's next
generation propulsion technology.
- Exro expects to achieve EBITDA breakeven by the end of 2025
through continued growth, operational cost reductions and bill of
material savings.
Highlights from the Analyst Day will be made available shortly
afterwards on the Company's investor relations website here.
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
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 that 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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SOURCE Exro Technologies Inc.