Exro Technologies Reports First Quarter Results for 2025
Calgary, AB – May 15, 2025 — Exro Technologies Inc. (TSX: EXRO), a leader in power control solutions for electric vehicles and energy storage, has shared its financial results for the first quarter ending March 31, 2025.
Key Highlights for Q1 2025
- Revenue: Generated $4.4 million from the delivery of 23 electric propulsion units and related services.
- Technology Integration: Continued the integration of the Coil Driver™ technology with a third commercial electric vehicle platform.
- Strategic Partnerships: Made advancements in talks with Stellantis and two other global automotive manufacturers.
- Workforce Changes: Reduced staff by 19% as part of cost optimization efforts, leading to improvements in gross margins.
CEO Sue Ozdemir commented, “During the first quarter, we made significant strides in our commercialization efforts. We delivered propulsion systems to our clients in the commercial vehicle sector, started new OEM programs, and began to see positive effects from our cost reduction strategies. As the electrification market grows, we will focus on effective execution and strategic investment to create long-term value.”
Financial Overview
- Revenue: $4.44 million in Q1 2025, a notable rise from just $87,828 in Q1 2024, marking a transition from technology validation to commercial sales.
- Gross Profit: Reported at minus $2.3 million, showing improvement due to initial cost reductions and better inventory management.
- Net Loss: The loss from ongoing operations amounted to $23.5 million (or $0.04 per share), compared to a loss of $12.9 million (or $0.08 per share) in Q1 2024. This increase was mainly because of non-cash expenses, including $7.4 million in depreciation and $3.8 million in interest.
As of March 31, 2025, Exro had cash reserves of $0.76 million and reported a working capital deficit of $7 million, with an operating cash flow of minus $11.5 million linked to expanding commercial activities.
Operational Update
- Exro is currently delivering propulsion units to two of the top five commercial vehicle manufacturers in North America while discussing potential contracts with two others.
- The company aims to secure an additional OEM contract for production in 2026.
- A targeted 20% cut in bill-of-materials costs is planned by the year’s end.
- Additional Cell Driver™ pilot programs are scheduled in North America.
- Recently, Exro secured $4.0 million in funding from its existing secured creditor to support its growth plans.
Wind-Down of APAC Subsidiary
In a strategic move, Exro has begun the orderly wind-down of its operations in Australia. The company is addressing all legal and regulatory issues as part of this transition, focusing resources on more promising markets.
Looking Ahead
Despite the challenges posed by the current economic environment, Exro remains optimistic about the growing demand for affordable electrification solutions.
About Exro Technologies Inc.
Exro Technologies Inc., bolstered by its acquisition of SEA Electric, specializes in next-generation power control technology. Its range of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, enhance the performance of electric motors and batteries, offering manufacturers an efficient e-propulsion solution. The company is committed to reshaping global energy consumption and promoting a circular electrified economy.
For further information, please visit Exro’s website.
Cautionary Note: This release contains forward-looking statements which involve risks and uncertainties. Actual results may differ from the predictions made in these statements.
