Exro Technologies Inc. (TSX: EXRO) (OTCQB: ), a leading clean-technology company specializing in motor-control and electric propulsion systems, has released updates on its transformative shifts following the acquisition of SEA Electric on January 25, . The Company also announced its financial results for the three months ended March 31, 2024.
With the acquisition of SEA Electric, Exro has begun integrating the operations of the two companies with a focus on maximizing growth opportunities in the coming year. According to Sue Ozdemir, Exro’s CEO, the initial deliveries of SEA-Drive® propulsion systems to key OEM customers have already commenced, and a comprehensive integration process is underway to reduce costs and enhance operational efficiency.
The acquisition of SEA Electric has brought together complementary technologies, including Exro’s Coil Driver™ inverter and SEA Electric’s SEA-Drive® propulsion system, to provide customers with a patented and proven solution that bridges the cost-performance gap in the industry. Moreover, the combined entity has secured blue-chip OEM customers, creating a solid platform for growth and validation of its advanced technologies.
In the first quarter of 2024, Exro continued to advance its innovation program with a leading global passenger vehicle partner, focusing on reducing the reliance on rare-earth metals in electric motors and promoting sustainability in e-mobility. The Company also delivered Coil Driver™ units to HB4, Giaffone, and Vicinity Motors, and progressed with its e-Axle program with Linamar.
The acquisition of SEA Electric marks a significant milestone in Exro’s mission to revolutionize energy consumption and expand the boundaries of control in e-mobility. The Company’s management outlined key focus areas to drive future growth, including continuing the innovation program with its global passenger vehicle partner, pursuing additional OEM innovation program announcements, and targeting UL certification for its Cell Driver™ stationary energy storage system in Q2 2024.
Exro’s financial results for the three months ended March 31, 2024, reflect the Company’s strategic repositioning in preparation for the SEA Electric acquisition. Revenue for the quarter was driven by pilot Coil Driver™ unit sales and engineering services agreements, while a net loss was reported due to one-time transaction costs related to the acquisition and a non-cash loss on the revaluation of the investment in SEA Electric. Operating loss included one-time costs for transaction costs directly related to the acquisition of SEA Electric, and a non-cash loss on the revaluation of the Company’s previously held investment in SEA Electric.
Exro Technologies Inc., through its strategic acquisition of SEA Electric, is a leading clean technology company that has developed new generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency.