InvestorNewsBreaks – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) Reports Q3 Financial Numbers, Operational Update
Nov 11, 2022
Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed new-generation power electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries, has released an operational update in conjunction with the filing its financial results for the nine months ended Sept. 30, 2022. Highlights of the update note that the company is on schedule for key deliverables and milestones for the next quarter, including the delivery of a prototype e-axle to Linamar as well as pilots with Vicinity and SEA Electric and ISO certification by the end of the year. The update noted that the initial deliveries of its Coil Driver(TM) for series production is slated to begin in third quarter 2023 and its Cell Driver(TM) is on schedule for completion of UL certification requirements in second quarter 2023. The company also reported that, following a capital raise of approximately $9.8 million earlier this year, it is closing Q3 2023 with approximately $13.1 million in cash.
“We are energized, we are focused, and we are determined,” said Exro Technologies CEO Sue Ozdemir. “Our Q3 results demonstrate Exro’s tenacity to continue to advance our products, our partnerships and our business through a challenging macro environment. Despite interim delays with various items, our team has worked hard to execute and deliver. Thanks to these efforts, we remain on track for all key deliverables in Q4 2022 and, importantly, for start of production in Q3 2023. While bringing new technology to market is never easy, and there are bound to be challenges ahead, internally we are excited by the potential the next several quarters hold for our business and shareholders. Our Coil Driver is derisked and moving into customer vehicles, our Cell Driver energy storage is scheduled for UL certification in Q2 2023, and the demand we are seeing for our products is promising. We look forward to keeping our shareholders updated regularly on our progress on their behalf.”
To view the full press release, visit https://ibn.fm/1x1nR
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators and batteries. Exro enables the application to achieve more with less energy consumed. The company’s advanced motor control technology, the Coil Driver, expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring its technology to the electric mobility industries and beyond. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.
As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
[email protected]
InvestorWire is part of the InvestorBrandNetwork.
More News
U.S. to Send Dozens Back to Afghanistan, Despite Risk of Persecution
The Trump administration plans to fly the Afghan immigrants from Louisiana to Pakistan, where they are expected to be expelled over the border to Afghanistan.
New ‘Call of Duty’ Game Draws Criticism for Using Footage of Deadly Seoul Crowd Crush
Call of Duty: Modern Warfare 4 uses actual visuals from a Halloween crowd crush in South Korea, in which over 150 people died in a narrow alleyway.
I Covered the Tiananmen Square Massacre. It Still Weighs on Me.
The day that changed modern China also taught me how to recognize true courage.
India’s China+1 Dilemma: It May Need China to Depend Less on China
India wants to rely less on China. Interviews with executives and policymakers suggest that whether Chinese firms take part matters less than what India gets for letting them.
A Powerful Mosquito-Hunting Laser Uses A.I. to Zap Winged Pests
Using sensors developed for self-driving cars, a Chinese start-up claims it can track and destroy tiny flying targets while avoiding people, pets and reflective surfaces.
Pakistan’s Trump Bet Meets the US Midterms
The weeks after November 3 will test whether Pakistan’s moment in Washington was a strategy or a stroke of luck.
Why the Philippines remains a hotspot for transnational drug syndicates
Transnational drug syndicates in the Philippines continue to thrive despite decades of crackdowns targeting street-level dealers, with analysts warning that regional suppliers, financiers and trafficking networks have largely eluded enforcement efforts. Former drug officials and security analysts say the country’s drug trade remains closely connected to a wider regional supply chain, with criminal groups relying on local partners, maritime routes and established distribution networks to move...
Australia Raises Student Visa Costs and Cuts Working Holiday Maker Slots
To placate those drifting off toward One Nation, the government saw a couple of easy targets in international student and working holiday makers to signal that it was “doing something” about immigration.
Amid India–China Border Tensions, Mega Hydel Project in Arunachal Pradesh Faces Local Heat
Locals are protesting India’s plans to construct a hydropower project on the Siang River. Delhi says the project is important for national security.
AI, fuelled by advanced chips, set to power semiconductor manufacturing: industry veteran
Artificial intelligence is no longer merely the driving force behind global semiconductor demand, but is also actively reinventing how chips are designed and built, industry leaders and scientists said at a major science forum in Shanghai on Friday. Chen Yunji, co-founder of AI chipmaker Cambricon Technologies, predicted that the integration between AI and chip design would eventually automate the chip design process entirely. “In the [next] 10 years, the most important development … is the RSI...
India’s Rahul Gandhi takes on Modi, but can grass-roots defiance win votes?
In recent weeks, Indian opposition leader Rahul Gandhi has frequently taken to the streets – joining protest marches, staging sit-ins at police stations and confronting authorities over alleged abuses of power and corruption. Often trading the formal attire traditionally worn by India’s political elite for a T-shirt and jeans, Gandhi’s high-visibility participation in grass-roots demonstrations has drawn wide attention as he seeks to place himself at the forefront of a growing movement of...
‘People’s Republic of the Disappeared’: Stories of Horror But Also Resilience
“Residential surveillance at a designated location” – a form of enforced disappearance – is becoming a go-to tool for the CCP, as a new book details.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.