Exro Technologies Inc
TSX:EXRO
Exro Technologies Inc
Exro Technologies, Inc. is a clean technology company, which engages in the production of electronics for electric motors, batteries, and generators. The company is headquartered in Calgary, Alberta and currently employs 76 full-time employees. The company went IPO on 2017-08-29. The firm is focused on commercializing its patented coil driver technology and system architecture for power electronics, as well as the battery control system technology for stationary energy storage. The firm is focused on the development of power electronics for electric motors and batteries. The Company’s Coil Driver technology is the electric motor controller and optimizes electric motor performance through direct control of the motor coil windings. Coil Driver is designed to switch motor configurations between series and parallel modes on the fly, without any disruption in motor operation. The Energy Storage System technology is equipped with its Battery Control System (BCS) that uses cell-level control mechanisms. The Company’s subsidiaries include DPM Technologies Inc. and Exro Technologies USA, Inc.
Exro Technologies, Inc. is a clean technology company, which engages in the production of electronics for electric motors, batteries, and generators. The company is headquartered in Calgary, Alberta and currently employs 76 full-time employees. The company went IPO on 2017-08-29. The firm is focused on commercializing its patented coil driver technology and system architecture for power electronics, as well as the battery control system technology for stationary energy storage. The firm is focused on the development of power electronics for electric motors and batteries. The Company’s Coil Driver technology is the electric motor controller and optimizes electric motor performance through direct control of the motor coil windings. Coil Driver is designed to switch motor configurations between series and parallel modes on the fly, without any disruption in motor operation. The Energy Storage System technology is equipped with its Battery Control System (BCS) that uses cell-level control mechanisms. The Company’s subsidiaries include DPM Technologies Inc. and Exro Technologies USA, Inc.
Record Revenue: Exro posted Q3 revenue of $11 million, more than double last quarter, driven by delivery of a record 74 electric propulsion systems.
Rapid Growth: Revenue grew 108% and deliveries rose 106% over Q2, reflecting operational improvements and supply chain stabilization.
Cost Reductions: The company achieved over 18% savings in bill of materials since April and reduced per-unit costs by 20% from last quarter.
Path to Profitability: Management remains focused on cost control and aims for sustainable profitability in the second half of 2025.
Impairment Charge: A noncash write-down of $211 million in goodwill and intangibles was recorded, mainly due to share price depreciation and revised volume outlook post-SEA Electric acquisition.
Operational Momentum: Software issues from prior quarters have been resolved, with management expecting continued quarter-over-quarter growth into 2025.
Further Cost Cuts: The company implemented additional payroll and SG&A reductions post-quarter and expects more savings to materialize in Q4 and 2025.
