Exro Tech Q4 & Full Year 2023 Financial Results

Exro Technologies Inc., a clean technology company focused on enhancing electric motors and batteries, reported a revenue of $5,736,140 for the twelve months ending December 31, 2023. In Q4 2023, the company validated their Coil DriverTM technology and secured purchase orders, laying the foundation for future growth.

A major development for Exro was the merger agreement with SEA Electric Inc., a move that is set to drive revenue growth, technology deployments, and profitability. This strategic partnership combines Exro’s Coil Driver™ technology with SEA Electric’s SEA-Drive VCU software, delivering optimal performance in the commercial vehicle sector. With over 1,000 propulsion systems projected to be delivered in 2024, significant revenue acceleration is expected.

The Company’s financial highlights for the year ended December 31, 2023, include revenue of $5,736,140 and a comprehensive loss of $50,143,198. Operating costs increased due to higher payroll and research and development expenses, offset by reduced selling and administration costs. Another significant milestone was the completion of UL certification testing for Exro’s Cell Driver™ stationary energy storage system.

Exro also expanded its presence in the commercial vehicle market, securing partnerships with Giaffone Electric and leading food and beverage companies for the integration of Coil Driver™ systems. The Company’s Coil Driver™ production commenced in Q3 2023, with the first units delivered in Q4 2023.

Looking ahead, Exro aims to strengthen its position in the electrified economy by maximizing energy efficiency through innovative technologies. With a vision to deliver more with less, Exro remains committed to sustainable growth and technological advancements.

For more details on Exro’s financial performance and strategic partnerships, you can visit their website at http://www.exro.com or follow them on social media @exrotech. Stay tuned for updates on their upcoming projects and industry collaborations as they continue to drive innovation in the clean technology sector.

Source link



Leave a Reply

Your email address will not be published. Required fields are marked *

Most Viewed

Featured Franchise Opportunity

Happy Cat Hotel & Spa

Pet Franchises

$250ˌ000 - $500ˌ000

Season 2 Consign

Business Services Franchises, Retail Franchises

$50ˌ000 - $100ˌ000