Exro Technologies Reveals Financial Results for Q4 and Full Year 2023

Exro Technologies Inc., a leading clean technology company, has announced its financial results for the quarter ended December 31, 2023. The company reported revenue of $5,736,140 for the twelve months that ended on December 31, 2023. This revenue was generated through the execution of engineering services agreements.

The Company also made significant strides in its operational momentum in Q4 2023, achieving several important milestones. Exro’s Chief Executive Officer, Sue Ozdemir, stated, “Our Company continued operational momentum through Q4 2023, closing out the year with several important milestones achieved.” She highlighted the transformational merger with electric vehicle technology company SEA Electric in Q1 2024, which is expected to accelerate revenue growth, technology deployments, and the path to profitability.

Exro entered into a Merger Agreement with SEA Electric Inc. on January 30, 2024, for the acquisition of SEA Electric and an associated equity financing for gross proceeds of $30,020,000. This merger is expected to enhance Exro’s technology offerings, accelerate revenue growth, and contribute to its path to profitability.

The Transaction is anticipated to provide several benefits to Exro, including technology synergy by combining Exro’s Coil Driver™ motor control technology with SEA Electric’s SEA-Drive vehicle control unit software technology. This integration is expected to deliver superior performance, efficiency, and total cost of ownership advantages in the commercial vehicle space.

Furthermore, the company is forecasting the delivery of over 1,000 propulsion systems in 2024 to blue-chip original equipment manufacturers (OEMs), which is expected to drive substantial revenue growth. Leading commercial vehicle OEMs have already made multi-year commitments to the combined company, underscoring confidence in its capabilities and potential.

The Transaction is expected to be completed on April 5, 2024, subject to customary closing conditions, including regulatory approvals and approval by Exro shareholders. The Company has also disclosed additional key highlights from 2023 in the MD&A released on April 1, 2024.

In conclusion, Exro Technologies Inc. is poised for significant growth and technological advancements with its recent financial results and strategic merger with SEA Electric Inc.