Exro Technologies (TSX.V: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed a new class of power electronics for electric motors and batteries, is reporting on its financial results for the six months ended June 30, 2022. According to the report, Exro continued to move forward on the completion of its world-class manufacturing facility, including delivery of all equipment required for Surface Mount Technology ("SMT") and Printed Circuit Board ("PCB") assembly lines; the company anticipates commissioning phase 1 assets in the second half of 2022. In addition, Exro Vehicle Systems Inc., a division of Exro, is delivering against its ongoing projects and has signed a purchaser order to provide more than $1 million in engineering design services to a tier-1 automotive supplier; the company also completed initial purchase orders for its Coil Drive Systems that include multiyear master sales agreements from both Vicinity Motor Company and ev Transportation Services Inc. The company is also working to obtain Underwriter Laboratories ("UL") certification for its Energy Storage System ("ESS") powered by its patented Battery Control System(TM) ("BCS") technology. For the six-month period, financial numbers for the company show a comprehensive loss of $(18,911,341) along with an increase in selling, general and administration expenses; payroll and consulting fees; and R&D spending. In addition, share-based payments expense decreased. “Despite a volatile macro environment through the first half of the year, Exro successfully achieved a number of key milestones during the second quarter,” said Exro Technologies CEO Sue Ozdemir in the press release. “Our world-class net-zero-target manufacturing facility continues to progress on schedule with all equipment for the first phase now on site. Our team at Exro Vehicle Systems in Michigan secured a design project with a leading tier-1 automotive supplier delivering our company's first revenues in 2022, and we announced two major supply agreements for our Coil Drive Systems with initial purchase orders backed by multiyear sales agreements for both our low voltage and high voltage product lines. As we look to the second half of 2022 and into 2023, we are excited to continue to execute for our shareholders. While there are bound to be bumps in the road, like those most companies are facing these days, our technology is de-risked, we are recognized as a differentiator in the electric vehicle space, and momentum with our customers continues to build.”
To view the full press release, visit https://ibn.fm/DsO1l
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(TM) , expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with 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
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