NetworkNewsBreaks – Exro Technologies Inc. (TSX.V: EXRO) (OTCQB: EXROF) Releases Q1 Financial Report, Company Update
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 powertrains, has released its financial numbers and company highlights for first quarter 2021, the period ended March 31, 2021. The report noted company milestones for the quarter included the signing of a nonbinding letter of intent with LAND for the District motorcycle with the Coil Driver(TM) order volume of up to 2,000 units after the unit is validated by LAND along with the expanded strategic collaboration agreement and strategic investment of $5 million the company made with SEA Electric that provided Exro with a platform to accelerate development of its exclulsive Battery Control System (“BCS”). Exro also finalized a deal to obtain a 36,9660-square-foot building in Calgary; the company will use the facility for office space as well as production lines and product showroom. Currently the company plans to start using the structure by Q4 2021, with automotive certified production by the end of 2022. Financial numbers for the quarter included a comprehensive loss of $6,676,520 with general and administration expenses totaling $919,972; payroll and consulting fees increased by $507,253 to $1,225,830; the company’s research and development increased to $1,701,152; and share-based payments expense increased by $2,206,722 to $2,351,405. “During the first quarter of 2021, LAND Electric Motorcycles signed a letter of intent to purchase up to 2,000 units, which was a milestone for us on our path to revenue,” said Exro Technologies chief commercial officer Josh Sobil in the press release. “We signed an expanded strategic collaboration agreement and made a $5 million investment with SEA Electric Pty Ltd. to showcase the Battery Control System while expanding on the Coil Driver commercialization scope. In April, we entered into a supply agreement with Vicinity Motor Corp. to deploy Exro-enhanced electric buses. Vicinity will test and validate the Coil Driverᵀ powertrain integration with the intent of implementing it in future serial production batches of the electric bus product line.”
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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 powertrains, has released its financial numbers and company highlights for first quarter 2021, the period ended March 31, 2021. The report noted company milestones for the quarter included the signing of a nonbinding letter of intent with LAND for the District motorcycle with the Coil Driver(TM) order volume of up to 2,000 units after the unit is validated by LAND along with the expanded strategic collaboration agreement and strategic investment of $5 million the company made with SEA Electric that provided Exro with a platform to accelerate development of its exclulsive Battery Control System (“BCS”). Exro also finalized a deal to obtain a 36,9660-square-foot building in Calgary; the company will use the facility for office space as well as production lines and product showroom. Currently the company plans to start using the structure by Q4 2021, with automotive certified production by the end of 2022. Financial numbers for the quarter included a comprehensive loss of $6,676,520 with general and administration expenses totaling $919,972; payroll and consulting fees increased by $507,253 to $1,225,830; the company’s research and development increased to $1,701,152; and share-based payments expense increased by $2,206,722 to $2,351,405. “During the first quarter of 2021, LAND Electric Motorcycles signed a letter of intent to purchase up to 2,000 units, which was a milestone for us on our path to revenue,” said Exro Technologies chief commercial officer Josh Sobil in the press release. “We signed an expanded strategic collaboration agreement and made a $5 million investment with SEA Electric Pty Ltd. to showcase the Battery Control System while expanding on the Coil Driver commercialization scope. In April, we entered into a supply agreement with Vicinity Motor Corp. to deploy Exro-enhanced electric buses. Vicinity will test and validate the Coil Driverᵀ powertrain integration with the intent of implementing it in future serial production batches of the electric bus product line.”
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