Exro Technologies Announces Fourth Quarter and Full Year 2024 Financial Results
CALGARY, AB, March 31, 2025 /PRNewswire/ - Exro Technologies Inc. (TSX:EXRO) (OTCQB:EXROF) (the "Company" or "Exro"), a leading clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, announced today its financial results or the fourth quarter and full year ended December 31, 2024.
In 2024, Exro experienced a transformative year, delivering its innovative e-propulsion system technologies to major OEMs, implementing strategic cost reductions, advancing key programs, and strengthening partnerships. The company completed and integrated its merger with SEA Electric Inc. ("SEA"), resulting in record annual revenue of $23.1 million. Significant cost reductions, including facility closures, bill of material cost optimizations, and workforce restructuring, contributed to substantial savings, which are expected to be realized in 2025.
"2024 was a defining year for Exro, highlighted by record revenue, the merger and integration with SEA, and critical cost-saving initiatives,," said Exro CEO Sue Ozdemir. "Despite industry-wide macroeconomic challenges, we have demonstrated resilience and adaptability. The first half of the year was focused on merger integration, while the latter half established a strong foundation for future growth. As we enter 2025, we remain dedicated to scaling operations and driving commercialization in a dynamic market."
Over the nine months following the SEA merger, Exro delivered 153 electric propulsion systems to OEM partners and made significant advancements in its Coil Driver™ and Cell Driver™ programs. Key highlights include the launch of an innovation program with Stellantis N.V. for Coil Driver™ in passenger vehicles, the initiation of a new powertrain pilot program with a major commercial vehicle OEM, and the achievement of ETL Certification to UL standards for the Cell Driver™ battery energy storage system, reflecting Exro's commitment to innovation and commercial progress.
2024 Financial Highlights
For the twelve months ended December 31, 2024
Record Revenue: $23,074,027, driven by the delivery of 153 e-propulsion systems.
Cost Optimization: Exro exceeded its cost-saving target, achieving over US$15 million in annualized savings against an initial goal of US$10 million.
Workforce optimization reduced payroll expenses by more than 50%, from 266 employees in April 2024 to ...
https://www.benzinga.com/pressreleases/25/03/n44576064/exro-technologies-announces-fourth-quarter-and-full-year-2024-financial-results