Exro Technologies Inc. (CVE:EXRO) (OTCQB:EXROF) has announced its financial results for the quarter ended March 31, 2021.
In the results statement, Sue Ozdemir, chief executive officer of Exro commented: “Our current focus is attracting top engineering talent and building a robust pipeline of versatile partners across different segments to validate our technology. We are also ramping up the design and construction of the new 36,966 square foot facility in south Calgary that will be capable of producing automotive compliant Coil Driver units in late 2022.”
READ: Exro Technologies teams up with Vicinity Motor Corp to deploy its tech into next-generation electric buses
Josh Sobil, chief commercial officer of Exro noted: “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. We signed an expanded strategic collaboration agreement and made a US$ 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 Driver powertrain integration with the intent of implementing it in future serial production batches of the electric bus product line.”
Q1 2021 Financial Highlights:
- Comprehensive loss of $6,676,520 (Q1 2020: $1,525,182)
- General and Administration expense increased by 474,572 to $919,972
- Payroll and consulting fees increased by $507,253 to $1,225,830
- Research and development increased by $1,525,270 to $1,701,152
- Share based payments expense increased by $2,206,722 to $2,351,405
As of March 31, 2021, the company had cash of $39,174,239 and accounts receivable of $201,029, which primarily consist of GST refund. The company has accounts payable and accrued liabilities of $1,925,152.
Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. It has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries and enables the application to achieve more with less energy consumed.
The company’s advanced motor control technology, the Coil Driver, expands the capabilities of powertrains by enabling two separate torque profiles within a given motor. A major advancement in the sector, dynamic motor configuration enables efficiency optimization for each operating mode resulting in reduction of energy consumption. The controller automatically selects the appropriate configuration in real-time so that power and efficiency are intelligently optimized.
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