This company listing is no longer activeThis company may still be operating, however this listing is no longer active. Find out why through their latest events.See Latest EventsExro Technologies（EXRO）株式概要エクストロ・テクノロジーズ社は、カナダで発電電力制御電子機器の開発に注力している。 詳細EXRO ファンダメンタル分析スノーフレーク・スコア評価2/6将来の成長0/6過去の実績0/6財務の健全性0/6配当金0/6リスク分析マイナスの株主資本 キャッシュランウェイが1年未満である 過去5年間で収益は年間66.9%減少しました。 Canadian市場と比較して、過去 3 か月間の株価の変動が非常に大きい+2 さらなるリスクすべてのリスクチェックを見るEXRO Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Analyst Price TargetsAN88.2% undervaluedAnalystConsensusTarget•1y agoOEM Integration And Cost Reductions Will Improve Production Efficiency11909Top Analyst NarrativesExro TechnologiesANAnalystConsensusTargetBased on Analyst Price TargetsOEM Integration And Cost Reductions Will Improve Production EfficiencyKey Takeaways Strategic partnerships and technology integration are expected to enhance production capacity, driving future revenue growth and efficiency. Cost-cutting measures and a focus on innovation are set to improve net margins and profitability as commercialization advances.View narrativeCA$0.17FV88.2% 割安 内在価値ディスカウントSet Fair ValueView119users have viewed this narrative0users have liked this narrative0users have commented on this narrative9users have followed this narrativeabout 1 year ago author updated this narrativeView all narrativesExro Technologies Inc. 競合他社Abound EnergySymbol: CNSX:ABNDMarket cap: CA$1.6mFull Circle LithiumSymbol: TSXV:FCLIMarket cap: CA$44.5mGrounded LithiumSymbol: TSXV:GRDMarket cap: CA$5.6mSPARQ SystemsSymbol: TSXV:SPRQMarket cap: CA$120.4m価格と性能株価の高値、安値、推移の概要Exro Technologies過去の株価現在の株価CA$0.0252週高値CA$0.3152週安値CA$0.01ベータ2.551ヶ月の変化0%3ヶ月変化-75.00%1年変化-84.00%3年間の変化-98.40%5年間の変化-99.30%IPOからの変化-92.16%最新ニュースお知らせ • Sep 08+ 1 more updateExro Technologies Inc. Announces Resignation of Sue Ozdemir as Chief Executive OfficerExro Technologies Inc. announced that Sue Ozdemir has resigned as Chief Executive Officer of the Company. Ms. Ozdemir will continue to serve as a director of Exro. The Company thanks Ms. Ozdemir for her service, and looks forward to her ongoing involvement with the Company as a member of its Board of Directors. Exro's Board of Directors is actively seeking an interim CEO.New Risk • Sep 04New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: CA$11.5m (US$8.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-CA$75m). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Market cap is less than US$10m (CA$11.5m market cap, or US$8.28m).分析記事 • Aug 29Investors Don't See Light At End Of Exro Technologies Inc.'s (TSE:EXRO) Tunnel And Push Stock Down 33%To the annoyance of some shareholders, Exro Technologies Inc. ( TSE:EXRO ) shares are down a considerable 33% in the...New Risk • Aug 15New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$53m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Negative equity (-CA$75m). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (CA$43.0m market cap, or US$31.1m).Reported Earnings • Aug 15Second quarter 2025 earnings released: CA$0.14 loss per share (vs CA$0.052 loss in 2Q 2024)Second quarter 2025 results: CA$0.14 loss per share (further deteriorated from CA$0.052 loss in 2Q 2024). Revenue: CA$2.90m (down 45% from 2Q 2024). Net loss: CA$81.7m (loss widened 223% from 2Q 2024). Revenue is forecast to grow 81% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has fallen by 60% per year, which means it is performing significantly worse than earnings.New Risk • Jun 15New major risk - Revenue and earnings growthEarnings have declined by 67% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$61m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-CA$56k). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risk Market cap is less than US$100m (CA$42.0m market cap, or US$30.9m).最新情報をもっと見るRecent updatesお知らせ • Sep 08+ 1 more updateExro Technologies Inc. Announces Resignation of Sue Ozdemir as Chief Executive OfficerExro Technologies Inc. announced that Sue Ozdemir has resigned as Chief Executive Officer of the Company. Ms. Ozdemir will continue to serve as a director of Exro. The Company thanks Ms. Ozdemir for her service, and looks forward to her ongoing involvement with the Company as a member of its Board of Directors. Exro's Board of Directors is actively seeking an interim CEO.New Risk • Sep 04New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: CA$11.5m (US$8.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-CA$75m). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Market cap is less than US$10m (CA$11.5m market cap, or US$8.28m).分析記事 • Aug 29Investors Don't See Light At End Of Exro Technologies Inc.'s (TSE:EXRO) Tunnel And Push Stock Down 33%To the annoyance of some shareholders, Exro Technologies Inc. ( TSE:EXRO ) shares are down a considerable 33% in the...New Risk • Aug 15New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$53m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Negative equity (-CA$75m). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (CA$43.0m market cap, or US$31.1m).Reported Earnings • Aug 15Second quarter 2025 earnings released: CA$0.14 loss per share (vs CA$0.052 loss in 2Q 2024)Second quarter 2025 results: CA$0.14 loss per share (further deteriorated from CA$0.052 loss in 2Q 2024). Revenue: CA$2.90m (down 45% from 2Q 2024). Net loss: CA$81.7m (loss widened 223% from 2Q 2024). Revenue is forecast to grow 81% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has fallen by 60% per year, which means it is performing significantly worse than earnings.New Risk • Jun 15New major risk - Revenue and earnings growthEarnings have declined by 67% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$61m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-CA$56k). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risk Market cap is less than US$100m (CA$42.0m market cap, or US$30.9m).New Risk • May 16New major risk - Revenue and earnings growthEarnings have declined by 67% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$62m net loss next year). Market cap is less than US$100m (CA$75.5m market cap, or US$54.0m).お知らせ • May 02Exro Technologies Inc., Annual General Meeting, Jun 25, 2025Exro Technologies Inc., Annual General Meeting, Jun 25, 2025.New Risk • Apr 22New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 24% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$56m net loss in 2 years). Market cap is less than US$100m (CA$44.0m market cap, or US$31.8m).新しいナラティブ • Apr 12OEM Integration And Cost Reductions Will Improve Production Efficiency Strategic partnerships and technology integration are expected to enhance production capacity, driving future revenue growth and efficiency. Major Estimate Revision • Apr 02Consensus revenue estimates decrease by 51%The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CA$97.4m to CA$47.8m. EPS estimate unchanged from -CA$0.10 per share at last update. Electrical industry in Canada expected to see average net income growth of 28% next year. Consensus price target down from CA$0.46 to CA$0.26. Share price fell 20% to CA$0.08 over the past week.分析記事 • Feb 15Lacklustre Performance Is Driving Exro Technologies Inc.'s (TSE:EXRO) 28% Price DropTo the annoyance of some shareholders, Exro Technologies Inc. ( TSE:EXRO ) shares are down a considerable 28% in the...分析記事 • Dec 07Some Exro Technologies Inc. (TSE:EXRO) Shareholders Look For Exit As Shares Take 32% PoundingTo the annoyance of some shareholders, Exro Technologies Inc. ( TSE:EXRO ) shares are down a considerable 32% in the...お知らせ • Nov 28Exro Technologies Inc. Learns of Threatened Lawsuit Filed in the Court of the King's Bench, AlbertaExro Technologies Inc. has learned of a threatened class action lawsuit in respect of which a statement of claim has been filed in the Court of the King's Bench, Alberta. Exro has not yet been served with the statement of claim but anticipates this will happen shortly. The claim is a proposed securities class action on behalf of the investors who purchased the securities of Exro in the secondary market or the primary market between January 30 and November 13, 2024 (the "Class Members"). Exro, its CEO and the chair of Exro's board of directors are among other defendants named in the statement of claim. The plaintiff says that the action arises out of the merger transaction between Exro Technologies and SEA Electric which closed on April 5, 2024, and alleges that the Class Member incurred damages or losses on their investments in Exro securities as a result of misrepresentations contained in a material change report filed by Exro on January 30, 2024. The plaintiff seeks certification of the action as a class action and his appointment as a class representative, a declaration that the January 30, 2024, contains misrepresentations, and a variety of remedies including an award of damages to the Class Members. Exro disputes the allegations contained in the statement of claim, and intends to defend the claim vigorously.分析記事 • Nov 25What Does The Future Hold For Exro Technologies Inc. (TSE:EXRO)? These Analysts Have Been Cutting Their EstimatesThe analysts covering Exro Technologies Inc. ( TSE:EXRO ) delivered a dose of negativity to shareholders today, by...Major Estimate Revision • Nov 20Consensus EPS estimates fall by 212%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CA$27.9m to CA$26.4m. Losses expected to increase from CA$0.20 per share to CA$0.64. Electrical industry in Canada expected to see average net income growth of 21% next year. Consensus price target of CA$0.46 unchanged from last update. Share price fell 38% to CA$0.17 over the past week.お知らせ • Nov 14+ 1 more updateExro Technologies Inc. Provides Revenue Guidance for the Year 2024 and 2025Exro Technologies Inc. provided revenue guidance for the year 2024 and 2025. For the year 2024, the company expects revenue guidance of $24 million - $28 million. For the year 2025, the company expects revenue guidance of $85 million - $110 million.お知らせ • Nov 06Exro Technologies Inc. to Report Q3, 2024 Results on Nov 13, 2024Exro Technologies Inc. announced that they will report Q3, 2024 results After-Market on Nov 13, 2024Major Estimate Revision • Nov 03Consensus revenue estimates fall by 37%The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CA$44.2m to CA$27.9m. Forecast losses increased from -CA$0.192 to -CA$0.205 per share. Electrical industry in Canada expected to see average net income growth of 18% next year. Consensus price target down from CA$0.59 to CA$0.49. Share price fell 17% to CA$0.13 over the past week.Major Estimate Revision • Sep 24Consensus revenue estimates decrease by 23%, EPS upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CA$63.0m to CA$48.6m. EPS estimate increased from -CA$0.21 to -CA$0.192 per share. Electrical industry in Canada expected to see average net income growth of 18% next year. Consensus price target down from CA$0.88 to CA$0.61. Share price fell 2.7% to CA$0.27 over the past week.お知らせ • Sep 13Exro Technologies Inc. has completed a Composite Units Offering in the amount of CAD 25.00015 million.Exro Technologies Inc. has completed a Composite Units Offering in the amount of CAD 25.00015 million. Security Name: Units Security Type: Equity/Derivative Unit Securities Offered: 71,429,000 Price\Range: CAD 0.35 Discount Per Security: CAD 0.028お知らせ • Sep 05Exro Technologies Inc. has filed a Follow-on Equity Offering.Exro Technologies Inc. has filed a Follow-on Equity Offering. Security Name: Units Security Type: Equity/Derivative Unit Securities Offered: 85,715,000Major Estimate Revision • Aug 21Consensus revenue estimates fall by 51%The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CA$129.7m to CA$63.0m. Forecast losses increased from -CA$0.16 to -CA$0.21 per share. Electrical industry in Canada expected to see average net income growth of 19% next year. Consensus price target down from CA$1.28 to CA$0.89. Share price fell 38% to CA$0.33 over the past week.Reported Earnings • Aug 16Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2024 results: CA$0.052 loss per share. Net loss: CA$25.3m (loss widened 95% from 2Q 2023). Revenue missed analyst estimates by 72%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 147% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Electrical industry in Canada.New Risk • Aug 15New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$45m free cash flow). Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$49m net loss next year). Share price has been volatile over the past 3 months (15% average weekly change). Revenue is less than US$5m (CA$6.7m revenue, or US$4.9m).お知らせ • Aug 14Exro Advances Medium Duty Battery Electric Powertrain Integration with Coil Driver™ ProjectExro Technologies Inc. announced progression in its integration project of Exro's Coil Driver™ inverter technology with Exro's proprietary EV propulsion system that powers SEA 5e, a Class 5 Battery Electric Truck that is built on Hino's Class 5 Rolling Cab Chassis. The pilot project is a key step towards commercialization and enables a cost-effective powertrain that supports the mission to reduce costs in commercial electric vehicles, bringing electric vehicles to parity with combustion engines. Exro's 120a propulsion system, controlled by the Coil Driver inverter, can increase system efficiency and reduce costs. By optimizing the performance of powertrains with right-sized, differentiating technology, the result is real-world driving with unparalleled efficiency. The integration offers flexibility in packaging, allowing multiple truck bed configurations from the existing 173" platform currently in production to a 150" wheelbase in demand by large national fleets under development for release to customers by First Quarter 2025. The transportation sector targets significant emission reduction targets. The goals behind the project align with the regulatory landscape shaped by the Advanced Clean Truck ("ACT") and Advanced Clean Fleet ("?") standards. These regulations, adopted in California and several other states, mandate a gradual increase in zero-emission vehicles ("ZEVs") in commercial fleets starting from 2024. By incorporating Coil Drive inverter technology, Exro is contributing to the broader adoption of ZEVs. This collaboration supports compliance with the ACT and ACF regulations and promotes emissions reduction from the commercial transportation sector. The enhanced efficiency and cost-effectiveness of the Coil Driver-enabled propulsion system make electric trucks a viable option for fleet operators, accelerating the transition to cleaner transportation solutions.Major Estimate Revision • May 31Consensus revenue estimates increase by 13%, EPS downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CA$123.5m to CA$139.1m. EPS estimate fell from -CA$0.143 to -CA$0.155 per share. Electrical industry in Canada expected to see average net income growth of 15% next year. Consensus price target down from CA$1.59 to CA$1.28. Share price fell 8.3% to CA$0.66 over the past week.Price Target Changed • May 30Price target decreased by 22% to CA$1.28Down from CA$1.64, the current price target is an average from 4 analysts. New target price is 93% above last closing price of CA$0.66. Stock is down 69% over the past year. The company is forecast to post a net loss per share of CA$0.15 next year compared to a net loss per share of CA$0.31 last year.Major Estimate Revision • May 23Consensus revenue estimates fall by 34%The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CA$186.5m to CA$123.5m. Forecast losses increased from -CA$0.127 to -CA$0.143 per share. Electrical industry in Canada expected to see average net income growth of 14% next year. Consensus price target down from CA$1.64 to CA$1.59. Share price rose 5.7% to CA$0.74 over the past week.Reported Earnings • May 17First quarter 2024 earnings: EPS and revenues miss analyst expectationsFirst quarter 2024 results: CA$0.076 loss per share (further deteriorated from CA$0.054 loss in 1Q 2023). Revenue: CA$1.26m (up 289% from 1Q 2023). Net loss: CA$12.9m (loss widened 58% from 1Q 2023). Revenue missed analyst estimates by 53%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings.Board Change • Apr 19High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 5 experienced directors. No highly experienced directors. CEO & Director Sue Ozdemir is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.New Risk • Apr 07New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 130% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (130% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$56m net loss in 3 years). Revenue is less than US$5m (CA$5.7m revenue, or US$4.2m).New Risk • Apr 03New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$56m net loss in 3 years). Shareholders have been diluted in the past year (12% increase in shares outstanding). Revenue is less than US$5m (CA$5.7m revenue, or US$4.2m).Reported Earnings • Apr 02Full year 2023 earnings released: CA$0.31 loss per share (vs CA$0.29 loss in FY 2022)Full year 2023 results: CA$0.31 loss per share (further deteriorated from CA$0.29 loss in FY 2022). Revenue: CA$5.74m (up 163% from FY 2022). Net loss: CA$50.6m (loss widened 27% from FY 2022). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings.Breakeven Date Change • Feb 27No longer forecast to breakevenThe 2 analysts covering Exro Technologies no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$4.87m in 2024. New consensus forecast suggests the company will make a loss of CA$15.2m in 2025.New Risk • Feb 27New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: CA$131.0m (US$97.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$42m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (CA$6.6m revenue, or US$4.9m). Market cap is less than US$100m (CA$131.0m market cap, or US$97.0m).Major Estimate Revision • Feb 24Consensus revenue estimates decrease by 51%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CA$13.3m to CA$6.57m. EPS estimate unchanged from -CA$0.27 per share at last update. Electrical industry in Canada expected to see average net income growth of 17% next year. Consensus price target down from CA$2.25 to CA$1.73. Share price fell 10% to CA$0.80 over the past week.Price Target Changed • Feb 23Price target decreased by 23% to CA$1.73Down from CA$2.25, the current price target is an average from 2 analysts. New target price is 116% above last closing price of CA$0.80. Stock is down 68% over the past year. The company is forecast to post a net loss per share of CA$0.27 next year compared to a net loss per share of CA$0.29 last year.お知らせ • Jan 31Exro Technologies Inc. (TSX:EXRO) agreed to acquire SEA Electric LLC for approximately $300 million .Exro Technologies Inc. (TSX:EXRO) agreed to acquire SEA Electric LLC for approximately $300 million on January 29, 2024. As per the terms, the combined company will continue to operate under the name Exro Technologies Inc. and trade on the Toronto Stock Exchange (the "TSX") under the ticker symbol "EXRO". As a part of consideration, Exro will issue, based on Exro's weighted average common share price over the 10 trading days ending January 26, 2024, of $0.7680 per share, a combination of common shares (the "Exro Common Shares") and non-voting convertible preferred shares (the "Exro Convertible Shares") to SEA stockholders. Pursuant to the Merger Agreement, SEA stockholders will receive approximately 153.8 million Exro Common Shares and 168.7 million Exro Convertible Shares, on a non-diluted basis and excluding existing SEA shares held by Exro, resulting in total implied consideration issued to SEA stockholders of approximately $248 million in aggregate, based on the Reference VWAP. In addition, Exro will assume approximately $46 million in SEA net debt as part of the Transaction. The Exro Convertible Shares will be convertible into Exro Common Shares on a one-for-one basis without payment of any additional consideration and upon the satisfaction of certain conditions. The transaction is subject to Exro Technologies Inc. shareholders approval and has received the requisite approvals from SEA stockholders. Also, the transaction is subject to customary closing condition. Upon completion of the Transaction, Sue Ozdemir will remain as Chief Executive Officer, Tony Fairweather will join Exro as the Chief Product Officer, and Darrell Bishop will become Chief Financial Officer. The board of directors of the Combined Company will consist of up to nine members with Rod Copes serving as Chair and the remaining directors comprised of representatives from both Exro's and SEA's current boards of directors. A termination fee of approximately $11.4 million is payable by Exro Technologies Inc. to SEA Electric LLC if the Merger Agreement is terminated in certain circumstances, including if Exro Technologies Inc. enters into a superior proposal, and Exro Technologies Inc. is entitled to a reverse termination fee of approximately $11.4 million from SEA Electric LLC if the Merger Agreement is terminated in certain circumstances. National Bank Financial Inc. acted as a financial advisor and fairness opinion provider and, Neville J. McClure of Stikeman Elliott LLP and Jason Brenkert of Dorsey and Whitney LLP acted as a legal advisor to Exro Technologies Inc. . Canaccord Genuity Corp. and Eight Capital acted as a financial advisor to SEA Electric LLC and, Gibson, John T. Gaffney and Michelle M. Gourley of Dunn and Crutcher LLP and Blake, Michael Gans and Jacob Gofman of Cassels and Graydon LLP acted as a legal advisor to SEA Electric LLC. The Transaction is expected to close by the end of first quarter of 2024.お知らせ • Jan 30+ 1 more updateExro Technologies Inc. Announces Management ChangesExro Technologies Inc. and SEA Electric Inc. announced that they have entered into an agreement providing for the acquisition of SEA by Exro. This business combination is expected to strengthen Exro's technology offerings while accelerating revenue growth and Exro's path to profitability. Following completion of the Transaction, the combined company will continue to operate under the name Exro Technologies Inc. and trade on the Toronto Stock Exchange under the ticker symbol "EXRO". Upon completion of the Transaction, Sue Ozdemir will remain as Chief Executive Officer, Tony Fairweather will join Exro as the Chief Product Officer. The board of directors of the Combined Company will consist of up to nine members with Rod Copes serving as Chair and the remaining directors comprised of representatives from both Exro's and SEA's current boards of directors.分析記事 • Jan 12Is Exro Technologies (TSE:EXRO) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...New Risk • Dec 24New minor risk - ProfitabilityThe company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: CA$45m Forecast net loss in 3 years: CA$23m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-CA$48m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$23m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (CA$6.6m revenue, or US$5.0m).Breakeven Date Change • Dec 24No longer forecast to breakevenThe 4 analysts covering Exro Technologies no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$495.7k in 2025. New consensus forecast suggests the company will make a loss of CA$437.7k in 2025.Breakeven Date Change • Nov 18Forecast to breakeven in 2025The 4 analysts covering Exro Technologies expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 46% per year to 2024. The company is expected to make a profit of CA$1.60m in 2025. Average annual earnings growth of 42% is required to achieve expected profit on schedule.New Risk • Nov 17New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$48m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-CA$48m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$28m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (CA$6.6m revenue, or US$4.8m).Major Estimate Revision • Nov 16Consensus revenue estimates decrease by 48%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CA$10.8m to CA$5.60m. EPS estimate unchanged from -CA$0.26 per share at last update. Electrical industry in Canada expected to see average net income growth of 11% next year. Consensus price target of CA$2.42 unchanged from last update. Share price fell 15% to CA$1.48 over the past week.Reported Earnings • Nov 15Third quarter 2023 earnings: EPS and revenues miss analyst expectationsThird quarter 2023 results: CA$0.063 loss per share (further deteriorated from CA$0.058 loss in 3Q 2022). Revenue: CA$2.03m (up CA$1.90m from 3Q 2022). Net loss: CA$10.7m (loss widened 32% from 3Q 2022). Revenue missed analyst estimates by 39%. Earnings per share (EPS) also missed analyst estimates by 9.1%. Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings.Price Target Changed • Oct 26Price target decreased by 7.2% to CA$2.78Down from CA$3.00, the current price target is an average from 3 analysts. New target price is 80% above last closing price of CA$1.55. Stock is up 55% over the past year. The company is forecast to post a net loss per share of CA$0.25 next year compared to a net loss per share of CA$0.29 last year.分析記事 • Aug 29Is Exro Technologies (TSE:EXRO) A Risky Investment?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Major Estimate Revision • Aug 24Consensus revenue estimates fall by 19%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$15.7m to CA$12.7m. Forecast losses increased from -CA$0.24 to -CA$0.255 per share. Electrical industry in Canada expected to see average net income growth of 13% next year. Consensus price target of CA$3.05 unchanged from last update. Share price fell 4.3% to CA$2.00 over the past week.Breakeven Date Change • Aug 15Forecast to breakeven in 2024The 3 analysts covering Exro Technologies expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 75% to 2023. The company is expected to make a profit of CA$10.9m in 2024. Average annual earnings growth of 26% is required to achieve expected profit on schedule.New Risk • Aug 12New minor risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow. Free cash flow: -CA$42m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$42m). Currently unprofitable and not forecast to become profitable over next 3 years (CA$18m net loss in 3 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (CA$4.7m revenue, or US$3.5m).Reported Earnings • Aug 11Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2023 results: CA$0.082 loss per share (further deteriorated from CA$0.066 loss in 2Q 2022). Net loss: CA$13.0m (loss widened 46% from 2Q 2022). Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 31% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings.Board Change • Jul 13High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. CEO & Director Sue Ozdemir is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.お知らせ • Jun 23Exro Technologies Inc. Files Two New U.S. Provisional Patent ApplicationsExro Technologies Inc. announced a corporate update regarding two new patent applications strengthening its intellectual property ("IP") position. In addition to prioritizing delivery of the Company's motor and battery control products, Exro has been diligently working on advancing several new technologies, which includes two new U.S. provisional patent applications on an electric vehicle powertrain architecture. The Company's first U.S. provisional application builds on the Company's Coil Driver and Cell Driver™ foundation by combining its two advanced power electronics capabilities (motor and battery control) with predictive control algorithms to deliver significant benefits to EV propulsion. This includes up to 2x increase in battery cell life, seamless integration of fuel cells without requiring additional DC-DC conversion, high level of fault tolerance, as well as the benefits that Coil Driver™ and Cell Driver™ bring individually, including range and system performance increase. While there is growing market demand for hydrogen fuel cell applications, adoption is limited by overall costs; the patent presents a solution to reduce costs and increase performance in these applications. Exro's second U.S. provisional application is directed to a harmonic motor controller or current source. Today, what is considered state-of-the-art motor control is field-oriented control ("FOC"). FOC measures a motor current and calculates the right voltage to apply to the machine to control current and torque. Though a strong concept, it presents key limitations in addressing real-world motor control challenges, particularly motor harmonics. In contrast, Exro's technology replaces the calculation of the switch states performed by FOC with a proprietary algorithm to greatly simplify motor control. As a result, the technology demonstrates high fault tolerance, responds dynamically to load or line changes, and ultimately improves harmonics across a wide variety of applications. This AC controller technology presents broad applicability to any scenario where DC-to-AC conversion is required. While Exro will continue to use trade secrets to protect proprietary software and algorithms, it will look to bolster software-related patent filings in the coming quarters.Price Target Changed • Jun 19Price target decreased by 9.1% to CA$3.00Down from CA$3.30, the current price target is an average from 2 analysts. New target price is 35% above last closing price of CA$2.23. Stock is up 84% over the past year. The company is forecast to post a net loss per share of CA$0.23 next year compared to a net loss per share of CA$0.29 last year.お知らせ • Jun 10Exro Technologies Inc. Announces Jill Bodkin Will Not Be Standing for Re-Election as Board Director and Chair of the Audit CommitteeExro Technologies Inc. announced that Jill Bodkin, Board Director and Chair of the Audit Committee, will not be standing for re-election due to planned retirement from Exro's Board.お知らせ • May 24+ 1 more updateExro Technologies Inc. announced that it has received CAD 34.93125 million in fundingOn May 23, 2023, Exro Technologies Inc. closed the transaction. The company amended the terms of the transaction. The company issued 15,525,000 common shares at an issue price of CAD 2.25 per share for the gross proceeds of CAD 34,931,250. In consideration for the services provided by the underwriters in connection with the transaction, on closing of the transaction the company paid to the underwriters a cash commission equal to 6% of the gross proceeds raised in the transaction.Major Estimate Revision • May 19Consensus revenue estimates increase by 66%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from CA$15.9m to CA$26.3m. EPS estimate unchanged from -CA$0.24 at last update. Electrical industry in Canada expected to see average net income growth of 7.8% next year. Consensus price target of CA$3.30 unchanged from last update. Share price fell 11% to CA$2.25 over the past week.Major Estimate Revision • May 17Consensus revenue estimates increase by 66%The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from CA$15.9m to CA$26.3m. Forecast losses expected to reduce from -CA$0.26 to -CA$0.24 per share. Electrical industry in Canada expected to see average net income growth of 6.8% next year. Consensus price target of CA$3.30 unchanged from last update. Share price fell 8.1% to CA$2.39 over the past week.お知らせ • May 16Exro Technologies Inc. announced that it expects to receive CAD 30.375 million in fundingExro Technologies Inc. announced that it has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp., Stifel Nicolaus Canada Inc. and Eight Capital and bought deal financing to issue 13,500,000 common shares at an issue price of CAD 2.25 per share for the gross proceeds of CAD 30,375,000. The company has granted the underwriters an option to purchase up to an additional 2,025,000 common shares to cover overallotments, if any, and for market stabilization purposes at a price of CAD 2.25 per overallotment option common share for additional gross proceeds of up to CAD 4,556,250, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing date. The transaction is scheduled to close on or about May 23, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities.Breakeven Date Change • Feb 03Forecast to breakeven in 2024The 2 analysts covering Exro Technologies expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CA$10.6m in 2024. Average annual earnings growth of 49% is required to achieve expected profit on schedule.お知らせ • Dec 08Exro Technologies Inc. announced that it expects to receive CAD 15 million in fundingExro Technologies Inc. announced a bought deal private placement of 15,000 units at a price of CAD 1,000 per unit for gross proceeds of CAD 15,000,000 on December 7, 2022. Each unit will consist of CAD 1,000 principal amount senior secured convertible debenture and 416 common share purchase warrants of the company. The debentures will mature on December 31, 2027 and will accrue interest at the rate of 12% per annum, payable semi-annually in arrears beginning on June 30, 2023. The Debentures may be converted into common shares of the company at any time and from time to time, up to the earlier of the maturity date and the date fixed for redemption of the debentures, at a conversion price of CAD 2.40 per common share subject to adjustment in certain circumstances. The company will be entitled to redeem the debentures at 105% of par plus accrued and unpaid interest at any time following December 31, 2024. The debentures will be secured by a first priority floating charge over all and after-acquired personal property, an assignment of all present and after-acquired intellectual property and a pledge of the securities of the company’s material subsidiaries, provided the company shall be permitted to incur an operating line of credit of up to CAD 10,000,000, secured by inventory and/or the accounts receivable of the company, which permitted indebtedness may rank equally with the debentures. Each warrant will be exercisable for one common share of the company for a period of five years from the date of issue, at an exercise price of CAD 2.40 per Warrant Share, subject to adjustment in certain events. The company has granted the Underwriters an option, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Placement, to purchase up to an additional 2,250 Units. If the Underwriters exercises this option in full, the aggregate gross proceeds of the Placement will be CAD 17,250,000. The Debentures, any common shares of the company issuable thereunder, the warrants and any warrant shares sold in the placement will be subject to a four month hold period in Canada commencing on the date of closing. The transaction is expected to close on or about December 22, 2022 and is subject to customary closing conditions, including listing of the Conversion Shares and the Warrant Shares on the TSX and receipt of any required approvals of the TSX and applicable securities regulatory authorities.Recent Insider Transactions • Dec 03Independent Director recently sold CA$136k worth of stockOn the 24th of November, Frank Borowicz sold around 97k shares on-market at roughly CA$1.40 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$213k more than they bought in the last 12 months.お知らせ • Nov 22Exro Technologies Inc. Achieves International Organization for Standardization ISO 9001:2015 CertificationExro Technologies Inc. announced that the Company has achieved International Organization for Standardization ISO 9001:2015 certification at its world- class manufacturing center and engineering innovation center, both located in Calgary, Alberta, Canada. This certifies that the Company has met the technical and quality benchmarks required by ISO 9001:2015 for its quality management system related to R&D, design, development, and testing of Coil DriverTM inverter for e-mobility and Cell DriverTM energy storage systems for commercial & industrial applications. An internationally recognized quality standard, ISO 9001:2015 sets quality management principles for both service and manufacturing organizations, including a strong customer focus, a process-based approach, risk-based thinking, continual improvement, and top-down management support. In an increasingly competitive market, ISO 9001 certification is a necessary tool for conducting domestic and global business.お知らせ • Nov 19ePropelled Inc. Resolves Patent Dispute with Exro Technologies IncePropelled Inc. announced that it has resolved its dispute relating to the patent infringement lawsuit that ePropelled filed against Exro in the U.S. District Court for the District of Massachusetts. The parties agree that Exro's products as currently offered do not infringe upon any claim of ePropelled's U.S. Patent No. 7,382,103 ("the '103 patent"). The parties have stipulated to the dismissal of the lawsuit. The parties have also stipulated to the dismissal of the defamation suit Exro filed against ePropelled in the Superior Court of Massachusetts, and the parties have filed a motion to withdraw the Petition for Inter Partes Review Exro had filed with the United States Patent and Trademark Office challenging the validity of the '103 patent. Importantly, Exro also agreed not to make or commercialize products capable of driving a permanent magnet brushless motor having three or more winding sections per phase and capable of operating in a configuration having a combination of series and parallel windings (i.e. a hybrid phase) in any country in which ePropelled maintains its patents.Major Estimate Revision • Nov 17Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast increased from CA$1.32m to CA$2.09m. EPS estimate unchanged from -CA$0.27 at last update. Electrical industry in Canada expected to see average net income growth of 8.5% next year. Consensus price target of CA$2.94 unchanged from last update. Share price rose 32% to CA$1.58 over the past week.お知らせ • Nov 16Exro Technologies' Announces Resolution to Its Patent Dispute with ePropelled IncExro Technologies Inc. announced that it has resolved its dispute with ePropelled Inc. relating to the patent infringement lawsuit that ePropelled filed against Exro in the U.S. District Court for the District of Massachusetts. The parties have agreed that Exro's Coil Drive System™ (CDS) and Coil DriversTM do not infringe upon any claim of ePropelled's U.S. Patent No. 7,382,103 ("the '103 patent"). As a result, the parties have stipulated to the dismissal of the lawsuit with prejudice. The parties have also stipulated to the dismissal of the defamation suit Exro filed against ePropelled in the Superior Court of Massachusetts, and the parties have agreed to file a joint motion to withdraw the Petition for Inter Partes Review Exro had filed with the United States Patent and Trademark Office challenging the validity of the '103 patent.Price Target Changed • Nov 16Price target decreased to CA$2.94Down from CA$3.58, the current price target is an average from 4 analysts. New target price is 86% above last closing price of CA$1.58. Stock is down 54% over the past year. The company is forecast to post a net loss per share of CA$0.27 next year compared to a net loss per share of CA$0.20 last year.Board Change • Nov 16High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. Independent Director Jill Bodkin is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.お知らせ • Sep 28Exro Technologies Energy Storage System Demonstrates Industry-Leading Performance in Phase One UL Certification TestsExro Technologies Inc. announced that the company's Cell Driver™ Energy Storage System, has successfully completed large-scale module fire testing and the first major phase towards product certification from Underwriters Laboratories. UL certification is globally recognized as the gold standard in product safety testing for energy storage, with certification required for all energy storage systems prior to connecting to the grid in North America. The tests were conducted by ESRG Lab, industry leaders in product testing, and witnessed by Intertek, a leading certification provider to industries worldwide. Results of the testing demonstrated that Exro's Cell Driver™ significantly surpassed the industry's UL9540A requirements, considered one of the primary standards for energy storage safety. Safety is a major concern and focus for the battery storage industry. While fires are rare, when they do occur, they pose considerable risk given the hazardous and volatile nature of the battery chemicals involved. The UL9540A test is designed to assess an energy storage system's ability to limit the spread of a potential fire through thermal runaway (i.e., fire propagating from one defective battery cell to others). The test involves applying a heating plate to a battery cell to artificially induce a thermal runaway event whereby the fire would spread to adjacent cells within the module under test and the energy system. Key conclusions from the independent third-party ESRG Lab report, and certified by Intertek, are summarized below: "Flaming was observed during the test, and it was within the module; however, the size of fire was too small to detect through the calorimeter used for the test.""Total smoke release from the venting point to the end of the measuring at. Total 37688 Seconds." "Thermal runaway is contained by module design."These results highlight the exceptional safety performance of Exro's Cell Driver™. More than 10 hours (37,688 seconds) was required to achieve battery module fire propagation as per the UL9540A test plan, a significant amount of time for this test. Exro's Cell Driver™ contains twenty-four modules, each module containing nine individual cells, and at the end of the test period the fire remained too small to detect and was contained within a single module. Importantly, due to the Cell Driver's design architecture and cooling features, test technicians were required to apply two additional heating plates to induce thermal runaway. Analogous to how Exro's Coil Driver™ technology for electric vehicles ("EV") expands the capabilities of electric motors given an ability to control an electric motor through the power electronics inverter down to the individual coil level, Exro's Cell Driver™ technology expands the capabilities of batteries by enabling cell level control through an innovative battery management inverter combined with advanced cell control software. With an ability to control energy at the cell level, Exro's Cell Driver™ can optimize batteries for health and performance, extending battery life and permitting stationary energy storage systems to operate more efficiently. While most energy storage systems control at a module level, and some systems monitor to a cell level, the Cell Driver™ introduces next-generation innovation to dynamically monitor and control at a cell level. Active cell balancing across Exro's Cell Driver™ enables the charging and discharging of battery cells based on their individual state-of-charge and state-of-health, while matching power demand and power quality. The solution is optimized for maximum cell lifetime, while enabling micro-protection mechanisms for enhanced safety and uninterrupted operations. These mechanisms dynamically isolate defected cells without disruptions to system operations, thereby detecting and eliminating potential thermal runaway events before they could occur. As the world moves toward higher adoption rates in the electrification transition, one of the greatest challenges that will need to be addressed in the next 5-10 years is the supply of batteries. While applicable for new batteries, the primary objective of Exro's Cell Driver™ technology is to provide an effective solution for second-life applications, providing significant cost savings by reviving and utilizing used EV and telecom batteries for a second-life application. Enabling reuse of these cells is critical to reducing the environmental and climate change impacts associated with battery recycling and disposal and offering a real-world solution that leads the way to a circular electrified economy. UL is widely recognized as the long-time safety science leader and the organization's expertise provides credibility to regulators and the broader marketplace. UL certifications demonstrate that products have been tested to applicable industry-wide standards. Over the course of the next seven months, Exro's Cell Driver™ technology will be tested through a host of these standards with the end goal to fully certify Exro's Cell Driver™ as a deployed commercial and industrial product per North American regulations and to receive UL9540 certification. In parallel with the UL certification process, Exro has begun marketing the Cell Driver™ and working to secure first pilots and orders with commercial and industrial distribution partners. These items can be advanced ahead of receiving UL certification. The company is in active discussions with potential distribution partners and anticipates additional details to be announced in the near future. By securing partnerships while working towards UL certification, Exro can be well positioned to ensure the commercialization and delivery of Cell Driver™ products to customers beginning in H1/23.Recent Insider Transactions Derivative • Sep 25Chief Finance Officer exercised options to buy CA$158k worth of stock.On the 21st of September, William Meekison exercised options to buy 200k shares at a strike price of around CA$0.28, costing a total of CA$56k. This transaction amounted to 1,226% of their direct individual holding at the time of the trade. Since September 2021, William's direct individual holding has increased from 77.32k shares to 106.32k. Company insiders have collectively bought CA$147k more than they sold, via options and on-market transactions, in the last 12 months.株主還元EXROCA ElectricalCA 市場7D0%-6.4%-0.2%1Y-84.0%192.6%32.6%株主還元を見る業界別リターン: EXRO過去 1 年間で192.6 % の収益を上げたCanadian Electrical業界を下回りました。リターン対市場: EXROは、過去 1 年間で32.6 % のリターンを上げたCanadian市場を下回りました。価格変動Is EXRO's price volatile compared to industry and market?EXRO volatilityEXRO Average Weekly Movement35.1%Electrical Industry Average Movement11.0%Market Average Movement10.3%10% most volatile stocks in CA Market18.1%10% least volatile stocks in CA Market3.9%安定した株価: EXROの株価は、 Canadian市場と比較して過去 3 か月間で変動しています。時間の経過による変動: EXROの 週次ボラティリティ は、過去 1 年間で22%から35%に増加しました。会社概要設立従業員CEO（最高経営責任者ウェブサイト2014130n/awww.exro.comExro Technologies Inc.はカナダで発電電力制御エレクトロニクスの開発に注力している。モーターコイル巻線の直接制御により電気モーターの性能と効率を最適化する適応型EVトラクション・インバーター「Exro Coil Driver」、定置型商用および産業用エネルギー貯蔵アプリケーション向けに性能を最適化しコストを削減するよう設計された完全統合型バッテリーエネルギー貯蔵システム（BESS）「Exro Cell Driver」、広範なトラックおよび商用車にシームレスに適応するようオーダーメイドされた完全な電力システムソリューション「SEA-Drive」を提供し、軽負荷から重負荷までの全領域の迅速かつ効率的な電動化を可能にしている。また、電気自動車のコンサルティングサービスも提供している。同社は2014年に法人化され、カナダのカルガリーに本社を置いている。もっと見るExro Technologies Inc. 基礎のまとめExro Technologies の収益と売上を時価総額と比較するとどうか。EXRO 基礎統計学時価総額CA$11.46m収益（TTM）-CA$355.17m売上高(TTM)CA$25.29m0.5xP/Sレシオ0.0xPER（株価収益率EXRO は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計EXRO 損益計算書（TTM）収益CA$25.29m売上原価CA$43.90m売上総利益-CA$18.61mその他の費用CA$336.56m収益-CA$355.17m直近の収益報告Jun 30, 2025次回決算日該当なし一株当たり利益（EPS）-0.62グロス・マージン-73.58%純利益率-1,404.23%有利子負債／自己資本比率-173.1%EXRO の長期的なパフォーマンスは？過去の実績と比較を見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2025/10/31 08:10終値2025/09/17 00:00収益2025/06/30年間収益2024/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Exro Technologies Inc. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。4 アナリスト機関Siddharth RajeevFundamental Research Corp.Rupert MererNational Bank FinancialBaltej SidhuNational Bank Financial1 その他のアナリストを表示
お知らせ • Sep 08+ 1 more updateExro Technologies Inc. Announces Resignation of Sue Ozdemir as Chief Executive OfficerExro Technologies Inc. announced that Sue Ozdemir has resigned as Chief Executive Officer of the Company. Ms. Ozdemir will continue to serve as a director of Exro. The Company thanks Ms. Ozdemir for her service, and looks forward to her ongoing involvement with the Company as a member of its Board of Directors. Exro's Board of Directors is actively seeking an interim CEO.
New Risk • Sep 04New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: CA$11.5m (US$8.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-CA$75m). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Market cap is less than US$10m (CA$11.5m market cap, or US$8.28m).
分析記事 • Aug 29Investors Don't See Light At End Of Exro Technologies Inc.'s (TSE:EXRO) Tunnel And Push Stock Down 33%To the annoyance of some shareholders, Exro Technologies Inc. ( TSE:EXRO ) shares are down a considerable 33% in the...
New Risk • Aug 15New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$53m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Negative equity (-CA$75m). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (CA$43.0m market cap, or US$31.1m).
Reported Earnings • Aug 15Second quarter 2025 earnings released: CA$0.14 loss per share (vs CA$0.052 loss in 2Q 2024)Second quarter 2025 results: CA$0.14 loss per share (further deteriorated from CA$0.052 loss in 2Q 2024). Revenue: CA$2.90m (down 45% from 2Q 2024). Net loss: CA$81.7m (loss widened 223% from 2Q 2024). Revenue is forecast to grow 81% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has fallen by 60% per year, which means it is performing significantly worse than earnings.
New Risk • Jun 15New major risk - Revenue and earnings growthEarnings have declined by 67% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$61m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-CA$56k). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risk Market cap is less than US$100m (CA$42.0m market cap, or US$30.9m).
お知らせ • Sep 08+ 1 more updateExro Technologies Inc. Announces Resignation of Sue Ozdemir as Chief Executive OfficerExro Technologies Inc. announced that Sue Ozdemir has resigned as Chief Executive Officer of the Company. Ms. Ozdemir will continue to serve as a director of Exro. The Company thanks Ms. Ozdemir for her service, and looks forward to her ongoing involvement with the Company as a member of its Board of Directors. Exro's Board of Directors is actively seeking an interim CEO.
New Risk • Sep 04New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: CA$11.5m (US$8.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-CA$75m). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Market cap is less than US$10m (CA$11.5m market cap, or US$8.28m).
分析記事 • Aug 29Investors Don't See Light At End Of Exro Technologies Inc.'s (TSE:EXRO) Tunnel And Push Stock Down 33%To the annoyance of some shareholders, Exro Technologies Inc. ( TSE:EXRO ) shares are down a considerable 33% in the...
New Risk • Aug 15New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$53m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Negative equity (-CA$75m). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (CA$43.0m market cap, or US$31.1m).
Reported Earnings • Aug 15Second quarter 2025 earnings released: CA$0.14 loss per share (vs CA$0.052 loss in 2Q 2024)Second quarter 2025 results: CA$0.14 loss per share (further deteriorated from CA$0.052 loss in 2Q 2024). Revenue: CA$2.90m (down 45% from 2Q 2024). Net loss: CA$81.7m (loss widened 223% from 2Q 2024). Revenue is forecast to grow 81% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has fallen by 60% per year, which means it is performing significantly worse than earnings.
New Risk • Jun 15New major risk - Revenue and earnings growthEarnings have declined by 67% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$61m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-CA$56k). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risk Market cap is less than US$100m (CA$42.0m market cap, or US$30.9m).
New Risk • May 16New major risk - Revenue and earnings growthEarnings have declined by 67% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$62m net loss next year). Market cap is less than US$100m (CA$75.5m market cap, or US$54.0m).
お知らせ • May 02Exro Technologies Inc., Annual General Meeting, Jun 25, 2025Exro Technologies Inc., Annual General Meeting, Jun 25, 2025.
New Risk • Apr 22New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 24% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$53m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$56m net loss in 2 years). Market cap is less than US$100m (CA$44.0m market cap, or US$31.8m).
新しいナラティブ • Apr 12OEM Integration And Cost Reductions Will Improve Production Efficiency Strategic partnerships and technology integration are expected to enhance production capacity, driving future revenue growth and efficiency.
Major Estimate Revision • Apr 02Consensus revenue estimates decrease by 51%The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CA$97.4m to CA$47.8m. EPS estimate unchanged from -CA$0.10 per share at last update. Electrical industry in Canada expected to see average net income growth of 28% next year. Consensus price target down from CA$0.46 to CA$0.26. Share price fell 20% to CA$0.08 over the past week.
分析記事 • Feb 15Lacklustre Performance Is Driving Exro Technologies Inc.'s (TSE:EXRO) 28% Price DropTo the annoyance of some shareholders, Exro Technologies Inc. ( TSE:EXRO ) shares are down a considerable 28% in the...
分析記事 • Dec 07Some Exro Technologies Inc. (TSE:EXRO) Shareholders Look For Exit As Shares Take 32% PoundingTo the annoyance of some shareholders, Exro Technologies Inc. ( TSE:EXRO ) shares are down a considerable 32% in the...
お知らせ • Nov 28Exro Technologies Inc. Learns of Threatened Lawsuit Filed in the Court of the King's Bench, AlbertaExro Technologies Inc. has learned of a threatened class action lawsuit in respect of which a statement of claim has been filed in the Court of the King's Bench, Alberta. Exro has not yet been served with the statement of claim but anticipates this will happen shortly. The claim is a proposed securities class action on behalf of the investors who purchased the securities of Exro in the secondary market or the primary market between January 30 and November 13, 2024 (the "Class Members"). Exro, its CEO and the chair of Exro's board of directors are among other defendants named in the statement of claim. The plaintiff says that the action arises out of the merger transaction between Exro Technologies and SEA Electric which closed on April 5, 2024, and alleges that the Class Member incurred damages or losses on their investments in Exro securities as a result of misrepresentations contained in a material change report filed by Exro on January 30, 2024. The plaintiff seeks certification of the action as a class action and his appointment as a class representative, a declaration that the January 30, 2024, contains misrepresentations, and a variety of remedies including an award of damages to the Class Members. Exro disputes the allegations contained in the statement of claim, and intends to defend the claim vigorously.
分析記事 • Nov 25What Does The Future Hold For Exro Technologies Inc. (TSE:EXRO)? These Analysts Have Been Cutting Their EstimatesThe analysts covering Exro Technologies Inc. ( TSE:EXRO ) delivered a dose of negativity to shareholders today, by...
Major Estimate Revision • Nov 20Consensus EPS estimates fall by 212%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CA$27.9m to CA$26.4m. Losses expected to increase from CA$0.20 per share to CA$0.64. Electrical industry in Canada expected to see average net income growth of 21% next year. Consensus price target of CA$0.46 unchanged from last update. Share price fell 38% to CA$0.17 over the past week.
お知らせ • Nov 14+ 1 more updateExro Technologies Inc. Provides Revenue Guidance for the Year 2024 and 2025Exro Technologies Inc. provided revenue guidance for the year 2024 and 2025. For the year 2024, the company expects revenue guidance of $24 million - $28 million. For the year 2025, the company expects revenue guidance of $85 million - $110 million.
お知らせ • Nov 06Exro Technologies Inc. to Report Q3, 2024 Results on Nov 13, 2024Exro Technologies Inc. announced that they will report Q3, 2024 results After-Market on Nov 13, 2024
Major Estimate Revision • Nov 03Consensus revenue estimates fall by 37%The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CA$44.2m to CA$27.9m. Forecast losses increased from -CA$0.192 to -CA$0.205 per share. Electrical industry in Canada expected to see average net income growth of 18% next year. Consensus price target down from CA$0.59 to CA$0.49. Share price fell 17% to CA$0.13 over the past week.
Major Estimate Revision • Sep 24Consensus revenue estimates decrease by 23%, EPS upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CA$63.0m to CA$48.6m. EPS estimate increased from -CA$0.21 to -CA$0.192 per share. Electrical industry in Canada expected to see average net income growth of 18% next year. Consensus price target down from CA$0.88 to CA$0.61. Share price fell 2.7% to CA$0.27 over the past week.
お知らせ • Sep 13Exro Technologies Inc. has completed a Composite Units Offering in the amount of CAD 25.00015 million.Exro Technologies Inc. has completed a Composite Units Offering in the amount of CAD 25.00015 million. Security Name: Units Security Type: Equity/Derivative Unit Securities Offered: 71,429,000 Price\Range: CAD 0.35 Discount Per Security: CAD 0.028
お知らせ • Sep 05Exro Technologies Inc. has filed a Follow-on Equity Offering.Exro Technologies Inc. has filed a Follow-on Equity Offering. Security Name: Units Security Type: Equity/Derivative Unit Securities Offered: 85,715,000
Major Estimate Revision • Aug 21Consensus revenue estimates fall by 51%The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CA$129.7m to CA$63.0m. Forecast losses increased from -CA$0.16 to -CA$0.21 per share. Electrical industry in Canada expected to see average net income growth of 19% next year. Consensus price target down from CA$1.28 to CA$0.89. Share price fell 38% to CA$0.33 over the past week.
Reported Earnings • Aug 16Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2024 results: CA$0.052 loss per share. Net loss: CA$25.3m (loss widened 95% from 2Q 2023). Revenue missed analyst estimates by 72%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 147% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Electrical industry in Canada.
New Risk • Aug 15New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$45m free cash flow). Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$49m net loss next year). Share price has been volatile over the past 3 months (15% average weekly change). Revenue is less than US$5m (CA$6.7m revenue, or US$4.9m).
お知らせ • Aug 14Exro Advances Medium Duty Battery Electric Powertrain Integration with Coil Driver™ ProjectExro Technologies Inc. announced progression in its integration project of Exro's Coil Driver™ inverter technology with Exro's proprietary EV propulsion system that powers SEA 5e, a Class 5 Battery Electric Truck that is built on Hino's Class 5 Rolling Cab Chassis. The pilot project is a key step towards commercialization and enables a cost-effective powertrain that supports the mission to reduce costs in commercial electric vehicles, bringing electric vehicles to parity with combustion engines. Exro's 120a propulsion system, controlled by the Coil Driver inverter, can increase system efficiency and reduce costs. By optimizing the performance of powertrains with right-sized, differentiating technology, the result is real-world driving with unparalleled efficiency. The integration offers flexibility in packaging, allowing multiple truck bed configurations from the existing 173" platform currently in production to a 150" wheelbase in demand by large national fleets under development for release to customers by First Quarter 2025. The transportation sector targets significant emission reduction targets. The goals behind the project align with the regulatory landscape shaped by the Advanced Clean Truck ("ACT") and Advanced Clean Fleet ("?") standards. These regulations, adopted in California and several other states, mandate a gradual increase in zero-emission vehicles ("ZEVs") in commercial fleets starting from 2024. By incorporating Coil Drive inverter technology, Exro is contributing to the broader adoption of ZEVs. This collaboration supports compliance with the ACT and ACF regulations and promotes emissions reduction from the commercial transportation sector. The enhanced efficiency and cost-effectiveness of the Coil Driver-enabled propulsion system make electric trucks a viable option for fleet operators, accelerating the transition to cleaner transportation solutions.
Major Estimate Revision • May 31Consensus revenue estimates increase by 13%, EPS downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CA$123.5m to CA$139.1m. EPS estimate fell from -CA$0.143 to -CA$0.155 per share. Electrical industry in Canada expected to see average net income growth of 15% next year. Consensus price target down from CA$1.59 to CA$1.28. Share price fell 8.3% to CA$0.66 over the past week.
Price Target Changed • May 30Price target decreased by 22% to CA$1.28Down from CA$1.64, the current price target is an average from 4 analysts. New target price is 93% above last closing price of CA$0.66. Stock is down 69% over the past year. The company is forecast to post a net loss per share of CA$0.15 next year compared to a net loss per share of CA$0.31 last year.
Major Estimate Revision • May 23Consensus revenue estimates fall by 34%The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CA$186.5m to CA$123.5m. Forecast losses increased from -CA$0.127 to -CA$0.143 per share. Electrical industry in Canada expected to see average net income growth of 14% next year. Consensus price target down from CA$1.64 to CA$1.59. Share price rose 5.7% to CA$0.74 over the past week.
Reported Earnings • May 17First quarter 2024 earnings: EPS and revenues miss analyst expectationsFirst quarter 2024 results: CA$0.076 loss per share (further deteriorated from CA$0.054 loss in 1Q 2023). Revenue: CA$1.26m (up 289% from 1Q 2023). Net loss: CA$12.9m (loss widened 58% from 1Q 2023). Revenue missed analyst estimates by 53%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings.
Board Change • Apr 19High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 5 experienced directors. No highly experienced directors. CEO & Director Sue Ozdemir is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
New Risk • Apr 07New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 130% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (130% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$56m net loss in 3 years). Revenue is less than US$5m (CA$5.7m revenue, or US$4.2m).
New Risk • Apr 03New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$56m net loss in 3 years). Shareholders have been diluted in the past year (12% increase in shares outstanding). Revenue is less than US$5m (CA$5.7m revenue, or US$4.2m).
Reported Earnings • Apr 02Full year 2023 earnings released: CA$0.31 loss per share (vs CA$0.29 loss in FY 2022)Full year 2023 results: CA$0.31 loss per share (further deteriorated from CA$0.29 loss in FY 2022). Revenue: CA$5.74m (up 163% from FY 2022). Net loss: CA$50.6m (loss widened 27% from FY 2022). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings.
Breakeven Date Change • Feb 27No longer forecast to breakevenThe 2 analysts covering Exro Technologies no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$4.87m in 2024. New consensus forecast suggests the company will make a loss of CA$15.2m in 2025.
New Risk • Feb 27New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: CA$131.0m (US$97.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$42m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (CA$6.6m revenue, or US$4.9m). Market cap is less than US$100m (CA$131.0m market cap, or US$97.0m).
Major Estimate Revision • Feb 24Consensus revenue estimates decrease by 51%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CA$13.3m to CA$6.57m. EPS estimate unchanged from -CA$0.27 per share at last update. Electrical industry in Canada expected to see average net income growth of 17% next year. Consensus price target down from CA$2.25 to CA$1.73. Share price fell 10% to CA$0.80 over the past week.
Price Target Changed • Feb 23Price target decreased by 23% to CA$1.73Down from CA$2.25, the current price target is an average from 2 analysts. New target price is 116% above last closing price of CA$0.80. Stock is down 68% over the past year. The company is forecast to post a net loss per share of CA$0.27 next year compared to a net loss per share of CA$0.29 last year.
お知らせ • Jan 31Exro Technologies Inc. (TSX:EXRO) agreed to acquire SEA Electric LLC for approximately $300 million .Exro Technologies Inc. (TSX:EXRO) agreed to acquire SEA Electric LLC for approximately $300 million on January 29, 2024. As per the terms, the combined company will continue to operate under the name Exro Technologies Inc. and trade on the Toronto Stock Exchange (the "TSX") under the ticker symbol "EXRO". As a part of consideration, Exro will issue, based on Exro's weighted average common share price over the 10 trading days ending January 26, 2024, of $0.7680 per share, a combination of common shares (the "Exro Common Shares") and non-voting convertible preferred shares (the "Exro Convertible Shares") to SEA stockholders. Pursuant to the Merger Agreement, SEA stockholders will receive approximately 153.8 million Exro Common Shares and 168.7 million Exro Convertible Shares, on a non-diluted basis and excluding existing SEA shares held by Exro, resulting in total implied consideration issued to SEA stockholders of approximately $248 million in aggregate, based on the Reference VWAP. In addition, Exro will assume approximately $46 million in SEA net debt as part of the Transaction. The Exro Convertible Shares will be convertible into Exro Common Shares on a one-for-one basis without payment of any additional consideration and upon the satisfaction of certain conditions. The transaction is subject to Exro Technologies Inc. shareholders approval and has received the requisite approvals from SEA stockholders. Also, the transaction is subject to customary closing condition. Upon completion of the Transaction, Sue Ozdemir will remain as Chief Executive Officer, Tony Fairweather will join Exro as the Chief Product Officer, and Darrell Bishop will become Chief Financial Officer. The board of directors of the Combined Company will consist of up to nine members with Rod Copes serving as Chair and the remaining directors comprised of representatives from both Exro's and SEA's current boards of directors. A termination fee of approximately $11.4 million is payable by Exro Technologies Inc. to SEA Electric LLC if the Merger Agreement is terminated in certain circumstances, including if Exro Technologies Inc. enters into a superior proposal, and Exro Technologies Inc. is entitled to a reverse termination fee of approximately $11.4 million from SEA Electric LLC if the Merger Agreement is terminated in certain circumstances. National Bank Financial Inc. acted as a financial advisor and fairness opinion provider and, Neville J. McClure of Stikeman Elliott LLP and Jason Brenkert of Dorsey and Whitney LLP acted as a legal advisor to Exro Technologies Inc. . Canaccord Genuity Corp. and Eight Capital acted as a financial advisor to SEA Electric LLC and, Gibson, John T. Gaffney and Michelle M. Gourley of Dunn and Crutcher LLP and Blake, Michael Gans and Jacob Gofman of Cassels and Graydon LLP acted as a legal advisor to SEA Electric LLC. The Transaction is expected to close by the end of first quarter of 2024.
お知らせ • Jan 30+ 1 more updateExro Technologies Inc. Announces Management ChangesExro Technologies Inc. and SEA Electric Inc. announced that they have entered into an agreement providing for the acquisition of SEA by Exro. This business combination is expected to strengthen Exro's technology offerings while accelerating revenue growth and Exro's path to profitability. Following completion of the Transaction, the combined company will continue to operate under the name Exro Technologies Inc. and trade on the Toronto Stock Exchange under the ticker symbol "EXRO". Upon completion of the Transaction, Sue Ozdemir will remain as Chief Executive Officer, Tony Fairweather will join Exro as the Chief Product Officer. The board of directors of the Combined Company will consist of up to nine members with Rod Copes serving as Chair and the remaining directors comprised of representatives from both Exro's and SEA's current boards of directors.
分析記事 • Jan 12Is Exro Technologies (TSE:EXRO) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
New Risk • Dec 24New minor risk - ProfitabilityThe company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: CA$45m Forecast net loss in 3 years: CA$23m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-CA$48m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$23m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (CA$6.6m revenue, or US$5.0m).
Breakeven Date Change • Dec 24No longer forecast to breakevenThe 4 analysts covering Exro Technologies no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$495.7k in 2025. New consensus forecast suggests the company will make a loss of CA$437.7k in 2025.
Breakeven Date Change • Nov 18Forecast to breakeven in 2025The 4 analysts covering Exro Technologies expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 46% per year to 2024. The company is expected to make a profit of CA$1.60m in 2025. Average annual earnings growth of 42% is required to achieve expected profit on schedule.
New Risk • Nov 17New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$48m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-CA$48m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$28m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (CA$6.6m revenue, or US$4.8m).
Major Estimate Revision • Nov 16Consensus revenue estimates decrease by 48%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CA$10.8m to CA$5.60m. EPS estimate unchanged from -CA$0.26 per share at last update. Electrical industry in Canada expected to see average net income growth of 11% next year. Consensus price target of CA$2.42 unchanged from last update. Share price fell 15% to CA$1.48 over the past week.
Reported Earnings • Nov 15Third quarter 2023 earnings: EPS and revenues miss analyst expectationsThird quarter 2023 results: CA$0.063 loss per share (further deteriorated from CA$0.058 loss in 3Q 2022). Revenue: CA$2.03m (up CA$1.90m from 3Q 2022). Net loss: CA$10.7m (loss widened 32% from 3Q 2022). Revenue missed analyst estimates by 39%. Earnings per share (EPS) also missed analyst estimates by 9.1%. Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings.
Price Target Changed • Oct 26Price target decreased by 7.2% to CA$2.78Down from CA$3.00, the current price target is an average from 3 analysts. New target price is 80% above last closing price of CA$1.55. Stock is up 55% over the past year. The company is forecast to post a net loss per share of CA$0.25 next year compared to a net loss per share of CA$0.29 last year.
分析記事 • Aug 29Is Exro Technologies (TSE:EXRO) A Risky Investment?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Major Estimate Revision • Aug 24Consensus revenue estimates fall by 19%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$15.7m to CA$12.7m. Forecast losses increased from -CA$0.24 to -CA$0.255 per share. Electrical industry in Canada expected to see average net income growth of 13% next year. Consensus price target of CA$3.05 unchanged from last update. Share price fell 4.3% to CA$2.00 over the past week.
Breakeven Date Change • Aug 15Forecast to breakeven in 2024The 3 analysts covering Exro Technologies expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 75% to 2023. The company is expected to make a profit of CA$10.9m in 2024. Average annual earnings growth of 26% is required to achieve expected profit on schedule.
New Risk • Aug 12New minor risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow. Free cash flow: -CA$42m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$42m). Currently unprofitable and not forecast to become profitable over next 3 years (CA$18m net loss in 3 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (CA$4.7m revenue, or US$3.5m).
Reported Earnings • Aug 11Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2023 results: CA$0.082 loss per share (further deteriorated from CA$0.066 loss in 2Q 2022). Net loss: CA$13.0m (loss widened 46% from 2Q 2022). Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 31% growth forecast for the Electrical industry in Canada. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings.
Board Change • Jul 13High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. CEO & Director Sue Ozdemir is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
お知らせ • Jun 23Exro Technologies Inc. Files Two New U.S. Provisional Patent ApplicationsExro Technologies Inc. announced a corporate update regarding two new patent applications strengthening its intellectual property ("IP") position. In addition to prioritizing delivery of the Company's motor and battery control products, Exro has been diligently working on advancing several new technologies, which includes two new U.S. provisional patent applications on an electric vehicle powertrain architecture. The Company's first U.S. provisional application builds on the Company's Coil Driver and Cell Driver™ foundation by combining its two advanced power electronics capabilities (motor and battery control) with predictive control algorithms to deliver significant benefits to EV propulsion. This includes up to 2x increase in battery cell life, seamless integration of fuel cells without requiring additional DC-DC conversion, high level of fault tolerance, as well as the benefits that Coil Driver™ and Cell Driver™ bring individually, including range and system performance increase. While there is growing market demand for hydrogen fuel cell applications, adoption is limited by overall costs; the patent presents a solution to reduce costs and increase performance in these applications. Exro's second U.S. provisional application is directed to a harmonic motor controller or current source. Today, what is considered state-of-the-art motor control is field-oriented control ("FOC"). FOC measures a motor current and calculates the right voltage to apply to the machine to control current and torque. Though a strong concept, it presents key limitations in addressing real-world motor control challenges, particularly motor harmonics. In contrast, Exro's technology replaces the calculation of the switch states performed by FOC with a proprietary algorithm to greatly simplify motor control. As a result, the technology demonstrates high fault tolerance, responds dynamically to load or line changes, and ultimately improves harmonics across a wide variety of applications. This AC controller technology presents broad applicability to any scenario where DC-to-AC conversion is required. While Exro will continue to use trade secrets to protect proprietary software and algorithms, it will look to bolster software-related patent filings in the coming quarters.
Price Target Changed • Jun 19Price target decreased by 9.1% to CA$3.00Down from CA$3.30, the current price target is an average from 2 analysts. New target price is 35% above last closing price of CA$2.23. Stock is up 84% over the past year. The company is forecast to post a net loss per share of CA$0.23 next year compared to a net loss per share of CA$0.29 last year.
お知らせ • Jun 10Exro Technologies Inc. Announces Jill Bodkin Will Not Be Standing for Re-Election as Board Director and Chair of the Audit CommitteeExro Technologies Inc. announced that Jill Bodkin, Board Director and Chair of the Audit Committee, will not be standing for re-election due to planned retirement from Exro's Board.
お知らせ • May 24+ 1 more updateExro Technologies Inc. announced that it has received CAD 34.93125 million in fundingOn May 23, 2023, Exro Technologies Inc. closed the transaction. The company amended the terms of the transaction. The company issued 15,525,000 common shares at an issue price of CAD 2.25 per share for the gross proceeds of CAD 34,931,250. In consideration for the services provided by the underwriters in connection with the transaction, on closing of the transaction the company paid to the underwriters a cash commission equal to 6% of the gross proceeds raised in the transaction.
Major Estimate Revision • May 19Consensus revenue estimates increase by 66%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from CA$15.9m to CA$26.3m. EPS estimate unchanged from -CA$0.24 at last update. Electrical industry in Canada expected to see average net income growth of 7.8% next year. Consensus price target of CA$3.30 unchanged from last update. Share price fell 11% to CA$2.25 over the past week.
Major Estimate Revision • May 17Consensus revenue estimates increase by 66%The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from CA$15.9m to CA$26.3m. Forecast losses expected to reduce from -CA$0.26 to -CA$0.24 per share. Electrical industry in Canada expected to see average net income growth of 6.8% next year. Consensus price target of CA$3.30 unchanged from last update. Share price fell 8.1% to CA$2.39 over the past week.
お知らせ • May 16Exro Technologies Inc. announced that it expects to receive CAD 30.375 million in fundingExro Technologies Inc. announced that it has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp., Stifel Nicolaus Canada Inc. and Eight Capital and bought deal financing to issue 13,500,000 common shares at an issue price of CAD 2.25 per share for the gross proceeds of CAD 30,375,000. The company has granted the underwriters an option to purchase up to an additional 2,025,000 common shares to cover overallotments, if any, and for market stabilization purposes at a price of CAD 2.25 per overallotment option common share for additional gross proceeds of up to CAD 4,556,250, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing date. The transaction is scheduled to close on or about May 23, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities.
Breakeven Date Change • Feb 03Forecast to breakeven in 2024The 2 analysts covering Exro Technologies expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CA$10.6m in 2024. Average annual earnings growth of 49% is required to achieve expected profit on schedule.
お知らせ • Dec 08Exro Technologies Inc. announced that it expects to receive CAD 15 million in fundingExro Technologies Inc. announced a bought deal private placement of 15,000 units at a price of CAD 1,000 per unit for gross proceeds of CAD 15,000,000 on December 7, 2022. Each unit will consist of CAD 1,000 principal amount senior secured convertible debenture and 416 common share purchase warrants of the company. The debentures will mature on December 31, 2027 and will accrue interest at the rate of 12% per annum, payable semi-annually in arrears beginning on June 30, 2023. The Debentures may be converted into common shares of the company at any time and from time to time, up to the earlier of the maturity date and the date fixed for redemption of the debentures, at a conversion price of CAD 2.40 per common share subject to adjustment in certain circumstances. The company will be entitled to redeem the debentures at 105% of par plus accrued and unpaid interest at any time following December 31, 2024. The debentures will be secured by a first priority floating charge over all and after-acquired personal property, an assignment of all present and after-acquired intellectual property and a pledge of the securities of the company’s material subsidiaries, provided the company shall be permitted to incur an operating line of credit of up to CAD 10,000,000, secured by inventory and/or the accounts receivable of the company, which permitted indebtedness may rank equally with the debentures. Each warrant will be exercisable for one common share of the company for a period of five years from the date of issue, at an exercise price of CAD 2.40 per Warrant Share, subject to adjustment in certain events. The company has granted the Underwriters an option, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Placement, to purchase up to an additional 2,250 Units. If the Underwriters exercises this option in full, the aggregate gross proceeds of the Placement will be CAD 17,250,000. The Debentures, any common shares of the company issuable thereunder, the warrants and any warrant shares sold in the placement will be subject to a four month hold period in Canada commencing on the date of closing. The transaction is expected to close on or about December 22, 2022 and is subject to customary closing conditions, including listing of the Conversion Shares and the Warrant Shares on the TSX and receipt of any required approvals of the TSX and applicable securities regulatory authorities.
Recent Insider Transactions • Dec 03Independent Director recently sold CA$136k worth of stockOn the 24th of November, Frank Borowicz sold around 97k shares on-market at roughly CA$1.40 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$213k more than they bought in the last 12 months.
お知らせ • Nov 22Exro Technologies Inc. Achieves International Organization for Standardization ISO 9001:2015 CertificationExro Technologies Inc. announced that the Company has achieved International Organization for Standardization ISO 9001:2015 certification at its world- class manufacturing center and engineering innovation center, both located in Calgary, Alberta, Canada. This certifies that the Company has met the technical and quality benchmarks required by ISO 9001:2015 for its quality management system related to R&D, design, development, and testing of Coil DriverTM inverter for e-mobility and Cell DriverTM energy storage systems for commercial & industrial applications. An internationally recognized quality standard, ISO 9001:2015 sets quality management principles for both service and manufacturing organizations, including a strong customer focus, a process-based approach, risk-based thinking, continual improvement, and top-down management support. In an increasingly competitive market, ISO 9001 certification is a necessary tool for conducting domestic and global business.
お知らせ • Nov 19ePropelled Inc. Resolves Patent Dispute with Exro Technologies IncePropelled Inc. announced that it has resolved its dispute relating to the patent infringement lawsuit that ePropelled filed against Exro in the U.S. District Court for the District of Massachusetts. The parties agree that Exro's products as currently offered do not infringe upon any claim of ePropelled's U.S. Patent No. 7,382,103 ("the '103 patent"). The parties have stipulated to the dismissal of the lawsuit. The parties have also stipulated to the dismissal of the defamation suit Exro filed against ePropelled in the Superior Court of Massachusetts, and the parties have filed a motion to withdraw the Petition for Inter Partes Review Exro had filed with the United States Patent and Trademark Office challenging the validity of the '103 patent. Importantly, Exro also agreed not to make or commercialize products capable of driving a permanent magnet brushless motor having three or more winding sections per phase and capable of operating in a configuration having a combination of series and parallel windings (i.e. a hybrid phase) in any country in which ePropelled maintains its patents.
Major Estimate Revision • Nov 17Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast increased from CA$1.32m to CA$2.09m. EPS estimate unchanged from -CA$0.27 at last update. Electrical industry in Canada expected to see average net income growth of 8.5% next year. Consensus price target of CA$2.94 unchanged from last update. Share price rose 32% to CA$1.58 over the past week.
お知らせ • Nov 16Exro Technologies' Announces Resolution to Its Patent Dispute with ePropelled IncExro Technologies Inc. announced that it has resolved its dispute with ePropelled Inc. relating to the patent infringement lawsuit that ePropelled filed against Exro in the U.S. District Court for the District of Massachusetts. The parties have agreed that Exro's Coil Drive System™ (CDS) and Coil DriversTM do not infringe upon any claim of ePropelled's U.S. Patent No. 7,382,103 ("the '103 patent"). As a result, the parties have stipulated to the dismissal of the lawsuit with prejudice. The parties have also stipulated to the dismissal of the defamation suit Exro filed against ePropelled in the Superior Court of Massachusetts, and the parties have agreed to file a joint motion to withdraw the Petition for Inter Partes Review Exro had filed with the United States Patent and Trademark Office challenging the validity of the '103 patent.
Price Target Changed • Nov 16Price target decreased to CA$2.94Down from CA$3.58, the current price target is an average from 4 analysts. New target price is 86% above last closing price of CA$1.58. Stock is down 54% over the past year. The company is forecast to post a net loss per share of CA$0.27 next year compared to a net loss per share of CA$0.20 last year.
Board Change • Nov 16High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. Independent Director Jill Bodkin is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
お知らせ • Sep 28Exro Technologies Energy Storage System Demonstrates Industry-Leading Performance in Phase One UL Certification TestsExro Technologies Inc. announced that the company's Cell Driver™ Energy Storage System, has successfully completed large-scale module fire testing and the first major phase towards product certification from Underwriters Laboratories. UL certification is globally recognized as the gold standard in product safety testing for energy storage, with certification required for all energy storage systems prior to connecting to the grid in North America. The tests were conducted by ESRG Lab, industry leaders in product testing, and witnessed by Intertek, a leading certification provider to industries worldwide. Results of the testing demonstrated that Exro's Cell Driver™ significantly surpassed the industry's UL9540A requirements, considered one of the primary standards for energy storage safety. Safety is a major concern and focus for the battery storage industry. While fires are rare, when they do occur, they pose considerable risk given the hazardous and volatile nature of the battery chemicals involved. The UL9540A test is designed to assess an energy storage system's ability to limit the spread of a potential fire through thermal runaway (i.e., fire propagating from one defective battery cell to others). The test involves applying a heating plate to a battery cell to artificially induce a thermal runaway event whereby the fire would spread to adjacent cells within the module under test and the energy system. Key conclusions from the independent third-party ESRG Lab report, and certified by Intertek, are summarized below: "Flaming was observed during the test, and it was within the module; however, the size of fire was too small to detect through the calorimeter used for the test.""Total smoke release from the venting point to the end of the measuring at. Total 37688 Seconds." "Thermal runaway is contained by module design."These results highlight the exceptional safety performance of Exro's Cell Driver™. More than 10 hours (37,688 seconds) was required to achieve battery module fire propagation as per the UL9540A test plan, a significant amount of time for this test. Exro's Cell Driver™ contains twenty-four modules, each module containing nine individual cells, and at the end of the test period the fire remained too small to detect and was contained within a single module. Importantly, due to the Cell Driver's design architecture and cooling features, test technicians were required to apply two additional heating plates to induce thermal runaway. Analogous to how Exro's Coil Driver™ technology for electric vehicles ("EV") expands the capabilities of electric motors given an ability to control an electric motor through the power electronics inverter down to the individual coil level, Exro's Cell Driver™ technology expands the capabilities of batteries by enabling cell level control through an innovative battery management inverter combined with advanced cell control software. With an ability to control energy at the cell level, Exro's Cell Driver™ can optimize batteries for health and performance, extending battery life and permitting stationary energy storage systems to operate more efficiently. While most energy storage systems control at a module level, and some systems monitor to a cell level, the Cell Driver™ introduces next-generation innovation to dynamically monitor and control at a cell level. Active cell balancing across Exro's Cell Driver™ enables the charging and discharging of battery cells based on their individual state-of-charge and state-of-health, while matching power demand and power quality. The solution is optimized for maximum cell lifetime, while enabling micro-protection mechanisms for enhanced safety and uninterrupted operations. These mechanisms dynamically isolate defected cells without disruptions to system operations, thereby detecting and eliminating potential thermal runaway events before they could occur. As the world moves toward higher adoption rates in the electrification transition, one of the greatest challenges that will need to be addressed in the next 5-10 years is the supply of batteries. While applicable for new batteries, the primary objective of Exro's Cell Driver™ technology is to provide an effective solution for second-life applications, providing significant cost savings by reviving and utilizing used EV and telecom batteries for a second-life application. Enabling reuse of these cells is critical to reducing the environmental and climate change impacts associated with battery recycling and disposal and offering a real-world solution that leads the way to a circular electrified economy. UL is widely recognized as the long-time safety science leader and the organization's expertise provides credibility to regulators and the broader marketplace. UL certifications demonstrate that products have been tested to applicable industry-wide standards. Over the course of the next seven months, Exro's Cell Driver™ technology will be tested through a host of these standards with the end goal to fully certify Exro's Cell Driver™ as a deployed commercial and industrial product per North American regulations and to receive UL9540 certification. In parallel with the UL certification process, Exro has begun marketing the Cell Driver™ and working to secure first pilots and orders with commercial and industrial distribution partners. These items can be advanced ahead of receiving UL certification. The company is in active discussions with potential distribution partners and anticipates additional details to be announced in the near future. By securing partnerships while working towards UL certification, Exro can be well positioned to ensure the commercialization and delivery of Cell Driver™ products to customers beginning in H1/23.
Recent Insider Transactions Derivative • Sep 25Chief Finance Officer exercised options to buy CA$158k worth of stock.On the 21st of September, William Meekison exercised options to buy 200k shares at a strike price of around CA$0.28, costing a total of CA$56k. This transaction amounted to 1,226% of their direct individual holding at the time of the trade. Since September 2021, William's direct individual holding has increased from 77.32k shares to 106.32k. Company insiders have collectively bought CA$147k more than they sold, via options and on-market transactions, in the last 12 months.
