Announcement • May 02
Exro Technologies Inc., Annual General Meeting, Jun 25, 2025 Exro Technologies Inc., Annual General Meeting, Jun 25, 2025. Announcement • Nov 28
Exro Technologies Inc. Learns of Threatened Lawsuit Filed in the Court of the King's Bench, Alberta Exro 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. Announcement • Nov 06
Exro Technologies Inc. to Report Q3, 2024 Results on Nov 13, 2024 Exro Technologies Inc. announced that they will report Q3, 2024 results After-Market on Nov 13, 2024 Announcement • Sep 13
Exro 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 Reported Earnings • Aug 16
Second quarter 2024 earnings released: CA$0.052 loss per share (vs CA$0.082 loss in 2Q 2023) Second quarter 2024 results: CA$0.052 loss per share. Net loss: CA$25.3m (loss widened 95% from 2Q 2023). Revenue is forecast to grow 147% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Electrical industry in Germany. New Risk • Aug 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €74.2m (US$81.6m) 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: 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 (16% average weekly change). Shareholders have been substantially diluted in the past year (108% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$55m net loss next year). Market cap is less than US$100m (€74.2m market cap, or US$81.6m). Announcement • Aug 14
Exro Advances Medium Duty Battery Electric Powertrain Integration with Coil Driver™ Project Exro 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. Reported Earnings • May 17
First quarter 2024 earnings released: CA$0.076 loss per share (vs CA$0.054 loss in 1Q 2023) First 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 is forecast to grow 50% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Electrical industry in Germany. 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 45% per year, which means it is performing significantly worse than earnings. Board Change • Apr 19
High number of new and inexperienced directors There 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 07
New major risk - Shareholder dilution The 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 Share price has been highly volatile over the past 3 months (12% average weekly change). 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 03
New major risk - Revenue and earnings growth Earnings 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). 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 02
Full 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 7.7% growth forecast for the Electrical industry in Germany. 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 46% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Feb 27
No longer forecast to breakeven The 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 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% 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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$45m 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). Announcement • Jan 31
Exro 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. New Risk • Dec 24
New minor risk - Profitability The 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 Risks Less than 1 year of cash runway based on free cash flow trend (-CA$48m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). 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 24
No longer forecast to breakeven The 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 18
Forecast to breakeven in 2025 The 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 16
New major risk - Financial position The 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 Risks Less than 1 year of cash runway based on free cash flow trend (-CA$48m free cash flow). Share price has been highly volatile over the past 3 months (9.7% average weekly change). 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$4.8m). Reported Earnings • Nov 14
Third quarter 2023 earnings released: CA$0.063 loss per share (vs CA$0.058 loss in 3Q 2022) Third 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 is forecast to grow 50% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Electrical industry in Germany. 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 17% per year, which means it has not declined as severely as earnings. New Risk • Nov 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 8.7% 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 Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). 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$22m 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$4.7m revenue, or US$3.4m). Breakeven Date Change • Aug 15
Forecast to breakeven in 2024 The 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 11
New minor risk - Financial position The 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 11
Second quarter 2023 earnings released: CA$0.082 loss per share (vs CA$0.066 loss in 2Q 2022) Second 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 is forecast to grow 47% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Electrical industry in Germany. 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 25% per year, which means it is well ahead of earnings. Board Change • Jul 12
High number of new and inexperienced directors There 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. Announcement • Jun 23
Exro Technologies Inc. Files Two New U.S. Provisional Patent Applications Exro 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. Announcement • Jun 10
Exro Technologies Inc. Announces Jill Bodkin Will Not Be Standing for Re-Election as Board Director and Chair of the Audit Committee Exro 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. Announcement • May 24
Exro Technologies Inc. announced that it has received CAD 34.93125 million in funding On 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. Announcement • May 16
Exro Technologies Inc. announced that it expects to receive CAD 30.375 million in funding Exro 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 03
Forecast to breakeven in 2024 The 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. Recent Insider Transactions • Dec 03
Independent Director recently sold €98k worth of stock On the 24th of November, Frank Borowicz sold around 97k shares on-market at roughly €1.01 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 €163k more than they bought in the last 12 months. Board Change • Nov 16
High number of new and inexperienced directors There 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. Recent Insider Transactions • Sep 25
Executive Chairman recently sold €56k worth of stock On the 20th of September, Mark Godsy sold around 100k shares on-market at roughly €0.56 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €60k. Mark has been a net seller over the last 12 months, reducing personal holdings by €132k. Announcement • Sep 22
Exro Technologies Inc. announced that it has received CAD 1.473944 million in funding On September 20, 2022, Exro Technologies Inc. closed the transaction. The company has amended the terms of the transaction. The company has issued 1,403,756 units at a price of CAD 1.05 per unit for aggregate gross proceeds of CAD 1,473,944. Recent Insider Transactions • Sep 18
Executive Chairman recently sold €60k worth of stock On the 9th of September, Mark Godsy sold around 86k shares on-market at roughly €0.70 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Announcement • Sep 02
Exro Technologies Inc. has completed a Composite Units Offering in the amount of CAD 8.82 million. Exro Technologies Inc. has completed a Composite Units Offering in the amount of CAD 8.82 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 7,920,000
Price\Range: CAD 1.05
Discount Per Security: CAD 0.063 Announcement • Aug 10
Exro Technologies Inc. Announces Submission of Energy Storage System for UL Certification Exro Technologies Inc. announced that it has initiated the process to obtain Underwriter Laboratories certification for its Energy Storage System, powered by its patented Battery Control System™ technology. Exro's BCS technology expands the capabilities of batteries in their first and second life by enabling a greater depth of control on the cells. The technology optimizes battery packs for health and performance at the cellular level, extending battery life and permitting stationary energy storage systems to operate more safely, with less down time. Exro's ESS has a modular design for ease of installation and utilizes modular compact inverters to replace the traditional centralized design of most energy storage systems, resulting in reduced operation and maintenance costs in commercial and industrial applications. Exro's ESS can not only maximize the lifespan of first-life batteries, but also utilize second-life batteries, creating an option for reuse of electric cell battery packs, minimizing waste and establishing a pathway to a circular economy. The submission for UL certification marks a significant milestone for Exro's ESS in its continued path to commercialization. The submission enables the Company to secure pilot locations and proceed with in-field validations of the ESS on specific locations and comes ahead of the Company's anticipated timing. UL certifications demonstrate that products have been tested to applicable industry-wide standards. UL is widely recognized as the long-time safety science leader and the organization's expertise provides credibility to regulators and the broader marketplace. The goal of the process is to fully certify Exro's ESS as a deployed commercial and industrial product per North American regulations and to receive UL9540A certification. The process is anticipated to take approximately nine months. Upon successful completion of the UL certification process, the Company will be able to produce and provide units to the burgeoning energy storage market. In parallel to the UL certification process, Exro will begin marketing the ESS and working to secure the first pilots and orders to ensure the commercialization and delivery of the product by Fourth Quarter 2023. Announcement • Jun 16
Exro Refutes Unsubstantiated Claims of Patent Infringement, Files Petition for Review of Epropelled Patent Exro Technologies Inc. is issuing this statement in response to the lawsuit filed by ePropelled against the Company on January 21, 2022. Exro has filed a petition with the United States Patent and Trademark Office for inter partes review ("IPR") of U.S. Patent No. 7,382,103 ("the '103 patent"), assigned to patent owner ePropelled Inc. An inter partes review is used to challenge the patentability of claims in a U.S. patent on the basis of prior art, which is evidence that an invention was already known prior to filing for patent protection. The filing follows an in-depth analysis by an independent expert in motors, and concludes that ePropelled's '103 patent, which Exro is alleged to have infringed is itself invalid. The independent analysis was conducted by a professor of Electrical Engineering and Computer Science and Mechanical Engineering at Massachusetts Institute of Technology (MIT) who is an expert in the field of power electronics. The expert holds Bachelor of Science, Master of Science, Master of Science in Electrical Engineering, and Doctor of Philosophy degrees from MIT, where he has taught since 1993. His work has been published extensively in scholarly journals. The expert has also received numerous awards and accolades for his research and teaching and is the holder of more than 20 patents for energy conversion controls and power systems. The results of this independent review are included in Exro's filed IPR IPR2022-01154. Based on the results of the independent review, Exro asserts that, unlike the patents held by Exro, there are numerous prior art references that demonstrate ePropelled's '103 patent is invalid. The cancellation of the '103 patent would render ePropelled's infringement claims moot. As such, the Company anticipates that following the completion of the IPR, the '103 patent assigned to ePropelled Inc. will be cancelled, leading to an immediate resolution of ePropelled's claim and a full vindication of Exro. In addition to filing the IPR, Exro also filed a separate defamation lawsuit against ePropelled Inc. on February 15, 2022, in Middlesex County Superior Court in the Commonwealth of Massachusetts. This litigation concerns a defamatory statement about Exro in a issued on January 24, 2022, and the Company is actively engaged in upholding its reputation, the validity of its technology and the protection of its shareholders. Announcement • May 20
Exro Technologies Inc. Announces Appointment of Rod Copes to Its Board of Directors Exro Technologies Inc. announced that it has appointed recently retired Rivian Chief Operating Officer Rod Copes to its Board of Directors. Copes' exceptional experience in the electric mobility industry, along with comprehensive general management experience, will be instrumental in guiding Exro into the commercialization phase of the Company. Copes brings to Exro robust technical expertise and vast knowledge of the mobility industry. He spent 19 years at Harley-Davidson in several commercial and operations executive positions and served as Royal Enfield's North American division president. Copes has a proven track record for differentiating brand portfolios and commercializing mobility businesses in national and global markets. More recently, Copes served as Chief Operating Officer for American electric vehicle ("EV") automaker Rivian, growing the team from a few hundred to thousands of employees globally leading up to the company's listing on the Nasdaq. Copes is a passionate entrepreneur and has a special interest in lending his well-informed industry acumen to new ventures and emerging start-ups. Exro previously announced Copes had joined the Company's advisory board in March of this year. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 3 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. Recent Insider Transactions • Apr 16
Insider recently bought €54k worth of stock On the 12th of April, Darrell Bishop bought around 50k shares on-market at roughly €1.08 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €14k more in shares than they bought in the last 12 months. Announcement • Feb 18
Exro Technologies Inc. Appoints Darrell Bishop as President, Finance and Investor Relations Exro Technologies Inc. announced that Darrell Bishop, a proven industry leader with extensive capital markets experience, joins the Exro team as President, Finance and Investor Relations. Bishop will be based of Exro's U.S. headquarters in Mesa, Arizona, but will equally split his time between the company's Mesa, Arizona and Calgary, Alberta facilities. Bishop is a seasoned investment industry professional with extensive experience in generating business results and leading teams, and brings strong financial and shareholder relations acumen to the Company. Bishop's early career consisted of technical engineering, and corporate development roles, prior to transitioning to capital markets. Since 2010, Bishop has held diverse roles with increasing responsibility in corporate finance and investor engagement, including: Head of Equity Research, Managing Director of Investment Banking, and Board Director at independent investment firms. In his role at Exro as President, Finance and Investor Relations, Bishop will lead the Company's finance and capital markets strategy, with the goals of broadening and enhancing shareholder value through a best-in-class shareholder engagement program. In addition to ensuring these strategies are appropriately positioned across all stakeholders, Bishop will also manage Exro's financial affairs, building a capital formation strategy to enhance production. Announcement • Feb 05
Exro Technologies Inc. has completed a Composite Units Offering in the amount of CAD 17.7008 million. Exro Technologies Inc. has completed a Composite Units Offering in the amount of CAD 17.7008 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 11,063,000
Price\Range: CAD 1.6
Discount Per Security: CAD 0.096 Announcement • Jul 16
Exro Technologies Inc. Unveils New Application for Coil Driver Technology to Reduce the Cost and Complexity of Deploying Electric Vehicle Infrastructure At Scale Exro Technologies Inc. announced a new application for its patented Coil Driver technology that has the potential to dramatically reduce the cost and complexity associated with deploying electric vehicle ("EV") infrastructure at scale. The Coil Driver technology can be used to deliver Level 1 to Level 4 charging capabilities, and provide electricity back to the grid, with significantly less power electronics. This includes charging capabilities from renewable energy sources like solar and wind power. The Company filed a new family of patents that covers this additional functionality for the Coil Driver™, further strengthening its cost positioning and demonstrating its continued commitment to driving bold innovative solutions in EV power electronics. The recent patent filing raises Exro's combined held and submitted patent portfolio to 36 and comes on the heels of Exro's graduation to the Toronto Stock Exchange. Currently, EVs require three different types of power electronics components to power the vehicles in motion and charge the batteries from the grid or renewable energy sources: a motor drive, on-board charger and external DC fast charger. Exro engineers found that the Coil Driver™ technology has the ability to replace all three components, significantly reducing the cost and complexity of deploying EVs and the charging infrastructure at scale. 
