EXROF - InvestorNewsBreaks - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) Releases Q2 2021 Financial Report Corporate Highlights
Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed a new class of power electronics for electric motors and powertrains, has reported its financial results and corporate update for the second quarter of 2021, or the period ended June 30, 2021. Highlights of the report include EXROF’s strategic agreement with Linamar Corporation designed to develop an advanced electric axle that will utilize Coil Driver(TM) technology, which should improve both the cost and performance of Linamar's e-axle line of products; the completion of the pilot of the Battery Control System (“BCS” in operating a second life energy storage environment; the launch of a new application for Coil Driver that offers the potential to significantly decrease the cost and complexity that comes with deploying electric vehicle infrastructure at scale; the uplisting to the Toronto Stock Exchange; and the opening of its U.S. headquarters in Mesa, Arizona. The report also included key financial numbers, including a reported comprehensive loss for the quarter of $10,419,364, up from $3,771,451 in the second quarter of 2020; an increase in selling, general and administration expenses, which reached $1,928,897 for the quarter; and increases in both payroll and consulting fees and R&D expenses, which totaled $2,721,804 and $3,023,177, respectively. In addition, the company reported cash reserves of $33,503,667 and amounts receivable of $124,219 , which primarily consist of a GST refund. “We are very excited for this development with Linamar, who has been a staple in auto industry manufacturing for decades,” said Exro CEO Sue Ozdemir in the press release. “This strategic development agreement marks one of our biggest milestones to date and represents a huge opportunity for us to become an integral part of the electric vehicle supply chain for major automotive companies.”
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About Exro Technologies Inc.
Exro is a clean-technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators and batteries. Exro enables the application to achieve more with less energy consumed. Exro's advanced motor control technology, the Coil Driver, expands the capabilities of powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring their technology to the electric mobility industries and beyond. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
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