RE:RE:RE:RE:Mack & ToyotaJBoom, The math is pretty straight forward and this deal is not really complicated at all.
Exro is raising 40 to 50 million in equity for an entity that will generate $CAD 200 million in revenues with at least a 25% gross profit margin in 2024. That will probably double in 2025.
I estimate EXRO would need between 80 and 100 million in new money against revenues of just $50 to $60 million going through 2026.
This means that this deal cannot be compared against the current cap table. Add another 100 million shares to the existing to be at least fair.
EXRO is essentially paying for revenue and gross margin that SEA has booked and that EXRO's CD will enhance in Q4 of 2024 when the Coil Driver is fully integrated into SEA Drive. The SEA revenue pipeline is robust. I can foresee a doubling of the 2024 Revenue by 2026.
EXRO will own a full complement of powertrain technologies that can be sold to virtually any non e-axle class 3 through 6 OEM. They will have access to and gain knowlege from these these Class 3 thru 6 integrations that could prove invaluable over time.
New and existing OEM partners (under NDA) or not, will now view EXRO's technology as having much less risk attached to it.