Exro Earnings Highlights Earnings Call Highlights: Record Revenue Growth Amidst ...
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Exro Technologies Inc (EXROF) achieved a revenue growth of 108% in Q3 2024, driven by the delivery of a record 74 E propulsion systems.
- The company successfully reduced costs, achieving over 18% savings on their systems since April 2024.
- Exro Technologies Inc (EXROF) improved its unit cost of goods sold by more than 20% over the last quarter.
- The integration of Exro's coil driver into all propulsion systems remains on track for the second half of 2025.
- The company has made significant progress in its strategic goals, including cost savings and integration with OEM partners like Hino and MAC.
Negative Points - Exro Technologies Inc (EXROF) faced challenges in meeting its initial target of delivering 250 units post-merger, achieving less than half of that goal.
- The company had to write down $211 million in goodwill and intangible assets due to a decline in share price and decreased volume outlook.
- Despite revenue growth, Exro Technologies Inc (EXROF) reported a gross profit loss of $1.7 million in Q3 2024.
- The company is still working through legacy C acquisition payables, which increased accounts payable to $31.3 million.
- Exro Technologies Inc (EXROF) continues to face challenges in supply chain efficiency, impacting its ability to ramp up production.
Q & A Highlights Q: Can you talk about how the production ramp is progressing, especially considering the initial expectations for 250 units? A: (CEO) The software issues have been fully resolved and are no longer a barrier. We are set up for continued growth into the first quarter of 2025, with shipments expected to continue increasing quarter over quarter.