Deliveries starting in September , production started, UL certification this Quarter. The wait is finally paying off. Cash in the bank and margins to die for.
On March 25, Exro delivered a initial batch of low voltage DFM samples to two European companies. #1 - an Italian OEM supplier and [EDIT] #2 - to Exro's partner HB4. These samples have already been integrated into a truck and passenger vehicle. The vehicle with the installed coil driver has reportedly also appeared in a European trade show.
44-47% gross margin! thats what i wanted to see. I can feel better investing in this now that i know. Their operating costs will be covered as long as they stay prudent.
As of June 30, 2023, the Company had cash of $34,966,644.
that's from the recent round of share issuance .. not from operations. they burned 17 M in first 6 months. so they have about 1 year of cash run way right now. Not great but if they are ramping production, i would think their product revenue (gross revenue) should offset some of their operating costs which should reduce their cash burn.