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Exro Technologies Announces Fourth Quarter and Full Year 2024 Financial Results

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CALGARY, AB, March 31, 2025 /CNW/ – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the “Company” or “Exro”), a leading clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, announced today its financial results or the fourth quarter and full year ended December 31, 2024.

In 2024, Exro experienced a transformative year, delivering its innovative e-propulsion system technologies to major OEMs, implementing strategic cost reductions, advancing key programs, and strengthening partnerships. The company completed and integrated its merger with SEA Electric Inc. (“SEA”), resulting in record annual revenue of $23.1 million. Significant cost reductions, including facility closures, bill of material cost optimizations, and workforce restructuring, contributed to substantial savings, which are expected to be realized in 2025.

“2024 was a defining year for Exro, highlighted by record revenue, the merger and integration with SEA, and critical cost-saving initiatives,,” said Exro CEO Sue Ozdemir. “Despite industry-wide macroeconomic challenges, we have demonstrated resilience and adaptability. The first half of the year was focused on merger integration, while the latter half established a strong foundation for future growth. As we enter 2025, we remain dedicated to scaling operations and driving commercialization in a dynamic market.”

Over the nine months following the SEA merger, Exro delivered 153 electric propulsion systems to OEM partners and made significant advancements in its Coil Driver™ and Cell Driver™ programs. Key highlights include the launch of an innovation program with Stellantis N.V. for Coil Driver™ in passenger vehicles, the initiation of a new powertrain pilot program with a major commercial vehicle OEM, and the achievement of ETL Certification to UL standards for the Cell Driver™ battery energy storage system, reflecting Exro’s commitment to innovation and commercial progress.

2024 Financial Highlights

For the twelve months ended December 31, 2024

Record Revenue: $23,074,027, driven by the delivery of 153 e-propulsion systems.Cost Optimization: Exro exceeded its cost-saving target, achieving over US$15 million in annualized savings against an initial goal of US$10 million.Workforce optimization reduced payroll expenses by more than 50%, from 266 employees in April 2024 to approximately 130 by March 31, 2025.

Operations Update

Commercial Vehicle OEM Programs: Series production deliveries of e-propulsion systems continue into 2025 for Exro’s two blue-chip OEM partners. A pilot program with a third top-five OEM, launched in December 2024, is progressing as planned, with Exro’s Coil Driver™ integrated with a Nidec motor in a Class-6 vehicle. On-road trials are expected to begin by Q3 2025.Coil Driver™ Integration: Exro has further optimized its Coil Driver™ technology, leading to cost reductions while maintaining performance. By H2 2025, Coil Driver™ is expected to become the core component of all propulsion system deliveries.Passenger Vehicle OEMs: Exro is making continued progress with key passenger vehicle partners, positioning itself for expansion in the battery-electric and hybrid markets. The company’s innovation program with Stellantis is on track, transitioning from design and simulation to prototype motor-Coil Driver™ testing in Calgary, AB. Additionally, in Q1 2025, Exro was awarded innovation pilots with two additional major automotive OEMs, funded by the OEMs to evaluate the integration of Exro’s Coil Driver™ into their electric and hybrid platforms. These pilots have moved past the initial design and simulation phase and are anticipated to begin OEM motor-Exro Coil Driver™ prototype testing in Q2 2025. As with the Stellantis program, the details of these new partnerships will remain under NDA until officially released by the OEMs.Energy Storage: The ongoing pilot on our Calgary facility continues to demonstrate the benefits of cell level control and progress our commercialization efforts. The Cell Driver™ installation completed at Red Deer Polytechnic in Q4 2024 is performing well and gathering valuable run-time data. Commercial discussions continue to advance in early 2025 for additional units in both Canada and the USA.

2025 Outlook

While Exro’s technology continues to perform well, market uncertainty related to incentives under the new U.S. administration has introduced volatility. Changes in regulations, tariffs, and supply chain factors have led to temporary hesitancy among dealers and fleet operators.

Despite these near-term challenges, several OEMs are investing in new U.S. manufacturing facilities to support commercial EV adoption. Emerging markets such as Texas and Florida are experiencing strong growth, driven by corporate electrification investments, even in the absence of state-level incentives. Companies are taking a long-term approach, positioning themselves for expansion over the next two years, with significant acceleration expected by 2027.

Given these fluctuating market conditions, Exro is withdrawing its previously issued annual revenue guidance for 2025. This decision reflects the company’s commitment to accurate disclosure amid ongoing market uncertainty. The company will reassess guidance as conditions stabilize.

While short-term market conditions are challenging, Exro remains focused on executing its strategy, improving margins, and adapting to evolving industry dynamics. The long-term outlook remains favorable, with ongoing investments in electrification and regulatory support.

Funding Update

Exro is actively exploring financing alternatives to support its business plan. As of March 31 2025, the company has received financial support from an existing investor and is continuing to evaluate other potential funding options with the assistance of third-party financial advisors. There is no guarantee that support from the existing shareholder will continue, nor that the company will secure an alternative source of funding. Exro will keep stakeholders informed of any developments as they arise.

ABOUT EXRO TECHNOLOGIES INC.

Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. 

For more information visit our website at www.exro.com.

To view our Corporate Presentation visit us at www.exro.com/investors 

Visit us on social media @exrotech.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified using terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form for the financial year ended December 31, 2024, and financial statements and related MD&A for the financial year ended December 31, 2024, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties, and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.

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SOURCE Exro Technologies Inc.

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Realset AI and Flatkey Raise $10M Series A to Build Real-World Training Data for Frontier Models and Embodied Agents

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Real-world data lab captures expert human demonstrations, builds RL environments from real workflows and evaluates agents with domain experts; first open benchmark on household manipulation due Q4 2026

SAN JOSE, Calif., Sept. 23, 2026 /PRNewswire/ — Realset AI (https://realset.ai), a real-world data lab that produces training data for LLMs, frontier models and embodied agents, today announced that Realset AI and Flatkey have raised $10 million in Series A funding. The funding will expand Realset’s capture network of real workplaces and studio environments, grow its pool of expert demonstrators and domain experts, and support open benchmarks that measure whether AI policies work outside the lab.

Why It Matters: The Internet Is Exhausted, the Physical World Is Not

Frontier labs and robotics companies have largely consumed the text available on the internet. The next gains come from data about people doing real tasks in real places: how a worker folds laundry, loads a dishwasher, packs an order or handles a customer return. That data does not exist on the web, and simulation does not reproduce it.

Realset’s answer is that every dataset starts with a real person doing a real task in a real place. The company uses expert demonstrators rather than crowd annotators, real environments rather than simulation, and delivers de-identified data to US-hosted cloud buckets, with quality measured at every step of a single pipeline.

Three Ways to Produce Ground Truth

Realset Body: embodied data for physical policy models. Egocentric and third-person capture of skilled workers performing manipulation tasks in homes, kitchens, warehouses and light assembly lines, plus bimanual teleoperation episodes with synchronized stereo video, IMU and action logs. Delivered with dense action-level annotation optimized for vision-language-action (VLA) training.Realset Field: LLM and agent training data from RL environments built on real workflows. Environments that mirror e-commerce operations, customer support, logistics dispatch and manufacturing SOPs. Domain experts generate trajectories, preference pairs and rubrics inside the environment, with verifiable rewards from real business outcomes and bilingual English/Chinese expert pools.Realset Judge: expert evaluation for agents in production. Evaluation design, failure diagnosis and continuous monitoring by people who do the job the agent is replacing, with targeted fix-data for the top failure modes and re-scoring as models and prompts change. The same services are offered to data integration and AI solution companies that deploy agents for their own clients.

The Realset Workspace

All three run on the Realset Workspace, where domain experts in six languages (English, Simplified Chinese, Japanese, Korean, Spanish and Arabic) answer real tasks, attach evidence and screen recordings, and pass an independent quality review before a record is approved. Every approved record exports as JSONL with provenance that customers can verify.

Open Benchmarks on Real Tasks

Realset publishes open benchmarks so the field can measure what matters: whether a policy works outside the lab. The Realset Household Manipulation Bench evaluates open-source VLA policies including π0, OpenVLA, GR00T and Octo on folding, loading, sorting and wiping tasks captured in real kitchens and laundry rooms, scored by success rate over three trials per task, with results expected in Q4 2026. A Light Assembly Bench, scored by the line workers who trained on the tasks, and a Commerce Ops Agent Bench for computer-use agents on real e-commerce seller operations are planned.

“The easy data is gone. What is left is the physical world, and you cannot scrape it,” said Hunter Guo, founder of Realset AI. “You have to put a camera on a skilled person doing real work, structure what they did, and check it with people who know the job. That is a capture and quality problem, not a labeling problem, and it is the problem we are building a company around.”

About Realset AI

Realset AI is a real-world data lab and training data provider for LLMs and embodied AI. It captures expert human demonstrations, builds RL environments from real workflows and evaluates AI agents with domain experts, for frontier labs, robotics companies, and data integration and AI solution providers. Realset is headquartered in San Jose, California. Learn more at https://realset.ai 

About Flatkey

Flatkey is an AI infrastructure platform that gives developers access to more than 100 official AI models and more than 1,000 AI tools through one key and one balance. Learn more at https://flatkey.ai 

Media Contact

Xingru Ren
Head of Marketing
+1 424 356 6176
xingru@flatkey.ai
https://realset.ai 

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SOURCE Realset AI

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From Product Photos to Campaign Content: MakeShot on AI Video Efficiency for Small Teams

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Longer video generation and richer reference inputs give small businesses new ways to develop marketing content, with savings determined by the work required to reach a usable result.

SINGAPORE, Sept. 23, 2026 /PRNewswire/ — MakeShot sees the strongest opportunity for small-team video marketing in reducing the work between a creative brief and usable footage. Capabilities such as longer video generation and richer reference inputs can help teams spend less effort assembling clips and correcting mismatched results, giving limited production budgets more room for creative testing.

For small marketing teams, production costs extend beyond filming or generating a clip. Preparing assets, matching shots, reviewing outputs, and revising details all consume resources. As AI video capabilities develop, the opportunity is to reduce these demands while giving teams more room to explore creative ideas.

Industry research illustrates the distinction between production gains and marketing outcomes. In Content Marketing Institute and MarketingProfs’ 2026 B2B research, 87% of marketers using AI for content creation reported improved productivity, while 39% reported improved content performance. These findings cover broader content creation, suggesting that faster production still needs to be paired with clear creative objectives and audience testing.

Longer Sequences, Fewer Assembly Tasks

Seedance 2.5, available through MakeShot’s AI Video Generator, supports videos of up to 30 seconds in a single generation. For a small team, that creates room to develop a connected sequence encompassing a product introduction, a setting, and a closing composition.

A skincare brand, for example, could explore a sequence moving from a moisturizer close-up into a morning bathroom scene before returning to the product. Generating that sequence together may reduce the work involved in assembling separate clips and reconciling differences in lighting, motion, or visual style.

The benefit depends on the result. A longer sequence that requires repeated regeneration can consume additional time and credits. Teams therefore need to consider how much of the output is usable and how easily it can be refined.

Clearer References, More Focused Creative Direction

On MakeShot, Seedance 2.5 supports up to 30 reference images, 10 video clips, and 10 audio clips, allowing teams to combine product, scene, motion, and sound references in one generation request.

For businesses with established product photography and brand assets, these inputs can communicate details that are difficult to express through text alone. Product images can guide appearance, scene references can establish atmosphere, and video or audio references can convey movement and sound.

MakeShot’s view is that the value lies in selecting relevant materials and assigning them clear roles. A focused set of references can provide a stronger creative brief than a larger collection containing conflicting directions. This gives small teams a practical way to apply their existing assets while retaining responsibility for product accuracy and final presentation.

Total Production Effort as the Measure of Efficiency

“For a small team, the most useful advance is one that removes work between the creative brief and the finished video,” said Wynn, Marketing Manager at MakeShot. “Longer generation and clearer references matter when they help teams reach an approved result with fewer revisions.”

MakeShot recommends evaluating total production effort, including unsuccessful generations, selection time, and final editing. Cost per usable video and time to an approved version provide more meaningful measures than the price or speed of a single generation.

This approach also helps teams decide where AI fits best. Concept exploration, atmospheric product footage, and creative variations may benefit from generation, while demonstrations requiring precise evidence of product performance may still call for filmed material. Allocating resources according to the task gives small businesses a clearer basis for managing production budgets.

About MakeShot

MakeShot is an AI video and image generation platform that gives creators and businesses access to multiple generative models through a browser-based interface. Its AI video generator supports text- and reference-driven creation for social media content, marketing projects, and visual storytelling.

Media Contact:
Wynn
Marketing Manager
Email: support@makeshot.ai
Website: https://makeshot.ai/

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Flatkey Raises $10M Series A After Surpassing 10,000 Developers in Two Months

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The platform replaces a growing stack of provider accounts, credits and keys with one key, one balance and one invoice, at 60–90% of official list prices

SAN JOSE, Calif., Sept. 23, 2026 /PRNewswire/ — Flatkey (https://flatkey.ai), the AI infrastructure platform that brings models, tools and data together behind one API key, today announced that Flatkey and Realset AI have raised $10 million in Series A funding. The company also said that more than 10,000 developers have adopted the platform in the two months since its July 2026 launch, using a single API key and a single balance to access more than 100 official AI models and more than 1,000 AI tools. The Series A funding will go toward adding more official models and tools to the platform and scaling the infrastructure that routes developer traffic to them.

Flatkey is built as production infrastructure for AI developers, not a convenience layer. Every call is routed to the provider’s official endpoint, and because Flatkey buys upstream capacity in volume, most models are priced at around 80% of the providers’ official list prices, with some at 60% or lower as part of ongoing promotions. Developers pay less than they would going direct, and they do it through one key and one balance across models and tools.

Why It Matters: Models, Tools and Data Are Becoming One Layer

AI is shifting from answering questions to completing work. The agents doing that work depend on three things: the models that reason, the tools that act, and the data they act on. Each of those is fragmenting into more providers every quarter, and every provider adds an account, a top-up, an API key, a rate limit and an invoice.

Flatkey’s bet is that these three converge into a single layer developers reach through one key. A production application today rarely depends on one model: it combines several models across text, image, audio and video and pairs them with tools such as search, browsing and data enrichment. A team using models from OpenAI, Anthropic, Google and DeepSeek, a video model such as Seedance, and a search and a browser tool would ordinarily manage seven or more provider relationships. With Flatkey that becomes one key, one balance and one invoice, and a new model or tool is a parameter change rather than a new vendor.

What Developers Get

More than 100 official models from OpenAI, Anthropic, Google, DeepSeek, Kimi, GLM and others, plus image and video models such as Seedance. Every call is routed to the provider’s official endpoint. Flatkey does not self-host modified or quantized versions and label them as the original model.More than 1,000 tools on the same balance: search, browsers, data enrichment, media generation and actions, with no separate billing setup per vendor.Simple pricing. Subscription plans start at $10 per month, and pay-as-you-go credits cover both models and tools on one balance.A one-line migration. Flatkey is a drop-in replacement for any OpenAI-compatible client: developers change the base URL and their existing code works.New models on release day. Flatkey adds new models through official channels as soon as they are released, so teams do not open a new provider account every time something new ships.

“AI development is becoming less about choosing one model and more about combining models, data and tools across text, image, audio and video,” said Hunter Guo, founder of Flatkey. “If developers can reach all of that through one key, the platform stops being a convenience layer and starts to look like infrastructure. That is the company we are building.”

Availability

Flatkey is available today at https://flatkey.ai. New users start with $1 in free credit and can continue with pay-as-you-go credits or a monthly plan.

About Flatkey

Flatkey is an AI infrastructure platform that gives developers access to more than 100 official AI models and more than 1,000 AI tools through one key and one balance. Headquartered in San Jose, California, Flatkey launched in July 2026. Learn more at https://flatkey.ai 

Media Contact

Xingru Ren
Head of Marketing, Flatkey
+1 424 356 6176
xingru@flatkey.ai
https://flatkey.ai 

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