Technology

Exro Technologies Announces Fourth Quarter and Full Year 2024 Financial Results

Published

1 year ago

April 1, 2025

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.

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

24 minutes ago

July 18, 2026

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen:

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

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SOURCE Laifen

Technology

Pillsbury Notice of Data Breach

Published

3 hours ago

July 18, 2026

NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html.

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SOURCE Pillsbury Winthrop Shaw Pittman LLP

Technology

From Remote Racing to Embodied AI: Fibocom and Intedigo Bring 5G Bidirectional Data Transmission into Real-World Applications

Published

4 hours ago

July 18, 2026

SHANGHAI, July 18, 2026 /PRNewswire/ — From July 17 to 20, Fibocom and Intedigo will jointly present a cross-regional, beyond-visual-line-of-sight (BVLOS) teleoperation demonstration at Booth H3-C408 during the World Artificial Intelligence Conference (WAIC) 2026. Visitors will be able to enter a remote driving cockpit and control a real race car located at HURA PARK in Jiading, Shanghai, steering, accelerating, and braking in real time while experiencing how 5G connectivity enables remote operation.

More than an immersive driving experience, the demonstration provides a live validation of 5G bidirectional data transmission for embodied AI teleoperation. The vehicle continuously sends live track video, vehicle status, and operating data to the remote cockpit, while control commands are transmitted back to the vehicle, creating a closed-loop teleoperation system. Stable, low-latency, and highly reliable connectivity is essential for high-dynamic maneuvers such as high-speed cornering, precision braking, and continuous lane changes.

Developed by Intedigo, the remote driving system connects a real race car with an immersive remote driving cockpit. It supports 1080p@60Hz video transmission, glass-to-glass (G2G) video latency of less than 80 ms, and control latency of less than 10 ms. The demanding racing environment magnifies differences in video continuity and control responsiveness, making communications performance directly perceptible, measurable, and verifiable.

At the joint demonstration, Fibocom’s FM160 5G module provides cellular connectivity for the system. Powered by the Qualcomm Snapdragon™ X62 5G Modem-RF System, the FM160 supports SA and NSA network architectures as well as 3GPP Release 16. On the downlink, it supports NR Carrier Aggregation (NR CA) with bandwidth of up to 120 MHz, delivering peak speeds of up to 3.5 Gbps in NSA mode and 2.5 Gbps in SA mode. On the uplink, it supports UL MIMO and delivers peak speeds of up to 900 Mbps in SA mode. These capabilities support the continuous transmission of HD video and vehicle status data, along with reliable delivery of control commands.

As embodied AI moves into factories, data centers, logistics operations, and industrial parks, robots are becoming increasingly capable of performing tasks autonomously. Yet complex environments, unexpected events, and edge cases still require Human-in-the-Loop (HITL) remote intervention to help ensure safe and reliable operation.

Daniel Liu, CEO of Intedigo, said:

“5G represents the pinnacle of human communications and the starting point of machine communications. In the past, communications connected people to people; in the future, they will connect people to robots and robots to robots. Remote racing is simply the easiest entry point for people to understand this concept. What we are truly validating is a communications system capable of supporting remote collaboration for embodied AI. HURA makes low-latency remote driving a tangible experience, while RoBOX extends this capability to robots and a broader range of intelligent terminals. Together with Fibocom, we hope to enable more machines to receive remote assistance whenever needed while remaining continuously connected and operating reliably.”

Simon Tao, VP of Wireless Solutions Business Group and General Manager of MBB BU at Fibocom, said:

“As embodied AI enters real-world industrial environments, reliable connectivity will become the foundation for telemetry feedback, remote control and operational management. Fibocom’s 5G solutions, represented by FM160, provide the cellular connectivity required for continuous on-site data transmission and reliable control command delivery. Fibocom will continue collaborating with ecosystem partners such as Intedigo to bring cellular connectivity to more robots, autonomous machines and mobile intelligent terminals, enabling embodied AI systems to stay continuously connected and respond reliably in real-world applications.”

From remote race cars to robots, unmanned equipment, and mobile intelligent terminals, 5G is evolving from connecting people to connecting machines. This joint demonstration makes the capabilities of 5G bidirectional data transmission directly perceptible, experiential, and verifiable, helping pave the way for embodied AI to scale across real-world applications.

About Fibocom

Fibocom, founded in 1999, is China’s first wireless communication module company listed on both the A-share and H-share markets (300638.SZ, 0638.HK). As a global leading provider of wireless communication modules and AI solutions, Fibocom leverages wireless communication and artificial intelligence as its core technologies to provide integrated hardware and software solutions that empower industry applications. These solutions accelerate the transformation from “Connect Everything” to “Intelligent Connectivity” across diverse industries.

Fibocom’s one-stop solutions encompass cellular communication, AI, automotive, and GNSS modules, as well as AI toolchains, supporting industry-side and mainstream large model integration, and providing AI Agent, global connectivity, and cloud services, driving the digital intelligence upgrades in industries such as robotics, consumer electronics, low-altitude economy, intelligent transportation, smart retail, and smart energy.

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SOURCE Fibocom Wireless Inc.