07:14 AM EDT, 05/16/2025 (MT Newswires) -- Exro Technologies ( EXROF ) , which specializes in power control solutions for electric vehicles and energy storage, overnight Thursday reported a bigger loss for the first quarter.

Th net loss from continuing operations for the three-months ended March 31 was $23.5 million, or $0.04 per share, compared with loss of $12.9 million, or $0.08 per share, a year earlier. The loss per share was in-line with a consensus estimate compiled by FactSet.

The company attributed the bigger loss primarily to non-cash charges, including $7.4 million in depreciation and amortization and $3.8 million in interest expense related to senior secured debt and convertible notes.

Revenue increased to $4.44 million compared with $87,828, a year-ago, from delivery of 23 electric propulsion units and aftersales services.

"We continued propulsion system deliveries to our commercial vehicle OEM customers, advanced new OEM programs, and began realizing the benefits of targeted cost reductions and margin improvements," said Exro ( EXROF ) Chief Executive Sue Ozdemir. "With the electrification market continuing to evolve, we remain focused on disciplined execution, strategic capital deployment, and delivering long-term value."

The company is continuing to explore viable funding opportunities to support its business plan following quarter-end. It received $5.6 million in additional funding from its existing senior secured creditor in Q1. Exro ( EXROF ) also initiated an orderly wind-down of its Australia-based unit as part of its focus on core markets and capital efficiency.

Shares of the company closed up 4% to $0.1350 on Thursday on the Toronto Stock Exchange.