06:31 AM EDT, 04/02/2024 (MT Newswires) -- Exro Technologies Inc. ( EXROF ) , a clean technology company which has developed new generation power control electronics that expand the capabilities of electric motors and batteries, that saw it shares drop 4.3% yesterday, overnight Monday reported a fourth-quarter net loss of $18.8 million, or $0.11 per share, versus a loss of $12.9 million, or $0.08 per share, a year earlier.

Revenue for the quarter ended Dec. 31, 2023, was $935,410, down from $1.8 million a year earlier.

As at Dec. 31, 2023, the company had cash and cash equivalents of about $6.2 million and accounts receivable of about $4.2 million. The company had accounts payable and accrued liabilities of about $8.6 million.

On January 30, 2024, Exro ( EXROF ) entered into a Merger Agreement with SEA Electric Inc. for the acquisition of SEA Electric and an associated equity financing for gross proceeds of about $30 million.