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Ask Me Anything Livestream with CEO Sue Ozdemir

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Submitted Questions

When and where can i see the answers to the questions asked Nov.20,2023 ? From Joe S.

I believe charging stations and mega Batteries are obsolete. Do you have plans for onboard charging for EVs?

When will all submitted questions be answered????

What percent capacity is the manufacturing facility currently operating at? Will shareholder interests be represented by a full time CFO at some point in the near future?

Yoohoo. Anyone home?

Can this tech be used in aviation industry?

What is the statis on Potencia?

Hello. Where are the insider buyers?

Is Exro eligible for any zero carbon or green energy related government subsidies or incentives that could reduce the need to raise more capital?

You have stated twice you have “purchase order commitments”. Can you clarify if that means purchase oeders have been received?

Dear Sue, I keep trying to see your livestream. Regardless how many times I register I cannot access it. Maybe you’ve a solution for the future. Thanks, Erwin Obergruber, MBA, MRAeS

Why don't you buy two teslas, retrofit one of them to your spec, hand them to a third party for testing (like drive both around a track until one of them, hopefully the one NOT retrofitted, dies), and show the world that your tech is superior in that way?

If hydrogen fuel cells become the future. Would and how would Exro’s tech be useful ?

Congratulations on the recent progress. Can you provide solid information regarding the growing urgency to raise more operating capital? Exactly, what is being done and the structure of the discussions with capital sources?

When is the NDA of the major European partner supposed to be lifted?

Is EXRO familiar with Fuel Positive (NHHHF) a Canada based company that could potentially have a synergistic relationship with regards to Fuel Positive’s needs for green energy and energy storage in its efforts to supply farmers with green ammonia for fertilizer and fuel?

What is the expected size of the initial order for the Brazilian companies ( Giaffone electric ) coil driver purchase/cell driver storage purchase orders?

Will this session be available if I do not make it live?

I'm excited about the recent NDA reveal! When will you have merchandise available for sale on your website? As a shareholder, I'd love to be adorned with an Exro t-shirt, Hoodia or cap.

Do you have any competition right now that has the same technology

Are there any government grants for start-ups like us?

What impacts does the Inflation Reduction Act have on your product line? Are any products eligible for US Government Tax Credits? Which and how much?

Does Exro have a direct relationship with WEG or is it via Giaffone? It would be interesting to know whether Exro will continue to go through Giaffone for projects other than the Coca-Cola one, or whether a direct relationship with WEG is possible.

What is your projected revenue for 2024? If EV sales continue to decline in 2024 what is your strategy to keep the company financially stable?

For Cell Driver, please can we get an idea of the expected billing cycle? As these will often be part of a larger project, would this mean revenue at project completion, or will Exro be able to bill earlier i.e. on delivery of h/w? Thanks!

How many 800 volt coil drivers can your facility in Calgary produce a quarter?

I am writing on behalf of the Reddit community dedicated to Exro Technologies, a group of enthusiastic shareholders deeply invested in the company's progress and success. We have compiled a series of questions that reflect our collective interests and concerns. 1. Production Capacity: Could you provide some insight into the current operational status of the production line? Specifically, at what percentage capacity is it running at present? 2. Q4 Revenues and Dilution: With regard to the upcoming Q4 revenues, do you anticipate these will be sufficient to eliminate the need for further dilution? 3. Future Roadmap: Could you share some highlights from the 2024 - 2025 roadmap, particularly in terms of key milestones? 4. UL Certification: Is the UL certification still on track to be achieved by Q4 2023? 5. Equity Raise: Is Exro considering securing a larger equity raise (greater than $50M) by offering a minority stake in the company to an OEM or a Tier-1 supplier? 6. Coil Driver Licensing: Is there a possibility that Exro could license the coil driver to an automotive certified company for passenger vehicles before the Calgary facility itself achieves automotive certification? We understand that some of these questions may touch on sensitive or strategic areas, and we appreciate any information you can share. We believe in the potential of Exro and are committed to supporting the company's journey.

Do you still anticipate full UL certification by year end and when you receive it can you begin selling Cell Driver units immediately?

Since cash flow is not happening on the previously projected rate, are you planning staffing cuts and other reductions ?

Following the expected UL approval of the BCS in Q4 of this year. are there any other trials, testing, or designing that needs completed before sales begin ?

Since start of production has the Calgary plant been producing If so at what percentage and is the product being shipped or stockpiled

When do we anticipate being cashflow positive?

Sue, you stated that the Coil driver is agnostic and works with any electric motor, is the algorithm that is the brain of CD fixed/locked for all motors or does it need to be "tweaked" for each type of motor.

After having been told that we would be in breakeven position in 2024, I have been advised by Investor relations that timeline has now been extended into late 2025 and, that Exro will require $70-80M of capital funding to get there. I was also advised that we have sufficient cash to the end of March 2024 through access to a Line of Credit if needed, to supplement cash requirements in addition to expected revenues over that period of time. Please advise how we managed to find ourselves in this tenuous position (in detail) and more importantly, details of management's plan to right the ship. In my view, this smacks of financial mismanagement on both the cost side as well as a significant over estimation of anticipated revenues.

COMMENT: A last thought. I have watched and evaluated Exro grow and develop for the last four years with the ongoing benefit of an engineer who early on joined a now very successful southern California electronics technology and manufacturing company (one of the first seven persons working on a revolutionary tech idea in an office building) and whose growth pattern very closely parallels Exro’s development from an idea and a few employees four years ago to an up and running research and production company, so I have some idea of the spectrum of the daily successes and failures, ups and downs, and working challenges Exro has faced and overcome as a startup within the context of a publicly held stock company that has had its own financing and public relations challenges. Now, with two research and development facilities, one sophisticated manufacturing facility, and one vehicle systems facility staffed up and running along with patent-protected, technological proof-of-concept and validation successes across the entire electric mobility spectrum and a number of international clients, partners, and customers lined up along with an unanticipated battery control and storage line ready to produce and market – all after just four years -- is nothing short of absolutely phenomenal. This could have been a SPAC with a forthcoming $10 US public stock offering price just about now or in the not too distant future. For myself, congratulations to one and all. Well done and thank you.

What product do you believe will give fastest cash flow

could you detail your 5 year plan complete with revenue projections/ebitda positive? thank you. p.s. our sharecount is getting stretched...debt vs dilution..

CORRECTED SUBMISSION from November 17, 2023 1:02 PM below) “…we will be generating revenue this year (2022), we expect to scale over the subsequent years particularly into 2023 and 2024. We are estimating that we’ll be EBIDTA positive toward the end of 2023, Q1 2024.” John Meekison quoted in “Exro Technologies: 24th Annual Needham Growth Conference.” January 10, 2022). QUESTION: Is that still achievable? If not, will you please provide an updated projection for when you expect revenues reaching EBITDA positive?

When will the company be able to provide more granular revenue guidance for 2024/25?

Recently the there was a problem with Traynor Ridge financial. Did that have an influence on the price of EXRO stock.

with Exro share holders loaning shares to short sellers and all the good questions; how many times do you think its worth it?

Regarding the press release about Wolong: “Exro will test the motors supplied by (Wolong) and develop a complete motor and converter system offered for light, medium, heavy and off-highway applications. Dynamometer testing of the system is expected to be completed by the end of the fourth quarter of 2023.” Is this testing on schedule for completion by EOY?

Since we hear little about the, Mesa facility, can you update on its purpose in the organization and what current operations are ongoing there? I hear comments that it is currently only a money drain and was built to simply have an office or presence in the US for business purposes. Please comment briefly.

In various releases and corporate presentations, Exro has projected revenues beginning in early 2022 and reaching EBIDA positive in the second half of 2023. Is that still achievable? If not, will you please provide an updated projection for when you expect revenues reaching EBIDA positive?

“Our big goal is to own more than 3% of the market within the next five years….we want it to be, you know, careful with what we were aiming for, to make sure we were doing something that was achievable.” (Sue Ozdemir quoted in “Exro Technologies: 24th Annual Needham Growth Conference.” January 10, 2022). Question: Nearly two years later, does Exro still maintain that estimate or has it changed in terms of percentage and/or timeframe?

As I understand it, there are large scale graphics on the walls at an Exro Technologies facility depicting the company’s envisioned step-by-step advancement toward becoming a billion-dollar company in a reasonable timeframe. If correct, could you go through those steps with elaborations in order to help us long term investors better understand why you think this goal is achievable given especially that key experienced Exro Technology Leadership Team members have now been working together long enough in the Electric Vehicle and Energy Battery Storage world to project this outcome with a well-considered degree of confidence?

I stay in EXRO because of AC charging thru the coil driver, since it addresses primary concerns of EV adopters - charging availability and (indirectly) range. What would the AC charge performance characteristics be like for all the voltage systems EXRO has developed. Are any AC charging capabilities going into current NDA partners?

When do you anticipate all of the NDA's being released? Also what are the obstacles you are encountering in terms of the Cell Driver storage system being taken on by customers? As there does not appear to be alot of orders being generated. Why?

Exro seems to be in a regrettable situation, cash burn is high and the ability to raise operating cash is hindered by low share price and high interest rates. By your own accounts meaningful income is at least a year away. Please provide a detailed game plan to get us through this troubled time.

Hi Sue, could you please provide details on coil driver production (e.g. how many shifts are producing at full capacity, what percentage of that production is already booked/sold, etc.)?

Could Exro management please provide guidance on future earnings (2024).

Sue, You once said you have happy employees working at Exro. When will shareholders have a reason to be happy ? If I remember correctly, you once said something like 98% of Exro's employees are happy at their job. Well, I think 98% of Exro shareholders have been unhappy with their investment for quite some time. When will we get some relief ? When is it going to be our turn to be happy ? Please don't ignore my question.

regarding your presentation (21:50 so on) you ve got with the majority of the listed brands NDAs. how did this NDAs develope in the meantime and how many do you think you can bring to market?

One great feature of the Coil Driver is that it supports fast AC charging and you don't need fast DC charging stations. In the long-term this is great, but wondering about compatibility in the short-term with the existing fast DC chargers. Since the infrastructure present is fast DC charging stations, what is needed for an EV with an Exro Coil Driver to be able to utilize the existing infrastructure of DC fast chargers?

Would you give us an overview of what contracts you have and what contracts you are working on?

Most holder of Exro are concerned about the "burn" of capital. Of equal interest, is the arrival of cash flow. The overall question, therefore, has become rate of cash outflow vs. the rate of inflow. What do projections suggest?

Coil Driver Question Not so long ago Exro had a tweet showing a largely empty conference room where some kind of Quality Audit was held with a customer under NDA. I understand that lead times in the automotive industry are long but wanted to understand what the milestones might be. I can imagine that there are multiple quality audits and if problems are discovered there could be some reword with additional quality audits. Can you step us through the milestones required by the NDA partner before the product is acceptable to them. I imagine even after being acceptable there are more milestones before the product enters production. Please elaborate on the process that needs to be gone through and the milestone descriptions. Cell Driver questions 1. Is it correct to assume that the process of installing cell driver products are much simpler since they do not involve the same requirements as the automobile industry? 2. Once UL certification is obtained what are the milestones that need to be gone through before the product can be sold? 3. Is there a sufficient supply of second use batteries that you have access to? 4. In terms of geographic expansion Brazil appears to be driving strongly towards energy transition projects. Does Exro have plans for selling cell driver technology to Brazil? Comment, not a question It appears that the US Department of Defense is working on initiatives aimed at “grid resilience”. Maybe this will be useful avenue for Exro to explore.

Please advise what are your expectations as to when the next cash raise will happen, and in what amount?

Are they selling your bicycles on the market yet? And is anybody selling them in Saskatchewan?

Can you shed some light on the Zero Motorcycles partnership? Did that fall apart?

What is the current coil driver production rate in the Calgary facility, and when do you expect to ramp up to full capacity (100k per year)? Best regards Marcus Larneback Private Investor

Why are Exro insiders only holding less than 0.5% of issued shares?

Is it a concern about EV battery fires from the view of mass adoption of EV?

A post below on one of the investment message boards from a frequent EXRO basher. It would be great if you could address the concerns about Exro saying that they have major clients under NDA / can't provide the names, but could provide revenue projections / backlog. I have the greatest respect for Exro, the management team and Sue and these posts are troubling to investors in Exro. See the below post from someone with the username Bent on Yahoo Finance. "If Exro wants to play the game where they say everything is hidden behind NDAs, they certainly could easily provide sales quantity projections and revenue projections even if they couldn't release the names of these "partners" and the timeliness associated. Very very easy, the fact they don't make any effort whatsoever other then lousy Instagram posts on if we could tell ya bla bla bla, there is obviously either no real interest or they simply don't care what shareholders think until they need to open the cookie jar of dilution again.... Heck, if Exro thought there was good things to come they wouldn't be letting HUNDREDS OF THOUSANDS OF OPTIONS EXPIRE WORTHLESS, what does that tell you???"

I’ve been a shareholder for years. It’s been a frustrating ride. I feel there have been more broken promises and false hype than actual deliverables made. At this point, I’d like to hear more specifics. 1. When will EXRO be in a car I can buy? 2. Do you have purchase orders in hand from these NDA’s and you just can’t reveal them until the NDA is announced? 3. Q3 had a nice increase in revenue, but the losses increased even more. Explain that. 4. When UL is finalized, I understand there needs to be in-field validation. However, will you collect deposits from all the customers from whom you have backlogged orders? 5. How much revenue do you project from these backlogged cell driver orders?

I understand Nissan has come out with a system to extend the driving miles to 700. Are they using our coil driver? new technology? Solid State Battery?

Has Exro ever considered spinning off or selling the Cell Driver division? It would seem that ReBuild, or some consortium, could get the financial backing to purchase the Cell Driver division. This would be a great cash infusion for Exro to focus on the Coil Driver, and would negate the need for any further share dilution. Exro needs to consider a JV, or sell off a piece of the company (like Cell Driver to someone that knows that business) rather than keep diluting shares and delaying profitability. I remember not so long ago when Exro had 100 million outstanding shares, now we are up to over 170 million!

Investor presentation deck says that 1) the Coil Driver supports "AC FAST Charging". Does this apply to only EV;s with Exro Coil Driver, or is it inverter agnostic? (ie, could be used with Tesla). 2} "Coil Driver increases Performance by up to 50%, and Reduces System Cost up to more than 20%" Can you explain how you derived these values? As you read the presentation, you see different iterations of these numbers so it is not clear. 3) I would like to see "Tangibles" and "Intangibles" listed for Coil and Cell Driver. Other than speed and range, what about reduced need for iron, steel, rare earth metals; reduced CO2 production as less components need to be used on Exro Coil Driver EV:s; less energy needed to produce Exro Inside EV's, etc. Thanks.

Three questions: 1) It looks like UL9540 and UL9540A are the last steps for receiving UL certification for the Cell Driver, Can you explain why it has taken longer than expected? Is this due to UL process (and it might be helpful to explain this process and steps), management not understanding the process, changes that have had to be made to the Cell Driver during certification, or if something has to be changed, does Exro go to the back of the line? 2) Can you remind us of the current plans and timetables for commercialization with Linamar, SEA and Wolong? 3) What has happened to all the collaborations with the Powersport companies, like Zero, Polaris, LAND, Polaris, etc? These have disappeared from your discussions and the Investor Presentation deck.

Has your new Investor Relations person Jeff O'Dowd signed a long term contract with EXRO?

If the demand is overwhelming, why aren't we asking for advanced payments (deposits)?

Could you please explain why Exro has a part time CFO?

When will it financially rewarding to be an EXRO shareholders?

In the last year, Mr. Bishop was happy to take credit for the share price ascension, but we are hearing nothing from him or the company on the devastating value destruction that has been taking place in the last few months. My question is: "When will we see measures taken to hold those people to account that have performed poorly at the executive level?"

Is Exro and Amazon to build a new storage facility in Alberta?

What is the expected revenue for Coil Driver sales in Q4? What is the expected revenue for Engineering Services for Q4? Once the Cell Driver gets the final UL cert, will the planned Cell Driver customer pilots produce revenue?

Last January SEA Electric announced that they had entered into a deal to convert (over the next five years) 8,500 Toyota Hilux and Landcruiser vehicles for supply to the Australian mining industry. Do you know whether Exro's Coil Drivers were to be incorporated into the SEA Electric drivetrain systems to be used in those electrification conversions ? Also, given Exro's investment in SEA Electric ( who are already installing their electric drive systems into light commercial trucks here in Australia and in North America, and have signed 5 to 10 year contracts with Toyota subsidiary Hino and Sweden's Volvo to supply thousands of units of its drivetrain system to both manufacturers ) can you say whether Exro's Coil Drivers are now being used by SEA Electric in their drivetrain system ?

What are the impediments in sales progress?

When will I be rich? I've been a shareholder for many years but find myself down on my investment. Where are the blue skies? Along the same line, why does it take the rest of the world so long to realize the amazing advances that the Coil Driver has provided? Ditto the Coil Driver? I'm a little frightened and concerned with the time all this is taking. Thanks.

You recently hosted a valued NDA partner at exro headquarters in Calgary,can you give us an update.

Exro has done a great job developing unique technology and has a huge potential market. What investors don't know and why the SP is so low is how and when this will result in significant profits.There is no quantification of revenue growth.there is one production unit of 100,000 capacity.Assuming $1000 per unit margin,and taking into consideration taxes and the £60 million overhead cost,you arrive at less than 2cents per share earnings,which at a PE of 20 equates to $4 SP.This margin is probably generous and many shareholders bought in above this SP.Is there any other plans to generate revenue other than in house manufacturing?The market needs a better idea of how Exro is going to become a profitable concern.

Our partner Vicinity has reported over $150M in backlog in their recent Q3 report for their vehicles that are to be built and delivered. This group is not in NDA. We have reported to have shipped some sample coil drivers in September of 2023- Has Vicinity committed to a binding purchase order since this time? Have they paid? Of concern it notes in our financials we are accepting "non-binding" purchase agreements - if the demand is overwhelming as you have mentioned previously for our step changing technology - given our current financial status why would we be entertaining non binding orders and why are we not receiving the financial support from these partners with sufficient investments to ensure future sustainability for product delivery? We have invested in SEA- why wouldn't we pull out our investment until we are in a better financial position to invest or ask them to advance pay if they want our product? It seems our CFO who is noted to be either a Chairman, President or spending time on the board of multiple other unrelated businesses is not dedicated with a singular focus of getting this off the ground and now in a position of concern looking with potential dilution to share holders while we continue to pay C-suite salaries who are also not purchasing their own shares- Thanks for addressing Sue.

When willl the technology be available in the United Kingdom

How will you raise capital for the next 12 months and will you dilute the shares?

As a stockholder I understand that 3rd qtr results were impacted by economic constraints and supply train issues. When do you honestly foresee enough production and revenue to allow for profitability and reduced pressure on the stock price? I cannot be on the call as I will be receiving my monthly chemo treatment, but I surely hope that my question will be answered. Thank you!

If exrof hit $ 5 then why is it difficult to hit $5 now with production on hand?

Can this battery storage be used for storing power for solar applications? Has Elon Musk, the biggest shareholder of Tesla been kicking the tires at Exro? Isn't Exro's technology a perfect fit for Tesla's Electric Vehicles? With my Generac Generator, can Exro's Technology lesson the amount of Propane consumed and maintain the 100 Amp output?

Will Exro need a further fund raiser? Whe will the next major NDA be lifted?

The stock has been challenged in valuation for an extended period. What changes are being made to address this circumstances and market perspective of the realtime valuation?

I would like to correct a typo in my previous message. I meant to write: "Companies will be coming out of NDA in Q3 & Q4 2023"

If you know what your manufacturing volume will be this quarter and maybe the next, and what your profit margins are why aren't you giving any estimate forward looking estimates of sales and profits?

When do you expect to see some significant positive movement in our share price now that we are gearing up production however limited at the moment?? Is it in quarters, years??

Given the current cash flow burn rate, it is clear that liquidity is needed imminently. That said, why did you opt not to take all of the $70 Million available to you in the last raise and you contented with $35 Million only? Do you expect significant revenues to be received in Q4 2023? Would the overwhelming demand be converted to definitive agreement soon? If so, how soon? When do you forecast the company will become EBITDA positive? You promised Companies will be coming out of NDA in Q3 & Q4 2024. We haven’t seen that yet, could you please give us a status update on the current NDAs.

What risks do you feel Exro faces given the challenges of achieving anticipated deadlines and your existing financial resources?

My question is simple does the company have a time line in mind for entry into NASDAQ

When does the leadership team at Exro, realistically see a Coil Driver start production for a Tier 1 OEM, and when can we expect to see these Tier 1 Automotives on the road. When can I buy one. I understand that we have a lot of testing and certifications ahead but in your minds you must have your own idea on when you will see these on the road.

Why don't you come out and explain the whole story with UL. Tell us what test number is the problem and tell us what the actual problem is so we can identify with something real. Please do not keep telling us it is a "delay". How many months has it been now since you implied we were almost there? I see you have a number of questions regarding UL because it apparently is vital to the start up of Cell Driver -- please spell it out so we all understand it.

Hi Sue, will there be another dilution or share split, investors who are new to this and I am one of them are seriously concerned about this aspect considering they are buying at a value in a time window where there is uncertainty of the dollar value of and the locking in of manufacturing contracts of your company. ❓ Will you gaurentee no dilution ora committed date to return value of equity to new shareholder buying in at $2.00 and below.

When will you reach technology level of readiness 9? When will you be able to demonstrate AC Fast Charging at levels previously only seen by DC Fast Charging?

Recent share price declines have been attributed to poor earnings. As there was no unearned income reported in the Q3 earnings report, how much of a down payment for future production does Exro contract for, and does the lack of unearned income reflect a lack of coil driver demand?

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