An anonymous director reports

EXRO TECHNOLOGIES PROVIDES CORPORATE UPDATE

Exro Technologies Inc. today provided an update on the execution of the near-term strategic milestones established in connection with the company's $30-million (U.S.) credit facility announced on May 16, 2025 (the facility).

Milestone progress

1. Initial draw received

The company successfully satisfied the first set of milestones under the facility, resulting in the receipt of the initial $2-million (U.S.) draw. These funds provide operating runway to execute against near-term objectives, including cost optimization, business unit prioritization and strategic engagement.

2. 2025 operating budget approved

Exro's board of directors has approved the company's 2025 operating plan and initial 13-week cash flow forecast, which has also been accepted by the lender under the terms of the facility.

3. Cantor Fitzgerald engaged as financial adviser

Exro has entered into an engagement agreement with Cantor Fitzgerald & Co., a leading global investment bank, to act as exclusive financial adviser in the company's continuing strategic review process.

4. Convertible debenture milestone in progress

The company continues to work toward satisfying the milestone related to its $15-million in outstanding convertible debentures, a requirement for future draws under the facility.

5. Next credit facility advance approved

Based on the achievement of key milestones -- including approval of the operating budget and engagement of a financial adviser -- the lender has approved the company's next draw under the facility, which is expected to be received following satisfaction of remaining documentation and procedural steps.

6. Wind-up of Australian subsidiaries

The company is on track to complete the wind-up of its Australia-based subsidiaries by the end of June, 2025. This follows previously announced steps to exit non-core markets and reallocate resources toward commercial programs in North America. The process is progressing in line with Exro's restructuring timeline.

Looking ahead

Exro continues to work towards the satisfaction of the milestones required to make further draws under the facility. With the assistance of Cantor, a globally recognized financial adviser, Exro looks forward to advancing its strategic review.

About Exro Technologies Inc.

Exro Technologies, now expanded through the 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 (original equipment manufacturer) a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption toward a circular electrified economy by delivering more with less -- minimum energy for maximum results.

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