Exro Technologies Cuts 60 Jobs Amid Strategic Review, Mounting Losses

What’s Going on at Exro Technologies?

Calgary-based Exro Technologies is cutting approximately 60 jobs and postponing its shareholder AGM, originally scheduled for Friday, as the electric vehicle tech firm undergoes a major strategic review.

• In a corporate update on Wednesday, Exro said it’s evaluating options to sell off its intellectual property, core technology, and certain business segments to stabilize operations and preserve cash
• “Exro has taken steps to reduce costs and preserve cash by terminating approximately 60 of its employees,” the company stated
• Layoffs affect most of the staff in its Cell Driver, Coil Driver, and SEA Driver divisions, reports the Calgary Herald.

Additional Context

This restructuring marks a sharp reversal for the clean tech firm, which opened a 37,000-square-foot manufacturing facility in southeast Calgary in 2022 and had aimed to scale up production to 100,000 units annually.

• Exro is working under the oversight of its senior secured lender, having secured $30 million USD in financing earlier this year
• Continued access to that funding depends on asset sales and achieving revised financial milestones, which the company is now negotiating
• No assurance has been given that any sale will be completed
• In November 2024, shareholders filed a proposed class action lawsuit, alleging that Exro misrepresented revenue projections following its $250M acquisition of SEA Electric.

Bottom line: Exro Technologies is entering survival mode — shedding staff, shelving growth plans, and seeking buyers for key assets as investor trust and revenue collapse.

SEE ALSO:

• Atlassian Axes 150 Jobs Amid AI Shift as CEO Defends $75M Jet Purchase
• Scale AI Slashing 14% of Staff in 2025
• Amazon Expects AI to Shrink Corporate Workforce

📺 WATCH: Everything You Need to Know About Mass Terminations

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