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exro Exro Technologies Announces Third Quarter 2021 Financial Results . Research and development activities surged by six - fold for the nine months ended September 30 , 2021 , due to the increase in testing and validation of projects to achieve the Company's goals for commercialization . • The Company's common shares began trading on the Toronto Stock Exchange on July 8 , 2021 . • Unveiled a new application for the Coil Driver TM , including the potential to dramatically reduce the cost and complexity associated with deploying electric vehicle infrastructure at scale . • Announced the opening of a US headquarters in Mesa , Arizona , joining a robust e - mobility , and research and development ecosystem in the greater Phoenix area . • Independent third - party organization AVL conducted multiple tests on Exro's Coil Driver ™ , with results proving that Exro has successfully combined two traditionally separate formats of power electronics for the first time , which has the potential to reduce the weight and cost of electric powertrains . • Submitted an initial application to list on the Nasdaq Stock Market LLC ( " Nasdaq " ) . CALGARY , AB , Nov. 9 , 2021 / CNW / - Exro Technologies Inc. ( TSX : EXRO ) ( OTCQB : EXROF ) ( the " Company " or " Exro " ) , a leading clean technology company which has developed a new class of power electronics for electric motors and powertrains , announced today its financial results for the quarter - ended September 30 , 2021 . In July , Exro announced its graduation to the Toronto Stock Exchange ( TSX ) , providing Exro with a greater platform to expand its global investor base . " Graduating to the senior board is a great accomplishment after only trading on the TSX Venture Exchange for ten months , " said Sue Ozdemir , Chief Executive Officer of Exro . " Now , we have submitted an application to list on the Nasdaq , the second - largest stock exchange in the world , which will increase Exro's brand and visibility while providing us with a greater platform to expand our investor - base . " Throughout the quarter , Exro focused on the expansion of its technology applications and business services . After announcing a new application for its patented Coil Driver TM technology which can be used to enable electric vehicles ( " EVs " ) to seamlessly fast charge and provide electricity back to the grid regardless of power source or charger type , Exro unveiled its new Services Division . Exro's Vehicle Systems division will provide complete powertrain designs that integrate Exro's core technology with vehicle powertrains , including embedded software , Vehicle Control Units ( VCUs ) and batteries . " Exro has been firing on all cylinders over the summer , " said Sue Ozdemir . " We have a number of development and expansion projects underway , and all of our resources are now running at full capacity . In addition to the recent Coil Driver ™ patents filed in July 2021 , AVL , an independent third - party firm , confirmed that our coil switching technology optimizes the performance of electric motors . Further , not only have we completed the first vehicle integration of the Coil Driver ™ M with Potencia and Zero Motorcycles , but the team has also made significant progress in terms of size and power density of the Coil Driver ™ M products . " Q3 2021 FINANCIAL HIGHLIGHTS For the nine months ended September 30 , 2021 ● Comprehensive loss of $ 18,063,147 ( Q3 2020 - $ 6,761,198 ) . • Selling , general and administration expense increased by $ 1,676,687 to $ 3,564,133 Payroll and consulting fees increased by $ 1,938,876 to $ 4,514,181 • Research and development increased by $ 4,325,445 to $ 5,042,480 • Share based payments expense increased by $ 6,197,542 to $ 7,553,179 For the three months ended September 30 , 2021 Comprehensive loss of $ 7,632,444 ( Q3 2020 – $ 2,989,747 ) . Selling , general and administration expense increased by $ 928,834 to $ 1,635,236 Payroll and consulting fees increased by $ 807,677 to $ 1,792,377 ● ● • Research and development increased by $ 1,778,280 to $ 2,019,303 • Share based payments expense increased by $ 1,491,344 to $ 2,525,668 The main drivers for the overall cost increases are due to additional expenditures incurred as the Company is transitioning from a proof - of - c cept stage to a commercialization phase and preparing for future Coil DriverTM production . Research and development expenses increased by 603 % for the nine months ended September 30 , 2021 , due to testing and validation of several projects to achieve the Company's goals for commercialization . Exro is still spending a considerable amount of time