AYRO Q3 2022 Earnings Report
Key Takeaways
AYRO's financial performance in Q3 2022 was negatively impacted by defective components from a former supplier, limiting inventory of the Club Car Current. The company's cash and marketable securities balance at the end of the quarter was $55.2 million. AYRO is scaling up its manufacturing facility in anticipation of first article production of the Vanish in Q1 2023.
Introduced the AYRO Vanish, a low-speed electric vehicle (LSEV) based on the core AYRO platform.
The Vanish is sourced primarily from a North American and European supply chain and features fully swappable payloads.
Scaling up manufacturing and assembly facility in Round Rock in anticipation of first article production of the Vanish in the first quarter of 2023.
Cash and marketable securities balance at the end of the third quarter was $55.2 million.