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Jun 30, 2020
AYRO Q2 2020 Earnings Report
Announced second quarter 2020 results, impacted by COVID-19 with facilities now running and supply chain supporting sales and marketing efforts.
Key Takeaways
AYRO, Inc. reported its second quarter 2020 financial results, which were impacted by COVID-19. The company is focused on strengthening its balance sheet, developing new channels to market, and pursuing strategic partnerships. Facilities are now operational and the supply chain is supporting sales and marketing efforts.
Demand for electric vehicles is accelerating, positioning AYRO to benefit as a niche player for commercial fleet solutions.
Worked to strengthen the balance sheet, develop new channels to market, and pursue additional strategic partnerships.
Q2 financial results were impacted by COVID-19, as corporate and higher education institutions re-evaluated their 2020 strategic plans.
Facilities are now up and running, maintaining compliance with health and safety codes and best practices, and the supply chain is supporting sales and marketing efforts.
AYRO
AYRO
Forward Guidance
AYRO's top priorities for the remainder of the year include maintaining safety standards, growing the sales funnel through continued penetration of the Club Car dealer network, and developing new products.
Positive Outlook
- Maintain safety standards for employees, partners, customers, and all stakeholders.
- Keep the sales funnel growing through continued penetration of the Club Car dealer network in North America and abroad for the 411.
- Develop other new products including the 311.
- Aim to penetrate captive markets where we can establish a leadership position.
- Large initial order from Gallery and our plant expansion bode well for the remainder of 2020 and beyond for AYRO.