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Jun 30, 2023
AYRO Q2 2023 Earnings Report
AYRO's financial results for Q2 2023 were announced, highlighting progress towards the commercial launch of the AYRO Vanish and a recent $22 million financing.
Key Takeaways
AYRO reported minimal revenue in Q2 2023 due to the sunsetting of the Club Car Current, with internal efforts focused on advancing the Vanish to production. The company completed homologation safety and testing requirements for the Vanish and is targeting low-rate initial production (LRIP) this fall. AYRO also completed a $22 million financing, bringing cash and marketable securities to $33 million as of June 30, to support manufacturing and launch efforts.
Completed homologation safety and testing requirements for the AYRO Vanish.
Targeting low-rate initial production (LRIP) of the Vanish this fall.
Completed a $22 million financing to strengthen the balance sheet.
Cash and marketable securities were $33 million as of June 30.
AYRO
AYRO
Forward Guidance
AYRO is targeting the start of low-rate initial production (LRIP) this fall and anticipates moving to full-scale production with a target of producing 2,000 vehicles per year from a single shift operation.
Positive Outlook
- Completed homologation safety and testing requirements for the AYRO Vanish.
- Targeting low-rate initial production (LRIP) of the Vanish this fall.
- LRIP units will be placed with vehicle upfitters, distributors, strategic partners, and key end-customers.
- Anticipate moving to full-scale production with a target of producing 2,000 vehicles per year from a single shift operation.
- Completed a $22 million financing to strengthen the balance sheet.
Challenges Ahead
- Revenue in the second quarter was minimal, as expected, given the sunsetting of our first generation LSEV, the Club Car Current.
- Predictably, nearly all our internal efforts have been advancing the development of the Vanish to the production phase.
- AYRO may experience delays in the development and introduction of new products
- AYRO has a history of losses and has never been profitable, and AYRO expects to incur additional losses in the future and may never be profitable
- AYRO's failure to meet the continued listing requirements of The Nasdaq Capital Market could result in a delisting of its common stock