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Sep 30, 2020
AYRO Q3 2020 Earnings Report
AYRO positioned to execute strategy of becoming a dominant manufacturer of purpose-built, low-speed EVs for the commercial fleet market.
Key Takeaways
AYRO announced Q3 2020 financial results, highlighting a successful improvement in their balance sheet through two equity raises, resulting in nearly $28 million in cash at the end of the quarter. The company continued to deliver 411 cars to Club Car and established a new partnership with Gallery Carts, receiving an initial order for mobile food trucks valued at nearly $600,000.
Improved balance sheet materially through two equity raises.
Nearly $28 million in cash at the end of the third quarter.
Continued to deliver 411 cars to Club Car.
Established a partnership with Gallery Carts, receiving an initial order for mobile food trucks valued at nearly $600,000.
AYRO
AYRO
Forward Guidance
AYRO anticipates delivering over 20,000 light-duty trucks and electric delivery vehicles over the next three years, estimating a value in excess of $300 million.
Positive Outlook
- Strategic partnerships with industry leaders like Club Car, Gallery Carts, and Karma Automotive.
- Strong balance sheet.
- Internal team will continue to innovate and help bring next-generation purpose-built EVs to the market.
- The transition to EVs is a trend that will continue for both consumers and businesses alike.
- Increased flexibility to satisfy future demand locally.
Challenges Ahead
- COVID-19 may have led to some disruptions in customer orders.
- COVID-19 may have impacted the near-term pace of EV adoption.
- History of losses and expects to incur additional losses in the future.
- The market for our products is developing and may not develop as expected.
- May experience lower-than-anticipated market acceptance of its vehicles.