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Dec 31, 2020
AYRO Q4 2020 Earnings Report
Announced year-end 2020 financial results and provided a corporate update.
Key Takeaways
AYRO reported an 80% increase in revenue for fiscal year 2020 over fiscal year 2019, marking the fifth consecutive quarter of year-over-year revenue increase.
AYRO is focused on selling fleets of vehicles to commercial fleet customers, a B2B approach.
The company is expanding manufacturing capacity in Austin and has a strategic partnership with Karma Automotive for mass production.
AYRO is nurturing strategic relationships with Club Car, Gallery Carts, and Element Fleet Management to build a unique 'ecosystem'.
AYRO announced the electric vaccine vehicle (EVV) in partnership with Element, Club Car, and Gallery Carts.
AYRO
AYRO
Forward Guidance
AYRO expects to launch the industry-first EVV in the near-term, the 411x light-duty EV truck in 2021, and unveil the 311x later this year, with scaled production for the 311x expected to begin in the first half of 2022.
Positive Outlook
- Launch of industry-first EVV in the near-term.
- Expected launch of 411x light-duty EV truck in 2021.
- Unveiling of 311x later this year.
- Scaled production for the 311x expected to begin in the first half of 2022.
- Partnership with Element Fleet Management to provide financing and insurance solutions for commercial customers.
Challenges Ahead
- History of losses and expectation to incur additional losses in the future.
- The market for AYRO's products is developing and may not develop as expected.
- The company's business is subject to general economic and market conditions, including trade wars and tariffs.
- Reliance on a single third-party supplier located in China for sub-assemblies.
- Potential product liability claims could harm the company's financial condition and liquidity.