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Dec 31, 2022
AYRO Q4 2022 Earnings Report
AYRO's financial results for the year ended December 31, 2022, were announced, showcasing a focus shift towards the AYRO Vanish and a net loss improvement.
Key Takeaways
AYRO reported a revenue of $3 million for the year ended December 31, 2022, representing an 11% year-over-year growth. The company's net loss improved by $10 million compared to the previous year, and they finished the year with approximately $49 million in cash and marketable securities.
Transitioned focus to the AYRO Vanish, a new core platform.
Revenue grew by 11% year-over-year.
Net loss improved by over $10 million compared to 2021.
Finished the year with approximately $49 million in cash and marketable securities.
AYRO
AYRO
Forward Guidance
AYRO sees 2023 as a transformational year, anticipating a completed transition from the Club Car Current to the AYRO Vanish and plans to ramp up production of the Vanish in the coming quarters.
Positive Outlook
- Completed transition from the Club Car Current to the AYRO Vanish.
- Minimal units of the Current left to sell.
- Ramping production of the Vanish in the coming quarters.
- Vanish expected to pass homologation in June.
- Appreciable sales of the Vanish likely will begin in the third quarter of 2023.