SEC 8-K filings with transcript text
Nov 20, 2023
2 ex99-1.htm
Exhibit 99.1
Announces Third Quarter 2023 Financial Results and Provides Corporate Update
ROCK, TX (November 20, 2023) – AYRO, Inc. (NASDAQ: AYRO) (“AYRO” or the “Company”), a designer and manufacturer of electric, purpose-built delivery vehicles and solutions for micro distribution, micro-mobility, and last-mile delivery, announces financial results for the third quarter ended September 30, 2023.
Recent Financial Highlights:
● Recognized first revenue from new AYRO Vanish units in the third quarter of 2023
● Adjusted EBITDA in the third quarter of 2023 was ($5.2) million vs. ($4.8) million in the prior year period
● Approximately $47.9 million in cash and equivalents, marketable securities, and restricted cash at September 30, 2023
“The third quarter of 2023 was marked by a number of significant milestones for the Company,” commented AYRO CEO Tom Wittenschlaeger. “We successfully completed homologation for the AYRO Vanish Low-Speed Electric Vehicle, the first vehicle on our new Common Core Chassis design platform and received all necessary regulatory certifications that allowed us to confidently enter Low-Rate Initial Production, or “LRIP.” We began placing finished AYRO Vanish units with potential customers, distributors, upfitters, and potential strategic partners and see that as a continued objective for the remainder of 2023. We also recognized the first revenue from sales of the AYRO Vanish through initial units placed with hospitality provider Cruising Kitchens. In addition, we were awarded an additional four patents over the last three months to further strengthen our intellectual property portfolio.
“As 2023 draws to a close, we maintain our focus on continuing to manufacture additional AYRO Vanish units under our LRIP program. We expect our manufacturing team to continue to gain efficiencies in the assembly process along the way, which will prove pivotal as we look to transition from LRIP to full production over the next few months. Ensuring that our supply chain is up to the task of meeting our expected higher order and inventory demands is also a focus in LRIP, and while, thus far we have not encountered any material delays or issues on this front, we are highly vigilant on supply chain continuity as we ramp production rates upwards.
“As we transition to full production, we expect our cost of goods sold for each completed AYRO Vanish unit to decline. Currently in LRIP, we are using components that were purchased under prototype pricing and using machinery, tools, and dies appropriate for limited production quantities. Once we move to full production, components will be delivered using advanced equipment designed for higher throughput. Thus, we expect our bill of materials to decline, allowing us to recognize sequentially higher margins on each vehicle. In the automotive world, this is a common practice and is very well understood. The end result of this manufacturing dynamic, combined with our expected underlying production ramp, means we are currently forecasting reaching break-even on a per-unit basis during the second half of 2024. We believe our strong balance sheet and nearly $48 million in cash and cash equivalents, marketable securities and restricted cash at the end of the third quarter will be more than sufficient to reach that future milestone,” concluded Mr. Wittenschlaeger.
Third Quarter 2023 Earnings Conference Call
management will host a conference call at 8:30 a.m. ET on Tuesday, November 21, 2023 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.
To listen to the conference call, interested parties within the U.S. should dial 1-833-953-2436 (domestic) or 1-412-317-5765 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the AYRO, Inc. conference call.
The conference call will also be available through a live webcast that can be accessed at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=cYTHGDb8 or via the Company’s website at https://ir.ayro.com/news-events/ir-calendar.
The webcast replay will be available until February 21, 2023 and can be accessed through the above links. A telephonic replay will be available until December 5, 2023 by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using access code 1097576.
About
designs and produces zero emission vehicles and systems that redefine the very nature of sustainability. Our goal is to craft solutions in a way that leaves minimal impact on not only carbon emissions, but the space itself. From tire tread, fuel cells, sound, and even discordant visuals, we apply engineering and artistry to every element of our product mix. The AYRO Vanish is the first in this new product roadmap. For more information, visit www.ayro.com.
Forward-Looking
Statemen
Aug 14, 2023
2 ex99-1.htm
Exhibit 99.1
Announces Second Quarter 2023 Financial Results and Provides Corporate Update
ROCK, TX (August 14, 2023) – AYRO, Inc. (NASDAQ: AYRO) (“AYRO” or the “Company”), a designer and manufacturer of electric, purpose-built delivery vehicles and solutions for micro distribution, micro-mobility, and last-mile delivery, announces financial results for the second quarter ended June 30, 2023.
Recent Financial Highlights:
● Net loss of $6.0 million in the second quarter of 2023 compared to net loss of $6.0 million in the prior year period
● Approximately $52.0 million in cash to date, including the proceeds of a $22 million financing consummated in early August 2023
“We made significant progress during the second quarter that we believe brings us ever closer to the commercial launch of the AYRO Vanish, our new low-speed electric vehicle, or LSEV,” commented AYRO CEO Tom Wittenschlaeger. “We recently completed all of our homologation safety and testing requirements and expect to receive certifications shortly. With these certifications in hand and given the thorough track testing and tuning of nearly every component of the Vanish, we are targeting the start of low-rate initial production, or LRIP, this fall. We have confidence in the Vanish’s performance, safety, and quality and have taken great measures to ensure the Vanish is designed and manufactured to incredibly high engineering standards that are befitting a vehicle that has won prominent awards from Red Dot and Frost & Sullivan prior to even beginning commercial production.
“In addition to the 12 prototype units we have already produced, some of which were used in homologation testing and dealer presales, units produced in the forthcoming LRIP phase will be placed with vehicle upfitters, distributors, strategic partners, and key end-customers that we believe will offer the most sales leverage entering 2024. Following LRIP, we anticipate moving to full-scale production with a target of producing 2,000 vehicles per year from a single shift operation.
“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.
“Concurrently, we have begun increasing our inventory of components from our supply chain in preparation for LRIP and, eventually, full-scale production. To further support the manufacturing efforts, inventory build, and initial launch efforts, we recently completed a $22 million financing that strengthens our balance sheet substantially. We believe having this additional capital, along with our $33 million in cash and marketable securities on hand at June 30, will allow us to meet anticipated demand for the Vanish and proceed with the development of our Valet and Vapor models.
“As always, we thank our stockholders for their continued support and our employees for their commitment and dedication,” concluded Mr. Wittenschlaeger.
Second Quarter 2023 Earnings Conference Call
management will host a conference call at 8:30 a.m. ET on Tuesday, August 15, 2023 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.
To listen to the conference call, interested parties within the U.S. should dial 1-833-953-2436 (domestic) or 1-412-317-5765 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the AYRO, Inc. conference call.
The conference call will also be available through a live webcast that can be accessed at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=VRoZ5XQC or via the Company’s website at https://ir.ayro.com/news-events/ir-calendar.
The webcast replay will be available until November 15, 2023 and can be accessed through the above links. A telephonic replay will be available until August 29, 2023 by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using access code 1804289.
About
designs and produces zero emission vehicles and systems that redefine the very nature of sustainability. Our goal is to craft solutions in a way that leaves minimal impact on not only carbon emissions, but the space itself. From tire tread, fuel cells, sound, and even discordant visuals, we apply engineering and artistry to every element of our product mix. The AYRO Vanish is the first in this new product roadmap. For more information, visit www.ayro.com.
Forward-Looking
Statements
This press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Words such as “antici
May 9, 2023
2 ex99-1.htm
Exhibit 99.1
Announces First Quarter 2023 Financial Results and Provides Corporate Update
ROCK, TX (May 9, 2023) – AYRO, Inc. (NASDAQ: AYRO) (“AYRO” or the “Company”), a designer and manufacturer of electric, purpose-built delivery vehicles and solutions for micro distribution, micro-mobility, and last-mile delivery, announces financial results for the quarter ended March 31, 2023.
Recent Financial and Corporate Highlights:
● Net loss declined to ($5.5) million in the first quarter of 2023 vs. net loss of ($4.6) million in the prior year period
● Total cash and marketable securities of $41.7 million and no debt as of March 31, 2023
“We have made significant recent progress with respect to development of the AYRO Vanish, our low-speed electric vehicle, or LSEV, with adaptable and reconfigurable payloads that will serve the arena, campus, and last-mile delivery markets, both indoors and out,” commented AYRO CEO Tom Wittenschlaeger. “We just completed a series of internal tests on the Vanish and will be entering the homologation phase this week to obtain the necessary certifications so that we can begin selling our vehicle in the next 90 days. In parallel with the homologation phase, we plan to begin Low Rate Initial Production, or LRIP, by early June to begin building the first 50 Vanish units that will be used as demo models for our signed dealers. Following LRIP, we plan to enter full-scale production, where we will target building nine Vanish units per day under a single-shift scenario. This pace equates to over 2,000 vehicles per year, although we believe demand could be strong enough for us to consider moving to a double-shift operation as fast as practically possible.
“Moving to our distribution strategy, we are pleased with our results thus far but continue to look for additional dealers and fleet partners that are excited about the Vanish and our vehicle roadmap. We are already in discussions with dealers who in the aggregate operate more locations than the number of Club Car dealerships that ever sold even a single unit of the Club Car Current, our legacy vehicle that is now in its sunset phase as we switch our focus entirely to the Vanish. Negotiations continue with additional potential dealers in available territories in North America.
“Perhaps even more exciting than receiving indications of interest from new, additional dealers is the potential for signing fleet customers, which typically have numerous storefronts or facilities in many locations that have the potential to purchase many multiples of units for re-sale into their own customer bases. Interest from potential fleet customers was significant at a recent trade show where the Vanish was on display.
“Those who see the Vanish for the first time are seemingly drawn to the quality craftsmanship, ergonomics, and assorted potential uses its reconfigurable payloads offer. Many of these same factors are what Frost & Sullivan and Red Dot likely recognized as well when they awarded the Vanish with their respective prominent design awards. Signing even a few fleet dealers could go a long way to driving robust demand for our products, and we hope to have some more news on this front in the near future.
“Revenue in the first quarter was in line with our qualitative forecast from the last earnings call in late March. The Club Car Current is in its sunset phase, and we have just a handful of those finished units in inventory. Our focus is entirely on the Vanish and bringing it to market, maximizing demand for it, and then working feverishly to meet that demand. We still plan to introduce our next products, the people mover called the Valet and the next-generation golf cart called the Vapor, by year-end.
“Lastly, our cash balance at the end of the first quarter was nearly $42 million, which we believe to be sufficient to reach profitability based on our current forecast. Despite ramping manufacturing and marketing activity as the Vanish heads down the homestretch of its pre-launch phase, our net loss was approximately the same as it had been in previous quarters. We continue to exercise prudence in managing expenses as efficiently as possible.
“As always, we thank our shareholders for their continued support as well as our employees for their hard work and ingenuity in getting us this far. We look forward to capitalizing on these very large opportunities that are within reach,” concluded Mr. Wittenschlaeger.
First Quarter 2023 Earnings Conference Call
management will host a conference call at 8:30 a.m. ET on Tuesday, May 9, 2023 to review financial results and provide an update on corporate developments. Following management’s formal remarks there will be a question-and-answer session.
To listen to the conference call, interested parties within the U.S. should dial 1-833-953-2436 (domestic) or 1-412-317-5765 (international). All callers should dial in approximately 10 minutes prior to the scheduled sta
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