AUSTIN, Texas, Nov. 06, 2020 (GLOBE NEWSWIRE) -- AYRO, Inc. (Nasdaq: AYRO), an engineer and manufacturer of light-duty, urban, and short-haul electric vehicles (EVs), today announces financial results for its third quarter of 2020.
Q3 Financial Highlights:
- Revenues of $388,654
- Net Loss Attributable to Common Stockholders of ($3.1) million
- Adjusted EBITDA loss of ($2.1) million
- Total debt of $241,399 as of September 30, 2020
- Total Cash of $27.9 million as of September 30, 2020
Operating Highlights:
- Established strategic manufacturing, engineering, and design partnership with Karma Automotive’s Innovation and Customization Center (KICC) that is targeted at having a capacity to deliver 20,000+ light-duty trucks and electric delivery vehicles over the next three years and is valued at more than $300 million
- Completed expansion of Austin manufacturing facility from 10,000 square feet to 24,000 square feet to increase production capacity from 200 electric vehicles per month to 600 per month
- Announced a total of $24.25 million in in gross equity capital raised through two registered direct offerings
- Established an engineering partnership with Gallery Carts and jointly developed an all-electric mobile food cart based on the Club Car 411 EV to provide food and beverages “on-the-go”
- Announced $584k in orders for its mobile food truck following its partnership announcement with Gallery Carts
- Received and deployed an initial order from Club Car for nine Club Car 411 EVs to serve a military medical campus in the northeast U.S.
- Backlog of $624,069 as of September 30, 2020
“The third quarter positioned us well to execute our strategy of becoming a dominant manufacturer of purpose-built, low-speed EVs for the commercial fleet market,” commented AYRO Chief Executive Officer Rod Keller. “Despite the impact of COVID-19 and the uncertainties it has created across global economies, we were able to successfully improve our balance sheet materially through two equity raises and had nearly $28 million in cash at the end of the third quarter. We continued to deliver 411 cars to Club Car via our exclusive relationship with them and even established another partnership with Gallery Carts that is based on the 411 model and targeted at point-of-demand hospitality markets. This initiative permits food, beverage, and even merchandise operators to bring goods directly to consumers. The COVID-19 pandemic has brought into focus the need to be able to bring food and beverages to students, faculty, fans, and/or employees on an as-needed basis to avoid large gatherings like cafeterias. Together with Gallery Carts, we have a few different vehicles available in a variety of ready-made and configurable solutions to address varied customer needs. Encouragingly, on the heels of establishing the partnership with Gallery Carts, we received an initial order for such mobile food trucks valued at nearly $600,000. This is a testament to our team’s ability to identify new and ancillary markets for our EV solutions.”
“Turning to manufacturing, we are especially excited about the initiatives we achieved in the third quarter. In early July, we announced that we tripled the production capacity of our Austin facility from 200 cars per month to 600 cars per month. Austin is certainly becoming a hotbed of EV manufacturing, and we are happy to have the increased flexibility to satisfy future demand locally. At the end of September, we announced a significant strategic manufacturing, engineering, and design partnership with Karma Automotive’s Innovation and Customization Center. Under the partnership, Karma will provide its expert contract manufacturing services for the next-generation of AYRO light-duty vehicles as well as engineering and development services for new EV solutions in the delivery and microdistribution markets. Together, we aim to deliver over 20,000 light-duty trucks and electric delivery vehicles over the next three years. We estimate this production goal to have a value in excess of $300 million,” continued Mr. Keller.
“Given our strategic partnerships with industry leaders like Club Car, Gallery Carts, and now Karma Automotive, our strong balance sheet, and our internal team who will continue to innovate and help bring next-generation purpose-built EVs to the market, the outlook remains quite bright for us, and we are truly excited about AYRO’s future. Furthermore, while COVID-19 may have led to some disruptions in customer orders and the near-term pace of EV adoption, the transition to EVs is a trend that will continue for both consumers and businesses alike. AYRO is committed to be the leader in purpose-built EVs,” concluded Mr. Keller.
Results presented herein are preliminary. The Company's final results will be filed subsequently on Form 10-Q with the Securities and Exchange Commission.
About AYRO, Inc.
Texas-based AYRO, Inc., engineers purpose-built electric vehicles to enable sustainable fleets. With rapid, customizable deployments that meet specific buyer needs, AYRO’s agile EVs are an eco-friendly microdistribution alternative to gasoline vehicles. The AYRO 411 Club Car is the only zero-emission, light duty EV known to AYRO that can be optimized for the needs of any sustainable fleet, while the AYRO 311 EV can be configured for a variety of urban last-mile transportation needs. AYRO innovates with speed, discipline, and agility and was founded in 2017 by entrepreneurs, investors, and executives with a passion for creating sustainable urban electric vehicle solutions for micromobility. For more information, visit: www.ayro.com
