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AYRO, Inc. (NASDAQ: AYRO), founded in 2017 and headquartered in Round Rock, Texas, is a progressive company specializing in the design and manufacture of light-duty, emissions-free electric vehicles. AYRO's core business revolves around developing sustainable transportation solutions for urban and community transport, local delivery, and closed campus mobility. Their product line includes notable models like the AYRO 311, a versatile 3-wheeled vehicle for both professional and personal use; the Club Car 411, designed for low-speed logistics and cargo services on campuses; and the AYRO 511 4×4 concept vehicles.
AYRO's mission is to redefine sustainability through innovative electric vehicles. Their latest offering, the AYRO Vanish, leverages a new Common Core Chassis design platform, making it adaptable for various applications. This low-speed electric vehicle (LSEV) has garnered significant attention, especially after receiving all necessary regulatory certifications and entering Low-Rate Initial Production (LRIP). The Vanish is already in use by hospitality provider Cruising Kitchens and has been approved for easy import into Canada.
AYRO's commitment to innovation is underscored by their recent achievements, including the recognition of their first revenue from Vanish sales and the award of four additional patents. Financially, AYRO maintains a strong balance sheet with nearly $48 million in cash and marketable securities, positioning them well for future growth. The company is focused on optimizing its production processes to transition from LRIP to full production and aims to reach break-even per-unit costs by the second half of 2024.
Recent news highlights AYRO's strategic moves, such as their first fleet order for a Fortune 100 retailer and their inclusion in Transport Canada's Appendix G Pre-clearance Program, facilitating easier import of their vehicles into Canada. Additionally, AYRO's feature on the Viewpoint television series hosted by Dennis Quaid will further showcase their commitment to sustainable transportation solutions.
For more information, visit www.ayro.com.
On December 14, 2021, AYRO, Inc. (Nasdaq: AYRO) held its Annual Meeting of Stockholders, where seven directors were elected for a year. The company expects record revenue for Q4 2021, attributed to increased unit shipments. CEO Thomas M. Wittenschlaeger emphasized a strategic review of operations, including on-shoring component sourcing to counter supply chain disruptions. AYRO is actively evaluating its partnerships and cost structure to enhance value and align expenses with product development.
AYRO, Inc. (Nasdaq: AYRO) reported financial results for Q3 2021, posting a revenue of $559,370, representing a 44% year-over-year increase. However, the company incurred a net loss of $12.0 million and an adjusted EBITDA loss of $8.2 million. As of September 30, 2021, AYRO held $77.1 million in cash with no debt. A total of $4.9 million in purchase orders for the AYRO Club Car Current, a new delivery vehicle, contributed to a backlog of $4.1 million. CEO Thomas M. Wittenschlaeger emphasized the importance of strategic evaluation to enhance shareholder value moving forward.
AYRO, Inc. (Nasdaq: AYRO) has rescheduled its third-quarter 2021 financial results release to November 15, 2021, shifting from the original date of November 11, 2021. This change also affects the previously planned earnings conference call, which will now be replaced by a business update call by the end of 2021. AYRO CEO Tom Wittenschlaeger expressed optimism about the company's resources and partnerships, indicating a focus on value creation in the electric vehicle and last-mile delivery markets.
AYRO, Inc. (Nasdaq: AYRO) will report its third-quarter financial results on November 11, 2021, before market open. The company's CEO, Tom Wittenschlaeger, and CFO, Curt Smith, will host a conference call at 8:30 a.m. ET to review these results and discuss corporate developments. Participants can join by calling the provided numbers or accessing the live webcast through the company's website. A replay of the call will be available until November 25, 2021. AYRO focuses on electric delivery vehicles and aims to provide sustainable solutions for last-mile delivery.
AYRO, Inc. (NASDAQ: AYRO) will showcase its all-electric delivery vehicle, the GODega, at the upcoming Food On Demand Conference in Las Vegas from November 10-12, 2021. Partnering with Gallery Carts, AYRO aims to demonstrate how its EVs can enhance food delivery services while supporting sustainability. The GODega is designed for diverse environments, offering onboard refrigeration and customizable branding. The conference will highlight the evolving food service landscape, with expected participation from key industry figures.
AYRO, Inc. (NASDAQ: AYRO) announced participation in the 2021 Global Fleet Conference, scheduled for October 26-28 in Miami. Kevin O’Rourke, AYRO's Director of Strategic Accounts, will join a panel discussing fleet electrification challenges. The conference aims to enhance understanding of fleet management among industry executives and stakeholders. O’Rourke expressed his anticipation in sharing insights on the hurdles faced by fleet operators transitioning to electric vehicles, alongside partners like Element Fleet Management.
AYRO, Inc. (NASDAQ: AYRO) has appointed Thomas M. Wittenschlaeger as its new Chief Executive Officer. Wittenschlaeger brings over 25 years of experience in technology-driven engineering and product development, having previously led NantMobility and served at FOX Factory. His appointment aims to enhance AYRO's position in the electric vehicle market. As an inducement, he was granted 450,000 shares of restricted stock, set to vest upon meeting specific milestones. Former CEO Rod Keller will continue as a consultant during the transition.
AUSTIN, Sept. 09, 2021 (GLOBE NEWSWIRE) -- AYRO announced that CEO Rod Keller will present at the H.C. Wainwright 23rd Annual Global Investment Conference, taking place virtually from September 13-15, 2021. The presentation will be accessible starting September 13 at 7:00 AM ET. Investors can register for the event online. Keller will also hold one-on-one meetings during the conference. AYRO specializes in manufacturing electric vehicles aimed at short-haul and last-mile delivery, emphasizing sustainability and customized solutions for fleets.
AYRO, a Texas-based manufacturer of electric vehicles, announced CEO Rod Keller's participation in two upcoming investor conferences. Keller will present on August 18 at the Q3 Investor Summit at 3:30 pm ET and on August 19 at the SNN Network Summer Virtual Event at 2:00 pm ET. One-on-one meetings with management will also be available during these conferences. Investors can register to attend through the provided links. AYRO is focused on creating sustainable urban electric vehicle solutions for fleet operations.
AYRO, Inc. (Nasdaq: AYRO) reported strong financial results for Q2 2021, with a revenue increase of 83% year-over-year to $522,067. However, the company posted a net loss of $7.7 million and an adjusted EBITDA loss of $5.9 million. Total cash stands at $87.9 million with no debt. The recent launch of the Club Car Current generated $4.9 million in purchase orders, signaling strong demand. The company aims to unveil a new e-delivery system by early 2022, capitalizing on the growing $45 billion restaurant delivery market.
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