AYRO Reports Mixed Q1 Results, Plans To Focus On Demand Creation For Low-Speed EV Vanish - AYRO (NASDAQ:AYRO)

AYRO Inc AYRO reported a Q1 2023 sales decline of 89% Y/Y to $0.113 million, missing the consensus of $0.300 million.
Adjusted EBITDA loss was $(5.0) million versus $(4.2) million last year.
EPS loss of $(0.15) was better than the consensus of $(0.17).
The operating expenses increased to $5.7 million from $4.4 million in the prior year.
The company reported a gross loss of $(0.107) million, which narrowed from $(0.150) million a year ago. Operating loss widened to $(5.8) million from $(4.6) million last year.
The company held $41.7 million in cash and marketable securities, with no debt as of March 31, 2023.
AYRO believes Q1 revenues are at par with its expectations and is currently focusing on accelerating demand for Vanish. The company concluded several internal tests on the Vanish and plans to enter the homologation phase this week to attain the certifications needed for selling the vehicle in the next 90 days.
Also, AYRO plans to start Low Rate Initial Production (LRIP) by early June 2023 to begin the creation of the first 50 Vanish units to be used as demo models for their signed dealers. Following the start of full-year production, the company plans to build over 2,000 vehicles per year.
The company aims to launch its products, Valet and Vapor, by the end of 2023.
Price Action: AYRO shares are trading lower by 1.38% at $0.5066 on the last check Tuesday.
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