AYRO - Ayro narrows annual loss aims for big year with Vanish model rollout

2023-03-23 07:48:55 ET

Ayro ( NASDAQ: AYRO ) reported revenue rose 11.6% in FY22 to $2.99M and a narrowed loss of -$22.9M vs. -$33.1M in the prior year.

The company is focused on the Ayro Vanish mode, which is its first internally designed low-speed electric vehicle targeted at the utility vehicle market. Ayro ( AYRO ) believes the Vanish will pass the external testing and certification process called homologation sometime in June. The vehicle will then be ready to enter low-rate production and be sold. Appreciable sales of the Vanish are forecast to begin in Q3 of 2023.

"We have already announced our first authorized dealer from our new Dealer Program and are in various stages of negotiation with over 50 additional dealers in North America, with notable expressions of interest for the Vanish already received. Initial demand appears quite robust for the Vanish, and we are eager to enter production," said CEO Tom Wittenschlaeger.

Ayro ( AYRO ) finished 2022 with $39.10M in cash on the balance sheet and marketable securities of $9.85M.

Shares of Ayro ( AYRO ) are up 29.54% year-to-date, but still trade down more than 65% from their 52-week high.

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