AYRO - Ayro shares down on disappointing Q3 results Operating expense +374% Y/Y

Ayro (AYRO -7.6%) shares slipped after Q3 earnings miss. The company saw the revenue growth of 44% to $559.4K in the quarter. Total operating expenses surged 374% Y/Y to $11.62M. Adjusted EBITDA loss was $8.2M vs. $2.09M year ago. Net loss amounted to $12M vs. loss of $2.68M year ago. Thomas M. Wittenschlaeger, AYRO’s Chief Executive Officer, stated, “The third quarter provided the opportunity to garner new customers for our ‘Current’ model with Club Car and recognize an increase in year-over-year revenue. Having recently joined AYRO and given our healthy balance sheet, including over $77 million in cash at quarter end, I believe now is the time for us to evaluate our strategy and operations to ensure we are headed down the path within the electric vehicle market that provides the most shareholder value. I look forward to working with the AYRO team and updating shareholders toward the end of

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Ayro shares down on disappointing Q3 results, Operating expense +374% Y/Y