Mon, Mar 31, 8:09 PM (26 days ago)
**Summary of AYRO, Inc. (AYRO) Annual Report (2024)** **Financial Performance:** - **Revenue:** $63,777 (2024) vs. $498,917 (2023) - **Net Income:** $(1,755,479) (2024) vs. $(34,160,455) (2023) - **Operating Expenses:** $12,789,809 (2024) vs. $23,521,349 (2023) - **Earnings per Share:** $(2.02) (2024) vs. $(8.19) (2023) **Strategic Overview:** - **Product Focus:** AYRO designs and manufactures compact, sustainable electric vehicles for various uses, including urban transport, last-mile delivery, and government use. - **Market Position:** AYRO targets commercial customers, including universities, business campuses, last-mile delivery services, and food service providers. - **Strategic Review:** AYRO has transitioned from an offshoring to an onshoring business model, focusing on the Vanish vehicle. The company has entered into partnerships with GLV Ventures and General Motors for engineering and manufacturing. **Future Outlook:** - **Growth Strategy:** AYRO aims to expand its sales force, product lines, and marketing resources. The company is also exploring potential partnerships and acquisitions. - **Market Trends:** The U.S. electric vehicle market is forecasted to grow, driven by urbanization, escalating gas prices, and increased desirability of non-emissive transportation alternatives. **Risk Factors:** - **Financial Condition:** AYRO has incurred significant losses and has insufficient liquidity to fund future operations. The company must raise additional capital to continue as a going concern. - **Market Position:** AYRO faces competition from established and newer companies in the electric vehicle market. The company's ability to compete successfully will be fundamental to its future success. - **Operational Risks:** AYRO's business is subject to general economic and market conditions, including trade wars and tariffs. The company's ability to manage its growth and expand its operations successfully will be crucial. **Market Position Changes:** - **Nasdaq Deficiency:** AYRO received a letter from Nasdaq indicating it did not meet the minimum bid price requirement for continued listing. The company has until July 14, 2025, to regain compliance. - **Product Development:** AYRO is actively reengineering the Vanish vehicle, aiming to lower the bill of materials and overall manufacturing expenses. **Financial Condition:** - **Cash and Cash Equivalents:** $16,035,475 (2024) vs. $33,440,867 (2023) - **Marketable Securities:** $4,089,832 (2024) vs. $0 (2023) - **Working Capital:** $17,100,605 (2024) vs. $44,670,150 (2023) **Note:** Amounts are usually in thousands, 000s.