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AUSTIN, TX, Nov. 15, 2021 (GLOBE NEWSWIRE) – AYRO, Inc. (Nasdaq: AYRO) (“AYRO” or the “Company”), a designer and manufacturer of electric custom built delivery vehicles and microdistribution, micromobility solutions and Last Mile Delivery, announces financial results for its third fiscal quarter ended September 30, 2021.
Financial highlights of the third quarter of 2021:
Revenue of $ 559,370 (+ 44% year over year) Net loss attributable to common stockholders of ($ 12.0 million) Adjusted EBITDA loss of $ (8.2) million, Total cash of 77.1 million US dollars and no debt as of September 30, 2021
Current company highlights:
Market launch of the 2022 AYRO Club Car Current, the next generation of the AYRO Club Car 411, which features a unique industrial design, improved ergonomics and new options for safety and comfort in connection with the retirement of the remaining original Club Car 411 product, which is carried out by the Club Car Current (“Current”) was replaced with the start of the current appointment of Thomas M. Wittenschlaeger as Chief Executive Officer
Contracted backlog of $ 4.1 million as of September 30, 2021
Thomas M. Wittenschlaeger, CEO of AYRO, said: “The third quarter offered the opportunity to win new customers for our ‘Current’ model with Club Car and to record an increase in sales compared to the previous year. Having recently joined AYRO and having our healthy balance sheet of over $ 77 million in cash at the end of the quarter, I believe now is the time to evaluate our strategy and business to ensure we can Take the path in the electric vehicle market that offers us the highest shareholder value. I look forward to working with the AYRO team and informing shareholders towards the end of the calendar year to discuss our plans for 2022 and beyond. “
About AYRO, Inc.
Texas-based AYRO, Inc. designs and manufactures all-electric, purpose-built vehicles powered by technology for everyone to use. Based on insights from partners, customers and research, AYRO delivers sustainable e-delivery solutions that enable companies to build sustainable fleets that increase both their brand value and an exceptional user experience throughout the delivery process. Founded in 2017 by entrepreneurs, investors and executives with a passion for developing sustainable electric vehicle solutions, AYRO focuses on adaptable, environmentally friendly solutions that can drive change in campus, micro-distribution, micro-mobility and last mile delivery. Further information is available at: www.ayro.com.
Forward-Looking Statements
This press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from expected future results, performance or achievements. Words like “anticipate”, “believe”, “could”, “estimate”, “expect”, “aim”, “can”, “plan”, “project”, “aim”, “will”, “would” and Their opposites and similar expressions are intended to identify forward-looking statements and include statements about the company’s strategic review of the company’s product development strategy. Such forward-looking statements are based on management’s beliefs and assumptions and information currently available to management. Important factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the following: We are currently evaluating our product development strategy that may result in material changes and material effects on our business, results of operations and Financial position; If disruptions continue to occur in our transportation network or our shipping costs continue to increase, we may not be able to sell our products or deliver on time and our gross margin could decrease; Increases in costs, interruptions in delivery or a shortage of raw materials, especially lithium-ion cells and other critical components, could damage our business; the ability of AYRO’s suppliers to supply parts and assemble vehicles; the buyer’s ability to cancel or reduce orders; AYRO has a history of losses and has never been profitable and AYRO expects to suffer additional losses in the future and may never be profitable; the impact of epidemics on public health, including the COVID-19 pandemic; the market for AYRO’s products may and may not develop as expected and accordingly, AYRO may never achieve its intended production and sales targets; AYRO’s business is subject to general economic and market conditions, including trade wars and tariffs; AYRO’s business, results of operations and financial condition can be affected by public health epidemics, including the recent COVID-19 outbreak; AYRO’s limited history of operations makes it difficult to assess its business and future prospects and may increase the risk of investing in its securities; AYRO can experience a lower than expected market acceptance of its vehicles; Developments in alternative technologies or improvements to the internal combustion engine can significantly affect the demand for AYRO electric vehicles; the markets in which AYRO operates are highly competitive and AYRO may not be successful in these industries; a significant portion of AYRO’s revenue is generated by a single customer; AYRO relies on and intends to continue to rely on a single third party supplier in China for the semi-disassembled sub-assemblies for all of its current vehicles; AYRO can be subject to product liability claims which can impair AYRO’s financial position and liquidity if AYRO cannot successfully defend against or insure these claims; the range of our electric vehicles on a single charge decreases over time, which can negatively affect the decision of potential customers to purchase AYRO vehicles; AYRO may need to raise additional capital to fund its operations and such raising of capital can be costly or difficult to obtain and could dilute the ownership interests of AYRO shareholders and AYRO’s long term capital needs are subject to numerous risks; AYRO cannot comply with environmental and safety laws and regulations; and AYRO is subject to government export and import controls that affect AYRO’s ability to compete in the international market due to licensing provisions and which could hold AYRO liable if AYRO fails to comply with applicable laws. A discussion of these and other factors is included in our most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. Forward-looking statements speak only as of the date of their publication and AYRO disclaims any intention or obligation to revise any forward-looking statements as a result of new information, future events or otherwise, except as required by law.
AYRO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AYRO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
AYRO, INC. AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Non-GAAP Financial Measures
We present Adjusted EBITDA because we consider it an important supplemental measure of our operating performance and believe that it can be used as a measure of our operating performance by certain investors. Adjusted EBITDA is defined as profit (loss) from operations before interest income and expenses, income taxes, depreciation, amortization, amortization of intangible assets, amortization of debt, impairment of long-lived assets, stock-based compensation expenses, and certain one-time charges.
Adjusted EBITDA is not a measure of financial performance under United States generally accepted accounting principles or GAAP. Due to the variety of valuation methods available, subjective assumptions, and the variety of equity instruments that may affect our non-cash operating expenses, we believe that providing a non-cash financial metric that excludes non-cash and one-time charges will enable meaningful comparisons between our core business results and those of others Company and provides us with an important tool for financial and operational decision-making and for evaluating our own core business results over different time periods.
Adjusted EBITDA may not provide information that is directly comparable to other companies in our industry because other companies in our industry may calculate non-GAAP financial results differently, especially with respect to one-time, unusual items. Adjusted EBITDA is not a measure of GAAP financial performance and should not be viewed as an alternative to operating income or as an indication of operating performance or any other GAAP performance measure. We do not consider Adjusted EBITDA to be a substitute for or better than the information found in GAAP financial results.
Below is a reconciliation of Adjusted EBITDA to Net Loss for the three months ended September 30, 2021 and 2020:
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