AYRO, Inc. Company Summary

Business Overview

• Core Activity: Design and manufacture of compact, sustainable electric vehicles (EVs)
• Vehicle Types: Four-wheeled purpose-built electric vehicles
• Use Cases:
  • Closed campus mobility (universities, corporate and medical campuses)
  • Low-speed urban and community transport
  • Last mile delivery and cargo services
  • Government applications
• Target Customers:
  • Universities and higher education campuses
  • Food delivery and last mile logistics providers
  • Municipalities and city governments
  • On-road and personal transportation consumers

Supply Chain and Manufacturing

• Historically relied on Cenntro Automotive as primary supplier for the AYRO 411x, operating a factory in Hangzhou, China
• Ceased production of 411x in September 2022 due to rising shipping costs, quality issues, and delays
• Focused on developing the Vanish model, initiated design in December 2021
• Launched low-rate initial production and sales of the Vanish in Q2 and Q3 2023 respectively
• Entered into new manufacturing partnerships:
  • Partnered with Linamar (terminated in Dec 2024)
  • Partnered with Lithion Battery Inc. for batteries (purchased for ~$1.2 million as of Dec 2024)
  • Partnered with GLV Ventures for re-engineering and U.S. manufacturing (secured as a tier-one supplier for GM)
• Launched a robotics division in February 2025 focused on AI-driven EV manufacturing

Financial and Operational Details

• Employees: Does not have any direct full-time employees; engaged via independent contractors, consultants, and third-party providers
• Revenue:
  • For FY ending Dec 31, 2024: $63,777
  • For FY ending Dec 31, 2023: $498,917
• Net Loss:
  • 2024: $1.76 million
  • 2023: $34.2 million
• Assets & Liquidity (as of Dec 31, 2024):
  • Cash and cash equivalents: $16.0 million
  • Marketable securities: $4.1 million
  • Working capital: $17.1 million
• Shareholders: 8,541,466 shares of common stock outstanding as of March 28, 2025
• Market Capitalization (June 30, 2024): Approximately $5.02 million (based on stock price of $0.78)

Strategic and Regulatory Context

• Rationalized supply chain, shifting from Chinese to North American and European sources
• Internal restructuring initiated in January 2024 to improve efficiency
• Recognized a material weakness in financial reporting controls as of Dec 31, 2024, with ongoing remediation efforts
• Targeting expansion into new markets with purpose-built, modular EVs and related software/services
• Building infrastructure for vehicle telemetry, fleet management, and subscription services
• Facing Nasdaq listing compliance issues due to low bid prices, with an extension until July 14, 2025

Product Development & Future Focus

• Developing re-engineered, competitively priced Vanish model, with efforts to reduce manufacturing costs
• Writing down inventory to zero reflecting ongoing reengineering efforts
• Maintaining patent and trademark protections for designs, trademarks include AYRO, Valet, Vapor, Vanish, among others
• Addressing industry standards compliance (SAE, FMVSS, CARB)
• Emphasizing supply chain, manufacturing cost reduction, and targeted markets such as universities and last mile delivery

Legal & Regulatory

• Subject to federal, state, and international manufacturing and safety regulations
• Ongoing legal proceedings and claims primarily related to contractual disputes and product warranty issues
• Engaged with U.S. export/import controls and standards

Summary

AYRO is a small EV manufacturer focusing on purpose-built, low-speed electric vehicles for commercial, municipal, and consumer markets. It has a limited revenue stream, with significant losses historically, and is in a transition phase involving reengineering existing models, building new manufacturing partnerships, and facing Nasdaq listing challenges. The company is actively working on reducing costs, improving manufacturing, and expanding its product offerings and strategic partnerships.