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AYRO Inc. (AYRO-0.51%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a revenue decrease to $5,426 from $88,395 in the same quarter the previous year. The decline is attributed to a reduction in product sales and shipping revenue.
Cost of goods sold for the quarter was $286,028, compared to $231,837 in the same quarter of the previous year. The increase was mainly due to inventory adjustments and allowances.
Research and development expenses decreased to $14,776 from $1,335,167, reflecting the completion of R&D on the Vanish vehicle model.
Sales and marketing expenses were reduced to $216,605 from $390,684, primarily due to decreased headcount.
General and administrative expenses fell to $1,414,026 from $4,370,684, with reductions in salaries, office expenses, and consulting services.
The company reported a net income of $550,557 for the quarter, compared to a net loss of $12,589,572 in the previous year. This improvement was largely due to changes in the fair value of warrant and derivative liabilities.
Cash used in operating activities was $10,334,014, while cash used in investing and financing activities was $15,249,360 and $5,104,889, respectively.
As of September 30, 2024, AYRO had cash and cash equivalents of $2,729,904, restricted cash of $10,022,700, and marketable securities of $16,127,434.
The filing also notes that AYRO is addressing a Nasdaq listing deficiency and has until January 14, 2025, to regain compliance with the minimum bid price requirement.
AYRO continues to focus on the development and commercialization of its Vanish vehicle model, and has implemented an internal restructuring to improve efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AYRO Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.