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AYRO Inc. (AYRO+1.10%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details a strategic shift as AYRO ceased production of its AYRO 411x model due to rising shipping costs and quality issues, focusing instead on the development of the Vanish, a new electric vehicle model.
AYRO reported a net loss of $1,755,479 for the year, a significant reduction from the previous year's loss of $34,160,455. This improvement was attributed to cost-saving measures and a decrease in operating expenses.
Revenue for the year was $63,777, down from $498,917 in 2023, reflecting the transition away from the AYRO 411x model and the restructuring efforts.
The company recorded an impairment loss of $1,659,835 due to the write-down of idle fixed assets and adjustments to its right-of-use assets.
AYRO's cash and cash equivalents as of December 31, 2024, were $16,035,475, with an additional $4,089,832 in marketable securities.
The company announced a partnership with GLV Ventures for the re-engineering and manufacturing of the Vanish in the United States, aiming to reduce manufacturing costs and the MSRP of the vehicle.
AYRO also launched a new robotics division focused on AI-driven automated manufacturing of electric vehicles and accessories.
The company received a compliance extension from Nasdaq to meet the minimum bid price requirement, with a deadline set for July 14, 2025.
AYRO's strategic review and restructuring efforts included the appointment of Gilbert Villarreal as President of its subsidiary, AYRO Operating Company, Inc.
The filing outlines various risks, including the need to raise additional capital to fund operations and the potential impact of supply chain disruptions on production.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AYRO Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.