Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of electric vehicle manufacturer AYRO Inc (NASDAQ: AYRO) are trading slightly below Wednesday's close after the company reported its Q1 earnings.
AYRO reported a net loss of $5.6 million or -$0.18 compared to a loss of $1.79 million or -$0.45 during the same period in 2020.
However, the company's $788,869 in revenue was a 437% rise on the $146,816 reported the previous year.
AYRO also said it has cash totalling $91.5 million as of March 31st, and its total debt is under $20,000.
“Our first quarter 2021 financial performance marks the sixth consecutive quarter of quarter-over-quarter revenue growth, which points to accelerated traction and demand for our innovative EV models and customized add-ons. Moreover, with over $90 million in cash on our balance sheet, we are well funded to execute on our business strategy,” commented AYRO Chief Executive Officer Rod Keller.
During the period, AYRO announced an agreement with Element Fleet Management to support the deployment of large fleets of AYRO electric delivery vehicles over the next four years, launched an electric vaccine vehicle with partners Element, Club Car, and Gallery Carts to expand access to COVID-19 vaccination and testing, and raised $61.8 million in gross proceeds through two registered direct equity offerings.
They also reported a backlog of $3414,000 as of March 31st.
“I am also happy to report that the response to our Electric Vaccine Vehicle, or EVV, from our recent roadshow has been very positive and that a couple of federal agencies are testing the vehicle currently. However, as I’ve said before, the sales cycle is much longer given that government agencies are involved, but we are optimistic regarding possible EVV purchases to be used in a host of applications and environments,” added Keller.
AYRO's stock price has been unmoved by the report in premarket trading, priced at $4.10, up 0.24%.
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