UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission file number: 001-34643 AYRO, INC. (Exact name of registrant as specified in its charter) Delaware 98-0204758 (State or ot ...

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2022, was $2,990,497, an increase of 11.4% year-over-year [17] - Total operating expenses for 2022 were approximately $20.2 million, down from $31 million in 2021, reflecting a nearly $11 million decrease [17][20] - Adjusted EBITDA for 2022 was a loss of approximately $18.5 million, an improvement from a loss of approximately $25 million in 2021 [18] - Net loss in 2022 was approximately $22.9 million, improved from a net loss of approximately $33.1 million in 2021 [18] Business Line Data and Key Metrics Changes - Revenue in Q4 2022 came from sales of legacy Club Car Current units, with nearly all inventory sold off [8] - Anticipated dip in revenue as the company transitions from the legacy Current to the next-generation Vanish [8] Market Data and Key Metrics Changes - Cash and marketable securities at the end of 2022 were approximately $49 million, implying a cash runway exceeding two years at current spending levels [9] - Total debt was zero at December 31, 2022, consistent with the previous year [18] Company Strategy and Development Direction - The company is focused on the launch of the Ayro Vanish, a low-speed electric vehicle designed for various applications, with an MSRP of about $34,000 [7] - A new supply chain has been established, eliminating reliance on suppliers from China and enhancing in-house manufacturing capabilities [9] - Future vehicle launches will utilize the same critical components as the Vanish, reducing design effort and time to market for new models [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future despite a challenging economic backdrop, emphasizing the importance of customer acceptance and market penetration [10] - The Vanish is expected to enter the homologation phase, with production anticipated to begin by the end of June 2023 [11][12] Other Important Information - The company is developing a strong intellectual property portfolio to act as a barrier to entry for competitors [15] - The company is in discussions with over 50 potential dealers in the U.S. and Canada for the Vanish [13] Q&A Session Summary Question: Will future models be subject to the same homologation process? - Yes, homologation is a platform-specific activity, and the timeframe is expected to remain consistent across all platforms [23] Question: Are there particular industries showing interest in the Vanish? - Interest is strong in sectors like fleet refresh for resorts and golf businesses, with expectations of a longer product lifetime compared to existing options [25] Question: Is the company attempting to position on the GSA schedule? - The company plans to partner with existing GSA schedule holders to add their offerings rather than applying independently [29] Question: What is the strategy regarding NASDAQ minimum bid rule? - The company is in constant contact with NASDAQ and believes that delivering the Ayro Vanish will help improve stock price [34]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each Class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share AYRO The NASDAQ Stock Market, LLC Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REP ...

Ayro, Inc. (NASDAQ:AYRO) Q3 2022 Earnings Conference Call November 3, 2022 8:30 AM ET Company Participants Scott Gordon - Investor Relations, CORE IR Tom Wittenschlaeger - Chief Executive Officer Dave Hollingsworth - Chief Financial Officer Conference Call Participants Barry Sine - Spartan Capital Securities Tyler DuPont - Augury Research Harold Weber - Aegis Capital Operator Ladies and gentlemen, thank you for standing by. Good morning, and welcome to the Ayro, Inc. Third Quarter 2022 Financial Results and ...

Ayro Inc (NASDAQ:AYRO) Q2 2022 Earnings Conference Call August 11, 2022 8:30 AM ET Company Participants Scott Gordon - Core IR Tom Wittenschlaeger - Chief Executive Officer Dave Hollingsworth - Interim Chief Financial Officer Conference Call Participants Barry Sine - Spartan Capital Securities Steve Cozzie - Amazon Operator Ladies and gentlemen, thank you for standing by. Good morning, and welcome to the Ayro, Inc. Second Quarter 2022 Financial Results and Corporate Update Conference Call. [Operator Instruc ...

Financial Performance - The company has a history of losses and has never been profitable, expecting to incur additional losses in the future[98] - Revenue for the three months ended June 30, 2022, was $0.98 million, an increase of 88% compared to $0.52 million for the same period in 2021[151] - Revenue for the six months ended June 30, 2022, was $2.01 million, an increase of 53.2% compared to $1.32 million for the same period in 2021[158] - Cost of goods sold increased by $2.4 million, or 556.8%, for the three months ended June 30, 2022, primarily due to a $1.32 million write-off of NCM inventory[152] - Cost of goods sold increased by $2.93 million, or 272.5%, for the six months ended June 30, 2022, due to inventory write-offs and increased vehicle sales[159] - Gross margin percentage was (188.1)% for the three months ended June 30, 2022, a significant decrease from 17.5% for the same period in 2021[153] - General and administrative expenses were $2.74 million for the three months ended June 30, 2022, a decrease of $1.32 million, or 32.5%, primarily due to a reduction in stock-based compensation[156] - General and administrative expenses for the six months ended June 30, 2022, were $5.45 million, a decrease of $1.91 million, or 26%, primarily due to a decrease in stock-based compensation[164] - As of June 30, 2022, the company had $40.89 million in cash and $17.97 million in marketable securities, down from $69.16 million in cash at the end of 2021[165] Product Development and Strategy - The company plans to unveil the first AYRO Z prototype in the fourth quarter of 2022, focusing on the development and launch of this new model[105] - The company has canceled the development of a planned next-generation three-wheeled high-speed vehicle as part of a strategic review initiated in 2021[103] - The company ceased production of the AYRO 411x in September 2022 due to rising shipping costs and quality issues, focusing instead on the AYRO Z[104] - The company is transitioning from the AYRO 411x platform to the AYRO Z, with plans to retire the 411x assembly line by late September 2022[119] - A supply agreement with Gallery Carts led to the launch of an all-electric configurable mobile hospitality vehicle, addressing the demand for mobile food and beverage options[120] Supply Chain and Operational Challenges - The Master Procurement Agreement with Club Car requires a minimum order of 500 vehicles per year, which Club Car did not meet for 2020 and 2021[113] - The company intends to eliminate dependency on Chinese imports for the AYRO Z and optimize the supply chain to North American and European sources[112] - Supply chain shortages of lithium-ion battery cells and other critical components are expected to continue impacting production through the third quarter of 2022[129] - Shipping costs have increased to at least three times historical levels, significantly impacting profitability and operational margins[128] - The COVID-19 pandemic has adversely impacted the company's operations, delaying raw material procurement and affecting sales and demand through at least the third quarter of 2022[124] Internal Controls and Governance - The company has identified a material weakness in its internal control over financial reporting, which could harm its business if not remediated[100] - The company is evaluating its relationship with Club Car and may seek a new business partner for selling products starting with the AYRO Z[123] - The company is exploring potential partnerships and acquisitions to enhance its competitive position in the electric vehicle market[167] Research and Development - Research and development expense decreased by $2 million, or 65.6%, to $1.05 million for the three months ended June 30, 2022, due to repositioning of expenses[154] Agreements and Contracts - The company has a manufacturing services agreement with Karma, with an initial payment of $1.2 million for assembly and logistics services[116] - The Karma Agreement was amended to allow Karma to assemble a certain number of units of the AYRO 411x vehicle, expiring in September 2022[117]

Ayro, Inc. (NASDAQ:AYRO) Q1 2022 Earnings Conference Call May 2, 2022 8:30 AM ET Company Participants Scott Gordon - Core IR Thomas Wittenschlaeger - Chief Executive Officer David Hollingsworth - Chief Financial Officer (Interim) Conference Call Participants Operator Ladies and gentlemen, thank you for standing by. Good morning and welcome to the Ayro Inc. First Quarter 2022 Financial Results and Corporate Update Conference Call. At this time, all participants are in listen-only mode. [Operator Instructions ...

Ayro Inc. (NASDAQ:AYRO) Q4 2021 Earnings Conference Call March 23, 2022 8:30 AM ET Company Participants Tom Wittenschlaeger - Chief Executive Officer Dave Hollingsworth - Chief Financial Officer (interim) Scott Gordon - Core IR Conference Call Participants Barry Sine - Spartan Capital Securities Operator Good morning and welcome to the Ayro Inc. fourth quarter and year-end 2021 financial results and corporate update conference call. At this time, all participants are in a listen-only mode. Should you need a ...