AYRO(US:AYRO)2023-03-23 18:37Financial 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]