AYRO Clocks 83% Revenue Growth In Q2

AYRO Inc AYRO reported a second-quarter revenue increase of 83% year-over-year to $0.52 million.
Net loss deepened to $(7.66) million versus $(1.53) million last year.
The gross margin contracted 1054 bps to 17.54%.
Loss from operations widened to $(7.68) million, compared to $(1.05) million a year ago.
AYRO's cash used in operating activities year-to-date of $7.68 million, compared to $2.72 million a year ago.
Adjusted EBITDA loss increased to $(5.89) million, from $(0.68) million last year same quarter.
The company's contracted backlog at the end of the quarter was at $1.8 million.
AYRO's total cash stood at $87.9 million at the end of the quarter.
The company received purchase orders valued at $4.9 million for the Current from Club Car in the first two months after the launch.
Price Action: AYRO shares traded higher by 1.18% at $4.27 on the last check Wednesday.

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