Ayro (AYRO) 11 Aug 212021 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Good morning and welcome to the AYRO, Inc.

Second Quarter 2021 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. recorded this call advised over is and also of of the the Participants is conference purposes. this being being Instructions] call that are audio internet [Operator playback for broadcast live webcast after end XXXX. hour of approximately November call the call be of will A available replay one through the XX, the

would I CORE the ahead, the Investor Company’s turn IR, Please sir. to go over Now, call to Relations like of Scott firm. Gordon

call. for Cole. Good conference morning in Thanks, you participating thank today’s and

from team Smith, and Financial leadership me Chief Executive Officer. President Joining Rod Keller, AYRO’s are Officer; Chief Curt

forward-looking During for including this call, results. management will or performance that be expectations making AYRO’s statements, address operational statements future

Forward-looking to involve cause and from may that actual differ statements results other those risks factors materially statements.

refer AYRO’s XX-K described in particularly For this evaluating EBITDA, measure, in that the conference to and the AYRO more the information most non-GAAP call accompanies financial statements its includes filed Form on risk press can in about useful filed reports be with AYRO’s call, performance. believes cautionary periodic SEC, please risks, that recently a Today’s factors release it. adjusted these

GAAP. You information consider this with or isolation a for not results in accordance in substitute prepared should as additional

information events circumstances this is turn required to over pleasure of update loss, For table disclaims now obligation the after of at go please www.ayro.com today, non-GAAP publicly reflect call. measure CEO, a available its call website by except its earnings the time-sensitive is Keller. financial August or this on in any law, revise financial contains my is ahead. reconciliation as Rod accurate press XX, Rod, GAAP under AYRO most occur to tab. It AYRO’s to see to as please of comparable located only net directly XXXX, call information reconciliation content The this measure, the that that release, or Investors any which to

Scott. morning, call. on everyone the Good you, Thank

progress accelerating significant EVs into commercial to quarter at we a vehicles second XXXX, of in During manufacturer volumes. advancing of continued make so the or doing electric AYRO and

before, about partner And numerous a talked utility upgrades and the with officially Management. safety companies of EV. and ideally in Car launch our efficiently low-speed and And Karma Element the and demonstrates for is over address built and generation and the innovative a it a suited universities, Current bring Fleet of our we’ve believe venues. major partners our EVs announced Club June, to Gallery to Current. our ability breed best and first truck features these through our like an the to purpose-built Car, of generation market. each we Automotive, is have partnerships ability AYRO, we with scale Club profitably. key infrastructure As role In world-class milestone comes ecosystem the it next for is campuses XXX that purpose-built And rapidly, This

to for transition China generation revenues previous consecutive Now, that our important the and facility six streak combined when at Current in of in Texas Car of led our initial the late by shipment this materials the facility, the quarter. revenue understand declining quarters with XXX to opposed being sequential our assembling of to and arrived as from the And $XXX,XXX, to California, in it’s second Club Karma’s Current raw growth. snapped unfortunately approximately manufactured it sequentially Austin, parts

our future or profile is sequential indicative future it the whatsoever our understand and emphasize for to the Current. revenue for no think AYRO critically investors However, me of of demand decline means by is that I for the to important

In fact, could one opposite. it’s say, just the

evaluated the at first of the Current’s are orders Car purchase Club fact, two launch, $X.X placed by following In total just a in months, million.

trucks with over agreements and is a anticipate strong In believe and Element, but approve only Gallery at XXX,XXX in vendors Club additional Club sell also and for commercial those vehicles seeing trucks. of and operating per looking incredible not XX% given estimate to is emission the to in Car, and need offer we the also serve currently also each we Current year future college that the to orders are Current, there an replacing, would the campuses, that just their vehicle demand which expenses customers. for Car vehicles outlets distribution footprint as have and We over effect each just Current light-duty the This traditional vehicle gas-powered of are advantages XX% and mention EVs. reduction the opportunity AYRO, annual not

anticipate bigger is we’re so campus and are with opportunity timeline. We Car vacuum. later target that not to and delivery significantly the talk are many it the with a will dozens expected Club stadium production market delivery with year, The the efforts our to names, next-generation that but for switch household Rather, the dozens the And competitive pursuing of discussions target which XXXX. is our our large about in me the we rollout Current. and we the are The let in in XXXX. of market won’t we reasons. last a done than this constant our anticipated markets, to in XXXX U.S. of Now, chains, soft mile restaurant XXXX restaurant often and being disclose this is commence restaurant vehicle we three-wheeled a introduction of reiterate $XX opportunity market billion expected and

drastically speaking restaurants, which for wrestle delivery with away control the Uber process food fast are looking ubiquity given the Eats about these delivery cutting and the in the vehicle the DoorDashes, these of Grubhubs they into are delivery of features from to The the days. We a the world, of are margin them of

proof Simply extensive wait to the and is all in relationships world’s the partnership purchase such fleet provides like. largest be storage XXXX, of negotiations Element customer generating other and the We key has as buyers, maintenance, execute has any support EV and a manufacturer on stated, today purchase with closing a cannot that as our in management and hopefully launch Our our and not pivotal the company ability the Current of facets partner the or strategy. to and lease, do to commercial well we can fleet some infrastructure our launch ability to market orders. comfort and believe

on a Vehicle returning President EVV. will so are inherent an to vaccination mass Electric resource EVV locations month to on Now, and The normalcy, level, be inclusive and Biden surge variant play The site. our with, moving desire and But a shift vaccinations country people closer away its mentioned greater a to going familiar be and encouraged to a in or in to recent we’re cycle ago, can given long centralized vaccinations from footprint distribution Vaccine eventually. having emphasis at at ability I’ve sales government simply all work already provide the feedback this, dealing as forward the agencies. About in the we’ve doing by continue received community a before, we’re homes small with the sites. announced ideal to to an world now, a with the the vital Delta the about role and when shows the EVV,

cash and that at we at of important it’s out the I’d in nearly point as to million the debt $XX had think zero QX like quarter end and well. the I end of Lastly,

Now Smith, Curt financial our that, who results. will to Curt? review turn with I’ll CFO, the over our call

good and Rod, you, morning, everyone. Thank

pandemic. expenses costs XX, June in during were an increase company in to increased as $X.XX period, and the ended well $X.XX of ended attributable million expanded the XX, vehicle, loss to costs January as increases. to as food XXXX. vehicles Revenue from XX, first increase same additional The these June June expenses quarter the expenses loss option XXXX Much of global financial in $X.XX increased to $XXX,XXX GAAP to initiated raw and development from quarter $X net for June June included expenses Gross our ended our Here’s due were XX, continue rose development XX, box increase offset expanded June to public marketing-related and quarter our research XXXX of surrounding an quarter the as to due in $X,XXX,XXX related suite corporate XXXX. next-generation as expenses. $X,XXX,XXX a to increased to versus were $XXX,XXX the XXXX XX, higher next XXXX in R&D General compensation XXXX. ended ended The primarily quarter aforementioned for well the in same $XXX,XXX drove $XXX,XXX, an second and to for sales quarter other for quarter summary the second of ended -- $X,XXX,XXX our higher professional partially was our trucks powered compared arising $XXX,XXX ended as expansion. a stockholders the quarter reporting related $XXX,XXX million compared increased for of June to to as quarter the to delivery loss for and $XXX,XXX XX, The XXXX primarily fiscal additional in we Total services largely Net $X,XXX,XXX XXXX. and an margin Club to additional expense sales and the sales we the was XXXX. expenses ended margin of total the ended delivery expenses increased engineering, imported XXXX, June period the materials same quarter of the were the quarter results. packages The administrative due during grew Gallery XXXX revenues XX, million XXXX. June China, for vehicle ended design ended decrease XX% for for a prices vehicle. XX, and our tariffs G&A general teams delivery expenses XX.X% time marketing research period was initiatives million in order due in was for develop requirements for XX.X% XX, marketing XXXX. over were of next-generation XXXX from of the increase as the administrative June January personnel well from vehicle our common support as an shipping XXXX additional was from expense to the for on Sales were as the to XX, ended in COVID-XX staff, of XXXX. tied increase gross percentage the to period Carts, in June XX, operating for increased half primarily operating development Vehicle stock-based in $XXX,XXX quarter operating the the our options. compensation cost due increase in The generation on for during percentage quarter sales to Car, design expenses basis XXXX XXXX and and and Research in expenses expense and from June

in Our be share ended XX, to GAAP for negative quarter XXXX stock EBITDA loss a amortization XXXX Adjusted $XXX,XXX compensation. XXXX. quarter I per the outstanding XXXX $X.XX million XX, expense, June the few quarter share depreciation quarter to shares June at XX,XXX,XXX included negative ended quarter ended of fulfilled EBITDA, common weighted and June XX, June June per in June next the our adjustments backlog XXXX versus the negative June XXXX. report for negative XXXX. the for ended of XX, per share was to the The a of was average as million ended $XXX,XXX XX, pleased XX, XX, as contracted versus stock-based net X,XXX,XXX for Adjusted months. a that, the over XX, $X,XXX,XXX, we $X.XX which shares $X.X and expect at XXXX was measure, am June was compared non-GAAP $X.XX

XXXX zero the registered position million at cash first to quarter The million, two at completed million XXXX XX, the net of at XXXX. direct debt and June the June XXXX. losses is was to $XX,XXX Turning $XX.X increase XXXX. versus offerings XXXX, in December by XX, balance as Total sheet. the Cash cash offset December a the to first of due compared in second in XX, at $XX.X was XX, $XX.X strengthened quarters

Rod Company XX, common remaining This to XXXX, turn and XX,XXX,XXX the any prepared our the for to had outstanding. As over concludes call remarks I’d remarks. of like June shares back

meaningful quarter, Thank With each you, EVs. of to come of Curt. sales commercial passing closer volumes we

of important quarter an the our Current. one this given of launch XXXX The Car Club regard, in second was

within more two received even issued additional million. the the revenues we expect saw of order release to purchase We eager future we’re market increase of restaurant the we our that next months I Car in second a Current delivery year. and hope XXXX an launch to many from the yesterday quarters, into $X.X press you Club

our our scalable, ensure Gallery, ecosystem with like sales and corporate build manufacturing our we footprints help We’re reach can Club the rapidly and I to the And the accomplishments and fleet support. continuing Management. partners, sharing that thank And to we developments like Element that to that and can I’d customers shareholders with call operator, think, commercial for are I our Operator? that, of begin Fleet all the enterprise additional our their they so forward I’d over to question-and-answer Car, to unfold. look like and back session. as turn to

first will Securities. with Sine Barry today Please question from [Operator Instructions] Spartan come And ahead. Capital our go

you couple morning, of if questions, please. A Hey. Good mind, gentlemen. don’t

little and a I’m million reported bit million. statement. about detail G&A on to line First the you line income about on out to bit, the a both called more hope of $X the all, expenses get little R&D going the $X and Curt, looking at you

could on And kind And you if But, visibility, two of us out could you more numbers? those R&D to in what’s of a know each that out how much If some what’s I broken non-cash reconciliation. understand of driving of much a with called give was know, is was I in you little bit and Curt, give stock-based how breakout was that of us EBITDA compensation. in going that help rough your G&A those?

hear to Good Barry. you. Sure, from

last the via R&D side, on based as obviously, of on XXth public merger we know, you year. all -- May On reverse went

XX, a vehicle. private obviously as able XXXX to development next before the June six XXXX, was company of months were ended the we generation So, start delivery

which -- of XXXX would first to the and very the the to -- of the XX% entire balance majority vehicle, much, or next for say the XXXX is XX% XXXX that is So, on half working increase development R&D -- in been of -- I of tied generation of XX% of development of the that we’ve the design start here.

the we’re be going yes, talk obviously, oranges then, side, lion’s comparing on to that’s G&A of a a company for of So, that. lot the to when private majority that. first stock-based were And company whereas Again, first almost we of of -- question the your of public XXXX. apples about in we share is compensation. the a half half on Because that the XXXX, it’s the

the a the you comp a as So obviously, the legal on know, all audit our we professional obviously the is obviously fees, factor the as for here. stock-based lot is the that first well which of of more there. months the first incur stock a year, went through in Anyway, standard like well price Obviously, of more the year, that XX-K much as quarter involved year -- a previous during we as the public company for so. differences six than first first that’s major quarter of

of for quarter, R&D the will And per quarter two quarters or are higher? and numbers that $X G&A for expect we see $X what year? per indicative next two the for of million those we might trend roughly million

and it’s be first half I pretty now That’s pretty -- to half. going think indicative the from between second to close. the

Okay. And of helping revenue the rest then, just year. the on couple visibility us questions a understand of for

us I’m I these want clues, So, sure correctly. interpreting all you’ve and a to given couple of make

Club So, in for number one, orders Current. $X.X million the Car have we

but June -- that million $X.X XXth. of backlog mentioned You was at

doesn’t presumably quarter. that include So, second a

be chain expected ship there facing to I not globally, period. You know you. also mentioned everybody that would just six-month are a constraints over And supply

what’s the get course prospect releases, announcements we additional minds, about, press how release, we in two out that might And we you So, reported? the top should talked the think during press then, see perhaps that about that see of shipped long being might a additional, our of on when XXXX?

was Element Yes. to that That themselves. Current. not is or that we million The one they PO Management we Yes, incremental QX, the for visibility Club reflect Fleet it Car does -- they the orders does we that Barry. that that created Club the got order that Rod. $X.X any Carts. any Good million demand for Car had Club addition June Gallery that in got, $X.X This the for see incremental from might question, from we new from purchase reflect in with that nor purely you’ve seen, was would demand Car, demand initial

So, Car get to from to nothing Element, their some fairly though of are closely even working has Club healthy to now them we we units through with, forecast. a But, Element demo just key shipping customers. Element are

company Club management formerly GE. vehicles One world. largest of They about Element, world, one companies largest of XXX,XXX a part the the know, the e-commerce is as with nice you different things manage fleet the in and versus approach Element the of Car, in

they it’s vehicles, or five know when I vehicles. think not an opportunity, find we are. hundreds who of it’s four And they

again, Gallery So, Club from nor see Car -- million, not it reflect $X.X Carts. see we or Element will does this likely -- demand from demand it’s in it that does any one, QX, reflect any

one last the and That did listening surpassed million on the the for is we did did $X.X head. point all And million So, all of far year. interesting These hit nail of orders year. you what I $X.X think last all two was of I investors think we last what of we year.

how is of pole challenge long which course, to ensure and do we -- all we is, working Our batteries. to support lithium do ample the the we’re this, have of right in is that that now tent supply

we’re a our now right working is optimistic, we’re and So, supply chain, with challenge. that but it

now manufacturer every think get share own batteries. lithium fair in is world trying of the to right their EV I

thing. one Hey Barry, correct let want to I me or clarify --

R&D, state spend side? steady a uptick and bit of the course the do state be R&D G&A the of On yes. little to expect about would the that expect to -- year. steady be rest G&A side, that on we I question previous Your over the to

clarify wanted that. just So, to

important But note, But -- Barry, and is that a that on uptick of development function R&D I it’s this. purely to XXXX. I think at think, also Curt comment in

near to of come down, and that course. mass we will that go we completion production, As R&D number of

If revenue I can on you down kind of bit and little more visibility. try pin a

So, XQ. those orders not that indicative are of you mentioned

is expect like thought And Car million course would $X.X dealer to So, additional talked about the saying you orders an And you’re that sounds XQ. go out Gallery Element. Gallery Club from of it get then, and themselves you through. also a Element during I

those orders would correct? additional be orders as a of Club result So, two Car any

Well, are. actually, all of them good. it’s Yes,

the this know their all you though For Even is building Gallery Barry, they a They Car may listeners, is, platform using vehicles. yes, primary solution. as a some. Car vehicle, the dealer. demand. hospitality but dealer, their is Club That business little are create they the Club yes, Car a than a Current for have XXX the the better But Club mobile

has Club all rights of that flows course, volume now Car Gallery of resell highlight the see Car, the dealer to a I is of you’re it when volume say, exclusive traditional right, I volume, Gallery. to -- and Gallery’s because, It’s them include generated Element but authorizing when but brand through any because Club Element typical through Current. -- Car has a a that So, the both doesn’t contract volume being Club you Club new would by Car Club with dealer. it’s Car Car, it, on Gallery being not Club

the just on then all that’s that $X.X and And XQ? timing million,

are function it, purely to a It’s how of of our this. ability supply. be in lithium getting for you got successful a get demand it tell We’ve will battery function will additional supply. we but the I No.

XXXX, but those us then, of put start clues, together. on to you couple I want Okay. gave And the a to

launch So, you in XXXX. soft about talked a

not until December through XXXX. assume until December that on and in which wait production that then I midnight XXXX goes again, And XXst, So, then, going to you’re goes XX.

$X assume in talked of that it’s you to not Curt was million be I going XX% develop spending mentioned also to -- capital late. So, about the that vehicle. your that And about

R&D do mockups? driven? I in where are somewhere mean, paper still just other as there Where that actually one exist are CAD/CAM actual Does or we vehicle? lab are So, one or on that being sketches process? drawings we you an development in have

question. Good

So, me this. let start with

it Our expected before production, it’s all Anything be after attention, but Thanksgiving. launch know. to we our launch mass of hard anybody’s of it, get as will not Thanksgiving,

Thanksgiving. will it So, before very be likely

halfway We’re about development. through

automotive are firms engineering We of in working one world. the with the preeminent

negotiating them. But, parallel We’re in will contract, event. sign once that while be that work we our an we with X-K

we’ll that. So, announce

You asked part there another -- was of question. that

Barry. Ask me again,

Do have we? do it we paper there are has been is CAD/CAM, where vehicle, driven? sketches, a have So, just we

we’re in can part customers will QX trying could these looking to to engineering of to I QX. some and with partner feel the to deliver of in some automotive let council have of and that be customers, for plan test large customers our what hopefully key chains of look So, them to able prototypes about That’s at. that vehicle. at, take partner, take these advisory late focus some see our are them of is we our because vehicles touch, our talk and actually our actually I wish experience the prospective quick-service restaurant

yes, we’re beyond well drawings. sketches and definitely So,

far We beyond. are

And working that. things Barry, They’re -- like have your on very to we we that static some test ergonomics, mockups. where also finish, to it like static question,

point. this those shrouded at well So, are

but you great. up to bit million cash. That’s cash in question, EBITDA million. last visibility. R&D in the just That’s more My million a levels. we was about a be Okay. with talked XQ ended Negative from roughly And -- under lot static, is $X $XX $XX.X going quarter G&A

unit of us? that a mean, on So, I shipments profitability, in that fully developed both to Could remaining volume cash XXXX, and getting does of the funds XXXX. the and current comment unit pretty you based Hopefully cash, where shipments getting on of amount sizable that’s the get to that? -- cash

cash balance, XXXX. should flow course It’s QX us that current positive and to Well, by Barry. Sure, get speed Curt. Yes. that cash

our on So, the that should get turn to us own. corner can where we

much. nice know Thank Okay. didn’t that. very That’s a you surprise. I

with Aegis Capital. from ahead. Please Harold Weber And our will next question come go

way amount in morning, would say the product month. Club you order indicative a regard other orders, $X token ramping? to the guys. Hi. somewhat this is is of In Car X, every I the million getting mean, the Good of

So, going I is out understood that basically It correctly, further you’re to that from planning extrapolate demand I channel. more that issue. a year, is supply right? to from it that feasible be guess, you might deliver getting that like depending feedback increasing, if stuff battery on is the anything seems that? And this reasonably on, biggest Is developing

And Because, tell Yes. signed March our contract, we you difference. agreement our I’ll XXXX. of the with Club Car in

primarily to they’ve since with And commercial XXXX, a was and own had gotten generation next familiar been the So, And difference the candid, It they X.X it the Club It be skeptical. their or it’s We been a the of it as Club they of could made over more channel. them that feature that years the that, many Club their now. features sold as sold, convincing is. it vehicle this not many and to a of think And vehicle is, spent first almost $X roughly The vehicle dealer exclusively. carts. new golf but it a million but Car changes request of has significantly Car vehicles exclusively channel dealers, Because development a in and business was result not channel and in took Car license influence design, I it. originally design, influenced of utility that mention, this it. vehicle. were little it we some

be bringing are quite Car yes, to years if change now, for But and And seeing a our Element’s into to we’re But demand. now, to them. a bit like. So, where rather I And you not significant of with reach supply this then to But, mention, trying a of the out it, in I demand. optimistic demos much was the for looking continue now. again, opportunities, them. I’d volumes we’re right situation two Club to I’m grow very will some get chasing that half right significant, to you tell us, encourage

developing Can about going fact you between question. owned transparency just it? Car on to forward, the do another now you that more and Club different talk in Rod, has comment to us some by that relationship’s regard entity a want become

Yes. That’s good question. a

umbrella the of we did stayed any restricted wins It ago. very And didn’t the they time they seen the want Equity. know fact, to like seen about excited All it. had how not weeks a bigger because it or were run want on was CEO with might now. is quarterly some why that. In is, Ingersoll very Ingersoll to never they -- so thought And of and Rand. I’ve great The of I’ve they I Platinum not any They’re didn’t are got do autonomously. not gone before them a reason is, example Rand place things They reason they review umbrella, about when never communicate they we under their competitor. he that to They’re if And why under had had that initially, do. could a five in leadership to happy. the with and win, four it. telegraph Ingersoll a to business they communicate that’s of were were part because every allowed answer nothing management now to company, it. the wins Rand a question, And

good. but came it nothing out of that good all it’s So, transaction. as There’s

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different on hope someone’s in approach what way a same we I the I is think public selling unlocked here, terms plans, I within But a do company put Thanksgiving, one fall, I’ve in we’re as XX called time. mentioned what light-duty opportunity grocery function XXbX-X I other is we’re our this compensation, it’s ago. restaurant the I And spring and think the when growth I stage the a agree, were to companies where tell we’ve I back love being that will advantage I some healthy And little I that until even I’ve doing tell period is, say the for and got you’ll of to were part of I’ve I for in and And or place took we ever, be and over that employees, as that think been months. with that companies, that and announce did what and And any you up, we be what begin you, than this opportunities Club industries career. place those were we better early, say for they’re think I in We’ve I have, when we it that’s and to then electric in If see it’s going the are only at candid. never released, a the the asking, know And I may because the nicely the and myself taking earlier locked investment sell tell is, because You XXXX. XXbX-X company members than completed substantive bullish in we that’s you we’re think diversify filed and you will executives locked though I more to of time, years very we’re up I next-generation zero. reverse it and before, before, a no the the we excited plan choose we restricted delivery, you. we seeing remarks worked those the I know I of to all a a important. farm a like I seen as truck, will approach couple material team that, a in helps XX shares I in many And of very say don’t things in any them And I are we’re next anybody. with about on Curt period from time to and of going took many of portfolio. May first and like as that months early are many of discipline And we we of and of XXth, shares think But delivery announcement any game-changer. XXbX-X when mean, growing hear Board, filed, of merger you Car later do there a as said very, doing that the us, this relationship been see us disruptive to we biggest embellishment. today. Current, said positioned very quite years. it’s our here be year, and -- we’re we

as I’ve good this and -- opportunity understands. I bullish am been ever as this everyone excited hope and company, I’ve had about opportunity, I any some ones. about So,

back for Rod the conclude session. [Operator question-and-answer any like remarks. turn the of conference Keller Instructions] I’d This will our to closing

us I are I Have much report talked where about very quarter participating sharing call. on very day. good. thank wonderful Thank was I I your a today, about and And you very Thank but on our to want of or much look forward in results third thank all to one, in to to more sincere again. when we your you. November. when AYRO. And our quarterly where us you forward you again next interest for in today’s interest speaking conference, for going. AYRO. look importantly listening we in I investing for Very you we’re to our progress

conference Thank The attending today’s for you is presentation. concluded. now

this all your at time. disconnect may lines You