Breaking Down Ayro, Inc. (AYRO) Financial Health: Key Insights for Investors

You're looking at Ayro, Inc. (AYRO) and seeing a company in a deep, high-stakes transition, and honestly, the numbers for the 2025 fiscal year show just how sharp that pivot is. The core takeaway is that the electric vehicle maker is burning capital fast to re-engineer its flagship product, the Vanish, but the revenue engine has stalled; Q1 2025 revenue came in at a stark zero, a massive drop from the $58,351 reported in the prior-year period. This isn't just a blip, it's a full stop on the old model, which resulted in a Q1 operating loss of $1.97 million.

Here's the quick math: with cash and equivalents sitting at about $12.81 million as of March 31, 2025, the company has a finite runway to get the new, US-manufactured Vanish into production and sales. Analysts are forecasting a full-year 2025 revenue of only $6 million and an Earnings Per Share (EPS) loss of -$0.74, reflecting the cost of this overhaul. The stock, trading around $7.08 as of mid-November 2025, holds a 'hold' signal, but that valuation is defintely banking on the successful execution of this new strategy. We need to break down what this capital burn is buying and if the Vanish can deliver the growth needed to exit this strategic restructuring.

Revenue Analysis

You need to understand that Ayro, Inc. (AYRO)'s revenue picture for the 2025 fiscal year is less about growth and more about a strategic reset. The direct takeaway is that reported revenue has been near-zero as the company intentionally paused production to re-engineer its core product, but the full-year outlook anticipates a sharp rebound.

For the first quarter of 2025 (Q1 2025), Ayro, Inc. reported a revenue of $0 million. That's a 100% decrease from the same period in 2024, but it's a planned outcome. The company is in a deep transition, having sunsetted its legacy Club Car Current vehicle and halted manufacturing of its new flagship, the AYRO Vanish, to implement significant re-engineering efforts. This is a tough but necessary step to lower manufacturing costs and improve unit profitability.

Here's the quick math on the historical trend: Revenue for Q3 2024 was only $5,426, which was already a massive 93.9% drop from the prior year. This shows the transition was already underway before the full manufacturing pause. Honestly, you can't analyze a 100% decline like a normal business cycle; you have to see it as a capital investment in future product quality.

• Primary revenue is product sales, specifically the Vanish.
• The new robotics division will start contributing soon.

The revenue stream is currently almost entirely concentrated in product sales of their Light-Speed Electric Vehicles (LSEVs). What this estimate hides is the significant shift in focus. In February 2025, Ayro, Inc. announced the launch of a new robotics division focused on AI-driven, automated manufacturing. This new segment is a clear signal that future revenue will be tied not just to vehicle sales but also to advanced manufacturing and potentially licensing of their modular payload systems, which are currently under development.

Still, analysts are projecting a 23.75% revenue growth for Ayro, Inc. for the full fiscal year 2025. That number is based on the expectation that the re-engineering of the Vanish will be completed, and production will ramp up significantly in the latter half of the year. If onboarding takes 14+ days, churn risk rises-and for Ayro, Inc., if the Vanish re-launch is delayed, that projected growth number evaporates.

For a deeper dive into the company's overall financial health, you should check out the full analysis: Breaking Down Ayro, Inc. (AYRO) Financial Health: Key Insights for Investors.

The entire revenue model is currently dependent on the successful, on-time re-launch of the Vanish. That's the one thing that matters right now.

Profitability Metrics

You need to understand Ayro, Inc.'s profitability in 2025 not as a traditional manufacturing story, but as a balance sheet restructuring play. The company's pivot from electric vehicles (EVs) to digital assets (StableX Technologies, Inc.) has completely distorted the standard profitability ratios, making them mathematically meaningless but financially telling. The core takeaway: the legacy EV business has functionally ceased operations, and the current financial picture is dominated by losses and non-operating gains from the transition.

For the nine months ended September 30, 2025, the company reported a total net loss of over $16 million, a clear sign of the ongoing cash burn from the legacy operations and restructuring costs.

Gross, Operating, and Net Profit Margins in Transition

When you look at the 2025 quarterly reports, the revenue figures-$0 in Q1 2025 and $0 in Q3 2025-immediately flag the operational shutdown of the core EV business. This zero-revenue reality means the standard Gross Profit Margin, Operating Profit Margin, and Net Profit Margin are technically undefined or infinitely negative, but we can look at the absolute dollar losses.

• Gross Profit: In Q3 2025, the company recorded a Gross Loss of $717,120. This loss, despite zero revenue, represents residual costs of goods sold (COGS) or inventory write-downs from the discontinued EV line.
• Operating Profit: The Q3 2025 Operating Loss was $3,533,640. This loss reflects the ongoing cost of running the business-salaries, rent, and overhead-without any sales to cover them.
• Net Profit: The Q3 2025 Net Loss was $2,758,238. Interestingly, Q1 2025 showed a Net Income of $2.728 million, but this was driven by a substantial $18.86 million in non-operating income, likely a one-time gain from the revaluation of liabilities or other financing activities, not from selling vehicles. That's a classic sign of a balance sheet cleanup before a pivot.

Operational Efficiency and Industry Comparison

The trend in profitability is a sharp decline to operational zero, followed by a strategic pivot. The shift is from a high-cost, low-volume manufacturer to a capital-deployment entity. You can see the cost-cutting measures in the Q1 2025 report, where General and Administrative expenses dropped from $3.06 million in Q1 2024 to $1.67 million in Q1 2025. That's a defintely necessary reduction, but it only slowed the burn.

Comparing the legacy business to the industry average is stark. The Auto - Manufacturers industry median Gross Margin is around 10.3%. Ayro, Inc.'s last-twelve-month Gross Margin was cited as a staggering (86,283.5%), reflecting the massive write-downs and negligible revenue of the EV business. The gap is enormous, which is why the company had to change its business model entirely.

Here's the quick math: with no revenue, you can't have a positive gross margin. Period.

The future profitability of StableX Technologies, Inc. (the new name) will not come from manufacturing efficiency, but from the returns on its digital asset investments, which it is targeting to acquire up to $100 million of. This is a new risk profile entirely. Before you dive into the specifics of the new strategy, it's worth reviewing the company's foundational goals: Mission Statement, Vision, & Core Values of Ayro, Inc. (AYRO).

Debt vs. Equity Structure

You're looking at Ayro, Inc. (AYRO) and trying to figure out how they fund their operations, especially after their major strategic pivot in 2025. The short answer is: Ayro, Inc. has virtually no traditional debt, but its financial structure is highly complex due to significant non-debt liabilities and a negative equity position. The company is overwhelmingly financed through equity-linked instruments and, more recently, a shift to a digital asset treasury strategy.

As of the second quarter of 2025, Ayro, Inc. (now operating as StableX Technologies, Inc.) had a total liabilities figure of approximately $22.3 million, but only a tiny fraction of that is conventional debt. The total traditional debt-primarily current and long-term operating lease obligations-was around $396,712. That's a very low number for a public company. The real story is in the non-debt obligations.

Here's the quick math on their key balance sheet items as of June 30, 2025:

• Current Lease Obligation: $234,376 (Short-term debt equivalent)
• Long-Term Lease Obligation: $162,336 (Long-term debt equivalent)
• Derivative Liability: $2,661,000
• Warrant Liability: $14,537,000

The company's debt-to-equity ratio is a challenging figure to interpret right now. With total traditional debt of about $396,712 and total stockholders' equity at a negative ($13,105,078) as of June 30, 2025, the ratio is technically negative, which means the company has an accumulated deficit that exceeds its contributed capital. This negative equity is a more serious signal of financial stress than a high debt-to-equity ratio would be. For a growth-focused company, a D/E ratio under 1.0 is generally seen as safe, but here, the equity cushion is gone.

The company's financing strategy is clearly focused on equity and equity-linked instruments, not debt. In the first half of 2025, the company's focus was on restructuring and then, in August 2025, announcing a pivot to a digital asset strategy with a target of acquiring $100 million in crypto assets. This move is entirely equity-funded, leveraging their cash reserves (which were around $43 million at the end of 2023) and new capital raises, not new debt. They have effectively no credit rating to speak of because they aren't issuing rated debt. The major liabilities are tied to financial instruments, like the $14.5 million in Warrant liability, which are commitments that could dilute shareholders, not traditional principal and interest payments. You defintely need to view this as an equity-driven, high-risk growth strategy, detailed further in our full post: Breaking Down Ayro, Inc. (AYRO) Financial Health: Key Insights for Investors.

This is a pure equity play right now. The next step is to monitor their Q3 and Q4 2025 filings to see how the new digital asset strategy impacts that negative equity figure and if the liability mix changes.

Liquidity and Solvency

Ayro, Inc. (AYRO)'s liquidity position has tightened significantly in 2025, moving from a comfortable cushion to a much leaner stance, which signals a critical need for their strategic pivot to succeed. The quick and current ratios show a sharp decline, and the company continues to burn cash from its core operations.

You need to look closely at their short-term health, as it dictates their runway. The company's Current Ratio, which measures current assets against current liabilities, fell from a healthy 2.20 in Q1 2025 to just 1.16 by Q2 2025. This means that by the second quarter, their current assets were barely covering their current debts. The Quick Ratio (acid-test ratio), which strips out inventory-often the least liquid current asset-mirrors this trend, dropping from 2.14 to 1.11 over the same period. Honestly, a quick ratio this close to 1.0 is a warning sign; it shows their immediate, highly liquid assets are just enough to cover their immediate liabilities. That's a tight spot.

The trend in working capital-the difference between current assets and current liabilities-is the real story here. The dramatic drop in both ratios points to an erosion of working capital, which is confirmed by the narrative that Ayro, Inc. is quickly burning through its cash reserves. As of March 31, 2025, the company had cash and equivalents of only $12.81 million. This cash position gives them flexibility to pursue strategic changes, but it's defintely not a deep well given their operating losses.

Cash Flow Statements Overview (Q1 2025)

A look at the cash flow statement for the first quarter of 2025 shows where the cash is going, and it's a typical profile for a growth-focused company in transition, but with high risk. Here's the quick math on Q1 2025, which is the most detailed data we have:

• Operating Cash Flow: The company utilized $1.47 million in cash from operating activities. This is the core cash burn from selling vehicles and running the business.
• Investing Cash Flow: Net cash from investing activities was a positive $21.98 million. This number is unusual and likely reflects the sale of assets or investments, not core capital expenditure, which can temporarily inflate cash.
• Financing Cash Flow: Net cash used in financing activities was $14.40 million. This outflow is primarily due to the repayment of debt or repurchase of equity, which reduces the cash balance.

The key takeaway is that the core business is still a cash drain, and the company is relying on strategic or non-core activities, like asset sales or new financing, to manage its overall cash position. You can read more about their pivot in the Mission Statement, Vision, & Core Values of Ayro, Inc. (AYRO).

Potential Liquidity Concerns and Strengths

The primary liquidity concern is the operational cash burn combined with the rapidly declining current and quick ratios. This suggests that without a significant and immediate turnaround in revenue from their core electric vehicle business-or a successful strategic pivot into areas like stablecoin technology-the company will need to raise more capital soon. The reverse stock split of 1-for-16 in June 2025 was a necessary corporate action to maintain compliance with Nasdaq's minimum bid price requirement, which is a symptom of underlying financial stress, not a cure. The strength is that they have no significant debt and are actively pursuing strategic alternatives to leverage their existing balance sheet. But still, the clock is ticking.

Next Step: Finance: Monitor the Q3 2025 10-Q filing for a further decline in the Current Ratio below 1.0, which would signal an immediate crisis.

Valuation Analysis

You are looking at Ayro, Inc. (AYRO) right now and asking the core question: is this stock priced fairly, or is the market missing something big? The short answer is that traditional valuation metrics are largely unhelpful because the company is in a deep transition, showing a negative Enterprise Value and zero revenue in Q1 2025. You need to focus on cash runway and execution of the new strategy, not just ratios.

As of November 2025, Ayro, Inc.'s stock price is around $7.08, which is a significant recovery from its 52-week low of $0.323 but still well below the 52-week high of $8.90. This volatility shows a market trying to price in a major business pivot, not a stable operating model. The company's valuation story is all about potential, not current performance.

The Challenge of Traditional Multiples

For a company like Ayro, Inc., which is focused on re-engineering its flagship product, the AYRO Vanish, and is in the early stages of a new business model, most standard valuation multiples are skewed or negative. This is a classic early-stage electric vehicle (EV) maker problem: high burn rate, low revenue. Here's the quick math on the key metrics for the 2025 fiscal year:

• Price-to-Earnings (P/E) Ratio: The P/E ratio is -0.09 as of October 31, 2025. A negative P/E ratio simply confirms the company is losing money (negative earnings per share), so it's not a useful tool for a buy/sell decision here.
• Price-to-Book (P/B) Ratio: The P/B ratio is reported at -0.16. A negative P/B ratio means the company has negative shareholders' equity (i.e., total liabilities exceed total assets). This is a serious red flag on the balance sheet, indicating a deeply distressed financial position, even if the stock price is above zero.
• Enterprise Value-to-EBITDA (EV/EBITDA): The trailing twelve-month (TTM) EBITDA as of June 30, 2025, was a loss of -$17.54 million. The Enterprise Value (EV) itself was also negative at -$7.48 million. While the resulting ratio is a mathematically positive 0.43x, you cannot rely on it; a negative EBITDA renders the EV/EBITDA multiple useless for comparison.

Stock Price Trend and Analyst Sentiment

The stock's movement over the last 12 months tells a story of extreme risk and a recent surge based on strategic news. The climb from the 52-week low of $0.323 to the current $7.08 suggests investors are reacting positively to restructuring efforts, like becoming a Tier One Supplier for General Motors in late 2024. Still, the 52-week high of $8.90 shows the stock has lost some of that initial momentum.

For the average investor, the most important takeaway is that Ayro, Inc. is not a dividend stock. The 2025 dividend yield is 0%, which is expected for a growth company that needs to reinvest every dollar. The analyst consensus is generally cautious, leaning toward a hold or accumulate candidate. This means the market isn't screaming 'Buy,' but it also recognizes the potential upside if the new strategy works.

Here is a summary of the key valuation figures:

The core risk is execution on their strategic pivot. They need to turn their zero revenue in Q1 2025 into a profitable revenue stream from the Vanish vehicle. If you want to dive deeper into the company's long-term vision, you should read about their Mission Statement, Vision, & Core Values of Ayro, Inc. (AYRO).

Your action item is simple: don't buy based on these ratios. Instead, look for evidence of operational success in the upcoming Q4 2025 and Q1 2026 earnings reports-specifically, positive gross margins on the Vanish and a clear path to positive adjusted EBITDA.

Risk Factors

You're looking at Ayro, Inc. (AYRO) right now, but you need to understand that the company you're analyzing has fundamentally changed its DNA in 2025. The risks have shifted from manufacturing electric vehicles to managing a massive strategic pivot into the stablecoin industry, which is a high-stakes move. This is a crucial distinction: the legacy operational risks are being replaced by new, volatile financial risks.

The core financial risk for the original EV business throughout most of 2025 was the going concern warning. The independent registered public accounting firm expressed 'substantial doubt' about Ayro's ability to continue as a going concern as of March 31, 2025, due to recurring losses and insufficient liquidity to fund future operations. This is the single most important financial red flag you can see in a filing. The company must raise additional capital, plain and simple.

• Financial Solvency: Must raise new capital to continue operations.
• Revenue Collapse: Q1 2025 revenue was zero, down from $58,351 in Q1 2024.
• Market Compliance: Nasdaq compliance deadline for the minimum bid price was set for July 14, 2025.

Operational and Financial Risks from the EV Business

Before the pivot, the company faced deep operational challenges, which led to the restructuring. The decision to halt manufacturing of the Vanish Low-Speed Electrical Vehicle (LSEV) for re-engineering caused revenue to drop to effectively nothing in the first quarter of 2025. This wasn't just a sales slump; it was a production stop. The prior year's revenue was already dismal at just $63,777 for the full year 2024, a sharp decline from $498,917 in 2023. That's a huge drop-off.

The company also cited supply chain disruptions and rising shipping costs as reasons for ceasing production of the older AYRO 411x model. This shows a vulnerability to external, global logistics issues that can cripple a small-scale manufacturer. Even with a strong current ratio of 6.55 in early 2025, suggesting good short-term liquidity, the cash reserves were described as 'rapidly depleting' because of the burn rate from operations.

Here's the quick math on the operational shift:

Strategic Pivot and New Risks (Post-August 2025)

The biggest risk is now the execution of the new strategy. In August 2025, Ayro, Inc. announced a name change to StableX Technologies, Inc., signaling a complete focus shift toward the stablecoin industry. This is an all-or-nothing bet. The new goal is to acquire $100 million in crypto assets.

The mitigation strategy for the old business was cost-cutting-operating expenses were cut by 74% year-over-year from Q3 2023 to Q3 2024-and a strategic partnership with GLV Ventures to re-engineer the Vanish for lower manufacturing costs. But the new strategy essentially abandons the core product for a high-risk, high-reward financial play.

The new risks are entirely different and defintely more complex:

• Regulatory Risk: The stablecoin industry is a regulatory minefield; new US legislation could drastically impact the value of their target crypto assets.
• Asset Volatility: The value of the acquired crypto assets, even stablecoins, is not immune to market panic or systemic failure in the digital asset space.
• Execution Risk: The company's management has a background in EV manufacturing, not large-scale digital asset investment, creating a significant knowledge gap.

To be fair, the company's Mission Statement, Vision, & Core Values of Ayro, Inc. (AYRO). must now be viewed through the lens of this radical transformation. The old vision is irrelevant; the new one is unproven. Your next step should be to analyze the management team's experience in digital assets to gauge the credibility of this new direction.

Growth Opportunities

You need to look at Ayro, Inc. (AYRO)'s future growth through two very different lenses now: a re-engineered electric vehicle (EV) business and a bold, late-2025 pivot into digital assets. The direct takeaway is that the company is fundamentally changing its business model, moving from a pure-play EV manufacturer to a hybrid entity, with a significant portion of its capital now earmarked for the stablecoin industry.

The original core business, low-speed electric vehicles (LSEVs), is still in play, centered on the AYRO Vanish. The company spent the first half of 2025 re-engineering the Vanish to reduce manufacturing costs and enhance unit profitability. This re-engineering effort is why the company reported $0 million in revenue for the first quarter of 2025, a 100% decrease from the prior year, as manufacturing activities were paused. That's a tough number, but it reflects a deliberate, if painful, transition to a lower-cost structure.

Here's the quick math on the EV side: Analysts anticipate sales growth of 23.75% for the current fiscal year, driven by the re-launch of the Vanish and new contract manufacturing opportunities. This growth is anchored by key strategic partnerships:

• Securing Tier One Supplier status with General Motors (GM) in late 2024, which opens the door to design and manufacturing projects beyond their own vehicles.
• The partnership with GLV Ventures for low-cost manufacturing facilities, which helps secure a 'Made in America' guarantee and bypasses trans-Pacific supply-chain headaches.
• A battery procurement agreement with Lithion Battery Inc. totaling $1,211,150 through 2025, ensuring a supply chain for the Vanish.

The company's competitive advantage in the EV space is the Vanish itself-a highly customizable, purpose-built vehicle for micro-distribution and last-mile delivery. They also launched a Robotics Division in February 2025, focused on AI-driven, automated manufacturing, which has already secured a first purchase order for high-technology EV chargers. This shows a defintely smart move to diversify their manufacturing capabilities.

But the biggest story in 2025 is the dramatic strategic pivot. In June 2025, Ayro, Inc. announced an expansion of its strategic alternatives review to include digital asset initiatives, specifically focusing on stablecoin technology. This culminated in a target goal, announced in August 2025, of acquiring $100 million in crypto assets in the stablecoin industry. In fact, the shift is so profound that the company announced a name change to StableX Technologies, Inc. in August 2025 to reflect this new focus.

This digital asset strategy is a complete game-changer, moving the company into a new, high-risk, high-reward sector. The move is backed by a strong cash position of approximately $15.4 million as of March 31, 2025, which provides the initial flexibility to pursue these new paths. What this estimate hides, of course, is the execution risk in a completely new industry, especially after reporting a net loss of $14.14 million in Q2 2025. The future of Ayro, Inc. is no longer just about electric vehicles; it's about becoming an investment vehicle in the digital economy. You can find more on the foundational philosophy here: Mission Statement, Vision, & Core Values of Ayro, Inc. (AYRO).

This table summarizes the two distinct growth tracks for your decision-making:

The next step for you is to analyze the stablecoin market and the specifics of the new investment strategy under the new name, StableX Technologies, Inc., because the EV business is now secondary to this massive pivot.