Ayro, Inc. (AYRO): History, Ownership, Mission, How It Works & Makes Money

Ayro, Inc. (AYRO) is a fascinating case study in strategic pivots, but how does a company with a market capitalization of just $5.42 million (as of October 2025) carve out a niche in the massive electric vehicle (EV) market? You might look at the Q1 2025 financial reports showing zero revenue and think the story is over, but that figure hides the massive cost restructuring that helped deliver a net income of $845,011 for the quarter, a significant turnaround from the prior year. This kind of volatility is why understanding their core mission-delivering purpose-built, low-speed electric vehicles (LSEVs)-and their new Tier One Supplier status with General Motors is defintely critical right now.

Ayro, Inc. (AYRO) History

You're looking for the origin story of Ayro, Inc., and it's less a straight line and more a strategic pivot built on a reverse merger. The company you see today, focused on purpose-built, low-speed electric vehicles (LSEVs), is the result of a deliberate evolution, not a typical startup launch.

The core takeaway is this: Ayro, Inc. transitioned from an early-stage electric vehicle (EV) concept to a publicly traded entity in 2020, and its 2024-2025 focus has been a radical cost-cutting and re-engineering effort to make its flagship product, the AYRO Vanish, commercially viable. That's the whole story in a nutshell.

Ayro, Inc.'s Founding Timeline

Year established

The foundational concept began in 2017 with the founding of Austin Electric Vehicles, which later became AEV Technologies, Inc. Ayro, Inc. formally began trading publicly on the NASDAQ in May 2020 following a reverse merger.

Original location

The company established its headquarters and manufacturing presence in Round Rock, Texas.

Founding team members

The current public company emerged from the merger between AEV Technologies, Inc. and DropCar, Inc. Key figures involved in the transition and early leadership included executives from both entities, with Rod Keller later taking the CEO role to steer the EV strategy. More recently, the management team was strengthened in late 2024 with the addition of Gilbert Villarreal as President of the operating subsidiary and Joseph Ramelli as the new Chief Financial Officer.

Initial capital/funding

Post-merger, Ayro accessed public markets for capital. The company has raised a total of $3.27 million in funding over four rounds. Critically, the latest funding round was a Post-IPO raise in August 2025 for $7 million, showing a continued dependency on external capital to fund its transition and production ramp-up.

Ayro, Inc.'s Evolution Milestones

Ayro, Inc.'s Transformative Moments

The company's journey is marked by a few transformative decisions, mostly centered on achieving cost efficiency and product focus. For a company still in its commercialization phase, these pivots are defintely make-or-break.

• The Reverse Merger (2020): This move was fundamental, bypassing the traditional IPO route to quickly secure the capital needed to fund EV development.
• The Vanish Pivot (2023): The decision to focus all efforts on the AYRO Vanish, a configurable utility LSEV, streamlined R&D and manufacturing, moving away from a multi-product portfolio.
• The Cost Restructuring and GLV Partnership (Late 2024): This was a critical financial move. Operating expenses dropped a massive 74% from $6.1 million in Q3 2023 to $1.6 million in Q3 2024. The partnership with GLV Ventures was specifically aimed at re-engineering the Vanish to reduce manufacturing costs and enhance unit profitability.

Honestly, the 2025 financial results show the impact of this transition. For Q1 2025, the company reported $0 revenue due to pausing manufacturing for the Vanish re-engineering, but it achieved a net income of $0.85 million (driven by non-cash changes) and significantly reduced its operating expenses to $1,973,552. This highlights a company betting its future on a lower-cost, higher-margin vehicle. To understand the full financial picture, you should read Breaking Down Ayro, Inc. (AYRO) Financial Health: Key Insights for Investors.

The next step for you is to monitor their 2025 full-year revenue, which analysts anticipate will grow by 23.75%, to see if the Vanish re-engineering pays off.

Ayro, Inc. (AYRO) Ownership Structure

Ayro, Inc. is a publicly traded company on the NASDAQ, but its ownership structure is currently undergoing a significant shift following its strategic pivot to the stablecoin industry in mid-2025 and the subsequent name change to StableX Technologies, Inc. This means control is distributed among institutional funds, company insiders, and a large public float, though a recent major investor has taken a substantial stake. Understanding who holds the shares shows you where the decision-making power rests, which is defintely important when a company is in the middle of a major business model transformation.

Given Company's Current Status

The company is a Publicly Held entity, trading on the NASDAQ under the ticker symbol AYRO, which was set to change to SBLX in August 2025 to align with its new focus on digital assets and stablecoin infrastructure. While the company previously focused on manufacturing electric vehicles like the Vanish, the new strategy involves acquiring and developing stablecoin assets and related technology. This pivot is reflected in the company's financial state, which included a cash position of approximately $15.4 million as of March 31, 2025, providing financial flexibility for the new strategic direction. One key action taken by stockholders in May 2025 was the approval to increase the authorized shares of common stock from 200 million to 1.2 billion, a move that provides capital-raising flexibility but also signals potential future dilution.

If you want to dive deeper into the new strategic direction, you can read the Mission Statement, Vision, & Core Values of Ayro, Inc. (AYRO).

Given Company's Ownership Breakdown

The ownership breakdown, based on the most recent available data from late 2024 and early 2025, shows a significant portion held by the general public, but with a substantial concentration among insiders and a few key institutional players. Here's the quick math on the major shareholder types:

This structure means that while retail investors hold the majority, the 17.57% insider stake gives the management and board significant control over voting matters. Also, Diveroli Investment Group acquired a notable 9.9% stake in August 2025, reflecting a major individual investor's confidence in the new stablecoin strategy.

Given Company's Leadership

The leadership team steering Ayro, Inc. through its business model transformation is a mix of long-time executives and new appointments focused on the strategic pivot and financial rigor. Key leadership roles as of November 2025 include:

• Joshua Silverman: Principal Executive Officer and Executive Chairman. He has been instrumental in driving the company's strategic shift toward stablecoin-related investments.
• Joseph Ramelli: Chief Financial Officer (CFO). Appointed in August 2024, his focus is on managing the balance sheet and improving financial rigor, which is critical given the trailing 12-month revenue of only $5.43 thousand as of June 30, 2025.
• Gilbert Villarreal: President of AYRO Operating Company. Also appointed in August 2024, he was brought in to re-engineer the electric vehicle segment for lower cost and higher profitability, though the company's main focus has shifted.
• James Altucher: Digital Treasury Asset Manager. Appointed in August 2025, he spearheads the new initiative to acquire $100 million in crypto tokens related to stablecoins.

The board of directors, elected in May 2025, also plays a crucial governance role, overseeing the dramatic change in the company's core business. The clear action here is to watch how the new Digital Treasury Asset Manager executes on the planned $100 million investment.

Ayro, Inc. (AYRO) Mission and Values

The core purpose of Ayro, Inc. has undergone a radical shift in 2025, moving from sustainable electric vehicles (EVs) to digital assets, specifically stablecoins. This pivot, which included a name change to StableX Technologies, Inc. in August 2025, reflects a new mission focused on capturing value from the rapidly expanding stablecoin ecosystem.

You need to understand that the company you're analyzing today, Ayro, Inc., is now fundamentally a FinTech investment vehicle, not an EV manufacturer. This change followed a period of challenging financial performance in the legacy business, where Trailing Twelve-Month (TTM) revenue as of June 30, 2025, stood at just $5.43K (or $5,430) with an EPS of -$57.36. That's a clear signal for a strategic overhaul.

Given Company's Core Purpose

The company's cultural DNA is now rooted in the principles of decentralized finance (DeFi) and institutional-grade digital asset management, replacing its former focus on 'The Art of Sustainability' in low-speed electric vehicles (LSEVs). The new strategy targets up to $100 million in strategic token acquisitions.

Official mission statement

The current mission is a direct reflection of the August 2025 strategic realignment toward the stablecoin industry, aiming for financial growth in a high-growth sector.

• Focus on the acquisition and development of stablecoin assets, infrastructure, and related technologies.
• Deliver sustainable long-term returns by capitalizing on the expanding role of stablecoins in global commerce and finance.
• Prioritize building a diversified portfolio of stablecoin-related assets and platforms.

Honestly, the old mission was about reducing carbon footprints; the new one is about maximizing returns from digital asset infrastructure.

Vision statement

The vision for StableX Technologies, Inc. (the new name for Ayro, Inc.) is to establish itself as the premier public-market vehicle for stablecoin exposure, taking a 'picks and shovels' approach to the industry.

• Build a highly differentiated, token-based portfolio that not only tracks, but helps power the growth of the global stablecoin industry.
• Position StableX as a key player in one of the fastest-growing segments of the digital asset market.
• Capture value through stablecoin infrastructure tokens, yield-generating assets, and long-term capital appreciation.

You can see the commitment to this new direction in their recent actions, like the October 2025 acquisition of Chainlink (LINK) tokens, a key decentralized oracle network, to secure their portfolio. For a deeper dive into the financial implications of this massive shift, you should read Breaking Down Ayro, Inc. (AYRO) Financial Health: Key Insights for Investors.

Given Company slogan/tagline

The company's new identity is defined by its investment thesis, positioning it as a unique entry point for public investors into the stablecoin space.

• The First Pure-Play Multi-Token Investment Strategy in Stablecoins.

This tagline is defintely a statement of intent, clearly marking the company's territory as a specialist in the digital asset space.

Ayro, Inc. (AYRO) How It Works

As of November 2025, Ayro, Inc. (AYRO) has fundamentally pivoted its business model from designing and manufacturing electric vehicles to operating as an investment company focused on digital assets, specifically stablecoin technology, under the new name StableX Technologies, Inc. This strategic shift, announced in August 2025, means the company now generates value not from vehicle sales but from managing a treasury of crypto assets and investing in the stablecoin ecosystem.

Given Company's Product/Service Portfolio

The company's product portfolio is now split between its legacy, paused electric vehicle (EV) business and its new core focus on digital asset management. This transition followed a period where the EV manufacturing activities were halted for re-engineering, resulting in zero revenue from vehicle sales in Q1 2025.

Given Company's Operational Framework

The current operational framework of StableX Technologies, Inc. is centered on a financial strategy rather than a manufacturing supply chain. The company's value creation process is now about capital allocation and risk management in the volatile digital asset space, not vehicle assembly. Honestly, this is a total change in business DNA.

The operational process involves using the existing cash reserves-which stood at approximately $12.81 million as of March 31, 2025-to acquire digital assets, primarily tokens that support the stablecoin industry. This approach aims to capitalize on the growth of decentralized finance (DeFi) and the stablecoin market. The company's financial reports show this pivot is already impacting the bottom line, with Q1 2025 seeing a net income of $845,011 due to cost reductions and non-operating income, despite the lack of sales revenue.

• Capital Allocation: Deploy capital into a diversified portfolio of stablecoin-related crypto assets.
• Risk Management: Partner with institutional-grade custodians like BitGo to secure the digital asset treasury.
• Investment Focus: Execute a pureplay strategy by investing in multiple tokens that represent the foundation of the stablecoin industry.
• Cost Optimization: Maintain the significantly reduced operating expense structure achieved during the EV transition phase.

Given Company's Strategic Advantages

The company's strategic advantages now lie in its financial flexibility and its early-mover status in dedicating a publicly-traded entity to a stablecoin investment thesis. This pivot allows them to bypass the high capital expenditure and supply-chain complexity that plagued the EV sector.

• Liquidity Position: A strong current ratio and a cash position that allows for immediate execution of the digital asset acquisition strategy without immediate external financing pressure.
• Agile Pivot: The ability to quickly shed the high-cost manufacturing model and transition to a capital-light investment model. This was defintely a necessary move.
• New Management Focus: A revamped management team focused entirely on improving profitability and seeking new financial opportunities, rather than navigating complex automotive production.
• Clear Thesis: Offering investors a direct, focused exposure to the stablecoin infrastructure growth, which is a niche opportunity in the public market. You can read more about their original ethos here: Mission Statement, Vision, & Core Values of Ayro, Inc. (AYRO).

Ayro, Inc. (AYRO) How It Makes Money

Ayro, Inc. makes money by designing and selling purpose-built, low-speed electric vehicles (LSEVs) like the Ayro Vanish to commercial fleets, campuses, and last-mile delivery services, but its 2025 financial engine is in a radical and complex transition, pivoting toward automotive contract manufacturing and even digital asset strategies.

The company's traditional revenue model is a pure product sale of electric utility vehicles, but due to a strategic pause for re-engineering the flagship Vanish model, revenue from vehicle sales was $0 in the first quarter of 2025. This means the business is currently generating revenue from its newer, non-core initiatives, or it is operating on its cash reserves.

Ayro, Inc.'s Revenue Breakdown

To be clear, the trailing twelve-month (TTM) revenue for Ayro, Inc. as of June 30, 2025, was only $5.43 thousand, which is almost entirely from legacy product sales. This table reflects the company's strategic revenue streams as of November 2025, showing the shift away from a single, paused product line.

Business Economics

The core economic model revolves around the sale of the Ayro Vanish, a vehicle priced in the $25,000 to $45,000 range, depending on the configuration. The pricing strategy emphasizes a lower Total Cost of Ownership (TCO) for fleet customers compared to traditional internal combustion engine vehicles, which should drive long-term demand.

• Cost Efficiency Pivot: The company's main focus in 2025 is a complete re-engineering of the Vanish to drastically reduce manufacturing costs and enhance unit profitability, which is essential for any hardware business.
• New Contract Business: Achieving Tier One Supplier status with General Motors (GM) in late 2024 is a massive shift. This opens up a new, potentially higher-margin revenue stream: using their Texas facilities for contract manufacturing and engineering services for a major Original Equipment Manufacturer (OEM).
• The Stablecoin Factor: In a highly unusual move for an EV company, Ayro, Inc. announced a name change to StableX Technologies, Inc. in August 2025 and a strategic focus on the stablecoin industry. This suggests the company is seeking to generate revenue and value through investment in digital assets, a radical diversification that may overshadow the core EV business.

Here's the quick math on the operational challenge: while the company's Q1 2025 net income was a positive $845,011, this was entirely due to non-cash accounting changes, not actual sales, as the Loss from Operations was still $(1.97) million.

Ayro, Inc.'s Financial Performance

The financial performance as of the first half of 2025 reflects a company in a deep, costly, and high-risk strategic transition. You're looking at a business spending money to reinvent itself, defintely not a steady-state operation.

• Net Loss: The net loss for the second quarter of 2025 was $14.14 million, a significant widening from the prior year. The net loss for the first six months of 2025 totaled $13.3 million.
• Cash Position: As of March 31, 2025, the company reported $12,818,283 in cash and cash equivalents. This liquidity is critical to fund the Vanish re-engineering and the ramp-up of the new contract manufacturing and digital asset initiatives.
• Cost Control: A positive sign is the significant reduction in operating expenses, which dropped by 74% from $6.1 million in Q3 2023 to $1.6 million in Q3 2024, showing management's focus on streamlining costs during the pivot.
• Per Share Metrics: The basic loss per share from continuing operations for Q2 2025 was $29.87, reflecting the substantial losses relative to the share count following a reverse stock split.

The future financial health of Ayro, Inc. hinges entirely on whether the new, cost-reduced Vanish can achieve high-volume production and whether the GM contract manufacturing and stablecoin ventures can quickly begin to generate material, high-margin revenue. You can dive deeper into the sustainability of these moves here: Breaking Down Ayro, Inc. (AYRO) Financial Health: Key Insights for Investors.

Ayro, Inc. (AYRO) Market Position & Future Outlook

The company, now operating as StableX Technologies, Inc. (NASDAQ: SBLX) following a major strategic pivot in 2025, has abandoned its electric vehicle manufacturing to become the first publicly-traded pure-play investment vehicle focused on the stablecoin ecosystem. Its future outlook is entirely tied to the success of its new digital asset acquisition strategy, which targets up to $100 million in foundational crypto-infrastructure tokens.

Competitive Landscape

StableX Technologies is not a stablecoin issuer like its largest peers; it is a specialized investment fund. Its competitive positioning is defined by its ability to generate returns from the infrastructure supporting the stablecoin market, which crossed a total capitalization of over $300 billion by October 2025.

Here's the quick math: StableX's planned $100 million portfolio relative to the total stablecoin market cap of over $300 billion gives it an initial exposure-based market share of roughly 0.03%. This is a niche, high-risk, high-reward approach.

Opportunities & Challenges

The company's pivot to digital assets maps near-term opportunities to the rapid institutionalization of crypto, but it still faces significant legacy and market-specific risks.

Industry Position

StableX Technologies, Inc. is positioning itself as a unique, publicly-listed gateway for traditional investors to gain exposure to the stablecoin growth story without holding the stablecoins themselves or the volatile major cryptocurrencies like Bitcoin.

• Niche Focus: The strategy is to invest in foundational tokens that power the stablecoin industry, such as the purchase of FLUID tokens, which holds 31% of all stablecoin swap volume on decentralized exchanges.
• Institutional Readiness: The recent partnership with BitGo to secure and scale its digital asset treasury indicates a focus on institutional-grade security and compliance.
• Capital Base: The company reported a cash position of approximately $15.4 million as of March 31, 2025, providing the initial flexibility to pursue this new strategy.

You need to understand the financial health underpinning this pivot; it is not a clean slate. For a deeper dive into the company's balance sheet and operational history, read Breaking Down Ayro, Inc. (AYRO) Financial Health: Key Insights for Investors.