AYRO Q1 net loss $5.5M vs $4.6M; Vanish homologation and LRIP start in June

Fabric.AI, Inc.

2024-Q1 EPS reported -$1.17 revenue$113,084

Q1 2023 net loss of $5.5M, up from $4.6M in prior-year quarter; revenue not disclosed (qualitative only).
Cash and marketable securities total $41.7M with no debt as of March 31, 2023.
Vanish vehicle entering homologation; Low Rate Initial Production of 50 demo units planned by early June.
Full-scale production target of 9 units/day (~2,000+ per year); future Valet and Vapor products by year-end.
CEO states current cash sufficient to reach profitability based on forecast.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

Fabric.AI, Inc. reported first fiscal quarter ended March 31, 2023 results: net income Net loss declined to ($5.5) million in the first quarter of 2023 vs. net loss of ($4.6) million in the prior year period.

Period: first fiscal quarter ended March 31, 2023
Net income: Net loss declined to ($5.5) million in the first quarter of 2023 vs. net loss of ($4.6) million in the prior year period
Result: reported results

Exact text from the filing

AYRO, Inc. (NASDAQ: AYRO) (“AYRO” or the “Company”), a designer and manufacturer of electric, purpose-built delivery vehicles and solutions for micro distribution, micro-mobility, and last-mile delivery, announces financial results for the quarter ended March 31, 2023. Recent Financial and Corporate Highlights: ● Net loss declined to ($5.5) million in the first quarter of 2023 vs. net loss of ($4.6) million in the prior year period

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Fabric.AI, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-015856

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