Benzinga | Aug 11, 2021 04:01PM EDT

AYRO Clocks 83% Revenue Growth In Q2

* AYRO Inc (NASDAQ: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.