Benzinga | Nov 15, 2021 11:24AM EST

AYRO Shares Slide As Q3 Earnings Miss Estimates

* AYRO Inc (NASDAQ:AYRO) reported third-quarter FY21 sales growth of 43.9% year-on-year, to $0.56 million, missing the analyst consensus of $1.08 million.

* The operating expenses increased nearly five-fold to $11.6 million.

* The company reported a gross profit loss of $(0.4) million.

* The operating loss expanded to $(12) million in the quarter from $(2.4) million last year.

* Adjusted EBITDA loss was $(8.2) million versus $(2.09) million last year.

* EPS loss of $(0.33) missed the analyst consensus of $(0.21).

* The company held $77.1 million in cash and equivalents as of September 30, 2021.

* Price Action: AYRO shares are trading lower by 7.61% at $2.67 on the last check Monday.