Fabric.AI, Inc. Q1 FY2022 earnings call

• Ayro targeted focus on the low speed electric vehicle market and aimed to create a North American centric supply chain.
• Executed well on strategies with Q1 2022 revenue at $1.03 million, a record, and 30% year-over-year improvement.
• Reduced net loss to $4.6 million in Q1 2022 from $5.6 million in Q1 2021 due to reduced headcount, elimination of consultants, and general expense control.
• Expense control remains vital as they focus on ramping design and production for the AYRO Z. The design phase of the AYRO Z is progressing, with over 70% of components sourced, the first unit in fabrication, and factory floor configured in Round Rock.

In the first quarter of 2022, Ayro's revenue was $1.03 million, which is a 30% year-over-year improvement and a 26% sequential improvement from the fourth quarter of 2021. This was a record revenue for the company, with the revenue coming primarily from the Club Car Current light-duty electric vehicle. The revenue contribution from the Club Car Current was the key driver behind this performance.

• Expect higher sequential revenue in the second quarter of 2022.
• Anticipate net loss to narrow sequentially in the second quarter.
• Well-positioned financially with $63.5 million in cash and marketable securities and no debt, enabling execution of the AYRO Z strategy.

• Global supply chain challenges affecting nearly every vertical were mentioned as a factor. - Forward-looking statements involve risks that may cause actual results to differ from expectations, and reference is made to risk factors described in Ayro’s most recently filed annual report on Form 10-K, subsequent periodic reports filed with the SEC, and Ayro’s press release accompanying this call.

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