Ayro, Inc. (AYRO): Business Model Canvas [Dec-2025 Updated]

You're looking at Ayro, Inc., trying to map out their aggressive strategic shift, and frankly, the picture is far more complex than just low-speed electric vehicles now. I've seen a lot of pivots, but this one is notable: they've locked in a GM Tier One supplier role, launched a robotics division, and are backing it all with a $100 million digital asset treasury strategy. They are serious about efficiency, having slashed operating expenses by 74% by Q3 2024 while maintaining about $15.4 million in cash as of March 31, 2025. This isn't just a vehicle company anymore. Here's the full Business Model Canvas detailing their asset-light future.

Ayro, Inc. (AYRO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Ayro, Inc. built to support its pivot toward contract manufacturing and digital asset strategy execution in late 2025. These partnerships are where the operational leverage and financial restructuring efforts are being executed.

The relationship with General Motors (GM) is foundational to the new manufacturing focus. Ayro, Inc. secured Tier One Supplier status with General Motors on December 12, 2024, achieved through the collaboration with GLV Ventures. This status is expected to drive future design and manufacturing projects.

The collaboration with GLV Ventures is central to the manufacturing overhaul. This partnership launched with the re-engineering and manufacturing of the Vanish vehicle using lower-cost production methods at GLV's facility in Beeville, Texas. This strategic shift directly impacted the cost structure; Ayro, Inc. reported an operating expense reduction of 74%, dropping from $6.1 million in the third quarter of 2023 to $1.6 million in the third quarter of 2024. The company's liquidity position remains solid, with a reported current ratio of 6.55. Analysts were anticipating a 23.75% revenue growth for the current fiscal year.

The digital asset treasury strategy, though executed by the entity after its transition to StableX Technologies, Inc. (formerly Ayro, Inc.), involved a key partnership with BitGo. BitGo Trust Company, Inc. was announced as the institutional-grade custodian for the entity's digital asset holdings, supporting the strategy to invest up to $100 million in tokens powering the stablecoin industry, as announced on October 14, 2025.

The distribution and application segment relies on channel partners. Cruising Kitchens, a custom food truck builder, was a notable early adopter, receiving the first production Vanish units in September 2023. Cruising Kitchens plans to upfit the Vanish for emissions-free food and beverage distribution.

The network for vehicle distribution and localized support is built upon these channel relationships. Here's a look at the structure around the time of the GM announcement and the subsequent financial reporting period:

The focus on leveraging GLV's low-cost facilities is intended to secure more design and manufacturing projects beyond the initial purchase order from a top three automotive manufacturer.

The company's ownership structure reflects reliance on these external relationships for near-term stability and growth:

• Institutions Ownership: 13.39%
• Insiders Ownership: 17.57%
• Short Percent: 19.04%

Finance: review the Q4 2025 backlog against the 23.75% revenue growth forecast by Friday.

Ayro, Inc. (AYRO) - Canvas Business Model: Key Activities

You're looking at the core actions Ayro, Inc. (AYRO), now operating as StableX Technologies, Inc., is taking to drive value as of late 2025. This isn't just about building vehicles anymore; it's a dual-track strategy involving physical assets and digital finance.

Designing and manufacturing the AYRO Vanish Low-Speed Electric Vehicle (LSEV).

The core vehicle activity centers on the AYRO Vanish LSEV. Low-Rate Initial Production (LRIP) for the Vanish began in the third quarter of 2023, with initial sales and deliveries following in that same quarter. The company is actively re-engineering the vehicle to improve its unit economics.

Key operational status points include:

• Commenced Low-Rate Initial Production (LRIP) in the third quarter of 2023.
• The Vanish features an all-aluminum chassis for lighter weight and corrosion resistance.
• The company secured two design patents and two utility patents for the Vanish, with several foundational patents filed.

Continuous re-engineering of the Vanish to reduce manufacturing costs.

Cost control is a major focus, especially given the need to improve profitability on the core product. This re-engineering effort is being executed through a partnership established in late 2024 with GLV Ventures.

Here's a look at the cost structure improvements achieved leading into 2025:

The goal of the GLV partnership is to leverage low-cost manufacturing capabilities to enhance the Vanish's unit profitability while maintaining a Made in America status.

Building a pipeline of non-GM contract manufacturing opportunities.

Ayro, Inc. (AYRO) leveraged its relationship with GLV Ventures to secure a significant position in the broader automotive supply chain. The company became a Tier One Supplier for General Motors (GM) on December 12, 2024. This status was immediately followed by securing its first purchase order from one of the top three automotive manufacturers in the United States through the GLV partnership.

The strategy involves using its Texas facilities and GLV's capabilities to expand as a contract manufacturer. This diversification is key to driving revenue growth beyond the Vanish platform.

Operating the new robotics division for AI-driven automated manufacturing.

The company launched its new robotics division on February 19, 2025, focusing on AI-driven, automated manufacturing for electric vehicles and accessories. This move is intended to expand in-house capabilities and pursue new manufacturing processes.

The division immediately validated market demand:

• Received its first purchase order for high-technology EV chargers requiring precision assembly by robotic equipment.
• The client leasing warehouse space from GLV, AYRO's partner, provides additional revenue for the Company resulting from this purchase order.

Executing the digital asset strategy focused on crypto-based stablecoin technology.

This represents a major strategic pivot, culminating in the corporate name change to StableX Technologies, Inc. (ticker SBLX) effective August 25, 2025. The strategy is to act as a pure proxy for the growth of the stablecoin ecosystem.

The scale of this activity is substantial:

• Announced a target goal of acquiring $100 million in crypto assets related to the stablecoin industry (August 5, 2025).
• The first token purchase was executed on September 9, 2025, targeting tokens that support stablecoin issuance and infrastructure.
• The global stablecoin market was approximately $250 billion as of August 2025, projected to reach $3.7 trillion by 2030.
• The strategy is led by James Altucher, the new Digital Treasury Asset Manager.

The company also secured a $7 million private placement financing involving the sale of Series I convertible preferred stock, expected to close around August 7, 2025. Finance: draft 13-week cash view by Friday.

Ayro, Inc. (AYRO) - Canvas Business Model: Key Resources

You're looking at the core assets AYRO, Inc. is relying on right now to execute its strategy, which has clearly pivoted toward digital assets alongside its vehicle manufacturing. Honestly, it's a mix of hard assets, intellectual property, and some very new financial holdings. Here's the quick math on what they are holding as of late 2025.

The financial foundation is anchored by the cash they have on hand, which gives them the flexibility to pursue these new digital market opportunities. You need to keep an eye on this number, especially as they execute on the new robotics and digital strategies.

The physical and intellectual assets are centered around the AYRO Vanish LSEV and the recent manufacturing overhaul. The shift to domestic production is a major resource commitment, leveraging a partnership for established capabilities.

• Intellectual property and design of the AYRO Vanish LSEV, which features an all-aluminum chassis.
• Low-cost manufacturing facilities through the GLV partnership, specifically at GLV's Beeville, Texas facility.
• GLV Ventures brings full homologation and certification capabilities to the production process.

The newest, and perhaps most forward-looking, resource is the dedicated focus on automation. AYRO, Inc. launched a new robotics division in February 2025, which is a key asset for future revenue diversification. This division is focused on AI-driven, automated manufacturing.

This division immediately translated into a tangible asset via a contract:

• Secured first purchase order for high-technology EV chargers.
• The assembly of these chargers requires specialized robotic equipment for precision work.
• The client is leasing space within warehouses owned by the partner GLV to house this robotic equipment, creating an additional revenue stream.

It's worth noting that the company's strategic direction is evolving, as evidenced by the August 2025 announcement of the name change to StableX Technologies, Inc., reflecting the growing importance of the digital asset treasury strategy. Finance: draft 13-week cash view by Friday.

Ayro, Inc. (AYRO) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Ayro, Inc. (AYRO) over the competition for their micro-distribution and last-mile needs. It's all about purpose-built utility and sustainability, grounded in tangible specifications.

The primary offering is zero-emission, purpose-built LSEVs for micro-distribution and last-mile delivery. These vehicles are designed from the ground up to be different, not just another golf cart with a box on the back. For instance, the AYRO Vanish offers a payload capacity of 1,200 lbs for LSV configurations or up to 1,800 lbs for non-LSV setups. You get an estimated range of greater than 50 miles on a full charge, and the vehicle can hit 25 MPH in less than or equal to 6 seconds from a standstill. This focus on electric utility in a compact footprint is a key differentiator.

The highly customizable and versatile utility vehicle platform, the AYRO Vanish, is engineered for fleet adaptability. Ayro, Inc. doesn't just sell one truck; they offer a core platform that supports multiple bed configurations to meet varied operational demands. This versatility helps fleets avoid needing multiple vehicle types for different tasks. Honestly, the design allows for a lot of flexibility, which is important when capital is tight.

Here are the hard specs that back up the utility proposition:

The 'Made in America' guarantee leveraging North American and European components is central to their supply chain story. Ayro, Inc. explicitly states that final assembly and integration happen at their Round Rock, Texas facility. This approach is designed to bypass trans-Pacific shipping issues, and the company plans to leverage both its Texas and GLV's low-cost U.S. manufacturing footprints to underscore this commitment.

Regarding the AI-driven, automated manufacturing services for high-technology products like EV chargers, the search results confirm Ayro, Inc. is focused on manufacturing and engineering partnerships, specifically with GLV Ventures, to reduce costs for the Vanish. While the partnership is geared toward low-cost U.S. manufacturing, specific, quantifiable details about AI-driven services or EV charger production amounts aren't present in the latest data I have access to. Still, the company designs and produces zero-emission vehicles and systems.

Finally, the long-life product design with reusable components (SchlägerNull™ philosophy) is a core tenet of their sustainability claim. This trademarked approach means developing products with longer lives and finding components that are reusable to create less scrap. The AYRO Vanish itself is built with automotive-grade components that share virtually identical subsystems, which is intended to result in a longer lifespan and simplified fleet maintenance. The tires themselves are even branded as 15" All-Season SchlagernullTM tires.

To give you a sense of the financial context supporting these value propositions as of late 2025, here are some key figures:

• As of October 6, 2025, the stock price for AYRO was $6.10.
• The trailing twelve-month revenue as of June 30, 2025, was $5.43K.
• Analysts anticipated a sales growth of 23.75% for the current fiscal year (2025).
• Operating expenses saw a significant reduction of 74% from $6.1 million in Q3-2023 to just $1.6 million in Q3-2024.
• The company's market capitalization as of October 6, 2025, was $5.42M with 1.36M shares outstanding.

Finance: draft 13-week cash view by Friday.

Ayro, Inc. (AYRO) - Canvas Business Model: Customer Relationships

For Ayro, Inc. (AYRO), customer relationships are segmented across distribution partners, large fleet operators, and contract manufacturing clients, reflecting a pivot toward high-value, strategic engagements.

Partner-centric relationship model for dealers, treating them like customers.

Ayro, Inc. established an exclusive dealer program for the AYRO Vanish, structuring the relationship to support dealer success. This model is designed to treat distribution partners as key customers themselves, which is crucial for market penetration of the Low-Speed Electric Vehicle (LSEV) units.

• Dealer program includes territory exclusivity.
• Financing options are offered to distribution partners.
• Focus on securing a pipeline of non-GM opportunities.

Dedicated support and extensive training for distribution partners.

The commitment to partners includes tangible resources to ensure they can effectively sell and service the product line. This support structure is a core component of maintaining strong channel relationships.

• Training is explicitly provided to dealers.
• Volume discounts are a feature of the partnership terms.

Transactional sales for LSEV units and contract manufacturing projects.

Sales transactions for the LSEV units themselves, when active, are primarily transactional, though the company is heavily focused on securing larger, project-based contract manufacturing work. The financial data for early 2025 reflects a strategic pause in direct LSEV sales to re-engineer the Vanish model.

Here's the quick math on the recent transactional environment:

The contract manufacturing segment shows a clear, high-value relationship driver, evidenced by securing a purchase order from a top-three automotive manufacturer through the GLV Ventures partnership, announced in December 2024.

Direct engagement with large corporate and government fleet managers.

Ayro, Inc. targets large fleet operators directly, offering a purpose-built, customizable solution. The development of modular payload systems is specifically aimed at maximizing flexibility for these large-scale users. The company's achievement of becoming a Tier One Supplier for General Motors (GM) on December 12, 2024, is a direct result of cultivating relationships at the highest level of large corporate entities. The company employs 80+ professionals worldwide to support these efforts.

• Achieved Tier One Supplier status with General Motors (GM).
• Developing modular, reconfigurable payload systems for fleet flexibility.
• Focus on fleet operations for education and corporate campuses.

Finance: draft 13-week cash view by Friday.

Ayro, Inc. (AYRO) - Canvas Business Model: Channels

You're looking at how Ayro, Inc. (AYRO) gets its electric vehicles into the hands of customers as of late 2025. The channel strategy relies on a mix of third-party networks and direct OEM engagement.

Partner Program for dealers and distributors of LSEVs

Ayro, Inc. (AYRO) is actively building out its distribution footprint through a dedicated dealership program focused on fleet sales. This channel is considered critical for achieving high unit order volumes, especially given the recurring fleet refresh cycles in target markets like corporate and medical campuses, education, and government. The company has seen significant progress in signing up dealers under this program. To give you a benchmark, the number of locations operated by dealers currently in discussions exceeds the 42 dealerships that generated sales for the legacy Club Car Current vehicle during that multi-year relationship. Ayro, Inc. (AYRO) is structured to support these partners, even accepting pre-orders for the AYRO Vanish from dealers who are onboarding but have not yet officially joined the network.

Direct sales force targeting large corporate and institutional fleets

The direct sales effort targets large, specific fleet users where the zero-emission, purpose-built nature of the AYRO Vanish offers a compelling value proposition over full-size trucks or standard utility carts. Key segments for this direct approach include corporate and medical campuses, hotels and resorts, food and merchandise outlets, and urban delivery operators. While the focus is on high-volume fleet deals, the reported financial results reflect the early stages of this channel's scaling. The trailing 12-month revenue for Ayro, Inc. (AYRO) as of June 30, 2025, stood at $5.43K. This revenue figure is set against a backdrop of significant cost restructuring, where total operating expenses declined by 74% from $6.1 million in Q3 2023 to just $1.6 million in Q3 2024.

Strategic relationship with General Motors for potential design and manufacturing projects

A major channel development is the strategic relationship with General Motors (GM). Ayro, Inc. (AYRO) was named a Tier One Supplier for General Motors (GM) on December 12, 2024, achieved through its partnership with GLV Ventures (GLV). This status is viewed as a catalyst to secure design and manufacturing projects beyond the core Low-Speed Electrical Vehicle (LSEV) production. Following this, Ayro, Inc. (AYRO) secured its first purchase order through the GLV partnership from a leading auto manufacturer on December 16, 2024. This move leverages GLV's low-cost facilities to expand Ayro, Inc. (AYRO)'s focus into the broader automotive supply chain, aiming for new revenue-generating purchase orders.

Online presence and pre-order system for the AYRO Vanish

The company maintains an online presence to drive initial demand and manage early customer commitment for the AYRO Vanish. Customers and fleet managers have been able to place pre-orders for the vehicle, which offers various swappable bed configurations, through the dedicated online portal. This system was designed to bring the Vanish closer to market and capture interest before full-scale production ramped up. The ability to customize the vehicle online, selecting configurations like the light-duty or heavy-duty truck bed, is a key feature of this digital channel.

Here's a quick look at some key financial and operational metrics relevant to the channel execution as of late 2025:

Ayro, Inc. (AYRO) - Canvas Business Model: Customer Segments

You're looking at the customer base for Ayro, Inc. (AYRO) as of late 2025, which reflects a company in a strategic pivot, focusing heavily on manufacturing partnerships while maintaining its core Low-Speed Electric Vehicle (LSEV) market focus.

The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company's chief operating decision maker (CODM), which is its Executive Chairman and Principal Executive Officer, as of December 31, 2024.

The target market segment for Ayro, Inc. straddles the range of a converted golf cart to a small pickup truck, allowing for potential cannibalization of both adjacent markets.

Here's a breakdown of the key customer segments Ayro, Inc. is targeting or engaging with:

• Corporate and Medical campuses requiring internal mobility fleets. This segment, along with college and university campuses, was explicitly targeted as of December 31, 2024.
• Education (Universities) and Hospitality (Hotels/Resorts) for campus transportation. These verticals are specifically called out as customers for the multipurpose, clean energy LSEVs.
• Urban Delivery and Last-Mile Micro-Distribution companies. Ayro, Inc. focuses on solutions for micro-distribution, micro-mobility, and last-mile delivery.
• Government and Transportation agencies seeking sustainable utility vehicles. Municipalities are listed as a customer group for the LSEVs, which offer zero-emission, light-duty alternatives.
• Large auto manufacturers for Tier One supplier contract manufacturing. This became a significant new focus area, highlighted by Ayro, Inc. securing Tier One Supplier status with General Motors (GM) in December 2024 and securing its first purchase order from one of the top three automotive manufacturers in the United States shortly after.

The financial reality of late 2025 shows the impact of strategic shifts, such as the pause in manufacturing the Vanish to focus on re-engineering, which resulted in $0 million in revenue for the first quarter of 2025, a 100% decrease from the same period in 2024. Still, the company is focused on cost control, having achieved a 74% reduction in operating expenses from $6.1 million in Q3 2023 to $1.6 million in Q3 2024.

The following table summarizes the scope of the identified customer segments based on Ayro, Inc.'s stated market focus as of late 2024/early 2025:

The pursuit of the Tier One supplier role is a diversification effort leveraging the partnership with GLV Ventures, which provides access to low-cost manufacturing facilities in Texas. This manufacturing capability is also being directed toward the company's new robotics division, launched in February 2025, which focuses on AI-driven, automated manufacturing of EVs and accessories.

It is important to note the trailing twelve-month revenue as of June 30, 2025, was reported at $5.43K, indicating that revenue generation from these segments was minimal or paused during the re-engineering phase. The company is also developing modular, highly reconfigurable payload systems to enhance flexibility for fleet operators.

Finance: Review the Q3 2025 10-Q filing to see if revenue from the automotive manufacturing segment materialized in the second half of the year.

Ayro, Inc. (AYRO) - Canvas Business Model: Cost Structure

You're looking at the hard numbers behind Ayro, Inc.'s (AYRO) spending as they push for operational efficiency. The cost structure is clearly being aggressively managed, especially following the strategic shifts in 2024.

The primary focus on the manufacturing side is clearly centered on the Vanish vehicle. Ayro, Inc. entered a partnership with GLV Ventures in December 2024 specifically to re-engineer and manufacture the Vanish using lower-cost production and engineering methods. The goal here is to enhance unit profitability and reduce the overall bill of material for the vehicle. This effort is key to making the Vanish more viable and competitive.

Cost control on the overhead side has been dramatic. You saw a significant reduction in operating expenses, which is a major structural change. Total operating expenses fell from $6.1 million in the third quarter of 2023 down to just $1.6 million in the third quarter of 2024, representing a 74% decrease. This streamlining was a deliberate action taken throughout 2024 to improve profitability.

Here's a quick look at how Research and Development (R&D) spending shifted, reflecting the completion of initial design work:

• R&D design costs decreased by $3,363,078 for the year ended December 31, 2024.
• This decrease happened because the initial R&D on the Vanish was substantially complete at the end of 2023.
• The spending was then offset by re-engineering work and design changes in the current year aimed at lowering the bill of material.
• Ayro, Inc. also launched a new robotics division focused on AI-driven automated manufacturing of electric vehicles and accessories.

The table below summarizes some of the key cost components we have data for, showing the shift in R&D spending compared to prior periods. Honestly, the drop in R&D from prior years like $11.4 million to a reported $1.5 million for a recent period shows where the focus has moved-from pure design to execution and cost-down engineering.

General and Administrative (G&A) costs remain a significant component, as the majority of operating losses from continuing operations resulted from G&A expenses in the past. The hiring of Joseph Ramelli as the new Chief Financial Officer in August 2024 signals a direct focus on improving profitability, which inherently means scrutinizing G&A and legal/compliance spend, though specific digital asset compliance figures aren't detailed in the latest reports. The company is trying to fund operations through its existing cash position, which stood at $16,035,475 in cash and cash equivalents as of December 31, 2024, plus $4,089,832 in marketable securities.

The overall cost structure strategy boils down to a few key actions:

• Aggressively cut overhead, achieving a 74% drop in operating expenses year-over-year for Q3 2024.
• Target a lean cash burn rate of about $1.5 million per quarter for 2024.
• Rely on partnerships like the one with GLV Ventures to drive down the per-unit cost of the Vanish.
• Shift R&D spending from initial development to targeted re-engineering to lower the bill of material.

Finance: draft 13-week cash view by Friday.

Ayro, Inc. (AYRO) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Ayro, Inc. (AYRO) as of late 2025, which shows a company in transition, heavily reliant on future growth projections and new strategic pivots rather than current, large-scale product sales.

Sales of the AYRO Vanish Low-Speed Electric Vehicle (LSEV) have been temporarily constrained. The Q1 2025 report showed revenue of $0 million, which represented a 100% decrease from the same period in 2024 because manufacturing paused for re-engineering efforts on the Vanish model. This contrasts with earlier 2023 figures, where Q3 2023 revenue was $88,395 and Q2 2023 was $139,544, reflecting the run-off of legacy inventory.

The forward-looking expectation is a significant rebound based on strategic shifts. Analyst-anticipated sales growth of 23.75% for the 2025 fiscal year is a key projection for this revenue stream, assuming the re-engineering is complete and new orders are fulfilled.

Revenue from the new robotics division is now a distinct stream. This division launched in February 2025, focusing on AI-driven, automated manufacturing. This segment immediately generated revenue from its first purchase order for high-technology EV chargers requiring precision assembly. Also contributing to this area is revenue from warehouse leasing, as the client providing the charger purchase order leased space within warehouses owned by GLV, Ayro, Inc.'s partner, to house the robotic equipment.

The contract manufacturing revenue from the GM Tier One supplier relationship is positioned as a major future catalyst. Ayro, Inc. secured this status in late 2024 through its partnership with GLV Ventures. This status is expected to leverage GLV's low-cost facilities to secure design and manufacturing projects, with the potential for new revenue-generating purchase orders from General Motors.

Potential returns from the digital asset strategy and stablecoin technology investments represent a non-traditional revenue component. The company announced a name change to StableX Technologies, Inc., reflecting a new focus on investment tied to the growth of the stablecoin industry. This strategy included the execution of a purchase of the first token in its only pureplay strategy representing the foundation of the stablecoin industry.

Here's a quick look at the most recent reported revenue context:

The diversification of revenue sources is clear, even if the dollar amounts for the newer streams aren't public yet:

• Sales of the AYRO Vanish Low-Speed Electric Vehicle (LSEV).
• Revenue from the new robotics division, including EV charger assembly.
• Warehouse leasing revenue tied to the robotics division client.
• Contract manufacturing revenue from the GM Tier One supplier relationship.
• Potential returns from the digital asset strategy and stablecoin technology investments.