AYRO, Inc., now operating as StableX Technologies, Inc., reported a significant shift in its business model and financial performance in its latest 10-K filing. The company, which previously focused on manufacturing electric vehicles, has transitioned to a digital asset treasury management strategy, specifically targeting the stablecoin market. For the fiscal year ending December 31, 2025, StableX did not generate any revenue, a decrease from $63,777 in the previous year. The company incurred a net loss of approximately $21.1 million, compared to a loss of $1.8 million in 2024, reflecting a substantial increase in operating expenses and changes in the fair value of its financial instruments.
The company's operating expenses totaled $10.2 million for 2025, down from $12.8 million in 2024, primarily due to reduced sales and marketing efforts as manufacturing activities were paused. Research and development expenses decreased slightly to $1.4 million, while general and administrative expenses also saw a decline. The company attributed its financial losses to the strategic shift away from electric vehicle production and the associated costs of transitioning to digital asset management.
In terms of operational developments, StableX has set a target to acquire up to $100 million in digital assets, focusing on tokens that support the stablecoin ecosystem. The company has begun purchasing various tokens, including FLUID, INJ, and LINK, as part of its investment strategy. As of December 31, 2025, StableX held approximately $4.9 million in cash and cash equivalents, alongside $3.2 million in marketable securities. The company’s liquidity position has been impacted by the need to redeem Series H-7 Preferred Stock and invest in digital assets.
Looking ahead, StableX faces several challenges, including market volatility and regulatory uncertainties surrounding digital assets. The company has acknowledged a material weakness in its internal controls over financial reporting, which it is actively working to remediate. The management's outlook emphasizes the importance of successfully executing its digital asset strategy to enhance shareholder value, while also navigating the complexities of the evolving regulatory landscape. The company plans to continue monitoring market conditions and may pursue additional capital raising activities to support its strategic initiatives.
About AYRO, Inc.
AYRO, Inc. designs and manufactures compact, sustainable low-speed electric vehicles (LSEVs) for commercial use in campus mobility, last mile delivery, urban transport, and government fleets. Its purpose-built, street-legal EVs offer zero emissions and lower operating costs, targeting markets like universities, municipalities, and delivery services in North America. AYRO’s business model focuses on modular vehicle design, integrated technology, and partnerships to serve evolving eco-friendly transportation needs.
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