10-Q · May 14, 2025
AYRO reported Q1 2025 revenue of $0 vs $58,351 in Q1 2024, with gross result of $0 (improved from a gross loss of $1,124,856). Operating expenses fell to $1,973,552 from $4,091,098, driving loss from operations of…
Earnings analysis · 10-K
SBLX earnings analysis
Filed March 30, 2026 · Our reading of the company's report
The latest report
StableX (formerly AYRO) completed a strategic pivot in July 2025 from EV manufacturing to a digital-asset treasury model targeting stablecoin infrastructure tokens. Management set a target to acquire up to $100 million…
Read full summary
StableX (formerly AYRO) completed a strategic pivot in July 2025 from EV manufacturing to a digital-asset treasury model targeting stablecoin infrastructure tokens. Management set a target to acquire up to $100 million of crypto assets and has begun dollar-cost averaging purchases (e.g., $1,150,000 FLUID; $1,450,000 INJ; $1,250,000 LINK; $250,000 AAVE as of March 24, 2026). The company retains assets with BitGo (all assets “100%” in cold wallets) but discloses material weaknesses in internal control, ongoing loss history, significant financing and dilution risks, and regulatory/custody exposures tied to the new strategy.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Strategic pivot to crypto treasury
In July 2025 the company transitioned its business model to focus on digital asset initiatives and stablecoin infrastructure tokens and changed its name to StableX Technologies, Inc. (ticker SBLX) effective August 22–25, 2025.
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Ambitious $100M treasury target
Management announced a target goal to acquire up to $100 million in crypto assets, 'subject to available capital, market conditions and regulatory considerations.'
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Initial token purchases underway
As of March 24, 2026 the company purchased $1,150,000 of FLUID, $1,450,000 of INJ, $1,250,000 of LINK and $250,000 of AAVE.
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Custody and cold-wallet policy
The company uses BitGo as custodian and states that 'all of the Company’s digital assets (100%) are held in cold wallets,' with the Custodial Agreement initial term of one year and automatic one-year renewals.
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High-conviction FLUID exposure with measurable metrics
Filing cites FLUID metrics as of Dec 31, 2025: nearly $2 billion total market size (deposited collateral), over $46 billion in DEX volume, monthly fees around $3.01 million, capped supply of 100 million tokens and circulating supply ≈78.5 million tokens.
What to watch
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History of losses / no profitability
Filing states 'we have a history of losses and have never been profitable, and we expect to incur additional losses in the future and may never be profitable.'
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Material weakness in internal controls
Company discloses 'We have identified a material weakness in our internal control over financial reporting,' a repeat disclosure from prior filings.
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Regulatory uncertainty and classification risk
The filing warns 'Regulatory uncertainty regarding digital assets, including proposed stablecoin legislation and potential classification as an investment company, could adversely affect our business.'
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Preferred stock payment and dilution exposure
Holders of Series H-7 and Series I preferred stock have a 'stated value of $1,000 per share' and are 'entitled to certain payments' that, if paid in cash, could 'expend a substantial portion of our cash resources' or, if paid in common stock, could cause 'substantial dilution.'
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Custody insurance and verification limitations
BitGo's insurance 'related to theft ... shall only apply to custodial services ... and not to any wallet services for non-custodial accounts,' and 'BitGo does not use any external third-parties to verify the digital assets it holds'—it verifies holdings only 'on a periodic basis.'
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Financing / covenant constraints and dilution risk
The company plans capital raises (private placements, Form S-3/S-1, convertible debt) and notes restrictive covenants under the Series H-7 and Series I Purchase Agreements that 'may make it difficult to procure additional financing' and could dilute EPS.
Management's outlook
10-K contains no numeric revenue or EPS guidance. MD&A describes operational roadmap and capital plan: target to acquire up to $100 million in crypto assets; initial stage 'Up to ~6 Months' (until early to mid 2026) to pursue private placements; 'Follow-On Stage (6-12 Months)' (mid to late 2026) contemplates additional capital raises including equity and convertible debt. Annual outlook and explicit financial guidance deferred to future capital-raising announcements and earnings releases.
Earlier filings 4
10-K · March 31, 2025
AYRO describes a refocused strategy around reengineering its Vanish LSEV, onshoring manufacturing (partnership with GLV) and product/automation investments (robotics division). The company faces near-term liquidity and…
10-Q · November 14, 2024
AYRO reported steep year-over-year revenue decline for the quarter (3Q24 revenue $5,426 vs 3Q23 $88,395) and a larger gross loss in absolute terms, but materially reduced the net loss attributable to common stockholders…
10-Q · November 20, 2023
AYRO reported sharply lower quarterly revenue of $88,395 for the three months ended September 30, 2023 (down from $373,186 a year ago) while losses widened: loss from operations was $6,239,976 and net loss attributable…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.