Executive Summary

Q1 2021 revenue was $2.29M, up 31.3% year-over-year, driven by a larger fleet and higher weekly rental rates; however, net loss widened to $4.42M due to $3.24M of non-cash financing costs related to a settlement, which flowed through “interest and financing costs” .
Operationally, EVmo achieved positive operating cash flow of $77K, reflecting improved working capital dynamics despite a working capital deficit of $4.86M, underscoring the company’s near-term funding needs .
Management emphasized an aggressive expansion plan: target 10,000 vehicles post-capital formation, $200M revenue at scale, and ~25% EBITDA margin; monthly revenue per EV and van guided at ~$1,700 and ~$1,400 respectively, positioning EV transition and last-mile logistics as growth drivers .
Potential stock reaction catalysts: EV fleet transition (14% EVs in Q1), high utilization trends from 2020, and an uplisting focus led by the new Executive Chairman; risks include reliance on external capital and a disclosed internal control material weakness .

What Went Well and What Went Wrong

What Went Well

Record Q1 revenue and higher unit economics: revenue rose to $2.29M and average weekly rental per vehicle reached $404, supported by loosened COVID restrictions and stronger rideshare demand .
EV strategy advancing: 14% of the managed fleet EVs and plans to scale EV deployment, aligned with major ride-hailing platforms; maintenance facility launch to lower costs and improve utilization .
Strategic growth blueprint with quantified targets: “10,000 car expansion” post-capital formation and at-scale ambitions of ~$200M revenue and ~25% EBITDA margin; “demand way outstrips supply” supports growth thesis .

What Went Wrong

Bottom line impact from financing costs: net loss increased to $4.42M, primarily due to $3.24M expensed as financing costs tied to a settlement (Acuitas share issuance), which elevated “interest and financing costs” .
Liquidity constraints: working capital deficit of $4.86M and a need for immediate additional financing to fund operations and growth; Q1 cash on hand was $155K .
Internal controls: management disclosed a material weakness related to segregation of duties and noted disclosure controls were “not effective,” raising governance/process risks .

Financial Results

Metric	Q2 2020	Q3 2020	Q4 2020	Q1 2021
Revenue ($USD)	$1,580,555	$2,070,821	$2,200,000	$2,294,532
Gross Profit ($USD)	$285,496	$875,864	N/A	$513,629
Gross Margin (%)	N/A	42.3%	N/A	N/A
Total Operating Expenses ($USD)	$940,543	$1,202,056	N/A	$1,614,349
Net Income - (IS) ($USD)	$(722,842)	$(391,484)	N/A	$(4,417,663)
Diluted EPS - Continuing Operations ($USD)	$(0.02)	$(0.01)	N/A	$(0.13)
Cash from Operations ($USD)	N/A	N/A	N/A	$77,212

KPIs

KPI	Q2 2020	Q3 2020	Q1 2021
Average Weekly Rental per Vehicle ($USD)	N/A	N/A	$404
EVs as % of Managed Fleet	N/A	N/A	14%
Registered Drivers on Platform	N/A	N/A	>34,000
Utilization Rate (context)	99% end of June	~95% on available cars	N/A

Notes:

Q4 2020 data are limited to reported revenue in the 2020 results press release; full quarterly P&L detail was not disclosed there .
Q1 2021 “interest and financing costs” were elevated by the $3.24M share issuance expensed as financing cost in connection with a settlement .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Fleet Expansion (Vehicles)	2021 post-capital formation	N/A	~10,000 vehicles targeted	Raised (new explicit target)
Revenue at Scale ($USD)	At scale	N/A	~$200M	Introduced
EBITDA Margin (%)	At scale	N/A	~25%	Introduced
Monthly Revenue per EV ($USD)	2021 run-rate	N/A	~$1,700	Introduced
Monthly Revenue per Cargo Van ($USD)	2021 run-rate	N/A	~$1,400	Introduced
Capital Raise Plan	2021	N/A	~$25M, mostly debt, debt financing in process	Introduced
Uplisting Focus	2021	N/A	Executive Chairman to focus on uplisting (NYSE/Nasdaq)	Introduced

Funding update (subsequent event): On April 12, 2021, EVmo issued a 12.5% OID, 10% coupon, $2.25M convertible note (convertible at $3.00) and warrants, with monthly anti-dilution-linked warrants while outstanding .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2020 and Q3 2020)	Current Period (Q1 2021)	Trend
Demand/Utilization	Recovery from COVID with record monthly revenue; 99% end-June utilization (Q2). Q3 at ~95% utilization, highest quarterly revenue to date .	“Demand way outstrips supply”; ridesharing demand rising; weekly rental rate uplift .	Positive momentum; pricing/mix improving.
EV Strategy	Early EV deployments; initial EV plan referenced in 2020 .	14% of fleet EV; aligned with Uber/Lyft; attractive lease terms and residuals .	Accelerating EV transition.
Last-Mile Logistics	First 28 cargo vans deployed Q4 2020; 100% utilization .	Continued logistics focus; maintenance facility launched to reduce costs/turnaround .	Expanding logistics capability.
Capital Formation & Uplisting	No prior quantified plan in Q2/Q3; preliminary funding steps in 2020 .	$25M raise plan, mostly debt; Executive Chairman to drive uplisting; debt financing “working way to closure” .	Active financing/market positioning.
Pricing/Unit Economics	Q2/Q3 highlighted recovery and strong margins .	Avg weekly rental $404 vs $249 prior year; gross profit up YoY .	Improving ARPU/unit returns.
Controls/Governance	Not highlighted in Q2/Q3 press .	Material weakness disclosed; remediation via additional procedures .	Risk flagged; remediation ongoing.

Management Commentary

Executive Chairman (Terren Peizer): “$25 million we will be able to go out and…10,000 cars…At scale…$200 million of revenue, roughly 25% EBITDA margin” and “demand way outstripped supply” .
CEO (Steven Sanchez): “Our managed fleet is now 14% EVs…we believe we are in the vanguard of a new era in commercial transportation” and “we launched a company operated maintenance facility in the first quarter” .
CFO (Ryan Saathoff): “Revenue…was $2.3 million…average weekly rental income per vehicle…$404…Net cash generated by operating activities totaled $77,000” .
Additional strategic framing (press release): Monthly revenue per EV ~$1,700 and per cargo van ~$1,400; “anticipates scaling to a 25% EBITDA margin” .

Q&A Highlights

The call opened for Q&A following prepared remarks; however, the transcript provides limited/no detail of analyst questions and responses for Q1 2021, so no Q&A themes were available in the source document .

Estimates Context

Wall Street consensus (S&P Global) for Q1 2021 EPS and revenue was unavailable for YAYO due to missing Capital IQ mapping; therefore, no benchmark comparison to consensus is provided [SpgiEstimatesError in tool].
Implication: Sell-side estimate comparisons could not be anchored; investors should rely on company-reported performance and forward guidance until coverage/mapping is established.

Key Takeaways for Investors

Top-line momentum with improved pricing: Q1 revenue up 31.3% YoY, weekly rental per vehicle at $404, reinforcing demand recovery and pricing power .
Near-term P&L noise from financing costs: The $3.24M settlement-related financing expense materially impacted Q1’s bottom line; this is non-operational but highlights legal/financing complexity .
EV transition is a central growth lever: 14% EV penetration and OEM partnerships with favorable terms support scaling; management guides ~$1.7K/month per EV revenue .
Logistics expansion provides diversification: Cargo vans showed high utilization in late 2020; continued logistics focus can smooth cycles vs rideshare-only exposure .
Funding and uplisting are pivotal catalysts: $25M debt-led capital plan, debt financing in process, and uplisting efforts led by the Executive Chairman could broaden investor base and reduce cost of capital if executed .
Watch liquidity and controls: Working capital deficit and a disclosed material weakness in controls warrant monitoring; management indicates remediation and pursuit of financing .
Operational cash generation improving: Positive operating cash flow in Q1 ($77K) alongside higher ARPU is a constructive sign, albeit from a small base .

Additional context sources for Q1 2021:

Q1 2021 10-Q for detailed financials – – .
Q1 2021 earnings call transcript for strategic and operational commentary –.
Related press releases: FY 2020 results (April 7, 2021) and preliminary Q4/FY (Jan 19, 2021) for prior-period benchmarks – –.
Prior quarters’ releases: Q2 and Q3 2020 for trend analysis – –.

Note: An 8-K Item 2.02 earnings press release specifically for Q1 2021 was not found in the filing set; financials for Q1 2021 are sourced from the 10-Q and the earnings call transcript – –.

EVmo, Inc. (YAYO)·Q1 2021 Earnings Summary