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EI

EVmo, Inc. (YAYO)·Q4 2020 Earnings Summary

Executive Summary

  • Record Q4 2020 revenue of $2.2M, up 29% year over year versus $1.7M in Q4 2019; sequentially higher than Q3 2020 revenue of $2.07M, reflecting continued recovery from COVID dislocations .
  • FY 2020 revenue was $7.62M, up 10.2% year over year; FY gross margin was 31%, with management noting core rental operations profitability before corporate overhead and one-time costs .
  • Strategic execution accelerated: deployed 40 EVs, entered last-mile logistics with initial 28 cargo vans at 100% utilization, and increased credit lines by $2M to $5M to support fleet growth .
  • Preliminary Q4 commentary indicated approximately $2.3M revenue and ~34% Q4 gross margin; final audited release reported $2.2M and emphasized FY gross margin of 31%, a modest downward revision from preliminary figures .
  • Management set aggressive 2021 targets: monthly revenue per EV ~$1,700 and per cargo van ~$1,400; scaling to a 25% EBITDA margin as fleet expands; key stock catalysts are fleet growth velocity, EV rollout, and sustained high utilization .

What Went Well and What Went Wrong

What Went Well

  • Record quarterly performance: “Q4 2020 revenue of $2.2M…the highest in the Company’s history,” driven by increased fleet utilization and expansion into EVs and cargo vans .
  • Strategic diversification: launched last-mile logistics with 28 high-roof cargo vans at 100% utilization and deployed 40 EVs in Los Angeles, underpinning resilience and growth .
  • Operational momentum and margins: Q3 gross margin reached 42.3% (up from 37.9% YoY), and management highlighted profitable core rental operations (ex-overhead and one-offs) continuing into Q4 .

What Went Wrong

  • Continued losses and tight liquidity: FY 2020 net loss of $3.50M and year-end cash fell to $72,890, reflecting high G&A and financing costs relative to scale .
  • Cost structure pressure: FY operating expenses were $5.78M vs. FY gross profit of $2.36M, indicating significant overhead that masks core rental profitability .
  • Financing reliance and related-party exposure: growth depends on lines of credit and leases; last-mile rollout included related-party leasing arrangements and personal guarantees, adding governance and counterparty considerations .

Financial Results

Revenue, EPS, Gross Margin (Quarterly and YoY)

MetricQ4 2019Q2 2020Q3 2020Q4 2020
Revenue ($USD Millions)$1.7 $1.581 $2.071 $2.2
Diluted EPS ($USD)—$(0.02) $(0.01) —
Gross Margin %——42.3% ~34% (prelim)

Notes:

  • Final audited Q4 gross margin not disclosed; preliminary Q4 GM ~34% was later accompanied by FY GM of 31% .
  • FY 2020 diluted loss per share was $(0.11), providing context for quarterly losses .

FY 2020 vs FY 2019

MetricFY 2019FY 2020
Revenue ($USD Millions)$6.915 $7.621
Gross Profit ($USD Millions)$2.241 $2.358
Gross Margin %32.4% (calc from disclosed figures; no estimate) 31.0% (management commentary)
Net Income ($USD Millions)$(3.930) $(3.502)
Diluted EPS ($USD)$(0.14) $(0.11)

KPIs and Operating Metrics

KPIQ2 2020Q3 2020Q4 2020
Utilization Rate (available vehicles)99% at end of June ~95% across areas Target to maintain ~95% in 2021
EVs Deployed——40 EVs deployed
Cargo Vans Deployed (initial tranche)——28 transit cargo vans (100% utilization)
Vehicles Rented (volume)—Highest quarterly vehicles rented to date Highest vehicles rented to date

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
EBITDA Margin %FY 2021+n/a25% target Introduced
Monthly Revenue per EVFY 2021+n/a~$1,700 per additional EV Introduced
Monthly Revenue per Cargo VanFY 2021+n/a~$1,400 per additional cargo van Introduced
Fleet Growth (Capital Formation)FY 2021+n/a~$80M annual revenue per $10M raised at margin Introduced
Utilization RateFY 2021n/aStrive to maintain ~95% Maintained operational target
Credit LinesFY 2021LOC previously lowerIncreased by $2M to $5M Raised

Earnings Call Themes & Trends

Note: A dedicated Q4 2020 earnings call transcript was not found; the company scheduled a FY 2020 results call on April 7, 2021, and transcripts exist for Q1 and Q2 2021, not Q4 2020 .

TopicPrevious Mentions (Q2 2020, Q3 2020)Current Period (Q4 2020)Trend
Pivot to delivery gig economyPivot drove recovery in Q2; demand strengthening (July continuation) Continued diversification into last-mile; cargo vans at 100% utilization Strengthening
Utilization99% end-of-June ~95% target maintained High and stable
EV strategyStrategic intent signaled earlierDeployed 40 EVs; plan for all-EV model over time Accelerating
Regulatory (Prop 22)Anticipated demand benefits in CA (major fleet presence) Not specifically reiterated in Q4 releasesNeutral
Financing capacityLOC and lease financing support growth LOC increased to $5M; debt/equity capital formation for fleet scale Improving
MarginsGM expanded in Q3 (42.3%) FY GM 31%; management expects GM expansion in 2021 Expanding (guidance)

Management Commentary

  • “Our record revenue for 2020 is a result of deploying the first phase of our strategic plan…committing to an all EV strategy…entering the last mile logistics space…expected to translate into exponential revenue and EBITDA growth.” — Stephen Sanchez, CEO .
  • “Q4 revenue of $2.2M…We also maintained strong gross margins of 31% making the Company’s core rental operations profitable before…overhead and one-time costs.” — Stephen Sanchez .
  • “Record-breaking results for both the fourth quarter of 2020 and fiscal 2020…our immediate pivot to the delivery gig industry…enabled us to capture additional market share.” — Ramy El‑Batrawi, CEO (preliminary Q4) .
  • “We expect to add more cars in 2021 and…strive to maintain an approximate 95% utilization rate…significant opportunity in the EV space.” — Ramy El‑Batrawi .

Q&A Highlights

  • No Q4 2020 earnings call transcript identified; company hosted a FY 2020 results call April 7, 2021, and transcripts exist thereafter (Q1/Q2 2021), but not for Q4 2020 .
  • Guidance clarifications and Q&A thus not available for Q4 2020 specifically.

Estimates Context

  • Wall Street consensus estimates from S&P Global were unavailable for YAYO; comparison to estimates cannot be provided with S&P Global data at this time.
  • As a result, beats/misses vs estimates are not assessable for Q4 2020 in this report.

Key Takeaways for Investors

  • Q4 2020 delivered record revenue and sequential growth; diversification into last-mile logistics and EVs is a core driver of resilience and top-line momentum .
  • Margin trajectory is favorable: strong Q3 GM (42.3%) and management’s FY 2020 commentary supports core rental profitability before corporate overhead; 2021 GM expansion targeted via EV mix and scale .
  • Liquidity and operating leverage remain watch items: FY cash of $72,890 and continued net losses necessitate disciplined scaling and cost control; credit capacity has improved (LOC to $5M) .
  • 2021 targets are aggressive (25% EBITDA margin, defined per-vehicle monthly revenue); execution on fleet growth and utilization will be the key stock driver near-term .
  • Preliminary Q4 figures were modestly revised in final reporting; expect continued normalization of quarterly metrics as audit and reporting cadence evolves .
  • Tactical trading lens: watch for announcements on fleet additions, EV deployments, and financing facilities—each can catalyze sentiment and valuation in thinly traded microcap contexts .
  • Medium-term thesis: scale economics in all-EV fleet and high-utilization last-mile vans can structurally lift margins; governance and related-party arrangements merit monitoring for risk-adjusted position sizing .