Company Summary: Fly-E Group, Inc.

Business Overview

• Industry: Electric Vehicle (EV) industry focused on urban mobility solutions
• Core Products:
  • E-motorcycles (27 models): including E-mopeds, E-motorcycles, E-tricycles
  • E-bikes (36 models): city, foldable, standard types
  • E-scooters (38 models): including Insurgent, Flytron, H-Max, H-1
  • Accessories & Spare Parts: riding gear, storage, smart phone holders, high-performance upgrades
• Brand: "Fly E-Bike"

Market and Operations

• Main Market: United States with operations also in Canada
• Expansion Plans:
  • Open more retail stores nationally and internationally
  • Enter markets in South America and Europe
  • Develop online platform for sales and management apps (recently launched prototype)
  • Extend into gas bikes via a future online store
  • Broaden into logistics and delivery services

Physical Presence

• Stores (as of July 15, 2025):
  • 20 retail stores:
    • 19 in the U.S. (NY, NJ, FL, MD, CA, DC, MA)
    • 1 in Canada
  • Locations include high-traffic urban markets
• Online Store: flyebike.com (serving U.S. customers)
• Logistics & Assembly:
  • Leased warehouse in Maspeth, NY (52,264 sq ft, lease till April 2029)
  • All products assembled here from components sourced mainly from China and U.S.

Customers

• Primary Customer Base:
  • Food delivery workers (~72% in FY2025)
  • Small package delivery drivers
• Number of Customers:
  • 18,096,873 shares of common stock issued and outstanding (as of July 15, 2025)
  • 26 stockholders of record
• Revenue (FY2025):
  • Total net revenue: $25.4 million
    • Retail sales: $21.7 million
    • Wholesale sales: $3.5 million
    • Rental services: $171,867
  • Revenue declined from $32.2 million in FY2024

Financial Performance

• 2025 Net Loss:
  • $5.3 million (significantly worse than FY2024 net income of $1.9 million)
• Revenue Change: Decreased by 21% (from FY2024 to FY2025)
• Cost of Goods Sold:
  • Decreased by 21.6% to $15 million
• Gross Profit:
  • $10.45 million (Gross margin: 41.1%)
• Operating Expenses:
  • Increased to $15 million (from ~$9.8 million in FY2024)
  • Main increases in salaries, rent, professional fees, and development costs
• Other Key Results:
  • EBITDA: -$3.85 million (worse than FY2024)
  • Cash on hand: $0.8 million (as of March 31, 2025)
  • Working capital: $1.3 million
• Key Events:
  • IPO completed June 7, 2024, raising ~$9.2 million
  • Reverse stock split (1-for-5) on July 3, 2025
  • Registered direct offering in June 2025 raised $6.24 million
  • Disposed of 15 subsidiaries between Dec 2024 and July 2025 (~$1.3 million cash received)

Product & Service Details

• Emphasis on Innovations:
  • Battery and motor technology
  • Easy battery swap system especially for food delivery models
• Post-Sale Support:
  • 3-month manufacturer warranty
  • Planned "Fly E-Bike Care" extended warranty/maintenance program
• Development:
  • Developing a mobile app ("Fly E-Bike app") for GPS, navigation, monitoring, and anti-theft features (testing phase)
• Production & Supply:
  • Over 50% parts sourced from China; rest from U.S.
  • Assembly in New York
  • 4,595 EVs produced FY2025 (lower than 8,390 units in FY2024)
  • Product upgrades continuously introduced to align with customer demand and trends

Key Strategies

• Leading in urban mobility mainly for delivery workers
• Expand retail footprint and international sales
• Innovate in product lineup and develop associated apps and services
• Leverage brand reputation built on quality and reliability
• Diversify revenue streams via rental and logistics services

Employees

• Total Employees: 64 (as of July 15, 2025)
  • 35 full-time, 29 part-time
• Not unionized, good employee relations

Summary

Fly-E Group, Inc. is a rapidly growing electric vehicle company specializing in smart E-motorcycles, E-bikes, and E-scooters primarily serving urban delivery and city commuting markets in the U.S. The company operates 19 retail stores in the U.S. and one in Canada, with significant customer base among food delivery workers. Revenue was approximately $25.4 million in FY2025, with a net loss of $5.3 million. The business is in a challenging financial position but continues to develop new products, expand its retail and online presence, and invest in technology like a management app.