Fly-E Group, Inc.

Fly-E Group, Inc.

Overview

• Core business: Electric mobility company that designs, assembles, sells and services smart electric two-wheelers and related products.
• Brand: Fly E-Bike.
• Primary offerings: E-motorcycles, E-bikes, E-scooters, accessories, after-sales services, rental program, and an upcoming Fly E-Bike app.
• History: Founded in 2018 in New York; first store opened in New York City.
• Footprint (as of July 23, 2026): Four retail stores in the United States and an online store at flyebike.com.
• Market positioning: Focused on E-bikes for food delivery workers in New York City.

Business model and operations

• Scope: End-to-end activities including design, assembly, sales and servicing of electric two-wheelers, plus accessories, apparel and performance upgrades.
• Assembly and manufacturing: Parts sourced from China and the United States; final assembly at a Maspeth, New York facility.
• Product lifecycle and updates: Regularly refreshes product lineup (27 E-motorcycles, 37 E-bikes, 38 E-scooters as of July 2026); operates a battery and service ecosystem with battery swap options for some models.
• After-sales service: Servicing, maintenance and bodywork at retail stores; GPS add-ons and theft reporting; three-month manufacturer warranty on vehicles and a three-month battery warranty.
• Digital platform: Fly E-Bike app under development (testing version released) with planned features including GPS, battery and tire management, online shopping, repair scheduling and anti-theft tools.
• Rental program: UL-certified e-bikes available via the Go Fly rental app and select Fly E-Bike stores; rental operations in New York City and Los Angeles.
• Trade-in program: Participated in NYC DOT trade-in program with the Fly-11 PRO model; program launched January 2025 with deliveries to retail partners through June 2025.

Products and offerings

• E-motorcycles: 27 models (examples include Fly-7 to Fly-10, Fly-Pro, Fly-Tricycle).
• E-bikes: 37 models (City E-bike, foldable Dolphin E-Bike and Air-2, Sword Fish E-Bike, Rhino, and others).
• E-scooters: 38 models (including Insurgent E-Scooter, Flytron, H-Max, H-1).
• Accessories and parts: Riding gear, storage baskets, backrests, locks, phone holders, apparel, and performance upgrades (wheels, shocks, brake components, carbon fiber panels).
• Battery and power: Batteries with model-dependent ranges; some models designed for longer range and higher payloads.

Customers and sales channels

• Customer base: No single customer represented more than 10% of revenue in 2026 or 2025.
• Retail network: Four company-owned retail stores in the United States (New York, Massachusetts, Washington, D.C., California).
• Distributors: 64 distributors in the United States.
• Online presence: flyebike.com with online-to-offline integration (online sales can be picked up at retail stores).
• Primary user base: Emphasis on food delivery workers for product design and brand visibility.

Financial highlights (selected figures)

• Revenues (net) for the year ended March 31:
  • 2026: approximately $19.1 million
    • Retail sales: about $6.9 million
    • Wholesale: about $11.6 million
    • Rental services: about $0.6 million
  • 2025: approximately $25.4 million
    • Retail sales: about $21.7 million
    • Wholesale: about $3.5 million
    • Rental services: about $171,867
• Net income (loss):
  • 2026: net loss of approximately $9.3 million
  • 2025: net loss of approximately $5.3 million
• Cash and working capital (as of March 31, 2026):
  • Cash: approximately $0.3 million
  • Working capital: approximately $10.0 million
  • Current portion of contractual obligations: approximately $5.5 million
• Vehicle assembly and production (units assembled in Maspeth facility):
  • 2026 (year ended March 31, 2026): 2,714 E-motorcycles; 6,722 E-bikes; 1,830 E-scooters
  • 2025 (year ended March 31, 2025): 4,595 E-motorcycles; 5,974 E-bikes; 1,557 E-scooters
• Equity and financing:
  • IPO: June 7, 2024; gross proceeds about $9.0 million; additional over-allotment shares sold for approximately $1.4 million
  • Revolving credit facility: $5 million with Peapack-Gladstone Bank (August 5, 2024); interest at SOFR + 3.50% (floor 5.50%); one-year term; quarterly interest-only payments; secured by assets
  • 2024 stock split: 1-for-110,000
  • 2025 reverse stock splits: 1-for-5 (effective July 3, 2025) and 1-for-20 (effective November 4, 2025)
  • Registered direct offering: June 2, 2025; 285,956 shares and 571,912 warrants; net proceeds about $6.24 million
  • Other financing: September 18, 2025 financing of 687,500 shares at $16.00 per share; net proceeds about $11.0 million
• Subsidiaries disposal:
  • Disposed of 28 subsidiaries by March 31, 2026
  • An additional 24 subsidiaries disposed of between April 2025 and March 2026
  • As of July 23, 2026, no remaining consideration due on those transactions

Regulatory and legal matters

• UL settlement: Resolved a UL trademark dispute with a $1.0 million payment and entered a consent judgment and permanent injunction restricting use of UL marks on products not tested/certified by UL.
• Nasdaq compliance: Received a Nasdaq notice on July 21, 2026 for failure to timely file Form 10-K; the company plans to regain compliance by September 21, 2026 with a possible extension to January 11, 2027.
• Legal proceedings: SEC investigation initiated January 21, 2026; securities class action filed September 8, 2025 (lead plaintiff amended May 22, 2026); shareholder derivative actions filed October–November 2025 and consolidated December 9, 2025.

Going concern and liquidity

• The company reported substantial doubt about its ability to continue as a going concern as of the date of the annual report.
• Plans to address liquidity include equity financing, additional debt facilities and potential financial support from related parties.

Facilities and corporate structure

• Headquarters and offices: Corporate and executive offices in Flushing, NY; Maspeth, NY warehouse (52,264 square feet) used for assembly.
• Leases: All retail stores are leased; Maspeth facility lease runs through 2029.
• Corporate structure: Fly E-Bike, Inc. and Fly EV, Inc. are significant subsidiaries. Fly E-Bike handles manufacturing and assembly; Fly-E Group holds Fly E-Bike and Fly EV, with Fly E-Bike as the operating subsidiary.

Intellectual property

• Trademarks: US trademark for the logo and multiple trademarks in China (FLY E-BIKE, FLY EBIKE, FLYEBIKE, logo), plus marks in the Dominican Republic and Panama.
• Patents/copyrights: No US patents or copyrights owned; the company plans to seek additional IP protection in the US.
• Trade secrets: Protected through common law measures.

Regulatory and market context

• Regulatory environment: Subject to federal, state and local laws covering safety, environmental, privacy, labor, consumer protection and product safety; micromobility regulatory changes and evolving standards require ongoing compliance.
• Market dynamics: Competitive market with larger EV players; growth tied to urban mobility demand, food delivery logistics and regulation that supports EV adoption.
• International expansion: The company has expressed intent to expand into select overseas markets in South America and Europe.

Key takeaways

• Fly-E Group designs, assembles and sells a broad portfolio of electric two-wheelers (27 E-motorcycles, 37 E-bikes, 38 E-scooters) and related accessories under the Fly E-Bike brand.
• Sales channels include four U.S. stores, 64 U.S. distributors and an online store, with an omnichannel model that integrates online sales and in-store pickup.
• The company operates a rental program (Go Fly) and is developing the Fly E-Bike app.
• Revenue declined from $25.4 million in 2025 to $19.1 million in 2026; net losses widened to $9.3 million in 2026 from $5.3 million in 2025.
• Cash was approximately $0.3 million as of March 31, 2026, with working capital of about $10.0 million; the company faces going-concern considerations and plans further financing actions.
• The company has been active in corporate financing and restructuring and has faced multiple regulatory and legal challenges, including the UL settlement and SEC inquiry.
• As of mid-2026, the company reported 12 full-time employees and no part-time staff.