Fly-E Group Announces Second Quarter and First Half of Fiscal Year 2025 Financial Results
Fly-E Group (NASDAQ: FLYE) reported Q2 FY2025 financial results with revenue of $6.8 million, down 22.1% from $8.8 million in Q2 2023. The company posted a net loss of $1.1 million ($0.05 per share) compared to net income of $0.7 million ($0.03 per share) last year. Despite maintaining a stable gross margin above 40%, operating expenses increased by 54.5% to $4.1 million. Sales volume decreased by 5,850 units to 15,056 units, primarily due to customer concerns over lithium battery accidents. The company showcased 11 models at October's Electrify Expo, including three new e-motorcycle models, and is expanding into markets like Miami, Los Angeles, and Toronto.
Fly-E Group (NASDAQ: FLYE) ha riportato i risultati finanziari del secondo trimestre dell'anno fiscale 2025, con un fatturato di 6,8 milioni di dollari, in calo del 22,1% rispetto agli 8,8 milioni di dollari nel secondo trimestre del 2023. L'azienda ha registrato una perdita netta di 1,1 milioni di dollari (0,05 dollari per azione) rispetto a un utile netto di 0,7 milioni di dollari (0,03 dollari per azione) dello scorso anno. Nonostante mantenga un margine lordo stabile sopra il 40%, le spese operative sono aumentate del 54,5% a 4,1 milioni di dollari. Il volume delle vendite è diminuito di 5.850 unità, scendendo a 15.056 unità, principalmente a causa delle preoccupazioni dei clienti sugli incidenti con batteria al litio. L'azienda ha presentato 11 modelli all'Electrify Expo di ottobre, inclusi tre nuovi modelli di e-motociclette, ed è in espansione in mercati come Miami, Los Angeles e Toronto.
Fly-E Group (NASDAQ: FLYE) informó sobre los resultados financieros del segundo trimestre del año fiscal 2025, con ingresos de 6,8 millones de dólares, una disminución del 22,1% respecto a los 8,8 millones de dólares en el segundo trimestre de 2023. La compañía reportó una pérdida neta de 1,1 millones de dólares (0,05 dólares por acción) en comparación con un ingreso neto de 0,7 millones de dólares (0,03 dólares por acción) del año pasado. A pesar de mantener un margen bruto estable por encima del 40%, los gastos operativos aumentaron un 54,5% a 4,1 millones de dólares. El volumen de ventas disminuyó en 5.850 unidades, alcanzando las 15.056 unidades, principalmente debido a las preocupaciones de los clientes sobre los accidentes con baterías de litio. La compañía presentó 11 modelos en la Electrify Expo de octubre, incluidos tres nuevos modelos de e-motocicletas, y está expandiéndose en mercados como Miami, Los Ángeles y Toronto.
Fly-E Group (NASDAQ: FLYE)는 2025 회계연도 2분기 재무 결과를 보고했으며, 수익은 680만 달러로 2023년 2분기의 880만 달러에서 22.1% 감소했습니다. 회사는 지난해 7십만 달러(주당 0.03달러)의 순소득에 비해 110만 달러(주당 0.05달러)의 순손실을 기록했습니다. 40% 이상의 안정적인 총 이익률을 유지하고 있음에도 불구하고 운영비는 54.5% 증가하여 410만 달러에 달했습니다. 판매량은 고객들이 리튬 배터리 사고를 우려한 주된 이유로 5,850대 감소하여 총 15,056대에 이르렀습니다. 회사는 10월 Electrify Expo에서 3개의 새로운 전기 오토바이 모델을 포함한 11개 모델을 선보였으며, 마이애미, 로스앤젤레스, 토론토와 같은 시장으로 확장하고 있습니다.
Fly-E Group (NASDAQ: FLYE) a annoncé les résultats financiers du deuxième trimestre de l'exercice 2025, avec un chiffre d'affaires de 6,8 millions de dollars, en baisse de 22,1 % par rapport à 8,8 millions de dollars au deuxième trimestre 2023. L'entreprise a affiché une perte nette de 1,1 million de dollars (0,05 dollar par action) par rapport à un bénéfice net de 0,7 million de dollars (0,03 dollar par action) l'année dernière. Bien qu'elle ait maintenu une marge brute stable au-dessus de 40 %, les frais d'exploitation ont augmenté de 54,5 % pour atteindre 4,1 millions de dollars. Le volume des ventes a diminué de 5 850 unités pour atteindre 15 056 unités, principalement en raison des préoccupations des clients concernant les accidents avec des batteries au lithium. L'entreprise a présenté 11 modèles lors de l'Electrify Expo d'octobre, y compris trois nouveaux modèles de e-motos, et s'étend sur des marchés comme Miami, Los Angeles et Toronto.
Fly-E Group (NASDAQ: FLYE) hat die finanziellen Ergebnisse für das 2. Quartal des Geschäftsjahres 2025 veröffentlicht, mit einem Umsatz von 6,8 Millionen USD, was einem Rückgang von 22,1 % gegenüber 8,8 Millionen USD im 2. Quartal 2023 entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 1,1 Millionen USD (0,05 USD pro Aktie) im Vergleich zu einem Nettogewinn von 0,7 Millionen USD (0,03 USD pro Aktie) im Vorjahr. Trotz der Aufrechterhaltung einer stabilen Bruttomarge von über 40 % stiegen die Betriebskosten um 54,5 % auf 4,1 Millionen USD. Das Verkaufsvolumen sank um 5.850 Einheiten auf 15.056 Einheiten, hauptsächlich aufgrund von Bedenken der Kunden hinsichtlich Unfällen mit Lithiumbatterien. Das Unternehmen stellte auf der Electrify Expo im Oktober 11 Modelle vor, darunter drei neue E-Motorrad-Modelle, und expandiert in Märkte wie Miami, Los Angeles und Toronto.
- Maintained stable gross margin of 42.6% in Q2 FY2025
- Improved H1 FY2025 gross margin to 40.9% from 39.0% last year
- Reduced unit cost for batteries by 36% to $75 from $117
- Q2 revenue declined 22.1% to $6.8 million from $8.8 million
- Net loss of $1.1 million in Q2 compared to $0.7 million profit last year
- Operating expenses increased 54.5% to $4.1 million
- Sales volume decreased by 5,850 units to 15,056 units
- Negative EBITDA of $1.2 million compared to positive $1.3 million last year
- Net cash used in operating activities was $9.4 million vs $1.6 million provided last year
Insights
The Q2 FY2025 results reveal significant challenges for Fly-E Group.
Key concerns include:
- Battery safety issues severely impacting consumer confidence
- Loss of major wholesale customers
- Negative EBITDA of
$1.2M vs positive$1.3M last year - Cash burn with
$9.4M used in operations
While the
The micromobility market dynamics present complex challenges for Fly-E. Consumer sentiment has shifted dramatically due to lithium battery safety concerns, particularly in the important NYC market. The company's pivot to rental services and expansion into new markets like Miami and LA indicates a strategic adaptation, but faces significant hurdles.
The Electrify Expo performance (10,000+ attendees, 1,500 test rides) shows potential demand, but converting interest to sales remains challenging in the current environment. The loss of key wholesale partners and declining retail sales (
Selected Second Quarter Financial Results
- Revenue:
$6.8 million $8.8 million - Gross profit:
$2.9 million $3.8 million - Total operating expense:
$4.1 million $2.7 million - Net loss:
$1.1 million $0.05 $0.7 million $0.03
Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, remarked, "Despite recent market challenges, we remain committed to driving growth and expanding our market presence. In the second quarter of fiscal year 2025, we held a stable gross margin above
On the product and market side, we're energized by the success of our recent initiatives. At October's Electrify Expo in
Second Quarter of Fiscal Year 2025 Financial Results
Net revenues were
Retail sales revenue was
Cost of Revenues
Cost of revenues was
Gross Profit
Gross profit was
Total Operating Expenses
Total operating expenses were
- Selling expenses were
$2.0 million $1.6 million $0.9 million $0.4 million $0.8 million $0.6 million $0.1 million $14,339 - General and administrative expenses were
$2.1 million $1.1 million $0.9 million $0.3 million $0.4 million $0.2 million $0.3 million $24,570
Net Income (Loss)
Net loss was
Basic and Diluted Earnings (Losses) per Share
Basic and diluted losses per share were
EBITDA
EBITDA was negative
First Half of Fiscal Year 2025 Financial Results
Net Revenues
Net revenues were
Retail sales revenue was
Cost of Revenues
Cost of revenues was
Gross Profit
Gross profit was
Total Operating Expenses
Total operating expenses were
- Selling expenses were
$3.7 million $2.7 million $1.5 million $0.8 million $1 $1 $119,252 $68,863 $0.2 million $26,066 - General and administrative expenses were
$3.6 million $1.9 million $1 $0 $0 $0.4 million $0 $0.1 million $0.3 million $0.1 million
Net Income (Loss)
Net loss was
Basic and Diluted Earnings (Losses) per Share
Basic and diluted losses per share were
EBITDA
EBITDA was negative
Financial Condition
As of September 30, 2024, the Company had cash of
Net cash used in operating activities was
Net cash used in investing activities was
Net cash provided by financing activities was
Business Update
At the Electrify Expo in
Over the two-day event, Fly-E captivated more than 10,000 attendees, facilitating over 1,500 successful test rides and receiving overwhelmingly positive feedback. With four dedicated booths and meticulous preparation, the Company's offerings attracted a diverse audience, ranging from couples and families to young professionals. Many attendees expressed interest in visiting the Company's
As part of its growth strategy, Fly-E is committed to prioritizing eco-friendly innovation and enhancing user experience in its product development. Leveraging insights gained from the event, the Company plans to refine its offerings and expand its market presence.
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand "Fly E-Bike." The Company's commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. For more information, please visit the Company's website: https://investors.flyebike.com.
Non-GAAP Financial Measures
To supplement the Company's financial information presented in accordance with the generally accepted accounting principles in
The Company uses EBITDA (earnings before interest, taxes, depreciation, and amortization) to evaluate its operating performance. The Company believes EBITDA provides additional insight into its underlying, ongoing operating performance and facilitates year-to-year comparisons by excluding the earnings impact of interest, tax, depreciation and amortization and that presenting EBITDA is more representative of its operational performance and may be more useful for investors.
The Company reconciles its non-GAAP financial measure to its net income, which is its most directly comparable financial measure calculated and presented in accordance with
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and that the forward-looking statements contained in this press release are subject to the risks set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the section under "Risk Factors" of its most recent Annual Report on Form 10-K for the fiscal year ended March 21, 2024, filed with the SEC on June 28, 2024. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
For investor and media inquiries, please contact:
Fly-E Group, Inc.
Investor Relations Department
Email: ir@flyebike.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
FLY-E GROUP, INC. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Expressed in U.S. dollars, except for the number of shares) | ||||||||
September 30, | March 31, | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 1,274,935 | $ | 1,403,514 | ||||
Accounts receivable | 366,838 | 212,804 | ||||||
Accounts receivable – related parties | 91,885 | 326,914 | ||||||
Inventories, net | 8,596,108 | 5,364,060 | ||||||
Prepayments and other receivables | 2,453,340 | 588,660 | ||||||
Prepayments and other receivables – related parties | 387,808 | 240,256 | ||||||
Total Current Assets | 13,170,914 | 8,136,208 | ||||||
Property and equipment, net | 6,644,717 | 1,755,022 | ||||||
Security deposits | 837,179 | 781,581 | ||||||
Deferred IPO costs | - | 502,198 | ||||||
Deferred tax assets, net | 497,939 | 35,199 | ||||||
Operating lease right-of-use assets | 15,438,347 | 16,000,742 | ||||||
Intangible assets, net | 527,538 | 36,384 | ||||||
Long-term prepayment for property | - | 450,000 | ||||||
Long-term prepayment for software development– related parties | 1,055,980 | 1,279,000 | ||||||
Total Assets | $ | 38,172,614 | $ | 28,976,334 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 365,129 | $ | 1,180,796 | ||||
Short-term loan payables | 4,909,982 | - | ||||||
Current portion of long-term loan payables | 90,809 | 1,213,242 | ||||||
Short term mortgage loan payables | 1,800,000 | - | ||||||
Accrued expenses and other payables | 545,206 | 925,389 | ||||||
Other payables – related parties | - | 92,229 | ||||||
Operating lease liabilities – current | 3,149,827 | 2,852,744 | ||||||
Taxes payable | - | 1,530,416 | ||||||
Total Current Liabilities | 10,860,953 | 7,794,816 | ||||||
Long-term loan payables | 191,128 | 412,817 | ||||||
Operating lease liabilities – non-current | 13,288,194 | 13,986,879 | ||||||
Total Liabilities | 24,340,275 | 22,194,512 | ||||||
Commitment and Contingencies | ||||||||
Stockholders' Equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 245,875 | 220,000 | ||||||
Additional Paid-in Capital | 10,744,024 | 2,400,000 | ||||||
Shares Subscription Receivable | (219,998) | (219,998) | ||||||
Retained Earnings | 3,073,293 | 4,395,649 | ||||||
Accumulated other comprehensive loss | (10,855) | (13,829) | ||||||
Total FLY-E Group, Inc. Stockholders' Equity | 13,832,339 | 6,781,822 | ||||||
Total Liabilities and Stockholders' Equity | $ | 38,172,614 | $ | 28,976,334 | ||||
* | Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on |
FLY-E GROUP, INC. | ||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND | ||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||
(Expressed in U.S. dollars, except for the number of shares) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 6,824,406 | $ | 8,763,839 | $ | 14,697,832 | $ | 16,606,185 | ||||||||
Cost of Revenues | 3,919,952 | 5,002,540 | 8,693,744 | 10,122,171 | ||||||||||||
Gross Profit | 2,904,454 | 3,761,299 | 6,004,088 | 6,484,014 | ||||||||||||
Operating Expenses | ||||||||||||||||
Selling Expenses | 2,041,435 | 1,618,439 | 3,653,930 | 2,701,545 | ||||||||||||
General and Administrative Expenses | 2,094,078 | 1,058,235 | 3,626,716 | 1,930,300 | ||||||||||||
Total Operating Expenses | 4,135,513 | 2,676,674 | 7,280,646 | 4,631,845 | ||||||||||||
(Loss) Income from Operations | (1,231,059) | 1,084,625 | (1,276,558) | 1,852,169 | ||||||||||||
Other Income (Expenses), net | (53,929) | 40,779 | (47,411) | 29,701 | ||||||||||||
Interest Expenses, net | (23,795) | (17,969) | (91,877) | (50,592) | ||||||||||||
(Loss) Income Before Income Taxes | (1,308,783) | 1,107,435 | (1,415,846) | 1,831,278 | ||||||||||||
Income Tax Benefit (Expense) | 165,935 | (360,879) | 93,490 | (644,279) | ||||||||||||
Net (Loss) Income | $ | (1,142,848) | $ | 746,556 | $ | (1,322,356) | $ | 1,186,999 | ||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||
Foreign currency translation adjustment | 4,298 | — | 2,974 | — | ||||||||||||
Total Comprehensive (Loss) Income | $ | (1,138,550) | $ | 746,556 | $ | (1,319,382) | $ | 1,186,999 | ||||||||
(Losses) Earnings per Share* | $ | (0.05) | $ | 0.03 | $ | (0.06) | $ | 0.05 | ||||||||
Weighted Average Number of Common Stock | ||||||||||||||||
– Basic and Diluted* | 24,587,500 | 22,000,000 | 23,622,596 | 22,000,000 | ||||||||||||
* | Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on |
FLY-E GROUP, INC. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Expressed in U.S. dollars, except for the number of shares) | ||||||||
For the Six Months Ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net (loss) income | $ | (1,322,356) | $ | 1,186,999 | ||||
Adjustments to reconcile net (loss) income to net cash (used in) provided | ||||||||
Depreciation expense | 180,910 | 190,559 | ||||||
Amortization expense | 8,846 | — | ||||||
Deferred income taxes (benefits) expenses | (462,740) | 189,600 | ||||||
Amortization of operating lease right-of-use assets | 1,676,991 | 1,221,280 | ||||||
Inventories reserve | 330,823 | 159,851 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (154,034) | (463,949) | ||||||
Accounts receivable – related parties | 235,029 | (203,069) | ||||||
Inventories | (3,562,871) | (1,672,986) | ||||||
Prepayments and other receivables | (1,864,681) | 5,223 | ||||||
Prepayments for operation services to related parties | (180,000) | — | ||||||
Security deposits | (55,598) | (78,191) | ||||||
Accounts payable | (815,667) | 1,813,644 | ||||||
Accrued expenses and other payables | (380,183) | 33,873 | ||||||
Operating lease liabilities | (1,516,198) | (1,132,114) | ||||||
Taxes payable | (1,530,416) | 343,148 | ||||||
Net cash (used in) provided by operating activities | (9,412,145) | 1,593,868 | ||||||
Cash flows from investing activities | ||||||||
Purchases of equipment | (1,575,936) | (526,214) | ||||||
Purchase of Software from a related party | (500,000) | — | ||||||
Prepayment for purchasing software from a related party | (801,980) | — | ||||||
Repayment from a related party | 510,381 | — | ||||||
Advance to a related party | (477,933) | — | ||||||
Net cash used in investing activities | (2,845,468) | (526,214) | ||||||
Cash flows from financing activities | ||||||||
Advance to a related party | — | (99,500) | ||||||
Borrowing from loan payables | 3,737,500 | 400,000 | ||||||
Repayments of loan payables | (391,308) | (335,374) | ||||||
Repayments on other payables - related parties | (92,229) | (198,615) | ||||||
Payments of related party loan | — | (120,000) | ||||||
Capital Contributions from Stockholders | — | 136,370 | ||||||
Payments of IPO cost | (282,403) | (100,000) | ||||||
Net proceeds from issuance of common stock - IPO | 9,154,500 | — | ||||||
Net cash provided by (used in) financing activities | 12,126,060 | (317,119) | ||||||
Net changes in cash | (131,553) | 750,535 | ||||||
Effect of exchange rate changes on cash | 2,974 | — | ||||||
Cash at beginning of the period | 1,403,514 | 358,894 | ||||||
Cash at the end of the period | $ | 1,274,935 | $ | 1,109,429 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for interest expense | $ | 91,877 | $ | 50,592 | ||||
Cash paid for income taxes | $ | 1,940,595 | $ | 185,347 | ||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||
Settlement of accounts payable by related parties | $ | — | $ | 50,000 | ||||
Settlement of accounts payable by capital contribution | $ | — | $ | 2,263,630 | ||||
Purchase of vehicle funded by loan | $ | 219,668 | $ | 34,974 | ||||
Purchase of office funded by loan | $ | 1,800,000 | $ | — | ||||
Purchase software and office by using previous prepayments | $ | 1,975,000 | $ | — | ||||
Deferred IPO cost recognized as additional paid-in capital | $ | 502,198 | $ | — | ||||
Termination of operating lease right-of-use assets and operating lease liabilities | $ | (280,087) | $ | — | ||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 1,394,682 | $ | 2,523,012 | ||||
The following table sets forth the components of our EBITDA for the three months ended September 30, 2024 and 2023, with reconciliations to the nearest GAAP financial measures provided below:
For the Three Months Ended September 30, | ||||||||||||||||
2024 | 2023 | Change | Percentage | |||||||||||||
(Loss) Income from Operations | $ | (1,142,848) | $ | 746,556 | $ | (1,889,404) | (253.1) | % | ||||||||
Income Tax (Benefit) Expense | (165,935) | 360,879 | (526,814) | (146.0) | % | |||||||||||
Depreciation | 85,859 | 126,891 | (41,032) | (32.3) | % | |||||||||||
Interest Expenses | 23,795 | 17,969 | 5,826 | 32.4 | % | |||||||||||
Amortization | 7,895 | — | 7,895 | 100.0 | % | |||||||||||
EBITDA | $ | (1,191,234) | $ | 1,252,295 | $ | (2,443,529) | (195.1) | % | ||||||||
Percentage of Revenue | (17.5) | % | 14.3 | % | (31.7) | % | ||||||||||
The following table sets forth the components of our EBITDA for the six months ended September 30, 2024 and 2023, with reconciliations to the nearest GAAP financial measures provided below:
For the Six Months Ended September 30, | ||||||||||||||||
2024 | 2023 | Change | Percentage | |||||||||||||
(Loss) Income from Operations | $ | (1,322,356) | $ | 1,186,999 | $ | (2,509,355) | (211.4) | % | ||||||||
Income Tax provision | (93,490) | 644,279 | (737,769) | (114.5) | % | |||||||||||
Depreciation | 180,910 | 190,559 | (9,649) | (5.1) | % | |||||||||||
Interest Expenses | 91,877 | 50,592 | 41,285 | 81.6 | % | |||||||||||
Amortization | 8,846 | — | 8,846 | 100.0 | % | |||||||||||
EBITDA | $ | (1,134,213) | $ | 2,072,429 | $ | (3,206,642) | (154.7) | % | ||||||||
Percentage of Revenue | (7.7) | % | 12.5 | % | (20.2) | % | ||||||||||
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SOURCE Fly-E Group, Inc.
FAQ
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