Fly-E Group, Inc. Announces First Quarter of Fiscal Year 2025 Financial Results
Fly-E Group, Inc. (Nasdaq: FLYE) reported its Q1 FY2025 financial results, ending June 30, 2024. Key highlights include:
- Net revenues increased 0.4% to $7.9 million
- Gross profit rose 13.8% to $3.1 million
- Gross margin improved to 39.4% from 34.7%
- Net loss of $0.2 million, compared to $0.4 million net income last year
- Basic and diluted losses per share of $0.01
- EBITDA decreased to $57,021 from $820,134
The company saw growth in retail sales but a decline in wholesale revenue. Operating expenses increased due to business expansion. Fly-E launched a new e-bike rental program in New York City and plans to expand to other major cities.
Fly-E Group, Inc. (Nasdaq: FLYE) ha riportato i risultati finanziari per il primo trimestre dell'anno fiscale 2025, terminato il 30 giugno 2024. I principali punti salienti includono:
- I ricavi netti sono aumentati dello 0,4% a 7,9 milioni di dollari
- Il profitto lordo è salito del 13,8% a 3,1 milioni di dollari
- Il margine lordo è migliorato al 39,4% rispetto al 34,7%
- Perdita netta di 0,2 milioni di dollari, rispetto a un utile netto di 0,4 milioni di dollari dell'anno scorso
- Perdita di base e diluita per azione di 0,01 dollari
- EBITDA è diminuito a 57.021 dollari da 820.134 dollari
L'azienda ha visto una crescita nelle vendite al dettaglio, ma un calo nei ricavi all'ingrosso. Le spese operative sono aumentate a causa dell'espansione aziendale. Fly-E ha lanciato un nuovo programma di noleggio e-bike a New York City e prevede di espandersi in altre grandi città.
Fly-E Group, Inc. (Nasdaq: FLYE) informó sobre sus resultados financieros del primer trimestre del año fiscal 2025, que terminó el 30 de junio de 2024. Los puntos destacados incluyen:
- Los ingresos netos aumentaron un 0,4% a 7,9 millones de dólares
- La utilidad bruta se elevó un 13,8% a 3,1 millones de dólares
- El margen bruto mejoró al 39,4% desde el 34,7%
- Pérdida neta de 0,2 millones de dólares, en comparación con una utilidad neta de 0,4 millones de dólares del año pasado
- Pérdidas básicas y diluidas por acción de 0,01 dólares
- EBITDA disminuyó a 57.021 dólares desde 820.134 dólares
La compañía experimentó un crecimiento en las ventas al por menor pero una disminución en los ingresos por ventas al por mayor. Los gastos operativos aumentaron debido a la expansión del negocio. Fly-E lanzó un nuevo programa de alquiler de bicicletas eléctricas en la ciudad de Nueva York y planea expandirse a otras ciudades importantes.
Fly-E Group, Inc. (Nasdaq: FLYE)는 2025 회계연도 첫 분기 재무 결과를 발표하였으며, 2024년 6월 30일을 종료일로 하였습니다. 주요 내용은 다음과 같습니다:
- 순수익이 0.4% 증가하여 790만 달러에 달했습니다
- 총 이익이 13.8% 증가하여 310만 달러에 이르렀습니다
- 총 마진이 34.7%에서 39.4%로 개선되었습니다
- 순손실이 20만 달러로, 작년의 40만 달러 순이익에 비해 감소했습니다
- 기본 및 희석 주당 손실이 0.01 달러입니다
- EBITDA가 820,134달러에서 57,021달러로 감소했습니다
회사는 소매 판매에서 성장을 보였지만 도매 수익은 감소했습니다. 운영비는 사업 확장으로 인해 증가했습니다. Fly-E는 뉴욕시에서 새로운 전기 자전거 대여 프로그램을 출시했으며, 다른 주요 도시로의 확장을 계획하고 있습니다.
Fly-E Group, Inc. (Nasdaq: FLYE) a publié ses résultats financiers pour le premier trimestre de l'exercice 2025, se terminant le 30 juin 2024. Les principaux points forts incluent :
- Les revenus nets ont augmenté de 0,4 % pour atteindre 7,9 millions de dollars
- Le bénéfice brut a augmenté de 13,8 % pour atteindre 3,1 millions de dollars
- La marge brute s'est améliorée, passant de 34,7 % à 39,4 %
- Perte nette de 0,2 million de dollars, contre un bénéfice net de 0,4 million de dollars l'année dernière
- Perte de base et diluée par action de 0,01 dollar
- EBITDA a diminué, passant de 820 134 dollars à 57 021 dollars
L'entreprise a connu une croissance des ventes au détail, mais une baisse des revenus de gros. Les frais d'exploitation ont augmenté en raison de l'expansion de l'entreprise. Fly-E a lancé un nouveau programme de location de vélos électriques à New York et prévoit de s'étendre à d'autres grandes villes.
Fly-E Group, Inc. (Nasdaq: FLYE) berichtete über seine Finanz Ergebnisse für das erste Quartal des Geschäftsjahres 2025, das am 30. Juni 2024 endete. Die wichtigsten Höhepunkte sind:
- Die Nettoumsätze stiegen um 0,4% auf 7,9 Millionen Dollar
- Der Bruttogewinn stieg um 13,8% auf 3,1 Millionen Dollar
- Die Bruttomarge verbesserte sich von 34,7% auf 39,4%
- Nettoverlust von 0,2 Millionen Dollar, im Vergleich zu einem Nettogewinn von 0,4 Millionen Dollar im Vorjahr
- Basis- und verwässerte Verluste pro Aktie von 0,01 Dollar
- EBITDA sank von 820.134 Dollar auf 57.021 Dollar
Das Unternehmen verzeichnete ein Wachstum im Einzelhandel, aber einen Rückgang im Großhandelsumsatz. Die Betriebsausgaben stiegen aufgrund der Geschäftsausweitung. Fly-E startete ein neues E-Bike-Verleihprogramm in New York City und plant eine Expansion in andere große Städte.
- Net revenues increased by 0.4% to $7.9 million
- Gross profit rose by 13.8% to $3.1 million
- Gross margin improved to 39.4% from 34.7%
- Average sale price of EVs increased by 4.6% to $1,053
- Retail sales revenue increased by 11.4% to $6.9 million
- Unit cost for battery decreased by 56% to $69.0
- Cash position improved to $4.5 million from $1.4 million year-over-year
- Net loss of $0.2 million compared to net income of $0.4 million last year
- Basic and diluted losses per share of $0.01 compared to earnings of $0.02 last year
- EBITDA decreased to $57,021 from $820,134 last year
- Total operating expenses increased by 60.9% to $3.1 million
- Wholesale revenue decreased to $1.0 million from $1.7 million
- Net cash used in operating activities was $4.5 million compared to net cash provided of $0.8 million last year
Insights
Fly-E Group's Q1 FY2025 results paint a mixed picture. While revenue grew marginally by
The shift from wholesale to retail, evidenced by an
Fly-E's performance reflects broader trends in the electric vehicle market. The 4.6% increase in average EV sale price to
The company's pivot towards retail, with seven new stores opened, aligns with industry trends favoring direct-to-consumer models. The new rental program in New York City, compliant with local regulations, is a smart move to capture the growing urban mobility market. However, the planned expansion to Miami, Toronto and Los Angeles will require careful execution and significant capital investment. The development of the GO FLY app could be a differentiator but faces stiff competition in the crowded mobility app space.
Fly-E's technological initiatives show promise but face challenges. The development of the GO FLY app for rental services is a step towards digital integration, important in today's tech-driven mobility sector. However, the
The 56% decrease in battery unit costs from
First Quarter of Fiscal Year 2025 Financial Summary
- Net revenues were
$7.9 million in the first quarter of fiscal year 2025, an increase of0.4% from in the same period last year.$7.8 million - Gross profit was
in the first quarter of fiscal year 2025, an increase of$3.1 million 13.8% , from in the same period last year.$2.7 million - Gross margin was
39.4% in the first quarter of fiscal year 2025, increased from34.7% in the same period last year. - Loss from operations was
in the first quarter of fiscal year 2025, compared to income from operations of$45,499 in the same period last year.$767,544 - Net loss was
in the first quarter of fiscal year 2025, compared to net income of$0.2 million in the same period last year.$0.4 million - Basic and diluted losses per share were
in the first quarter of fiscal year 2025, compared to basic and diluted earnings per share of$0.01 in the same period last year.$0.02 - EBITDA as
$57,021 in the first quarter of fiscal year 2025, compared to EBITDA of ,134 in the same period last year.$820
Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, remarked, "Despite the inflationary pressure and intense competition, we have managed to sustain steady expansion with a gross profit increase of
First Quarter 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
in the first quarter of fiscal year 2025, compared to$1.6 million in the same period last year. Selling expenses primarily consist of payroll expenses, rent, utilities expenses, and advertising expenses of retail stores. Total payroll expenses were$1.1 million in the first quarter of fiscal year 2025, compared to$0.6 million in the same period last year. Rent expenses were$0.4 million in the first quarter of fiscal year 2025, compared to$0.7 million in the same period last year. Utilities expenses were$0.5 million in the first quarter of fiscal year 2025, compared to$45,825 in the same period last year. Advertising expenses were$28,383 in the first quarter of fiscal year 2025, compared to$68,519 in the same period last year. The increase in these expenses was primarily due to the increase in the number of new stores and new employees hired for these new stores in the first quarter of fiscal year 2025.$11,727 - General and administrative expenses were
in the first quarter of fiscal year 2025, compared to$1.5 million in the same period last year. Meals and entertainment expenses increased to$0.9 million in the first quarter of fiscal year 2025, compared to$139,561 in the same period last year, primarily due to increased meal expenses for employees who worked overtime. Professional fees increased to$116,577 in the first quarter of fiscal year 2025, compared to$0.4 million in the same period last year, primarily attributable to the increase in audit fee, consulting fee, and IR expenses associated with the Company initial public offering. Payroll expenses increased to$0.2 million .4 million in the first quarter of fiscal year 2025, from$0 .2 million in the same period las year primarily due to additional employees hired in operation and accounting departments. Rent expenses increased to$0 .1 million in the first quarter of fiscal year 2025, compared to$0 .1 million for the same quarter of prior year as a result of office space expansion in the first quarter of fiscal year 2025. Development fee increased to$0 in the first quarter of fiscal year 2025, compared to $nil for the prior quarterly as a result of maintenance for Fly E-Bike app during the three months ended June 30, 2024.$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
Financial Condition
As of June 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
Recent Development
The Company launched a new rental program to meet the increasing market demand for safe, UL-certified e-bikes in compliance with
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)
June 30, | March 31, | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 4,467,868 | $ | 1,403,514 | ||||
Accounts receivable | 371,916 | 212,804 | ||||||
Accounts receivable – related parties | 47,742 | 326,914 | ||||||
Inventories, net | 6,089,083 | 5,364,060 | ||||||
Prepayments and other receivables | 2,654,196 | 588,660 | ||||||
Prepayments and other receivables – related parties | 240,162 | 240,256 | ||||||
Total Current Assets | 13,870,967 | 8,136,208 | ||||||
Property and equipment, net | 2,011,495 | 1,755,022 | ||||||
Security deposits | 805,435 | 781,581 | ||||||
Deferred IPO costs | - | 502,198 | ||||||
Deferred tax assets, net | 94,298 | 35,199 | ||||||
Operating lease right-of-use assets | 15,757,380 | 16,000,742 | ||||||
Intangible assets, net | 35,433 | 36,384 | ||||||
Long-term prepayment for property | 569,700 | 450,000 | ||||||
Long-term prepayment for software development– related parties | 2,054,000 | 1,279,000 | ||||||
Total Assets | $ | 35,198,708 | $ | 28,976,334 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 406,449 | $ | 1,180,796 | ||||
Current portion of long-term loan payables | 1,116,044 | 1,213,242 | ||||||
Accrued expenses and other payables | 422,098 | 925,389 | ||||||
Other payables – related parties | 2,229 | 92,229 | ||||||
Operating lease liabilities – current | 3,092,721 | 2,852,744 | ||||||
Taxes payable | 1,131,009 | 1,530,416 | ||||||
Total Current Liabilities | 6,170,550 | 7,794,816 | ||||||
Long-term loan payables | 381,890 | 412,817 | ||||||
Operating lease liabilities – non-current | 13,675,379 | 13,986,879 | ||||||
Total Liabilities | 20,227,819 | 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 | 4,216,141 | 4,395,649 | ||||||
Accumulated other comprehensive loss | (15,153) | (13,829) | ||||||
Total FLY-E Group, Inc. Stockholders' Equity | 14,970,889 | 6,781,822 | ||||||
Total Liabilities and Stockholders' Equity | $ | 35,198,708 | $ | 28,976,334 |
* | Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on December 21, 2022 and to give effect to the stock split completed on April 2, 2024. |
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 | ||||||||
2024 | 2023 | |||||||
Revenues | $ | 7,873,426 | $ | 7,842,346 | ||||
Cost of Revenues | 4,773,792 | 5,119,631 | ||||||
Gross Profit | 3,099,634 | 2,722,715 | ||||||
Operating Expenses | ||||||||
Selling Expenses | 1,612,495 | 1,083,106 | ||||||
General and Administrative Expenses | 1,532,638 | 872,065 | ||||||
Total Operating Expenses | 3,145,133 | 1,955,171 | ||||||
(Loss) Income from Operations | (45,499) | 767,544 | ||||||
Other Income (Expenses), net | 6,518 | (11,078) | ||||||
Interest Expenses, net | (68,082) | (32,623) | ||||||
(Loss) Income Before Income Taxes | (107,063) | 723,843 | ||||||
Income Tax Expense | (72,445) | (283,400) | ||||||
Net (Loss) Income | $ | (179,508) | $ | 440,443 | ||||
Other Comprehensive Income (Loss) | ||||||||
Foreign currency translation adjustment | (1,324) | — | ||||||
Total Comprehensive (Loss) Income | $ | (180,832) | $ | 440,443 | ||||
(Losses) Earnings per Share* | $ | (0.01) | $ | 0.02 | ||||
Weighted Average Number of Common Stock | ||||||||
– Basic and Diluted* | 22,636,250 | 22,000,000 |
* | Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on December 21, 2022 and to give effect to the stock split completed on April 2, 2024. |
FLY-E GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. dollars, except for the number of shares)
For the Three Months Ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net (loss) income | $ | (179,508) | $ | 440,443 | ||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||
Depreciation expense | 95,051 | 63,668 | ||||||
Amortization expense | 951 | — | ||||||
Deferred income taxes (benefits) expenses | (59,099) | 208,800 | ||||||
Amortization of operating lease right-of-use assets | 798,044 | 485,467 | ||||||
Inventories reserve | 176,072 | 153,625 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (159,112) | (53,742) | ||||||
Accounts receivable – related parties | 279,172 | (282,814) | ||||||
Inventories | (901,095) | (1,411,037) | ||||||
Prepayments and other receivables | (2,065,536) | (185,406) | ||||||
Prepayments for operation services to related parties | (180,000) | — | ||||||
Security deposits | (23,854) | (52,809) | ||||||
Accounts payable | (774,347) | 1,681,224 | ||||||
Accrued expenses and other payables | (503,291) | 195,049 | ||||||
Operating lease liabilities | (626,205) | (458,937) | ||||||
Taxes payable | (399,407) | 36,504 | ||||||
Net cash (used in) provided by operating activities | (4,522,164) | 820,035 | ||||||
Cash flows from investing activities | ||||||||
Purchases of equipment | (351,524) | (390,055) | ||||||
Prepayments for property | (119,700) | — | ||||||
Prepayment for purchasing software from a related party | (775,000) | — | ||||||
Repayment from a related party | 180,256 | — | ||||||
Advance to a related party | (162) | — | ||||||
Net cash used in investing activities | (1,066,130) | (390,055) | ||||||
Cash flows from financing activities | ||||||||
Advance to a related party | — | (56,000) | ||||||
Borrowing from loan payables | 247,500 | — | ||||||
Repayments of loan payables | (375,625) | (296,002) | ||||||
Repayments on other payables - related parties | (90,000) | 182,239 | ||||||
Payments of related party loan | — | (75,000) | ||||||
Capital Contributions from Shareholders | — | 136,370 | ||||||
Payments of IPO cost | (282,403) | |||||||
Net proceeds from issuance of common stock - IPO | 9,154,500 | — | ||||||
Net cash provided by (used in) financing activities | 8,653,972 | (108,393) | ||||||
Net changes in cash | 3,065,678 | 321,587 | ||||||
Effect of exchange rate changes on cash | (1,324) | — | ||||||
Cash at beginning of the period | 1,403,514 | 358,894 | ||||||
Cash at the end of the period | $ | 4,467,868 | $ | 680,481 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for interest expense | $ | 68,082 | $ | 32,623 | ||||
Cash paid for income taxes | $ | 481,929 | $ | 81,268 | ||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||
Settlement of accounts payable by capital contribution | $ | — | $ | 2,263,630 | ||||
Purchase of vehicle funded by loan | $ | — | $ | 34,974 | ||||
Deferred IPO cost recognized as additional paid-in capital | $ | 502,198 | $ | — | ||||
Termination of operating lease right-of-use assets and operating lease liabilities | $ | (2,962) | — | |||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 557,643 | $ | 1,234,944 |
The following table sets forth the components of the Company's EBITDA for the three months ended June 30, 2024 and 2023:
For the Three Months Ended June 30, | ||||||||||||||||
2024 | 2023 | Change | Percentage | |||||||||||||
(Loss) Income from Operations | $ | (179,508) | $ | 440,443 | $ | (619,951) | (140.8) | % | ||||||||
Income Tax provision | 72,445 | 283,400 | (210,955) | (74.4) | % | |||||||||||
Depreciation | 95,051 | 63,668 | 31,383 | 49.3 | % | |||||||||||
Interest Expenses | 68,082 | 32,623 | 35,459 | 108.7 | % | |||||||||||
Amortization | 951 | — | 951 | 100.0 | % | |||||||||||
EBITDA | $ | 57,021 | $ | 820,134 | $ | (763,113) | (93.0) | % | ||||||||
Percentage of Revenue | 0.7 | % | 10.5 | % | (9.7) | % |
View original content:https://www.prnewswire.com/news-releases/fly-e-group-inc-announces-first-quarter-of-fiscal-year-2025-financial-results-302225162.html
SOURCE Fly-E Group, Inc.
FAQ
What were Fly-E Group's (FLYE) Q1 FY2025 net revenues?
How did Fly-E Group's (FLYE) gross profit change in Q1 FY2025?
What was Fly-E Group's (FLYE) net income/loss for Q1 FY2025?
How did Fly-E Group's (FLYE) EBITDA perform in Q1 FY2025?