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Fly-E Group, Inc. Announces First Quarter of Fiscal Year 2025 Financial Results

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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.

Positive
  • 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
Negative
  • 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 0.4% to $7.9 million, the company swung to a net loss of $0.2 million from a profit of $0.4 million last year. The gross margin improvement to 39.4% is promising, driven by lower battery costs. However, this was overshadowed by a 60.9% surge in operating expenses to $3.1 million, primarily due to expansion costs and IPO-related expenses.

The shift from wholesale to retail, evidenced by an 11.4% increase in retail sales, could be strategic but needs monitoring. The company's cash position improved significantly to $4.5 million, bolstered by $8.7 million from financing activities. However, the negative operating cash flow of $4.5 million is concerning and needs addressing for long-term sustainability.

Fly-E's performance reflects broader trends in the electric vehicle market. The 4.6% increase in average EV sale price to $1,053 suggests growing consumer acceptance of premium electric two-wheelers. However, the loss of two major wholesale customers highlights the volatility in the distribution landscape.

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 $0.1 million spent on app maintenance for Fly E-Bike suggests ongoing technical hurdles.

The 56% decrease in battery unit costs from $157 to $69 is significant, potentially indicating improved battery technology or supply chain efficiencies. This could be a major competitive advantage if sustained. The focus on UL-certified e-bikes compliant with New York State regulations demonstrates a commitment to safety and regulatory adherence, which is important in the evolving e-mobility landscape. However, the company needs to balance innovation with the rising development and maintenance costs to remain competitive in the fast-evolving EV tech space.

NEW YORK, Aug. 19, 2024 /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters, and related accessories, today announced its unaudited financial results for the first quarter of fiscal year 2025 ended June 30, 2024.

First Quarter of Fiscal Year 2025 Financial Summary

  • Net revenues were $7.9 million in the first quarter of fiscal year 2025, an increase of 0.4% from $7.8 million in the same period last year.
  • Gross profit was $3.1 million in the first quarter of fiscal year 2025, an increase of 13.8%, from $2.7 million in the same period last year.
  • Gross margin was 39.4% in the first quarter of fiscal year 2025, increased from 34.7% in the same period last year.
  • Loss from operations was $45,499 in the first quarter of fiscal year 2025, compared to income from operations of $767,544 in the same period last year.
  • Net loss was $0.2 million in the first quarter of fiscal year 2025, compared to net income of $0.4 million in the same period last year.
  • Basic and diluted losses per share were $0.01 in the first quarter of fiscal year 2025, compared to basic and diluted earnings per share of $0.02 in the same period last year.
  • EBITDA as $57,021 in the first quarter of fiscal year 2025, compared to EBITDA of $820,134 in the same period last year.

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 13.8%. Our uptick in financial performance reflects the strategic efforts we have undertaken to expand our market presence and enhance our product offerings. This growth has been driven by our commitment to innovation and customer satisfaction, as evidenced by the increase in our average sales price per EV. Also contributing to our gross profit increase is a decrease in our cost of revenue. We achieved this through continued cooperation with our suppliers which resulted in a more favorable price for the company when purchasing batteries. In addition, we witnessed significant increases in selling and general administrative expenses, primarily driven by the expansion of our retail stores and the strategic investments associated with our initial public offering, which increases were necessary to support our continued growth and the scaling of our operations, positioning us for future success. Looking forward, we are optimistic about our growth prospects and are committed to executing our business plan to achieve long-term success."

First Quarter of Fiscal Year 2025 Financial Results

Net Revenues

Net revenues were $7.9 million in the first quarter of fiscal year 2025, an increase of 0.4%, from $7.8 million in the same period last year. The increase in net revenues was driven primarily by the increase of the average sale price of EVs by $46 or 4.6%, from $1,007 in the first quarter of fiscal year 2024 to $1,053 in the first quarter of fiscal year 2025. 

Retail sales revenue was $6.9 million in the first quarter of fiscal year 2025, an increase of 11.4%, from $6.2 million in the same period last year. Wholesale revenue was $1.0 million in the first quarter of fiscal year 2025, compared to $1.7 million in the same period last year. The increase in retail sales revenue is mainly due to the addition of seven new retail stores from June 2023 to June 2024. The decrease in wholesales revenue was driven primarily by the decrease in purchase from the top two customers who closed their stores.

Cost of Revenues

Cost of revenues was $4.8 million in the first quarter of fiscal year 2025, a decrease of 6.8%, from $5.1 million in the same period last year. The decrease in cost of revenues was primarily attributable to more favorable pricing the Company obtained from its suppliers, especially for the price of batteries. The unit cost for battery decreased by 56%, from $157.0 in the first quarter of fiscal year 2024, to $69.0 in the first quarter of fiscal year 2025.

Gross Profit

Gross profit was $3.1 million in the first quarter of fiscal year 2025, an increase of 13.8%, from $2.7 million in the same period last year. Gross margin was 39.4% in the first quarter of fiscal year 2025, increased from 34.7% in the same period last year.

Total Operating Expenses

Total operating expenses were $3.1 million in the first quarter of fiscal year 2025, an increase of 60.9%, from $2.0 million in the same period last year. The increase in operating expenses was attributable to the increase in payroll expenses, rent expenses, meals and entertainment expenses, professional fees, and development expenses as the Company expanded business.

  • Selling expenses were $1.6 million in the first quarter of fiscal year 2025, compared to $1.1 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 $0.6 million in the first quarter of fiscal year 2025, compared to $0.4 million in the same period last year. Rent expenses were $0.7 million in the first quarter of fiscal year 2025, compared to $0.5 million in the same period last year. Utilities expenses were $45,825 in the first quarter of fiscal year 2025, compared to $28,383 in the same period last year. Advertising expenses were $68,519 in the first quarter of fiscal year 2025, compared to $11,727 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.
  • General and administrative expenses were $1.5 million in the first quarter of fiscal year 2025, compared to $0.9 million in the same period last year. Meals and entertainment expenses increased to $139,561 in the first quarter of fiscal year 2025, compared to $116,577 in the same period last year, primarily due to increased meal expenses for employees who worked overtime. Professional fees increased to $0.4 million in the first quarter of fiscal year 2025, compared to $0.2 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 $0.4 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 $0.1 million 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.

Net Income (Loss)

Net loss was $0.2 million in the first quarter of fiscal year 2025, compared to net income of $0.4 million in the same period last year, mainly attributable to the reasons discussed above.

Basic and Diluted Earnings (Losses) per Share

Basic and diluted losses per share were $0.01 in the first quarter of fiscal year 2025, compared to basic and diluted earnings per share of $0.02 in the same period last year.

EBITDA

EBITDA was $57,021 in the first quarter of fiscal year 2025, compared to EBITDA of $820,134 in the same period last year.

Financial Condition

As of June 30, 2024, the Company had cash of $4.5 million, increased from $1.4 million as of June 30, 2023.

Net cash used in operating activities was $4.5 million in the first quarter of fiscal year 2025, compared to net cash provided by operating activities of $0.8 million in the same period last year.

Net cash used in investing activities was $1.1 million in the first quarter of fiscal year 2025, compared to $0.4 million in the same period last year.

Net cash provided by financing activities was $8.7 million in the first quarter of fiscal year 2025, compared to net cash used in financing activities of $0.1 million in the same period last year.

Recent Development

The Company launched a new rental program to meet the increasing market demand for safe, UL-certified e-bikes in compliance with New York State regulations. The rental service is now available in New York City in select Fly E-Bike stores, offering users with a flexible and affordable e-bike rental option featuring the Fly-E Fly-11 Pro model. The Company is currently developing the GO FLY app, a mobile application designed for its rental services. As part of FLY-E's growth strategy, the Company plans to expand the rental service to Miami, Toronto, and Los Angeles shortly.

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 United States (the "U.S. GAAP"), management periodically uses certain "non-GAAP financial measures," as such term is defined under the rules of the SEC, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. For example, non-GAAP measures may exclude the impact of certain items such as acquisitions, divestitures, gains, losses and impairments, or items outside of management's control. Management believes that the following non-GAAP financial measure provides investors and analysts useful insight into its financial position and operating performance. Any non-GAAP measure provided should be viewed in addition to, and not as an alternative to, the most directly comparable measure determined in accordance with U.S. GAAP. Further, the calculation of these non-GAAP financial measures may differ from the calculation of similarly titled financial measures presented by other companies and therefore may not be comparable among companies.

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 U.S. GAAP. EBITDA includes adjustments for provision for income taxes, as applicable, interest income and expense, depreciation, and amortization. EBITDA does not represent and should not be considered an alternative to net income as determined by U.S. GAAP, and its calculations thereof may not be comparable to those reported by other companies. The Company believes EBITDA is an important measure of operating performance and provides useful information to investors because it highlights trends in its business that may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on its operating performance. EBITDA, as presented herein, is a supplemental measure of its performance that is not required by, or presented in accordance with, U.S. GAAP. The Company uses non-GAAP financial measures as supplements to its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its business. EBITDA is a measure of operating performance that is not defined by U.S. GAAP and should not be considered a substitute for net (loss) income as determined in accordance with U.S. GAAP.

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,
2024



March 31,
2024


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, $0.01 par value, 4,400,000 shares authorized and nil outstanding as of June 30, 2024 and March 31, 2024*







Common stock, $0.01 par value, 44,000,000 shares authorized and 24,587,500 shares outstanding  as of June 30, 2024 and 22,000,000 shares outstanding as of March 31, 2024*



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
June 30,




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
June 30,




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
Change


(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)

%

 

Cision 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?

Fly-E Group's net revenues for Q1 FY2025 were $7.9 million, a 0.4% increase from $7.8 million in the same period last year.

How did Fly-E Group's (FLYE) gross profit change in Q1 FY2025?

Fly-E Group's gross profit increased by 13.8% to $3.1 million in Q1 FY2025, compared to $2.7 million in the same period last year.

What was Fly-E Group's (FLYE) net income/loss for Q1 FY2025?

Fly-E Group reported a net loss of $0.2 million in Q1 FY2025, compared to a net income of $0.4 million in the same period last year.

How did Fly-E Group's (FLYE) EBITDA perform in Q1 FY2025?

Fly-E Group's EBITDA decreased to $57,021 in Q1 FY2025, compared to $820,134 in the same period last year.

What new program did Fly-E Group (FLYE) launch in Q1 FY2025?

Fly-E Group launched a new e-bike rental program in New York City, offering UL-certified e-bikes in compliance with New York State regulations.

Fly-E Group, Inc.

NASDAQ:FLYE

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