Fly-E Group, Inc. Announces Fiscal Year 2025 Financial Results
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E-mailFiscal Year 2025 Financial Summary
- Net revenues were $25.4 million in fiscal year 2025, compared to $32.2 million in fiscal year 2024.
- Gross profit was $10.5 million in fiscal year 2025, compared to $13.1 million in fiscal year 2024.
- Gross margin was 41.1% in fiscal year 2025, increased from 40.7% in fiscal year 2024.
- Net Loss was $5.3 million in fiscal year 2025, compared to net income of $1.9 million in fiscal year 2024.
- Basic and diluted losses per share were $1.10 in fiscal year 2025, compared to basic and diluted earnings per share of
$0.43 in fiscal year 2024.
Mr.
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
Operating Expenses
Operating expenses were
- Selling expenses were
$7.4 million in fiscal year 2025, compared to$5.9 million in fiscal year 2024. Selling expenses primarily consist of payroll expenses, rent, and advertising expenses of retail stores. Total payroll expenses were$3.3 million in fiscal year 2025, compared to$1.6 million in fiscal year 2024. Rent expenses were$2.9 million in fiscal year 2025, compared to$2.4 million in fiscal year 2024. Advertising expenses were$0.3 million in fiscal year 2025, compared to$64,423 in fiscal year 2024. The increase in payroll expenses was primarily due to the increased number of new employees hired for business operations in the first three quarters of fiscal year 2025, despite a reduction in headcounts in the last quarter resulting from closures and dispositions of retail stores. The increase in rental expense was primarily due to the expansion of retail stores to support the Company's business growth and operational needs. The rise in advertising expense was mainly driven by intensified marketing campaigns and promotional activities aimed at enhancing brand visibility. Total commission expenses were$9,980 in fiscal year 2025, compared to$1.1 million in fiscal year 2024. The decrease in the commission expenses was primarily due to the Company's discontinuation of marketing referral expenses for promotions as ofJanuary 1, 2024 . - General and administrative expenses were
$7.6 million in fiscal year 2025, compared to$3.9 million in fiscal year 2024. Professional fees increased to$2.0 million in fiscal year 2025, compared to$1.0 million in fiscal year 2024, primarily attributable to the increase in audit fee, consulting fee, legal fee and IR expenses associated with the Company's initial public offering and ongoing reporting obligations. Payroll expenses increased to$1.5 million in fiscal year 2025 from$1.1 million in fiscal year 2024 primarily due to additional employees hired in operation and accounting departments. Insurance expenses increased to$1.1 million in fiscal year 2025, compared to$0.2 million for the same period of prior year as a result of increased general insurance of the stores and the purchase of directors and officers liability insurance after initial public offering in fiscal year 2025. Software development fee increased to$0.5 million in fiscal year 2025, compared to$0.3 million for the same period in prior year due to the increasing development fee of Fly E-Bike app and the increasing maintenance fee of Go Fly App. There were settlement payments of$1.0 million in fiscal year 2025 in connection with the settlement payments to UL LLC.
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
Net cash used in operating activities was $10.1 million in fiscal year 2025, compared to net cash provided by operating activities of $4.3 million in fiscal year 2024.
Net cash used in investing activities was $2.9 million in fiscal year 2025, compared to
Net cash provided by financing activities was $12.5 million in fiscal year 2025, compared to net cash used in financing activities of $0.05 million in fiscal year 2024.
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes and electric 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
For investor and media inquiries, please contact:
Fly-E Group, Inc.
Investor Relations Department
Email: [email protected]
Ascent Investor Relations LLC
Phone: +1-646-932-7242
Email: [email protected]
CONSOLIDATED FINANCIAL STATEMENTS | ||||||||
FLY-E GROUP, INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Expressed in U.S. dollars, except for the number of shares) | ||||||||
|
| |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 840,102 | $ | 1,403,514 | ||||
Accounts receivable | 466,187 | 212,804 | ||||||
Accounts receivable, net – related parties | 37,465 | 326,914 | ||||||
Inventories, net | 6,397,274 | 5,364,060 | ||||||
Prepayments and other receivables | 3,676,986 | 588,660 | ||||||
Prepayments and other receivables – related parties | 120,000 | 240,256 | ||||||
Assets held for sale | 2,462,502 | — | ||||||
Total Current Assets | 14,000,516 | 8,136,208 | ||||||
Property and equipment, net | 7,287,213 | 1,755,022 | ||||||
Security deposits | 728,450 | 781,581 | ||||||
Deferred IPO costs | — | 502,198 | ||||||
Deferred tax assets, net | 94,983 | 35,199 | ||||||
Operating lease right-of-use assets | 10,933,068 | 16,000,742 | ||||||
Intangible assets, net | 525,865 | 36,384 | ||||||
Long-term prepayment for property | — | 450,000 | ||||||
Long-term prepayment for software development– related parties | 136,580 | 1,279,000 | ||||||
Total Assets | $ | 33,706,675 | $ | 28,976,334 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 1,272,305 | $ | 1,180,796 | ||||
Short-term loan payables | 5,191,058 | — | ||||||
Current portion of long-term loan payables | 100,835 | 1,213,242 | ||||||
Accrued expenses and other payables | 1,366,968 | 925,389 | ||||||
Other payables – related parties | — | 92,229 | ||||||
Operating lease liabilities – current | 2,617,762 | 2,852,744 | ||||||
Taxes payable | — | 1,530,416 | ||||||
Liabilities held for sale | 2,152,447 | — | ||||||
Total Current Liabilities | 12,701,375 | 7,794,816 | ||||||
Long-term loan payables | 2,065,040 | 412,817 | ||||||
Operating lease liabilities – non-current | 9,106,928 | 13,986,879 | ||||||
Total Liabilities | 23,873,343 | 22,194,512 | ||||||
Commitment and Contingencies | ||||||||
Stockholders' Equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 49,175 | 44,000 | ||||||
Additional paid-in capital | 10,940,724 | 2,576,000 | ||||||
Shares subscription receivable | (219,998) | (219,998) | ||||||
(Accumulated deficit) Retained Earnings | (895,510) | 4,395,649 | ||||||
Accumulated other comprehensive loss | (41,059) | (13,829) | ||||||
Total FLY-E Group, Inc. Stockholders' Equity | 9,833,332 | 6,781,822 | ||||||
Total Liabilities and Stockholders' Equity | $ | 33,706,675 | $ | 28,976,334 | ||||
* | Shares and per share data are presented on a retroactive basis to reflect the 1-for-110,000 stock split |
FLY-E GROUP, INC. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND | ||||||||
COMPREHENSIVE (LOSS) INCOME | ||||||||
(Expressed in U.S. dollars, except for the number of shares) | ||||||||
For the Years Ended | ||||||||
2025 | 2024 | |||||||
Revenues | $ | 25,427,163 | $ | 32,205,666 | ||||
Cost of Revenues | 14,976,266 | 19,099,120 | ||||||
Gross Profit | 10,450,897 | 13,106,546 | ||||||
Operating Expenses | ||||||||
Selling Expenses | 7,403,374 | 5,914,786 | ||||||
General and Administrative Expenses | 7,607,489 | 3,931,203 | ||||||
Total Operating Expenses | 15,010,863 | 9,845,989 | ||||||
Income (Loss) from Operations | (4,559,966) | 3,260,557 | ||||||
Other Income (Expenses), net | 10,588 | (30,352) | ||||||
Interest Expenses, net | (405,615) | (152,050) | ||||||
Income (Loss) Before Income Taxes | (4,954,993) | 3,078,155 | ||||||
Income Tax Expense | (336,166) | (1,182,933) | ||||||
Net Income (Loss) | $ | (5,291,159) | $ | 1,895,222 | ||||
Other Comprehensive Income (Loss) | ||||||||
Foreign currency translation adjustment | (27,230) | (13,829) | ||||||
Total Comprehensive Income (Loss) | $ | (5,318,389) | $ | 1,881,393 | ||||
Earnings (Losses) per Share* | $ | (1.10) | $ | 0.43 | ||||
Weighted Average Number of Common Stock | ||||||||
– Basic and Diluted* | 4,821,010 | 4,400,000 | ||||||
* | Shares and per share data are presented on a retroactive basis to reflect the 1-for-110,000 stock split |
FLY-E GROUP, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Expressed in U.S. dollars, except for the number of shares) | ||||||||
For the Years Ended | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities | ||||||||
Net (loss) income | $ | (5,291,159) | $ | 1,895,222 | ||||
Adjustments to reconcile net (loss) income to net cash (used in) provided | ||||||||
Loss on disposal of property and equipment | 108,593 | 46,084 | ||||||
(Gain) Loss on termination of operating lease | (111,564) | 5,957 | ||||||
(Gain) Loss on disposal of subsidiaries | (84,302) | — | ||||||
Credit loss for accounts receivable | 116,746 | — | ||||||
Depreciation expense | 631,280 | 272,708 | ||||||
Amortization expense | 65,091 | 1,648 | ||||||
Deferred income taxes (benefits) expenses | (64,829) | 176,093 | ||||||
Amortization of operating lease right-of-use assets | 5,084,535 | 2,277,910 | ||||||
Inventories reserve | 870,589 | 456,209 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (329,029) | 176,273 | ||||||
Accounts receivable – related parties | 248,349 | (190,349) | ||||||
Inventories | (2,736,241) | (1,981,515) | ||||||
Prepayments and other receivables | (2,677,904) | 194,160 | ||||||
Prepayments for operation services to related parties | (60,000) | (60,000) | ||||||
Security deposits | (84,605) | (422,240) | ||||||
Accounts payable | 91,509 | 2,489,025 | ||||||
Accrued expenses and other payables | 460,364 | 334,726 | ||||||
Operating lease liabilities | (4,771,518) | (1,933,760) | ||||||
Taxes payable | (1,525,371) | 570,769 | ||||||
Net cash (used in) provided by operating activities | (10,059,466) | 4,308,920 | ||||||
Cash flows from investing activities | ||||||||
Purchases of properties and equipment | (1,634,174) | (1,253,555) | ||||||
Purchase of software and hardware from a related party | (1,392,580) | (1,279,000) | ||||||
Cash held at disposal entities | (54,774) | — | ||||||
Repayment from a related party | 660,256 | 111,500 | ||||||
Advance to a related party | (480,000) | (291,756) | ||||||
Prepayments for property | — | (450,000) | ||||||
Payments of property rights | — | (38,032) | ||||||
Net cash used in investing activities | (2,901,272) | (3,200,843) | ||||||
Cash flows from financing activities | ||||||||
Borrowing from loan payables | 7,367,795 | 1,095,000 | ||||||
Repayments of loan payables | (3,661,559) | (639,367) | ||||||
Repayments on other payables - related parties | (92,229) | (290,252) | ||||||
Payments of related party loan | — | (150,000) | ||||||
Capital Contributions from Stockholders | — | 136,370 | ||||||
Payments of IPO cost | (282,403) | (201,379) | ||||||
Net proceeds from issuance of common stock - IPO | 9,154,500 | — | ||||||
Net cash provided by (used in) financing activities | 12,486,104 | (49,628) | ||||||
Net changes in cash including cash classified within current assets held for | (474,634) | 1,058,449 | ||||||
Effect of exchange rate changes on cash | (27,230) | (13,829) | ||||||
Less: net decrease in cash classified within current assets held for sale | (61,548) | — | ||||||
Cash at beginning of the year | 1,403,514 | 358,894 | ||||||
Cash at the end of the year | $ | 840,102 | $ | 1,403,514 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for interest expense | $ | 405,615 | $ | 152,050 | ||||
Cash paid for income taxes | $ | 1,957,867 | $ | 435,881 | ||||
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 | $ | 224,638 | $ | 34,974 | ||||
Purchase of office funded by loan | $ | 1,800,000 | $ | — | ||||
Purchase software and office by using previous prepayments | $ | 1,729,000 | $ | — | ||||
Purchase property rights by using previous prepayments | $ | 54,572 | — | |||||
Properties used for rental services | $ | 193,964 | — | |||||
Unpaid deferred IPO cost | $ | — | $ | 225,000 | ||||
Deferred IPO cost recognized as additional paid-in capital | $ | 502,198 | $ | — | ||||
Uncollected proceeds from disposal of subsidiaries | $ | 635,193 | $ | — | ||||
Termination of operating lease right-of-use assets and operating lease | $ | (2,473,686) | $ | (2,814,235) | ||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 2,490,547 | $ | 10,771,688 | ||||
The following table sets forth the components of our EBITDA for the years ended
For the Year Ended | ||||||||||||||||
2025 | 2024 | Change | Percentage | |||||||||||||
(Loss) Income from Operations | $ | (5,291,159) | $ | 1,895,222 | $ | (7,186,381) | (379.2) | % | ||||||||
Income Tax provision | 336,166 | 1,182,933 | (846,767) | (71.6) | % | |||||||||||
Depreciation | 631,280 | 272,708 | 358,572 | 131.5 | % | |||||||||||
Interest Expenses | 405,615 | 152,050 | 253,565 | 166.8 | % | |||||||||||
Amortization | 65,091 | 1,648 | 63,443 | 3849.7 | % | |||||||||||
EBITDA | $ | (3,853,007) | $ | 3,504,561 | $ | (7,357,568) | (209.9) | % | ||||||||
Percentage of Revenue | (15.2) | % | 10.9 | % | (26.1) | % | ||||||||||
View original content:https://www.prnewswire.com/news-releases/fly-e-group-inc-announces-fiscal-year-2025-financial-results-302506135.html
SOURCE Fly-E Group, Inc.
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