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Highlights

  • FLYE’s FY25 revenue was down to USD 25.4 million from USD 32.2 million in FY24
  • Gross margin rose to 41.1% despite 10,846-unit drop in sales volume
  • Net cash used in operations totaled USD 10.1 million versus USD 4.3 million cash inflow in FY24

Fly-E Group, Inc. (Nasdaq:FLYE) has released its financial results for the fiscal year ended March 31, 2025, reporting a year-over-year revenue decline of 21 percent. The company posted net revenues of USD 25.4 million, down from USD 32.2 million in fiscal year 2024, as unit sales dropped from 69,611 to 58,765. The decline was attributed to consumer hesitancy following safety concerns over lithium battery incidents and the closure of retail locations.

Founded as an electric vehicle company focusing on smart motorcycles, e-bikes, and scooters, Fly-E operates retail and rental services in North America under the "Fly E-Bike" brand. The company introduced rental services in New York, Los Angeles, and Toronto and reported USD 0.2 million in revenue from this segment in FY25, up from zero the previous year.

Gross profit declined to USD 10.5 million from USD 13.1 million, though gross margin improved slightly to 41.1 percent. Favorable battery sourcing contributed to a reduced unit battery cost—down 11 percent year over year—and helped offset some of the impact of lower sales volume.

However, operating expenses rose sharply by 52.5 percent to USD 15.0 million, driven by higher payroll, rent, and professional fees. Selling expenses reached USD 7.4 million, up from USD 5.9 million, with increased spending on staffing and advertising. General and administrative expenses nearly doubled to USD 7.6 million, influenced by legal, insurance, and software development costs tied to the company's IPO and app initiatives.

Fly-E ended the fiscal year with a net loss of USD 5.3 million, reversing a net income of USD 1.9 million in FY24. EBITDA was negative USD 3.9 million, compared to a positive USD 3.5 million in the prior year.

As of March 31, 2025, the company had USD 0.8 million in cash, down from USD 1.4 million a year earlier. Operating activities consumed USD 10.1 million in cash, compared to USD 4.3 million in net cash provided in FY24. Financing activities contributed USD 12.5 million, aided by a registered direct offering in June 2025.

Fly-E stated its focus remains on expanding its rental services, enhancing product safety, and continuing investment in digital platforms.