FLYE

NEW YORK, Sept. 1, 2026 /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, and electric scooters, today announced its financial results for the first quarter of fiscal year 2027 ended June 30, 2026. First Quarter of Fiscal Year 2027 Financial Summary Net revenues were $2.7 million, compared to $5.3 million in the same period last year. Gross profit was $0.3 million, compared to $2.3 million in the same period last year. Gross margin was 10.9%, compared to 42.4% in the same period last year. Net Loss was $3.9 million, compared to $2.0 million in the same period last year. Basic and diluted losses per share were $2.41, compared to $6.00 in the same period last year. Mr. Zhou (Andy) Ou, Chief Executive Officer of Fly-E, commented, "In the first quarter, we continue to realign our business toward a leaner and asset-light operational model. While our revenue and margin profile reflect the deliberate contraction of our direct retail footprint alongside ongoing promotional pricing to clear inventory, we grew our wholesale revenues by 46.9% and made continued investments in technology advancement. By upgrading our operational systems and advancing our mobile applications, we are better positioned to drive efficiency and improve user experiences across our riding and rental services. Together with our focus on service quality and lean management, these efforts position Fly-E for long-term growth." First Quarter of Fiscal Year 2027 Financial Results (Three Months Ended June 30, 2026) Net Revenues Net revenues were $2.7 million in the first quarter of fiscal year 2027, a decrease of 48.4% from $5.3 million in the same period last year. The decrease was primarily driven by a reduction in direct retail store count to four stores as of June 30, 2026, compared to 20 stores as of June 30, 2025, resulting in a lower sales volume of 7,558 units in the first quarter of fiscal year 2027, compared to 10,448 in the same period last year. Retail sales revenue was $0.6 million in the first quarter of fiscal year 2027, a decrease of 84.3% from $3.8 million in the same period last year. The decline was primarily attributable to a noticeable reduction in retail stores compared to the prior year period, alongside price adjustments made to address heightened market competition, as well as softened consumer demand for E-Bikes and E-Scooters following industry-wide lithium-ion battery safety concerns in the New York market. Wholesale revenue was $2.1 million in the first quarter of fiscal year 2027, an increase of 46.9% from $1.4 million in the same period last year. This growth was primarily due to ongoing product purchases from the retail stores that were streamlined and transitioned to independent operations during the period. Cost of Revenues Cost of revenues was $2.4 million in the first quarter of fiscal year 2027, a decrease of 20.2% from $3.1 million in the same period last year, primarily reflecting lower sales volume following the downsizing of our retail store network. Gross Profit and Margin Gross profit was $0.3 million in the first quarter of fiscal year 2027, compared to $2.3 million in the same period last year. Gross margin was 10.9% in the first quarter of fiscal year 2027, compared to 42.4% in the same period last year. The decrease in gross margin was primarily attributable to a structural mix shift from direct retail toward lower-priced wholesale channels, further impacted by competitive retail pricing and inventory clearance discounts. Total Operating Expenses Total operating expenses were $3.8 million in the first quarter of fiscal year 2027, remaining flat compared to $3.8 million in the same period last year. While the total amount remained steady, our expense structure shifted: operational cost savings from retail store streamlining were offset by increased software development fees and incurred expected credit losses. Selling expenses were $0.5 million in the first quarter of fiscal year 2027, a decrease of 63.3% from $1.3 million in the same period last year, primarily driven by the retail store network downsizing which lowered associated payroll, rental, utility and depreciation expenses. General and administrative expenses were $3.4 million in the first quarter of fiscal year 2027, an increase of 37.0% from $2.4 million in the same period last year. Cost savings achieved in payroll, professional fees, insurance, travel, and entertainment following the store scale-down were offset by higher software development fees for our ERP and mobile applications, as well as increased expected credit losses on prepayments and receivables. Net Loss Net loss was $3.9 million in the first quarter of fiscal year 2027, compared to $2.0 million in the same period last year. Basic and Diluted Earnings (Losses) per Share Basic and diluted losses per share were $2.41 in the first quarter of fiscal year 2027, compared to $6.00 in the same period last year. EBITDA EBITDA was negative $3.5 million in the first quarter of fiscal year 2027, compared to negative EBITDA of $1.3 million in the same period last year. Financial Condition As of June 30, 2026, the Company had cash of $60 thousand, compared to $0.3 million as of March 31, 2026. 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 scooters 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 our 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 our 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. We use EBITDA (earnings before interest, taxes, depreciation, and amortization) to evaluate our operating performance. We believe EBITDA provides additional insight into our 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 our operational performance and may be more useful for investors. We reconcile our non-GAAP financial measure to our net income, which is our 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 our calculations thereof may not be comparable to those reported by other companies. We believe EBITDA is an important measure of operating performance and provides useful information to investors because it highlights trends in our 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 our operating performance. EBITDA, as presented herein, is a supplemental measure of our performance that is not required by, or presented in accordance with, U.S. GAAP. We use non-GAAP financial measures as supplements to our U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting our 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 31, 2026, filed with the SEC on July 23, 2026, as amended by the Company's subsequent filings, including updates to the Risk Factors. 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 DepartmentEmail: [email protected] Seaquant Consulting Email: [email protected] EBITDA The following table sets forth the components of our EBITDA for the three months ended June 30, 2026 and 2025: View original content:https://www.prnewswire.com/news-releases/fly-e-group-inc-announces-first-quarter-of-fiscal-year-2027-financial-results-302866881.html

NEW YORK, July 23, 2026 /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, and electric scooters, today announced its financial results for the fiscal year ended March 31, 2026. Fiscal Year 2026 Financial Summary Net revenues were $19.1 million in fiscal year 2026, compared to $25.4 million in fiscal year 2025. Gross profit was $4.7 million in fiscal year 2026, compared to $10.5 million in fiscal year 2025. Gross margin was 24.4% in fiscal year 2026, compared to 41.1% in fiscal year 2025. Net Loss was $9.3 million in fiscal year 2026, compared to $5.3 million in fiscal year 2025. Basic and diluted losses per share were $8.38 in fiscal year 2026, compared to $21.95 in fiscal year 2025. "Fiscal year 2026 represents a pivotal transition for Fly-E, as we initiated targeted measures to optimize our retail footprint, simplify our corporate structure, and enhance administrative efficiency," commented Mr. Zhou (Andy) Ou, Chief Executive Officer of Fly-E. "While a challenging consumer retail environment and proactive pricing adjustments to clear aged inventory directly impacted our top-line performance and compressed our near-term margin profile, we believe these operational adjustments are fundamentally beneficial for Fly-E's long-term trajectory. We are seeing an encouraging shift in our revenue mix this year, highlighted by the increased demand from our wholesale channel as we evolved our distribution model, alongside steady traction within our rental services, with both business lines demonstrating strong year-over-year growth." Mr. Ou continued, "Moving forward, we remain committed to rebuilding trust through enhanced product safety, continuing to innovate with solutions like our battery swap system and Go Fly app, growing our service portfolio through our rental program, and expanding our online retail presence. Together, these strategic pillars form a more resilient, efficient foundation for sustainable value creation over time." Fiscal Year 2026 Financial Results Net Revenues Net revenues were $19.1 million in fiscal year 2026, a decrease of 25.0% from $25.4 million in fiscal year 2025. The decrease was primarily driven by a lower sales volume of 42,101 units in fiscal year 2026 compared to 58,765 units in fiscal year 2025, as well as promotional pricing adjustments implemented to clear aged inventory. Retail sales revenue was $6.9 million in fiscal year 2026, a decrease of 68.1% from $21.7 million in fiscal year 2025. The decline was primarily attributable to softened consumer demand for E-Bikes and E-Scooters following industry-wide lithium-ion battery safety concerns in the New York market, which prompted temporary shifts in consumer preferences. The decrease was also partially driven by the planned closure and disposal of certain retail stores during the fiscal year. Wholesale revenue was $11.6 million in fiscal year 2026, a robust increase of 227.5% from $3.5 million in fiscal year 2025. This growth was primarily driven by sustained product demand and ongoing purchases from the retail stores that were streamlined and transitioned to independent operations during the period. Rental services sales revenue was $0.6 million in fiscal year 2026, an increase of 237.5% from $0.2 million in fiscal year 2025, reflecting early traction in the expansion of the Company's service portfolio. Cost of Revenues Cost of revenues was $14.4 million in fiscal year 2026, a decrease of 3.8% from $15.0 million in fiscal year 2025. The decrease was primarily aligned with the lower sales volume resulting from the downsizing of the Company's retail store network. Gross Profit and Margin Gross profit was $4.7 million in fiscal year 2026, compared to $10.5 million in fiscal year 2025. Gross margin was 24.4% in fiscal year 2026, compared to 41.1% in fiscal year 2025. The decrease in gross margin was primarily attributable to lower average selling prices of our EVs implemented to clear aged inventory and an increase in procurement costs driven by upstream price movements, as well as a shift in sales channel mix following the disposal of certain retail stores, which resulted in a higher proportion of wholesale sales and a lower proportion of retail sales — the latter of which typically generates higher margins. These headwinds were partially offset by an increased contribution from the higher-margin rental services business line. Total Operating Expenses Total operating expenses were $11.1 million in fiscal year 2026, a decrease of 26.1% from $15.0 million in fiscal year 2025. The reduction reflects the impacts of our cost-optimization measures, including lower payroll and rental expenses achieved through the streamlining of retail store operations. This decrease was partially offset by increases in warehouse maintenance costs, impairment losses on equipment, and inventory clearance losses as the Company downsized its retail footprint. Selling expenses were $3.5 million in fiscal year 2026, a decrease of 53.0% from $7.4 million in fiscal year 2025, primarily driven by the streamlining of retail stores which lowered associated payroll, rental and utility expenses. General and administrative expenses were $7.6 million in fiscal year 2026, remaining stable compared to $7.6 million in fiscal year 2025. Driven by the Company's structural downsizing, the decreases in payroll, travel, and entertainment expenses were offset by increases in non-cash impairment losses on property and equipment, inventory clearance adjustments, and repair and maintenance costs. Net Loss Net loss was $9.3 million in fiscal year 2026, compared to $5.3 million in fiscal year 2025. Basic and Diluted Earnings (Losses) per Share Basic and diluted losses per share were $8.38 in fiscal year 2026, compared to $21.95 in fiscal year 2025. EBITDA EBITDA was negative $6.3 million in fiscal year 2026, compared to negative EBITDA of $3.9 million in fiscal year 2025. Financial Condition and Cash Flows As of March 31, 2026, the Company had cash of $0.3 million, compared to $0.8 million as of March 31, 2025. Net cash used in operating activities was $13.8 million in fiscal year 2026, compared to $10.1 million in fiscal year 2025. Net cash used in investing activities was $2.5 million in fiscal year 2026, compared to $2.9 million in fiscal year 2025. Net cash provided by financing activities was $15.7 million in fiscal year 2026, compared to $12.5 million in fiscal year 2025. 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 our 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 our 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. We use EBITDA (earnings before interest, taxes, depreciation, and amortization) to evaluate our operating performance. We believe EBITDA provides additional insight into our 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 our operational performance and may be more useful for investors. We reconcile our non-GAAP financial measure to our net income, which is our 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 our calculations thereof may not be comparable to those reported by other companies. We believe EBITDA is an important measure of operating performance and provides useful information to investors because it highlights trends in our 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 our operating performance. EBITDA, as presented herein, is a supplemental measure of our performance that is not required by, or presented in accordance with, U.S. GAAP. We use non-GAAP financial measures as supplements to our U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting our 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 31, 2026, filed with the SEC on July 23, 2026, as amended by the Company's subsequent filings, including updates to the Risk Factors. 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 DepartmentEmail: [email protected] Seaquant ConsultingEmail: [email protected] View original content:https://www.prnewswire.com/news-releases/fly-e-group-inc-announces-fiscal-year-2026-financial-results-302833586.html

NEW YORK, April 21, 2026 /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, and electric scooters, today announced its unaudited financial results for the third quarter and nine months of fiscal year 2026 ended December 31, 2025. Third Quarter of Fiscal Year 2026 Financial Summary Net revenues were $2.6 million, compared to $5.7 million in the same period last year. Gross profit was $1.0 million, compared to $2.6 million in the same period last year. Gross margin was 39.6%, compared to 45.1% in the same period last year. Net loss was $1.9 million, compared to $0.7 million in the same period last year. Basic and diluted losses per share were $1.18, compared to $2.78 in the same period last year. Mr. Zhou (Andy) Ou, Chief Executive Officer of Fly-E, commented, "During the third quarter of fiscal year 2026, we remained focused on executing our strategy and advancing initiatives to navigate a challenging environment with cautious consumer demand. We continued to strengthen our business mix and saw meaningful momentum in select areas. Net revenues were $2.6 million for the quarter. Wholesale revenue increased 153.4% to $1.8 million. Rental services revenue also increased 288.6% to $0.2 million, reflecting continued growth of our service offerings. Looking ahead, we remain committed to improving execution and governance, strengthening commercial relationships, and optimizing operations, with an aim to support long-term value creation. We appreciate the continued support of our shareholders, customers, and partners as we work through this period and position Fly-E for greater resilience over time." Third Quarter of Fiscal Year 2026 Financial Results Net Revenues Net revenues were $2.6 million in the third quarter of fiscal year 2026, a decrease of 53.3% from $5.7 million in the same period last year. The decrease in net revenues was primarily driven by decrease in quantity of EVs sold which dropped by 87% and as a result of reductions in selling prices to reduce aged inventory for the third quarter of fiscal year 2026. Retail sales revenue was $0.6 million in the third quarter of fiscal year 2026, a decrease of 86.8% from $4.9 million in the same period last year. Wholesale revenue was $1.8 million in the third quarter of fiscal year 2026, an increase of 153.4% from $0.7 million in the same period last year. Rental services revenue was $0.2 million in the third quarter of fiscal year 2026, an increase of 288.6% from $0.05 million in the same period last year. The decrease in retail sales revenue is mainly due to recent lithium-battery accidents involving E-Bikes and E-Scooters. With an increasing number of lithium-battery explosion incidents in New York, customers are less inclined to purchase E-Bikes. Consequently, sales have declined as customers opt for oil-powered vehicles over electric vehicles. The decrease in retail sales also attributed in part to the closures and disposition of the Company's retail stores during the third quarter of fiscal year 2026. The increase in wholesales revenue was driven primarily by revenue contribution from the dispositioned entities during the third quarter of fiscal year 2026. Although certain retail stores were sold, these stores continued to purchase products from the Company, which contributes an increase of wholesale revenue. Cost of Revenues Cost of revenues was $1.6 million in the third quarter of fiscal year 2026, a decrease of 48.6% from $3.1 million in the same period last year. The decrease in cost of revenues was primarily attributable to a reduction in sales volume. Gross Profit Gross profit was $1.0 million in the third quarter of fiscal year 2026, a decrease of 59.1% from $2.6 million in the same period last year. Gross margin was 39.6% in the third quarter of fiscal year 2026, decreased from 45.1% in the same period last year. The decrease in gross margin was mainly due to a combined effect of decrease in quantity of EV sold, which dropped by 87% as a result of decrease in number of retail stores during the nine months ended December 31, 2025 and the increased revenues from rental business with higher margin than the Company's other businesses. The rental business was launched in October 2024. Gross margin of rental business was 79.8% and 100.0% for the third quarter of fiscal year 2026 and 2025, respectively. Operating Expenses Total operating expenses were $2.6 million in the third quarter of fiscal year 2026, a decrease of 25.6% from $3.5 million in the same period last year. Selling expenses were $0.7 million in the third quarter of fiscal year 2026, a decrease of 62.3% from $1.9 million in the same period last year. Selling expenses primarily consist of payroll expenses, rent, and advertising expenses of retail stores. Total payroll expenses were $0.1 million in the third quarter of fiscal year 2026, compared to $0.9 million in the same period last year. Rent was $0.3 million in the third quarter of fiscal year 2026, compared to $0.7 million in the same period last year. Advertising expenses were $3,234 in the third quarter of fiscal year 2026, compared to $32,681 in the same period last year. The decrease in these expenses was primarily due to the closures and dispositions of retail stores during this quarter. General and administrative expenses were $1.9 million in the third quarter of fiscal year 2026, an increase of 20.3% from $1.6 million in the same period last year. Professional fees increased to $0.8 million in the third quarter of fiscal year 2026, compared to $0.4 million in the same period last year, primarily attributable to the increase in legal fee associated with the Company's litigations and ongoing reporting obligations. Payroll expenses decreased to $0.2 million in the third quarter of fiscal year 2026 from $0.4 million in the same period last year, primarily due to decrease in headcount of office assistants. Depreciation expense decreased to $0.03 million in the third quarter of fiscal year 2026, compared to $0.05 million for the same period in prior year due to the closures and dispositions of retail stores. Impairment loss on property and equipment increased to $0.6 million for the third quarter of fiscal year 2026. The Company did not generate impairment loss on property and equipment for the third quarter of fiscal year 2025. Net Loss Net loss was $1.9 million in the third quarter of fiscal year 2026, an increase of 181.0% from $0.7 million in the same period last year. Basic and Diluted Losses per Share Basic and diluted losses per share were $1.18 in the third quarter of fiscal year 2026, compared to $2.78 in the same period last year. EBITDA EBITDA was negative $1.4 million in the third quarter of fiscal year 2026, compared to negative EBITDA of $0.8 million in the same period last year. Nine Months Ended December 31, 2025 Financial Results Net Revenues Net revenues were $11.9 million in the nine months ended December 31, 2025, a decrease of 41.7% from $20.4 million in the same period last year. The decrease in net revenues was driven primarily by a decrease in total units sold, which decreased by 15,447 units, from 41,925 units for the nine months ended December 31, 2024 to 26,478 units for the nine months ended December 31, 2025, and as a result of lowering the selling prices to reduce aged inventory. From the nine months ended December 31, 2024 to the nine months ended December 31, 2025, while the number of units sold of certain other types of products increased, the quantities of motorcycles and batteries sold, which normally contribute significantly to revenues, decreased by 641 units and 5,332 units, respectively, thereby resulting in an overall decrease in the total number of units sold. Retail sales revenue was $6.4 million in the nine months ended December 31, 2025, a decrease of 63.6% from $17.7 million in the same period last year. Wholesale revenue was $5.0 million in the nine months ended December 31, 2025, an increase of 89.5% from $2.6 million in the same period last year. Rental services revenue was $0.5 million in the nine months ended December 31, 2025, an increase of 895.4% from $0.05 million in the same period last year. The decrease in retail sales revenue is mainly due to decrease in number of retail stores during the nine months ended December 31, 2025. The increase in wholesales revenue was driven primarily by contributions from the disposed entities during the nine months ended December 31, 2025. Although certain retail stores were sold, these stores continued to purchase products from the Company, which contributed to the increase of wholesale revenue. Cost of Revenues Cost of revenues was $7.6 million in the nine months ended December 31, 2025, a decrease of 35.7% from $11.8 million in the same period last year. The decrease in cost of revenues was primarily attributable to a reduction in motorcycles and batteries sales volume. Gross Profit Gross profit was $4.3 million in the nine months ended December 31, 2025, a decrease of 50.0% from $8.6 million in the same period last year. Gross margin was 36.1% in the nine months ended December 31, 2025, decreased from 42.0% in the same period last year. Operating Expenses Total operating expenses were $8.4 million in the nine months ended December 31, 2025, a decrease of 22.1% from $10.8 million in the same period last year. Selling expenses were $3.1 million in the nine months ended December 31, 2025, a decrease of 45.0% from $5.6 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 $1.4 million in the nine months ended December 31, 2025, compared to $2.5 million in the same period last year. Rent expenses were $1.1 million in the nine months ended December 31, 2025, compared to $2.2 million in the same period last year. Utilities expenses were $0.1 million in the nine months ended December 31, 2025, compared to $0.2 million in the same period last year. Advertising expenses were $36,104 in the nine months ended December 31, 2025, compared to $0.2 million in the same period last year. The decrease in these expenses was primarily due to the closures and dispositions of retail stores in the nine months ended December 31, 2025. General and administrative expenses were $5.3 million in the nine months ended December 31, 2025, an increase of 2.5% from $5.2 million in the same period last year. Professional fees increased to $2.7 million in the nine months ended December 31, 2025, compared to $1.7 million in the same period last year, primarily attributable to the increase in audit fee, consulting fee, legal fee and IR expenses associated with the litigations and ongoing reporting obligations. Payroll expenses decreased to $0.6 million in the nine months ended December 31, 2025, from $1.2 million in the same period last year primarily due to employees terminated in operation and accounting departments. Insurance expenses decreased to $0.3 million in the nine months ended December 31, 2025, compared to $0.8 million in the same period of prior year as a result of less insurance policies purchased for closed stores during the nine months ended December 31, 2025. Impairment loss on property and equipment increased to $0.6 million for the nine months ended December 31, 2025. The Company did not generate loss on property and equipment in the nine months ended December 31, 2024. Net Loss Net loss was $5.7 million in the nine months ended December 31, 2025, an increase of 184.4% from $2.0 million in the same period last year. Basic and Diluted Losses per Share Basic and diluted losses per share were $6.14 in the nine months ended December 31, 2025, compared to $8.38 in the same period last year. EBITDA EBITDA was negative $3.7 million in the nine months ended December 31, 2025, compared to negative EBITDA of $1.9 million in the same period last year. Financial Condition As of December 31, 2025, the Company had cash of $0.3 million, decreased from $0.8 million as of March 31, 2025. 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 scooters 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 31, 2025, filed with the SEC on July 15, 2025, as amended by the Company's subsequent filings, including updates to the Risk Factors. 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: [email protected] Ascent Investor Relations LLC Tina Xiao Phone: +1-646-932-7242 Email: [email protected] EBITDA The following table sets forth the components of our EBITDA for the three months ended December 31, 2025 and 2024: The following table sets forth the components of our EBITDA for the nine months ended December 31, 2025 and 2024: View original content:https://www.prnewswire.com/news-releases/fly-e-group-inc-announces-third-quarter-and-nine-months-financial-results-of-fiscal-year-2026-302749355.html

NEW YORK, Dec. 18, 2025 /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, and electric scooters, today announced its unaudited financial results for the second quarter and first half of fiscal year 2026 ended September 30, 2025. Second Quarter of Fiscal Year 2026 Financial Summary Net revenues were $3.9 million, compared to $6.8 million in the same period last year. Gross profit was $1.0 million, compared to $2.9 million in the same period last year. Gross margin was 25.0%, compared to 42.6% in the same period last year. Net loss was $1.8 million, compared to $1.1 million in the same period last year. Basic and diluted losses per share were $2.18, compared to $4.65 in the same period last year. Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, commented, "We navigated the second quarter of fiscal year 2026 with discipline and focus, despite a challenging retail environment. Our wholesale business continued to demonstrate strong momentum as we strategically shift our focus to this segment, with wholesale revenue increasing 91.3% year-over-year to $1.7 million. In addition, our rental business achieved a gross margin of 79.8%, demonstrating the potential to be a key profitability driver. At the same time, total operating expenses declined by 51.0% compared to the same period last year, reflecting the impact of our cost-optimization measures and our more efficient operations. While market conditions remain dynamic, particularly within the retail E-Bike segment, we are encouraged by the early traction of our rental business, our improving operational efficiency, and the resilience of our wholesale channel. Looking ahead, we will stay focused on enhancing profitability, strengthening our product and service portfolio, and improving operational efficiency as we position Fly-E for sustainable long-term growth." Second Quarter of Fiscal Year 2026 Financial Results Net Revenues Net revenues were $3.9 million in the second quarter of fiscal year 2026, a decrease of 42.7% from $6.8 million in the same period last year. The decrease in net revenues was primarily driven by a decrease in average unit price of EVs, which dropped by 61% as a result of lowering the selling prices to reduce aged inventory for the second quarter of fiscal year 2026. Retail sales revenue was $2.0 million in the second quarter of fiscal year 2026, a decrease of 65.8% from $5.9 million in the same period last year. Wholesale revenue was $1.7 million in the second quarter of fiscal year 2026, an increase of 91.3% from $0.9 million in the same period last year. Rental services revenue was $0.2 million in the second quarter of fiscal year 2026. The Company did not generate revenue from rental services in the second quarter of fiscal year 2025. The decrease in retail sales revenue is mainly due to recent lithium-battery accidents involving E-Bikes and E-Scooters. With an increasing number of lithium-battery explosion incidents in New York, customers are less inclined to purchase E-Bikes. Consequently, sales have declined as customers opt for oil-powered vehicles over electric vehicles. The decrease in retail sales also attributed in part to the closures and disposition of the Company's retail stores during the second quarter of fiscal year 2026. The increase in wholesales revenue was driven primarily by revenue contribution from the disposed entities during the second quarter of fiscal year 2026. Although certain retail stores were sold, these stores continued to purchase products from the Company, which contributes an increase of wholesale revenue. Cost of Revenues Cost of revenues was $2.9 million in the second quarter of fiscal year 2026, a decrease of 25.2% from $3.9 million in the same period last year. The decrease in cost of revenues was primarily attributable to a reduction in sales volume. Gross Profit Gross profit was $1.0 million in the second quarter of fiscal year 2026, a decrease of 66.4% from $2.9 million in the same period last year. Gross margin was 25.0% in the second quarter of fiscal year 2026, decreased from 42.6% in the same period last year. The decrease in gross margin was mainly due to a combined effect of decrease in average unit price of EVs, which dropped by 61% for the second quarter of fiscal year 2026 and the increased revenues from rental business with higher margin than our other businesses. Gross margin of rental business was 79.8% in the second quarter of fiscal year 2026. The Company did not generate profit from rental services in the second quarter of fiscal year 2025. Operating Expenses Total operating expenses were $2.0 million in the second quarter of fiscal year 2026, a decrease of 51.0% from $4.1 million in the same period last year. Selling expenses were $1.0 million in the second quarter of fiscal year 2026, a decrease of 49.7% from $2.0 million in the same period last year. Selling expenses primarily consist of payroll expenses, rent, and advertising expenses of retail stores. Total payroll expenses were $0.6 million in the second quarter of fiscal year 2026, compared to $0.9 million in the same period last year. Rent was $0.3 million in the second quarter of fiscal year 2026, compared to $0.8 million in the same period last year. Advertising expenses were $15,457 in the second quarter of fiscal year 2026, compared to $0.1 million in the same period last year. The decrease in these expenses was primarily due to the closures and dispositions of retail stores during this quarter. General and administrative expenses were $1.0 million in the second quarter of fiscal year 2026, a decrease of 52.4% from $2.1 million in the same period last year. Professional fees decreased to $0.5 million in the second quarter of fiscal year 2026, compared to $0.9 million in the same period last year, primarily attributable to the decrease in audit fee, consulting fee, legal fee and IR expenses associated with the Company's public offering and ongoing reporting obligations. Payroll expenses decreased to $0.1 million in the second quarter of fiscal year 2026 from $0.4 million in the same period last year primarily due to decrease in headcount of office assistants. Depreciation expense increased to $0.06 million in the second quarter of fiscal year 2026, compared to $0.04 million for the same period in prior year due to the increasing cost basis of fixed assets. Net Loss Net loss was $1.8 million in the second quarter of fiscal year 2026, an increase of 55.4% from $1.1 million in the same period last year. Basic and Diluted Losses per Share Basic and diluted losses per share were $2.18 in the second quarter of fiscal year 2026, compared to $4.65 in the same period last year. EBITDA EBITDA was negative $1.0 million in the second quarter of fiscal year 2026, compared to negative EBITDA of $1.2 million in the same period last year. First Half of Fiscal Year 2026 Financial Results Revenue Net revenues were $9.2 million in the first half of fiscal year 2026, a decrease of 37.2%, from $14.7 million in the same period last year. The decrease in net revenues was driven primarily by a decrease in total units sold, which decreased by 2,924 units, from 31,936 units for first half of fiscal year 2025 to 29,012 units for the first half of fiscal year 2026, and as a result of lowering the selling prices to reduce aged inventory. From the first half of fiscal year 2025 to the first half of fiscal year 2026, while the number of units sold of certain other types of products increased, the quantities of motorcycles and batteries sold, which normally contribute significantly to revenues, decreased by 641 units and 5,332 units, respectively, thereby resulting in an overall decrease in the total number of units sold. Retail sales revenue was $5.8 million in the first half of fiscal year 2026, a decrease of 54.7%, from $12.8 million in the same period last year. Wholesale revenue was $3.2 million in the first half of fiscal year 2026, an increase of 65.5% from $1.9 million in the same period last year. The decrease in retail sales revenue is mainly due to decrease in number of retail stores during the first half of fiscal year 2026. The increase in wholesales revenue was driven primarily by contributions from the disposed entities during the first half of fiscal year 2026. Although certain retail stores were sold, these stores continued to purchase products from the Company, which contributed to the increase of wholesale revenue. Cost of Revenues Cost of revenues was $6.0 million in the first half of fiscal year 2026, a decrease of 31.0%, from $8.7 million in the same period last year. The decrease in cost of revenues was primarily attributable to reduction in battery sales volume. Gross Profit Gross profit was $3.2 million in the first half of fiscal year 2026, a decrease of 46.1%, from $6.0 million in the same period last year. Gross margin was 35.1% in the first half of fiscal year 2026, decreased from 40.9% in the same period last year. Operating Expenses Total operating expenses were $5.8 million in the first half of fiscal year 2026, a decrease of 20.5%, from $7.3 million in the same period last year. Selling expenses were $2.3 million in the first half of fiscal year 2026, a decrease of 35.7% from $3.7 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 $1.2 million in the first half of fiscal year 2026, compared to $1.5 million in the same period last year. Rent expenses were $0.7 million in the first half of fiscal year 2026, compared to $1.5 million in the same period last year. Utilities expenses were $81,468 in the first half of fiscal year 2026, compared to $0.1 million in the same period last year. Advertising expenses were $32,870 in the first half of fiscal year 2026, compared to $0.2 million in the same period last year. The decrease in these expenses was primarily due to the closures and dispositions of retail stores in the first half of fiscal year 2026. General and administrative expenses were $3.4 million for the first half of fiscal year 2026, a decrease of 5.1% from $3.6 million in the same period last year. Professional fees increased to $2.0 million in the first half of fiscal year 2026, compared to $1.3 million in the same period last year, 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 decreased to $0.4 million in the first half of fiscal year 2026, from $0.8 million in the same period las year primarily due to employees terminated in operation and accounting departments. Insurance expenses decreased to $0.3 million in the first half of fiscal year 2026, compared to $0.5 million in the same period of prior year as a result of less insurance policies purchased for closed stores during the first half of fiscal year 2026. Software development fee decreased to $0.27 million in the first half of fiscal year 2026, compared to $0.31 million in the same period last year as a result of less maintenance services required for Fly E-Bike app as a result of the closures and dispositions of retail stores during the first half of fiscal year 2026. Net Loss Net loss was $3.8 million in the first half of fiscal year 2026, an increase of 186.2% from $1.3 million in the same period last year. Basic and Diluted Losses per Share Basic and diluted losses per share were $6.58 in the first half of fiscal year 2026, compared to $5.60 in the same period last year. EBITDA EBITDA was negative $2.2 million in the first half of fiscal year 2026, compared to negative EBITDA of $1.1 million in the same period last year. Financial Condition As of September 30, 2025, the Company had cash of $2.5 million, increased from $0.8 million as of March 31, 2025. 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 scooters 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 31, 2025, filed with the SEC on July 15, 2025, as amended by the Company's subsequent filings, including updates to the Risk Factors. 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: [email protected] Ascent Investor Relations LLC Tina Xiao Phone: +1-646-932-7242 Email: [email protected] The following table sets forth the components of our EBITDA for the three months ended September 30, 2025 and 2024: The following table sets forth the components of our EBITDA for the six months ended September 30, 2025 and 2024: View original content:https://www.prnewswire.com/news-releases/fly-e-group-inc-announces-second-quarter-and-first-half-of-fiscal-year-2026-financial-results-302646476.html

NEW YORK, Aug. 19, 2025 /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, and electric scooters, today announced its unaudited financial results for the first quarter of fiscal year 2026 ended June 30, 2025. First Quarter of Fiscal Year 2026 Financial Summary Net revenues were $5.3 million, compared to $7.9 million in the same period last year. Gross profit was $2.3 million, compared to $3.1 million in the same period last year. Gross margin was 42.4%, increased from 39.4% in the same period last year. Net loss was $2.0 million, compared to $0.20 million in the same period last year. Basic and diluted losses per share were $0.30, compared to $0.04 in the same period last year. Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, commented, "In the first quarter of fiscal year 2026, we achieved meaningful progress in areas that support our long-term growth. Our wholesale revenue grew by 42.3% year-over-year, driven by the expansion of our dealer network, and our gross margin improved to 42.4%, supported by our rental services business, which achieved a gross margin of 79.8%. We believe our continuous optimization of our product and service portfolio, along with unwavering dedication to quality and safety, will help us navigate the challenging market environment as the industry responds to recent safety concerns. We plan to continue to focus on expanding our geographic presence, enhancing our product and service offerings, and upholding rigorous product safety standards, while pursuing opportunities to meet growing demand for eco-friendly mobility solutions. We are confident that these initiatives will lay a solid foundation for sustainable growth." First Quarter of Fiscal Year 2026 Financial Results Net Revenues Net revenues were $5.3 million in the first quarter of fiscal year 2026, a decrease of 32.3% from $7.9 million in the same period last year. The decrease in net revenues was primarily driven by a decrease in sales volume by 6,432 units, from 16,880 units in the first quarter of fiscal year 2025 to 10,448 units for the three months ended June 30, 2025 and the decreased average sales price of EV, which decreased by $93 per EV, from $1,053 in the three months ended June 30, 2024 to $960 in the three months ended June 30, 2025. Retail sales revenue was $3.8 million in the first quarter of fiscal year 2026, a decrease of 45.2% from $6.9 million in the same period last year. Wholesale revenue was $1.4 million in the first quarter of fiscal year 2026, an increase of 42.3% from $1.0 million in the same period last year. Rental services revenue was $0.1 million in the first quarter of fiscal year 2026. The Company did not generate revenue from rental services in the first quarter of fiscal year 2025. The decrease in retail sales revenue is mainly due to recent lithium-battery accidents involving E-Bikes and E-Scooters. With an increasing number of lithium-battery explosion incidents in New York, customers are less inclined to purchase E-Bikes. Consequently, sales have declined as customers opt for oil-powered vehicles over electric vehicles. The decrease in retail sales also attributed in part to the closures and dispositions of the Company's retail stores during the three months ended June 30, 2025. The decrease in average sales price was primarily attributable to changes in product mix and promotional pricing strategies implemented during the three months ended June 30, 2025. The increase in wholesales revenue was driven primarily by the increase of number of our dealers in the first quarter of fiscal year 2026. Cost of Revenues Cost of revenues was $3.1 million in the first quarter of fiscal year 2026, a decrease of 35.8% from $4.8 million in the same period last year. The decrease in cost of revenues was primarily attributable to more favorable pricing obtained from the Company's suppliers, particularly for batteries, as well as a reduction in sales volume, as discussed previously. These factors collectively contributed to the overall decrease in cost of revenues. Gross Profit Gross profit was $2.3 million in the first quarter of fiscal year 2026, a decrease of 27.0% from $3.1 million in the same period last year. Gross margin was 42.4% in the first quarter of fiscal year 2026, increased from 39.4% in the same period last year. The increase in gross margin was mainly because of the increased revenues from rental business with higher margin than other businesses. Gross margin of rental business was 79.8% in the first quarter of fiscal year 2026. The Company did not generate profit from rental services in the first quarter of fiscal year 2025. Operating Expenses Total operating expenses were $3.8 million in the first quarter of fiscal year 2026, an increase of 19.7% from $3.1 million in the same period last year. The increase in operating expenses was attributable to the increase in the depreciation expense, professional fees, and product and software development expenses. Selling expenses were $1.3 million in the first quarter of fiscal year 2026, a decrease of 18.1% from $1.6 million in the same period last year. Selling expenses primarily consist of payroll expenses, rent, and advertising expenses of retail stores. Total payroll expenses were $0.6 million in the first quarter of fiscal year 2026, compared to $0.6 million in the same period last year. Rent was $0.4 million in the first quarter of fiscal year 2026, compared to $0.7 million in the same period last year. Advertising expenses were $17,413 in the first quarter of fiscal year 2026, compared to $68,519 in the same period last year. The decrease in rental expenses was primarily due to the closures and dispositions of retail stores during this quarter. General and administrative expenses were $2.4 million in the first quarter of fiscal year 2026, an increase of 59.5% from $1.5 million in the same period last year. Professional fees increased to $1.5 million in the first quarter of fiscal year 2026, compared to $0.4 million in the same period last year, primarily attributable to the increase in audit fee, consulting fee, legal fee and IR expenses associated with the Company's follow-on public offering and ongoing reporting obligations. Payroll expenses decreased to $0.2 million in the first quarter of fiscal year 2026 from $0.4 million in the same period last year primarily due to decrease in headcount of office assistants. Depreciation expense increased to $0.6 million in the first quarter of fiscal year 2026, compared to $0.2 million for the same period in prior year due to the increasing cost basis of fixed assets. Net Loss Net loss was $2.0 million in the first quarter of fiscal year 2026, an increase of 1,019.0% from $0.2 million in the same period last year, which was mainly attributable to the reasons discussed above. Basic and Diluted Losses per Share Basic and diluted losses per share were $0.30 in the first quarter of fiscal year 2026, compared to $0.04 in the same period last year. EBITDA EBITDA was negative $1.3 million in the first quarter of fiscal year 2026, compared to positive EBITDA of $57,021 in the same period last year. Financial Condition As of June 30, 2025, the Company had cash of $2.3 million, increased from $0.8 million as of March 31, 2025. 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 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 31, 2025, filed with the SEC on July 15, 2025. 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: [email protected] Ascent Investor Relations LLC Tina Xiao Phone: +1-646-932-7242 Email: [email protected] The following table sets forth the components of our EBITDA for the three months ended June 30, 2025 and 2024: View original content:https://www.prnewswire.com/news-releases/fly-e-group-inc-announces-first-quarter-of-fiscal-year-2026-financial-results-302534066.html SOURCE Fly-E Group, Inc.

NEW YORK, July 15, 2025 /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, and electric scooters, today announced its financial results for the fiscal year ended March 31, 2025. Fiscal 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. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, remarked, "Fiscal year 2025 was a pivotal year for Fly-E as we navigated a complex and evolving market landscape. We achieved an improvement in gross margin to 41.1%, supported by cost reductions and more favorable pricing obtained from our suppliers, particularly in battery sourcing. We are positive about our growth prospects despite the dip in revenue caused by short-term external factors, as we have established solid reputation and continued to invest in marketing and product diversification. With a focus on innovation, we now offer a broad and growing product portfolio of over 100 models across E-motorcycles, E-bikes, and E-scooters. Our rental service, which is already active in New York City, Toronto, and Los Angeles, is gaining strong traction, and we are excited to extend it to Miami and other markets in the near future." Mr. Ou added, "Following our successful registered direct public offering in June 2025, we believe we are well-capitalized to invest in inventory, vehicle production, and working capital. Looking forward, we remain focused on improving product safety, expanding our geographic reach, and investing in digital platforms such as the Go Fly app to enhance the customer experience and operational visibility. We believe our continued investment in safety, service, and innovation will prepare Fly-E for sustained long-term growth." Fiscal Year 2025 Financial Results Net Revenues Net revenues were $25.4 million in fiscal year 2025, a decrease of 21.0% from $32.2 million in fiscal year 2024. The decrease was primarily driven by a decrease in sales volume by 10,846 units, from 69,611 units in fiscal year 2024, to 58,765 units in fiscal year 2025. Retail sales revenue was $21.7 million in fiscal year 2025, a decrease of 17.7% from $26.4 million in fiscal year 2024. Wholesale revenue was $3.5 million in fiscal year 2025, a decrease of 39.3% from $5.8 million in fiscal year 2024. Rental services sales revenue was $0.2 million in fiscal year 2025. The Company did not generate revenue from rental services sales in fiscal year 2024. The decrease in retail sales revenue is mainly due to recent lithium-battery accidents involving E-Bikes and E-Scooters. With an increasing number of lithium-battery explosion incidents in New York, customers are less inclined to purchase E-Bikes. Consequently, sales have declined as customers opt for oil-powered vehicles over electric vehicles. The decrease in retail sales also attributed in part to the closures and disposition of the Company's retail stores during fiscal year 2025. The decrease in wholesales revenue was driven primarily by the closure of stores by the top two customers who closed their stores in December 2023 due to lack of profitability. Cost of Revenues Cost of revenues was $15.0 million in fiscal year 2025, a decrease of 21.6% from $19.1 million in fiscal year 2024. The decrease in cost of revenues was primarily attributable to more favorable pricing obtained from the Company's suppliers, particularly for batteries, as well as a reduction in sales volume. The unit cost for battery decreased by 11%, from $112 in fiscal year 2024, to $99 in fiscal year 2025. Gross Profit Gross profit was $10.5 million in fiscal year 2025, a decrease of 20.3% from $13.1 million in fiscal year 2024. Gross margin was 41.1% in fiscal year 2025, increased from 40.7% in fiscal year 2024. Operating Expenses Operating expenses were $15.0 million in fiscal year 2025, an increase of 52.5% from $9.8 million in fiscal year 2024. The increase was attributable to the increase in the payroll expenses, rent, professional fees, product and software development expenses and settlement payments. 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 of January 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 $5.3 million in fiscal year 2025, compared to net income of $1.9 million in fiscal year 2024, mainly attributable to the reasons discussed above. Basic and Diluted Earnings (Losses) per Share 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. EBITDA EBITDA was negative $3.9 million in fiscal year 2025, compared to positive EBITDA of $3.5 million in fiscal year 2024. Financial Condition As of March 31, 2025, the Company had cash of $0.8 million, decreased from $1.4 million as of March 31, 2024. 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 $3.2 million in fiscal year 2024. 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 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 31, 2025, filed with the SEC on July 15, 2025. 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: [email protected] Ascent Investor Relations LLC Tina Xiao Phone: +1-646-932-7242 Email: [email protected] The following table sets forth the components of our EBITDA for the years ended March 31, 2025 and 2024: 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.