Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 0

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1
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Item 1. Business

Overview

Fly-E Group, Inc. (“Fly-E
Group,” and collectively with its subsidiaries, the “Company,” “we” or similar terminology), is an electric
vehicle (“EV”) company that is principally engaged in designing, installing and selling smart electric motorcycles (“E-motorcycles”),
electric bikes (“E-bikes”), electric scooters (“E-scooters”) and related accessories under the brand “Fly
E-Bike.” At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles,
ultimately contributing towards building a more environmentally friendly future.

Our first store was established
in 2018 in New York. Our business has grown rapidly since then and we believe we are now one of the leading providers of E-bikes
for food delivery workers in New York City. As of July 15, 2025, we have 20 stores, including 19 retail stores in the U.S and
one retail store in Canada. The Company offers rental services from selected locations in New York, Toronto, and Los Angeles. We also
operate one online store at flyebike.com, focusing on selling E-motorcycles, E-bikes and E-scooters, serving customers in the United States.
In addition, we plan to open a second online store focusing on selling gas bikes in the future. In addition, we plan to extend our business
into South America and Europe.

We have a diversified product
portfolio that is designed to satisfy the various demands of our customers and address different urban travel scenarios. Additionally,
we aim to refresh our product offerings continuously to align with evolving market trends. As of July 15, 2025, we offered 27 E-motorcycle
products, 36 E-bike products and 38 E-scooter products.

We build our smart E-bikes
based on advanced and innovative technologies, including smart technologies, powertrain and battery technologies and automotive inspired
functionalities. Adhering to our user-centric philosophy in product design, we collect user feedback and product performance data to develop
new products or functionalities to satisfy unmet demand. All our products are designed to embody themes of style, freedom and technology.
Some of our E-bikes are specifically designed for food delivery workers and are featured with longer battery life and stable backseat
for holding a basket. In addition, we designed an easy battery swap system for these E-bikes, allowing food delivery workers to easily