Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 161

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 161
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    $1,427,231  
    $1,003,008  
    $424,223  
     42.3%
  
    Sales-Rental services 
     138,138  
     —  
     138,138  
     100.0%
  
    Total Net Revenues 
    $5,328,198  
    $7,873,426  
    $(2,545,228) 
     (32.3)%

Our net revenues were $5.3 million for the three months ended
June 30, 2025, a decrease of 32.3%, from $7.9 million for the three months ended June 30, 2024. The decrease in our net revenues was
primarily driven by a decrease in sales volume by 6,432 units, from 16,880 units for the three months ended June 30, 2024, 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.

38

Our
retail sales revenue decreased by $3.1 million, or 45.2%, from $6.9 million for the three months ended June 30, 2024 to $3.8
million for the three months ended June 30, 2025. Our wholesale revenue increased by $0.4 million, or 42.3%, from $1.0 million
for the three months ended June 30, 2024 to $1.4 million for the three months ended June 30, 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 our retail stores
during the three months ended June 30, 2025. The increase in wholesales revenue was driven primarily by the increase number of our dealers
 during the three months ended