Company: FLYE
Filing Date: 2025-07-01
Form Type: NT 10-K
Source: 0001213900-25-060372
Chunk: 2

Company: Fly-E Group, Inc.
Filing Date: 2025-07-01
Form: NT 10-K
Chunk 2
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made.

For the fiscal year ended March 31, 2025,
the Registrant’s net revenues decreased by 21% to approximately $25.4 million, compared to approximately $32.2 million for the
same period in 2024, which was primarily due to the decrease in sales volume by 10,846 units, from 69,611 units sold for the fiscal
year ended March 31, 2024, to 58,765 units sold for the fiscal year ended March 31, 2025. Cost of revenues decreased by 21.6%, from
approximately $19.1 million for the fiscal year ended March 31, 2024, to approximately $15.0 million for the fiscal year ended March
31, 2025. Total operating expenses were approximately $15.1 million for the fiscal year ended March 31, 2025, an increase of
approximately $5.3 million, or 53.3%, compared to approximately $9.8 million for the fiscal year ended March 31, 2024. The increase
in operating expenses was attributable to the increase in our payroll expenses, rent, travel expenses, professional fees, software
and product development expenses and settlement expenses. For the fiscal year ended March 31, 2025 and 2024, the Registrant had a
net loss of approximately $5.3 million, a change of approximately $7.2 million, or 379.2%, from net income of $1.9 million for the
fiscal year ended March 31, 2024.

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The amounts reported above are still under review
and may differ once reported in the Annual Report to be filed by the Registrant.

Cautionary Note Regarding Forward-Looking Statements

This Notification of Late Filing on Form 12b-25,
or this Form 12b-25, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe
future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “believe,”
“may,” “future,” “plan,”