Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 89

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 1
Chunk 89
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 ended September 30, 2025. Software development fee decreased to $0.27 million for the six months ended
September 30, 2025, compared to $0.31 million for the same period in prior 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 six months ended September 30,
2025. 

49

Income Tax Benefit 

Income tax benefit was $10,247 for the six months
ended September 30, 2025, a decrease of $83,243 from income tax benefit of $93,490 for the six months ended September 30, 2024. This decrease
was primarily because of differences in the recognition of deferred tax assets and related valuation allowance for the six months ended
September 30, 2025.

Net Loss

Net loss was $3.8 million for the six months
ended September 30, 2025, an increase of $2.5 million, or 186.2%, from net loss of $1.3 million for the six months ended September
30, 2024, which was mainly attributable to the reasons discussed above.

EBITDA

The following table sets forth the components
of our EBITDA for the six months ended September 30, 2025 and 2024:

    For the Six Months Ended September 30, 

    2025  
    2024  
    Change  
    Percentage  Change 
  
    Loss from Operations 
    $(3,784,773) 
    $(1,322,356) 
    $(2,462,417) 
     186.2%
  
    Income Tax Benefit 
     (10,247) 
     (93,490) 
     83,243  
     (89.0)%
  
    Depreciation 
     417,258  
     180,910  
     236,348  
     130.6%
  
    Interest Expenses 
     1,085,771  
     91,877  
     993,894  
     1081.8%
  
    Amortization 
     54,761  
     8,846  
     45,915  
     519.0%
  
    EBITDA 
    $(2,237,230)