Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 83

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 1
Chunk 83
---
. Payroll expenses decreased to $0.1 million for the three months ended September 30, 2025 from $0.4 million for
the three months ended September 30, 2024 primarily due to decrease in headcount of office assistants. Depreciation expense increased
to $0.06 million for the three months ended September 30, 2025, compared to $0.04 million for the same period in prior year due to the
increasing cost basis of fixed assets.

Interest expenses, net

Interest expenses, net were $0.54 million for the three months ended
September 30, 2025, an increase of $0.52 million from interest expenses, net of $0.02 million for the three months ended September 30,
2024. This increase was primarily because of an increase in loans payable with higher average annual interest rate to finance the business
operation of the Company for the three months ended September 30, 2025.

Income Tax Benefits (Provisions)  

Income taxes expense was $40,012 for the three
months ended September 30, 2025, a change from income tax benefit of $165,935 for the three months ended September 30, 2024. Although
the Company incurred pre-tax losses in both periods, the change was primarily because of differences in the recognition of deferred tax
assets and related valuation allowance.

Net Loss

Net loss was $1.8 million for the three months
ended September 30, 2025, an increase of $0.6 million, or 55.4%, from net loss of $1.1 million for the three 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 three months ended September 30, 2025 and 2024:

    For the Three Months Ended September 30, 

    2025  
    2024  
    Change  
    Percentage  Change 
  
    Net loss 
    $(1,776,125) 
    $(1,142,848) 
    $(633,277) 
     55.4%
  
    Income tax provision (benefit) 
     40,012  
     (165,935) 
     205,947  
     (124.1)%