Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 178

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 178
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 December 31, 

    2024  
    2023  
    Change  
    Percentage  Change 
  
    Gross Profit 
    $8,565,158  
     9,456,827  
     (891,669) 
     (9.4)%
  
    Gross Margin 
     42.0% 
     39.3% 

Gross
profit for the nine months ended December 31, 2024 and 2023 was $8.6 million and $9.5 million, respectively. Gross margin was
42.0% and 39.3% for the nine months ended December 31, 2024 and 2023, respectively. The increase in gross margin was driven
primarily by the decrease of the sales of our batteries by $0.9 million, from $2.9 million in the nine months ended December 31,
2023 to $2.0 million in the nine months ended December 31, 2024, and the decrease of the cost for batteries by $1.0 million, from
$2.6 million in the nine months ended December 31, 2023, to $1.6 million in the nine months ended December 31, 2024. The decrease in
gross profit was driven by the decrease of the sales of E-motorcycles by $3.2 million, from $7.2 million in the nine months ended
December 31, 2023 to $4.0 million in the nine months ended December 31, 2024, and the decrease of the cost for E-motorcycles by $2.3
million, from $5.0 million in the nine months ended December 31, 2023, to $2.8 million in the nine months ended December 31,
2024.

Total Operating Expenses

The following table sets forth the components
of our total operating expenses for the nine months ended December 31, 2024 and 2023:

    For the Nine Months Ended December 31, 

    2024  
    2023  
    Change  
    Percentage  Change 
  
    Selling Expenses 
    $5,597,563  
     4,637,043  
     960,520  
     20.7%
  
    General and Administrative Expenses 
     5,184,432