Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 237

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 2
Chunk 237
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battery sales volume, as discussed previously. These factors collectively contributed to the overall decrease in cost of revenues. The
unit cost for battery decreased by 25%, from $121 in the nine months ended December 31, 2023, to $91 in the nine months ended December
31, 2024.

Gross Margin

The following table shows our gross profit and gross margin for the
nine months ended December 31, 2024 and 2023:

    For the Nine Months Ended 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