Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 71

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 71
---
214,731) 
     (266.1)%

39

Revenues

    For the Nine Months Ended December 31, 

    2024  
    2023  
    Change  
    Percentage  Change 
  
    Sales-Retail 
    $17,708,735  
    $19,229,491  
    $(1,520,756) 
     (7.9)%
  
    Sales-Wholesale 
    $2,618,146  
    $4,804,906  
    $(2,186,761) 
     (45.5)%
  
    Sales-Rental services 
     48,961  
     —  
     48,961  
     100%
  
    Total Net Revenues 
    $20,375,842  
    $24,034,397  
    $(3,658,555) 
     (15.2)%

Our net revenues were $20.4 million for the
nine months ended December 31, 2024, a decrease of 15.2%, from $24.0 million for the nine months ended December 31, 2023. The decrease
in our net revenues was driven primarily by a decrease in total units sold, which decreased by 7,578 units, from 49,503 units for the
nine months ended December 31, 2023 to 41,925 units for the nine months ended December 31, 2024.

Our
retail sales revenue decreased by $1.5 million, or 7.9%, from $19.2 million for the nine months ended December 31, 2023 to $17.7
million for the nine months ended December 31, 2024. Our wholesale revenue decreased by $2.2 million, or 45.5%, from $4.8 million
for the nine months ended December 31, 2023 to $2.6 million for the nine months ended December 31, 2024. The decrease in retail sales
revenue is mainly due to recent lithium-battery accidents involving E-Bikes and E-Scooters. With an increasing number of lithium-battery
explosion incidents in New York, customers are less inclined to purchase E-Bikes.  Consequently,
sales have declined as customers opt for oil-powered vehicles over electric vehicles