Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 51

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1
Chunk 51
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 future. Payment
of future dividends, if any, will be at the discretion of our board of directors and will depend on our financial condition, results
of operations, capital requirements, restrictions contained in any financing instruments, provisions of applicable law and other factors
the board deems relevant.

Item 6. [Reserved]

Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations

The following discussion of our financial condition
and results of operations should be read in conjunction with the financial statements and the notes thereto included in this annual report.
The following discussion contains forward-looking statements. Actual results could differ materially from the results discussed in the
forward-looking statements. See “Item 1A. Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements”.

Overview

We are an EV company that is principally engaged
in designing, installing and selling E-motorcycles, E-bikes, E-scooters and related accessories under the brand “Fly E-Bike.”
At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately
contributing towards building a more environmentally friendly future.

Fly E-Bike was established in 2018 with its first
store opened in New York. Our business has grown rapidly since then and we are now one of the leading providers of E-bikes for food
delivery workers in New York City. As of July 15, 2025, we have 20 stores, including
19 retail stores in the U.S and one retail store in Canada. The Company offers rental services from selected locations in New York,
Toronto, and Los Angeles. We also operate one online store at flyebike.com, focusing on selling E-motorcycles, E-bikes and E-scooters,
serving customers in the United States. In addition, we plan to open a second online store focusing on selling gas bikes in the future.
We plan extend our business into South America and Europe in the future.

We have a diversified product portfolio that
is designed to satisfy the various demands of our customers and address different urban travel scenarios. Additionally, we aim to refresh
our product offerings continuously to align with evolving market trends. As of July 15, 2025,
we offered 27 E-motorcycle products, 36 E-bike products and 38 E-scooter products.

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We are currently in the process of developing
a Fly E-Bike app, which is a