Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 75

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 31, 2024, a change from $0.7 million income tax provision for
the nine months ended December 31, 2023. This change was due to our negative pre-tax income   for
the three months ended December 31, 2024. We recognized a deferred tax asset which can be used to reduce taxes in future periods when
the Company is profitable.

Net Income (Loss)

Net loss was $2.0 million for the nine months
ended December 31, 2024, a change of $3.2 million, or 266.1%, from net income of $1.2 million for the nine months ended December
31, 2023, which was mainly attributable to the reasons discussed above.

41

EBITDA

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

    For the Nine Months Ended December 31, 

    2024  
    2023  
    Change  
    Percentage  Change 
  
    (Loss) Income from Operations 
    $(2,006,843) 
    $1,207,888  
    $(3,214,731) 
     (266.1)%
  
    Income Tax (benefit) provision 
     (521,654) 
     731,997  
     (1,253,651) 
     (171.3)%
  
    Depreciation 
     310,910  
     203,788  
     107,122  
     52.6%
  
    Interest Expenses 
     247,550  
     82,150  
     165,400  
     201.3%
  
    Amortization 
     30,831  
     —  
     30,831  
     100.0%
  
    EBITDA 
    $(1,939,206) 
    $2,225,823  
    $(4,165,029) 
     (187.1)%
  
    Percentage of Revenue 
     (9.5)% 
     9.3% 
        
     (18.8)%

Before interest expenses, income tax, depreciation,
and amortization, for the nine months ended December 31, 2024, our