Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 211

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 211
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 June 30, 2025 compared to the same period of previous year. Professional
fees increased to $1.5 million for the three months ended June 30, 2025, compared to $0.4 million for the three months ended
June 30, 2024, primarily attributable to the increase in audit fee, consulting fee, legal fee and IR expenses associated with our public offering and ongoing reporting obligations. Payroll expenses decreased to $0.2 million for the three months ended June
30, 2025 from $0.4 million for the three months ended June 30, 2024 primarily due to decrease in headcount of office assistants. Depreciation
expense increased to $0.6 million for the three months ended June 30, 2025, compared to $0.2 million for the same period in prior year
due to the increasing cost basis of fixed assets.

Income Tax Benefits (Provisions)  

Income taxes benefit was $50,259 for the three months ended June 30,
2025, a change from $72,445 income tax provision for the three months ended June 30, 2024. Although the Company incurred pre-tax losses
in both periods, the change was primarily because of differences in the recognition of deferred tax assets and related valuation allowance.

Net Loss

Net loss was $2.0 million for the three months ended June 30,
2025, an increase of $1.7 million, or 1,019.0%, from net loss of $0.2 million for the three months ended June 30, 2024, which was mainly
attributable to the reasons discussed above.

EBITDA

The following table sets forth the components of our EBITDA for the
three months ended June 30, 2025 and 2024:

    For the Three Months Ended June 30, 

    2025  
    2024  
    Change  
    Percentage  Change 
  
    Net loss 
    $(2,008,648) 
    $(179,508) 
    $(1,829,140) 
     1019.0%
  
    Income Tax provision 
     (50,259) 
     72,445  
     (122,704) 
     (169.4)%
  
    Depreciation 
     212,792  
     95,051