Company: FLYE
Filing Date: 2025-06-02
Form Type: 424B4
Source: 0001213900-25-050035
Chunk: 60

Company: Fly-E Group, Inc.
Filing Date: 2025-06-02
Form: 424B4
Chunk 60
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 |     | $ | (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 -batteryaccidents involving E -Bikesand E -Scooters. With an increasing number of lithium -batteryexplosion incidents in New York, customers are less inclined to purchase E -Bikes. Consequently, sales have declined as customers opt for oil -poweredvehicles over electric vehicles. The decrease in wholesales revenue was driven primarily by the closure of stores by the top two customers who closed their stores in December 2023 due to lack of profitability. Cost of Revenues Cost of