Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 58

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 58
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 primarily by the increase of the average sale price of our EVs by $19 or 2.0%, from $941 in the year ended March 31, 2023 to $960 in the year ended March 31, 2024, and our sales volume of EVs increased by 7,389 units, from 11,263 units in the year ended March 31, 2023 to 18,652 units in the year ended March 31, 2024. Our retail sales revenue increased by $7.5 million, or 40.0%, from $18.8 million for the year ended March 31, 2023 to $26.4 million for the year ended March 31, 2024. Our wholesale revenue increased by $2.9 million, or 98.5%, from $2.9 million for the year ended March 31, 2023 to $5.8 million for the year ended March 31, 2024. Cost of Revenues Cost of revenues increased by $5.6 million, or 41.6%, from $13.5 million for the year ended March 31, 2023, to $19.1 million for the year ended March 31, 2024. The increase in cost of revenues was primarily attributable to the increase in sales volume mentioned above and increase in logistics costs as the Company sourced and imported more EV parts and accessories outside the United States during the year ended March 31, 2024. 37 Gross Margin The following table shows our gross profit and gross margin for the years ended March 31, 2024 and 2023:

|              |     | For the Year Ended March 31, |       2024 |   |     |     |      2023 |   |     |     |    Change |     |     | Percentage 
     Change |   |
|:-------------|:----|:-----------------------------|-----------:|:--|:----|:----|----------:|:--|:----|:----|----------:|:----|:----|-----------:|:--|
| Gross Profit |     | $                            | 13,106,546 |   |     |     | 8,289,532 |   |     |     | 4,817,014 |     |     |       58.1 | % |
| Gross Margin |     |                              |       40.7 | % |