Revenue Decline: Fly-E Group reported net revenues of $3.9 million in Q2, a 42.7% decrease year-over-year, primarily driven by a 61% drop in average EV prices, exacerbating inventory issues and impacting overall sales performance.
Wholesale Business Growth: Despite retail sales revenue plummeting 65.8% to $2.0 million, wholesale revenue surged 91.3% to $1.7 million, indicating strong momentum in the wholesale segment that could support future profitability.
Significant Reduction in Operating Expenses: Total operating expenses fell to $2.0 million in Q2, a 51.0% decrease from the previous year, reflecting the company's enhanced operational efficiency through retail store closures and cost optimization measures, thereby improving financial flexibility.
Widening Net Loss: The net loss for Q2 increased to $1.8 million, up 55.4% year-over-year, although the loss per share improved from $4.65 to $2.18, highlighting ongoing challenges in a difficult market environment.
FLYE
$6.61+Infinity%1D
Analyst Views on FLYE
About FLYE
Fly-E Group, Inc. is an electric vehicle (EV) company, which is engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand Fly E-Bike. The Company has approximately 36 stores, including 35 retail stores in the United States and one retail store in Canada. The Company offers rental services from selected locations in New York and Los Angeles. It also sells its products through its online store at flyebike.com. The Company offers 25 E-motorcycle products, 28 E-bike products and 37 E-scooter products. It has a diversified product portfolio that is designed to satisfy the various demands of its customers and address different urban travel scenarios. The Company has produced approximately 3,842 E-motorcycles, 5,713 E-bikes and 1,480 E-scooters. It sources vehicle components from China and the United States and then assembles them into its vehicles in a facility located in Maspeth, New York.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
