Fly-E Group, Inc. (NASDAQ: FLYE)

Fly-E Group, Inc. is an electric vehicle company engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand Fly E-Bike. The company operates 20 retail stores including 19 in the United States and one in Canada, with an online store at flyebike.com serving U. S. customers. Its business focuses on providing eco-friendly transportation solutions for urban travel scenarios, with a strong presence among food delivery workers in New York City.

The company generates revenue through retail sales, wholesale distribution and rental services. Retail sales of E-motorcycles, E-bikes and E-scooters constitute the primary revenue stream, supplemented by wholesale to distributors and rental services from selected locations in New York, Toronto and Los Angeles. For the year ended March 31, 2025, net revenues were approximately $25.4 million, comprising $21.7 million from retail sales, $3.5 million from wholesale and $171,867 from rental services.

The company operates through the following segments: E-motorcycles, E-bikes and E-scooters.

• E-motorcycles: This segment includes 27 different products such as E-moped, E-motorcycle and E-tricycle models. The E-moped line features models like Fly-7, Fly-10 and Fly-Pro with a range of 20-70 miles per charge and top speeds of 20-38 miles per hour. E-motorcycles are designed for urban commuting with ranges of 25-80 miles and top speeds of 30-59 miles per hour, while the Fly-Tricycle offers three seats and a payload capacity of 1,239 pounds.

• E-bikes: This segment consists of 36 different products including City E-bike, foldable E-bike and standard E-bike models. The City E-Bike offers a range of 15-20 miles per charge and a maximum speed of 20 miles per hour with under-seat storage. Foldable E-bikes such as Dolphin E-Bike and Air-2 provide 20-25 miles of range and a top speed of 23 miles per hour with a payload capacity of 250 pounds. Standard E-bikes like Sword Fish E-Bike and Rhino are lightweight with multiple speed options and a range of 20-60 miles per charge.

• E-scooters: This segment currently offers 38 different products including Insurgent E-Scooter, Flytron, H-Max and H-1 models. These E-scooters provide a range of 15-45 miles on a single charge and a top speed range of 15-40 miles per hour, capable of holding 250-330 pounds. Smart E-scooters feature hydraulic disc brakes made from special alloys with slotted discs to extend system life and electronic braking systems for intelligent braking and kinetic energy recycling.

Fly-E Group, Inc. positions itself as a leading provider of E-bikes for food delivery workers in New York City, leveraging early market entry since 2018 and strong brand reputation for quality and customer service. The company competes in a highly competitive EV market against companies such as Trek Bicycle Corporation, Specialized Bicycle Components Inc. and Rad Power Bikes Inc., differentiating through innovative products like the easy battery swap system and user-centric design incorporating feedback and performance data.

The company serves a customer base where the majority are food delivery workers in New York City, constituting approximately 72% of its customer base for the year ended March 31, 2025. Additional customers include retail consumers across the United States served through its 20 retail stores, online store at flyebike.com and distributor network, with no single customer accounting for more than 10% of revenues.