Fri, Jun 28, 10:02 AM (71 days ago)
Fly-E Group, Inc., an electric vehicle (EV) company, reported a 47.9% increase in net revenues to $32.2 million for the fiscal year ended March 31, 2024, driven by higher sales volumes and average sales prices of E-motorcycles, E-bikes, and E-scooters. Gross profit rose by 58.1% to $13.1 million, resulting in a gross margin of 40.7%. Operating expenses increased by 64.7% to $9.8 million, primarily due to higher payroll, rent, and marketing expenses, leading to a net income of $1.9 million, a 37.5% increase from the previous year. The company completed an IPO in June 2024, raising approximately $9.2 million. Key risks include supply chain disruptions, regulatory changes, and competition in the rapidly evolving EV market. Fly-E Group plans to expand its retail presence and product offerings domestically and internationally.