Fly-E Group Inc (NASDAQ: FLYE) is an electric vehicle company that designs, sells, and retails E-bikes, E-scooters, E-motorcycles, E-mopeds, and E-tricycles through its own retail store network. Revenue comes from transactional product sales, with customers purchasing EVs directly at retail locations. The company was founded in 2018 as Ctate Inc. in New York and operates under the Fly E-Bike brand. For the fiscal year ended March 31, 2025, total revenue implied cost of revenues of $15.0 million and gross profit of $10.5 million, with gross margin of 41.1%. The company sources battery components denominated in Chinese Renminbi and faces tariff exposure on materials imported from China. Between December 2024 and July 2025, the company sold 15 subsidiaries and closed or sold eight retail stores as part of a structural simplification plan. As of the filing date of July 15, 2025, the company retained a streamlined three-category product portfolio with 36 E-bike models across city, foldable, and standard variants.

Revenue model

Transactional retail sales of electric vehicles, primarily E-bikes, E-scooters, E-motorcycles, E-mopeds, and E-tricycles sold through company-owned retail stores. No subscription or licensing revenue model is described in the filing.

Products and services

Three product categories: E-bikes (36 models including City E-Bike, foldable E-bike, and standard E-bike), E-motorcycles (range 25-80 miles, top speed 30-59 mph), and E-mopeds. Additional products include the Fly-Tricycle, an electric three-wheel vehicle with a 43-62 mile range and 1,239-pound payload capacity. Battery unit cost was $99 per unit for the fiscal year ended March 31, 2025, down from $112 in the fiscal year ended March 31, 2024.

Customers and end markets

Urban and retail consumers purchasing electric two- and three-wheel vehicles for commuting and city riding. End market is consumer electric micromobility. No customer concentration data is disclosed in the filing excerpts.

Value-chain role

Downstream retailer and brand owner. Sources battery components and product parts from Chinese suppliers, sells finished vehicles through company-operated retail stores. Each retail store employs a minimum of two staff. Payroll expenses were $4.7 million for the fiscal year ended March 31, 2025.

Geographic exposure

Primary operations in the United States through company-owned retail stores. Sources components from China, creating exposure to Chinese Renminbi fluctuations and U.S. tariffs on Chinese imports. The filing references domestic and global sales network expansion as a stated objective.

Source: SEC 10-K, filed 2025-07-15

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