Fly-E Group, Inc. Announces Third Quarter and Nine Months Financial Results of Fiscal Year 2026
Rhea-AI Summary
Fly-E Group (Nasdaq: FLYE) reported unaudited results for Q3 and nine months fiscal 2026 ended December 31, 2025. Q3 net revenues fell to $2.6M (-53.3% YoY); net loss widened to $1.9M; gross margin was 39.6%. For nine months, revenues were $11.9M (-41.7%) and net loss was $5.7M.
Wholesale and rental businesses showed strong percentage growth, while retail sales collapsed and cash declined to $0.3M as of December 31, 2025.
AI-generated analysis. Not financial advice.
Positive
- Wholesale revenue +153.4% in Q3
- Rental services revenue +288.6% in Q3
- Nine‑month rental revenue +895.4%
Negative
- Q3 net revenues down 53.3% year‑over‑year
- Q3 retail sales down 86.8%
- Nine‑month net loss widened 184.4% to $5.7M
- Cash balance $0.3M as of December 31, 2025
News Market Reaction – FLYE
On the day this news was published, FLYE gained 1.91%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FLYE fell 4.95% while peers showed mixed moves: CENN and EVTV were modestly negative, LOBO saw a sharp decline earlier in the day, and AYRO and ECDA were positive. Momentum scanner data also shows mixed up/down moves, pointing to stock-specific factors rather than a broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 18 | Q2 FY2026 earnings | Negative | +1.8% | Q2 revenues down sharply and net loss widened despite rental launch. |
| Aug 19 | Q1 FY2026 earnings | Negative | -2.2% | Q1 revenues fell and net loss increased amid battery safety concerns. |
| Jul 15 | FY2025 results | Negative | +0.0% | FY2025 revenue declined and net income swung to a sizeable loss. |
| Feb 20 | Q3 FY2025 earnings | Negative | -4.8% | Q3 revenue and units sold dropped, turning prior profit into loss. |
| Nov 20 | Q2 FY2025 earnings | Negative | -6.3% | Q2 revenue declined and net loss replaced prior-year profitability. |
Earnings releases have consistently highlighted revenue declines and widening losses, and the stock has usually traded flat to lower on these updates, with only one notable upside divergence.
Over the past few quarters, Fly-E’s earnings reports have shown persistent revenue contraction and widening net losses. Q3 FY2025 revenue fell to $5.7M with a net loss, followed by FY2025 results with a $5.3M net loss and higher operating expenses. Q1 and Q2 FY2026 continued the pattern of double‑digit revenue declines and mounting losses, even as wholesale and rental businesses grew. Against this backdrop, today’s Q3 and nine‑month FY2026 results extend the trend of declining retail sales and greater net losses.
Historical Comparison
Past Fly-E earnings headlines led to an average move of -2.31%. Today’s -4.95% decline on weaker Q3 FY2026 results is somewhat larger but directionally consistent with that history.
Across recent earnings cycles, Fly-E has moved from FY2025 profitability to sustained net losses, with recurring revenue declines tied to lithium-battery concerns and store closures. Wholesale and rental revenues have grown but have not offset weaker retail trends, and today’s Q3 FY2026 report extends that trajectory with further revenue pressure and wider losses.
Market Pulse Summary
This announcement details another challenging quarter for Fly-E, with Q3 FY2026 net revenues of $2.6M, a Q3 net loss of $1.9M, and nine‑month net revenues of $11.9M against a net loss of $5.7M. Retail sales remain pressured by lithium-battery safety concerns and store closures, while wholesale and rental revenues are growing from a smaller base. Investors may watch future filings for cash levels, revenue mix shifts, and whether operating expenses continue to decline relative to revenues.
Key Terms
ebitda financial
AI-generated analysis. Not financial advice.
Third Quarter of Fiscal Year 2026 Financial Summary
- Net revenues were
$2.6 million $5.7 million - Gross profit was
$1.0 million $2.6 million - Gross margin was
39.6% , compared to45.1% in the same period last year. - Net loss was
$1.9 million $0.7 million - Basic and diluted losses per share were
$1.18 $2.78
Mr. Zhou (Andy) Ou, Chief Executive Officer of Fly-E, commented, "During the third quarter of fiscal year 2026, we remained focused on executing our strategy and advancing initiatives to navigate a challenging environment with cautious consumer demand. We continued to strengthen our business mix and saw meaningful momentum in select areas. Net revenues were
Third Quarter of Fiscal Year 2026 Financial Results
Net Revenues
Net revenues were
Retail sales revenue was
Cost of Revenues
Cost of revenues was
Gross Profit
Gross profit was
Operating Expenses
Total operating expenses were
- Selling expenses were
$0.7 million 62.3% from$1.9 million $0.1 million $0.9 million $0.3 million $0.7 million $3,234 $32,681
- General and administrative expenses were
$1.9 million 20.3% from$1.6 million $0.8 million $0.4 million $0.2 million $0.4 million $0.03 million $0.05 million $0.6 million
Net Loss
Net loss was
Basic and Diluted Losses per Share
Basic and diluted losses per share were
EBITDA
EBITDA was negative
Nine Months Ended December 31, 2025 Financial Results
Net Revenues
Net revenues were
Retail sales revenue was
Cost of Revenues
Cost of revenues was
Gross Profit
Gross profit was
Operating Expenses
Total operating expenses were
- Selling expenses were
$3.1 million 45.0% from$5.6 million $1.4 million $2.5 million $1.1 million $2.2 million $0.1 million $0.2 million $36,104 $0.2 million
- General and administrative expenses were
$5.3 million 2.5% from$5.2 million $2.7 million $1.7 million $0.6 million $1.2 million $0.3 million $0.8 million $0.6 million
Net Loss
Net loss was
Basic and Diluted Losses per Share
Basic and diluted losses per share were
EBITDA
EBITDA was negative
Financial Condition
As of December 31, 2025, the Company had cash of
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes and electric scooters under the brand "Fly E-Bike." The Company's commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. For more information, please visit the Company's website: https://investors.flyebike.com.
Non-GAAP Financial Measures
To supplement the Company's financial information presented in accordance with the generally accepted accounting principles in
The Company uses EBITDA (earnings before interest, taxes, depreciation, and amortization) to evaluate its operating performance. The Company believes EBITDA provides additional insight into its underlying, ongoing operating performance and facilitates year-to-year comparisons by excluding the earnings impact of interest, tax, depreciation and amortization and that presenting EBITDA is more representative of its operational performance and may be more useful for investors.
The Company reconciles its non-GAAP financial measure to its net income, which is its most directly comparable financial measure calculated and presented in accordance with
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and that the forward-looking statements contained in this press release are subject to the risks set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the section under "Risk Factors" of its most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the SEC on July 15, 2025, as amended by the Company's subsequent filings, including updates to the Risk Factors. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
For investor and media inquiries, please contact:
Fly-E Group, Inc.
Investor Relations Department
Email: ir@flyebike.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
FLY-E GROUP, INC. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Expressed in | ||||||||
December | March | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 295,674 | $ | 840,102 | ||||
Accounts receivable, net | 1,565,285 | 466,187 | ||||||
Accounts receivable, net – a related party | 32,030 | 37,465 | ||||||
Inventories, net | 5,077,072 | 6,397,274 | ||||||
Prepayments and other receivables | 10,926,104 | 3,676,986 | ||||||
Prepayments and other receivables – related parties | 161,560 | 120,000 | ||||||
Assets held for sale | 2,610,261 | 2,462,502 | ||||||
Total Current Assets | 20,667,986 | 14,000,516 | ||||||
Property and equipment, net | 5,997,381 | 7,287,213 | ||||||
Security deposits | 403,016 | 728,450 | ||||||
Deferred tax assets, net | — | 94,983 | ||||||
Operating lease right-of-use assets | 4,629,716 | 10,933,068 | ||||||
Intangible assets, net | 458,236 | 525,865 | ||||||
Long-term prepayment for software development | 1,800,000 | — | ||||||
Long-term prepayment for software development – a related party | — | 136,580 | ||||||
Total Assets | $ | 33,956,335 | $ | 33,706,675 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 337,481 | $ | 1,272,305 | ||||
Short-term loan payables | 3,936,058 | 5,191,058 | ||||||
Current portion of long-term loan payables | 138,550 | 100,835 | ||||||
Accrued expenses and other payables | 241,322 | 1,366,968 | ||||||
Accrued expenses and other payables – a related party | 225 | — | ||||||
Operating lease liabilities – current | 1,454,771 | 2,617,762 | ||||||
Liabilities held for sale | 1,186,237 | 2,152,447 | ||||||
Total Current Liabilities | 7,294,644 | 12,701,375 | ||||||
Long-term loan payables | 1,978,770 | 2,065,040 | ||||||
Operating lease liabilities – non-current | 3,690,922 | 9,106,928 | ||||||
Total Liabilities | 12,964,336 | 23,873,343 | ||||||
Commitment and Contingencies | ||||||||
Stockholders' Equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 16,324 | 2,459 | ||||||
Additional paid-in capital | 27,826,643 | 10,987,440 | ||||||
Shares subscription receivable | (219,998) | (219,998) | ||||||
Accumulated deficit | (6,603,723) | (895,510) | ||||||
Accumulated other comprehensive loss | (27,247) | (41,059) | ||||||
Total FLY-E Group, Inc. Stockholders' Equity | 20,991,999 | 9,833,332 | ||||||
Total Liabilities and Stockholders' Equity | $ | 33,956,335 | $ | 33,706,675 | ||||
* Shares and per share data are presented on a retroactive basis to reflect the 1-for-5 reverse stock split completed | ||||||||
FLY-E GROUP, INC. | ||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND | ||||||||||||||||
COMPREHENSIVE LOSS | ||||||||||||||||
(Expressed in | ||||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues | $ | 2,649,141 | $ | 5,678,010 | $ | 11,886,201 | $ | 20,375,842 | ||||||||
Cost of Revenues | 1,600,615 | 3,116,940 | 7,599,779 | 11,810,684 | ||||||||||||
Gross Profit | 1,048,526 | 2,561,070 | 4,286,422 | 8,565,158 | ||||||||||||
Operating Expenses | ||||||||||||||||
Selling Expenses | 731,935 | 1,943,633 | 3,080,878 | 5,597,563 | ||||||||||||
General and Administrative Expenses | 1,873,599 | 1,557,716 | 5,315,750 | 5,184,432 | ||||||||||||
Total Operating Expenses | 2,605,534 | 3,501,349 | 8,396,628 | 10,781,995 | ||||||||||||
Loss from Operations | (1,557,008) | (940,279) | (4,110,206) | (2,216,837) | ||||||||||||
Other Expenses, net | (55,903) | (16,699) | (211,954) | (64,110) | ||||||||||||
Interest Expenses, net | (460,359) | (155,673) | (1,546,130) | (247,550) | ||||||||||||
Loss Before Income Taxes | (2,073,270) | (1,112,651) | (5,868,290) | (2,528,497) | ||||||||||||
Income Tax Benefit | 149,830 | 428,164 | 160,077 | 521,654 | ||||||||||||
Net Loss | $ | (1,923,440) | $ | (684,487) | $ | (5,708,213) | $ | (2,006,843) | ||||||||
Other Comprehensive (Loss) Income | ||||||||||||||||
Foreign currency translation adjustment | 20,836 | (22,516) | 13,812 | (19,542) | ||||||||||||
Total Comprehensive Loss | $ | (1,902,604) | $ | (707,003) | $ | (5,694,401) | $ | (2,026,385) | ||||||||
Losses per Share* | $ | (1.18) | $ | (2.78) | $ | (6.14) | $ | (8.38) | ||||||||
Weighted Average Number of Common Stock | ||||||||||||||||
– Basic and Diluted* | 1,632,391 | 245,875 | 930,332 | 239,466 | ||||||||||||
* Shares and per share data are presented on a retroactive basis to reflect the 1-for-110,000 stock split completed | ||||||||||||||||
FLY-E GROUP, INC. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Expressed in | ||||||||
For the Nine Months | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (5,708,213) | $ | (2,006,843) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Loss on disposal of property and equipment | 68,188 | — | ||||||
Gain on disposal of subsidiaries | (64,452) | — | ||||||
Impairment loss on property and equipment | 558,063 | — | ||||||
Expected credit losses on accounts receivable | 77,393 | — | ||||||
Depreciation expense | 582,599 | 310,910 | ||||||
Amortization expense | 83,106 | 30,831 | ||||||
Deferred income taxes benefits | (42,112) | (860,007) | ||||||
Amortization of operating lease right-of-use assets | 4,094,243 | 2,404,092 | ||||||
Inventories impairment loss | 630,254 | 678,157 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (1,213,706) | (92,353) | ||||||
Accounts receivable – a related party | 5,435 | 238,029 | ||||||
Inventories | (954,071) | (3,985,343) | ||||||
Prepayments and other receivables | (6,377,246) | (1,772,605) | ||||||
Prepayments for operation services to a related party | 120,000 | (105,000) | ||||||
Security deposits | 34,698 | (70,413) | ||||||
Accounts payable | (934,824) | 96,920 | ||||||
Accrued expenses and other payables | (848,934) | (492,920) | ||||||
Accrued expenses and other payables – a related party | 225 | — | ||||||
Operating lease liabilities | (4,064,407) | (2,257,028) | ||||||
Taxes payable | (17,279) | (1,530,416) | ||||||
Net cash used in operating activities | (13,971,040) | (9,413,989) | ||||||
Cash flows from investing activities | ||||||||
Purchases of properties and equipment | (69,846) | (1,618,290) | ||||||
Purchase of software from a related party | — | (500,000) | ||||||
Payments of property rights | (15,477) | — | ||||||
Prepayment for purchasing software from a related party | — | (892,580) | ||||||
Prepayment for purchasing software | (1,800,000) | — | ||||||
Cash released from disposal of entities | (233,379) | — | ||||||
Repayment from a related party | — | 660,256 | ||||||
Advance to a related party | (161,560) | (486,057) | ||||||
Net cash used in investing activities | (2,280,262) | (2,836,671) | ||||||
Cash flows from financing activities | ||||||||
Proceeds from borrowings | 1,917,100 | 7,086,099 | ||||||
Repayments of borrowings | (3,076,045) | (3,632,031) | ||||||
Repayments on other payables - related parties | — | (92,229) | ||||||
Payments of offering cost | (516,490) | (282,403) | ||||||
Net proceeds from issuance of common stock | 17,369,558 | 9,154,500 | ||||||
Net cash provided by financing activities | 15,694,123 | 12,233,936 | ||||||
Net changes in cash including cash classified within current assets held for sale | (557,179) | (16,724) | ||||||
Effect of exchange rate changes on cash | 13,812 | (19,542) | ||||||
Less: net decrease in cash classified within current assets held for sale | (1,061) | — | ||||||
Cash at beginning of the period | 840,102 | 1,403,514 | ||||||
Cash at the end of the period | $ | 295,674 | $ | 1,367,248 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for interest expense | $ | 1,546,130 | $ | 227,679 | ||||
Cash paid for income taxes | $ | 42,640 | $ | 1,940,778 | ||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||
Purchase of vehicle funded by loan | $ | — | $ | 219,668 | ||||
Purchase of office funded by loan | $ | — | $ | 1,800,000 | ||||
Purchase of software by using previous prepayments | $ | 136,580 | $ | 2,085,000 | ||||
Properties used for rental services | $ | 49,811 | $ | 54,572 | ||||
Deferred IPO cost recognized as additional paid-in capital | $ | — | $ | 65,618 | ||||
Uncollected proceeds from disposal of subsidiaries | $ | 871,007 | $ | 502,198 | ||||
Termination of operating lease right-of-use assets and operating lease liabilities | $ | 3,187,864 | $ | (863,513) | ||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | — | $ | 1,585,285 | ||||
EBITDA
The following table sets forth the components of our EBITDA for the three months ended December 31, 2025 and 2024:
For the Three Months Ended December 31, | ||||||||||||||||
Percentage | ||||||||||||||||
2025 | 2024 | Change | Change | |||||||||||||
Net Loss | $ | (1,923,440) | $ | (684,487) | $ | (1,199,147) | 181.0 | % | ||||||||
Income Tax Benefit | (149,830) | (428,164) | 278,334 | (65.0) | % | |||||||||||
Depreciation | 165,341 | 124,588 | 40,753 | 32.7 | % | |||||||||||
Interest Expenses | 460,359 | 155,673 | 304,686 | 195.7 | % | |||||||||||
Amortization | 28,345 | 21,985 | 6,360 | 28.9 | % | |||||||||||
EBITDA | $ | (1,419,225) | $ | (810,405) | $ | (569,014) | 75.1 | % | ||||||||
Percentage of Revenue | (53.6) | % | (14.3) | % | (39.3) | % | ||||||||||
The following table sets forth the components of our EBITDA for the nine months ended December 31, 2025 and 2024:
For the Nine Months Ended December 31, | ||||||||||||||||
Percentage | ||||||||||||||||
2025 | 2024 | Change | Change | |||||||||||||
Net Loss | $ | (5,708,213) | $ | (2,006,843) | $ | (3,661,564) | 184.4 | % | ||||||||
Income Tax Benefit | (160,077) | (521,654) | 361,577 | (69.3) | % | |||||||||||
Depreciation | 582,599 | 310,910 | 271,689 | 87.4 | % | |||||||||||
Interest Expenses | 1,546,130 | 247,550 | 1,298,580 | 524.6 | % | |||||||||||
Amortization | 83,106 | 30,831 | 52,275 | 169.6 | % | |||||||||||
EBITDA | $ | (3,656,455) | $ | (1,939,206) | $ | (1,677,443) | 88.6 | % | ||||||||
Percentage of Revenue | (30.8) | % | (9.5) | % | (21.2) | % | ||||||||||
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SOURCE Fly-E Group, Inc.