Fly-E Group (NASDAQ: FLYE) flags late 10-Q and 32.3% revenue fall

(High)

(Neutral)

Form Type

NT 10-Q

Rhea-AI Filing Summary

Fly-E Group, Inc. filed a late-filing notice stating it cannot submit its Form 10-Q for the quarter ended June 30, 2025 on time without unreasonable effort or expense, and it expects to file within five calendar days of the original due date. The company preliminarily reports that net revenues for the three months ended June 30, 2025 decreased by 32.3% to $5.3 million, compared with $7.9 million a year earlier. Units sold fell by 6,432, from 16,880 to 10,448, and the average sales price per electric vehicle declined by $93, from $1,053 to $960. Management attributes these declines mainly to lithium-battery explosion incidents involving E-Bikes and E-Scooters in New York that have pushed customers toward oil-powered vehicles, as well as closures and dispositions of its retail stores. The company notes that these preliminary figures are still under review and may change in the Form 10-Q.

Positive

None.

Negative

Sharp preliminary revenue decline and operational headwinds: Net revenues for the three months ended June 30, 2025 fell 32.3% to $5.3 million from $7.9 million a year earlier, driven by lower EV unit sales, reduced average sales prices, lithium-battery incident concerns, and retail store closures, alongside a delayed Form 10-Q filing.

Insights

Fly-E warns of a late 10-Q and a sharp revenue drop with weaker EV demand.

Fly-E Group reports it will file its Form 10-Q for the quarter ended June 30, 2025 late, using the allowed extension and targeting submission within five calendar days of the original deadline. Alongside this notice, it provides preliminary figures showing net revenues for the three months ended June 30, 2025 declined 32.3% to $5.3 million from $7.9 million a year earlier.

The business downturn appears driven by both volume and pricing pressure. Units sold dropped by 6,432, from 16,880 to 10,448, and the average sales price per electric vehicle fell $93, from $1,053 to $960. The company links these trends to an increase in lithium-battery explosion incidents involving E-Bikes and E-Scooters in New York, which it says are pushing customers toward oil-powered vehicles, and to closures and dispositions of its retail stores during the quarter.

The combination of a delayed filing and a double-hit from lower volumes and lower prices is unfavorable for a growth-oriented EV retailer. The company emphasizes that the disclosed numbers are preliminary and remain subject to review before being finalized in the Form 10-Q for the three months ended June 30, 2025, so investors will need that filing to assess margins, cash flow, and any further operational details around store closures.

FAQ

Why did Fly-E Group, Inc. (FLYE) file a Form 12b-25?

Fly-E Group, Inc. filed Form 12b-25 to notify that it cannot file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 within the prescribed time period without unreasonable effort or expense, and it plans to file within the allowed extension period.

When does Fly-E Group, Inc. expect to file its delayed Form 10-Q?

The company states that it intends to file the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 on or before the fifth calendar day following the original prescribed due date.

How did Fly-E Group, Inc.’s revenue change for the quarter ended June 30, 2025?

For the three months ended June 30, 2025, Fly-E Group, Inc.’s preliminary net revenues decreased by 32.3% to $5.3 million, compared with $7.9 million for the same period in 2024.

What happened to Fly-E Group, Inc.’s EV unit sales and pricing in the quarter?

Units sold declined by 6,432, from 16,880 to 10,448, and the average sales price per electric vehicle decreased by $93, from $1,053 to $960, for the three months ended June 30, 2025 versus the prior-year period.

What reasons does Fly-E Group, Inc. give for its lower sales and prices?

The company attributes the declines mainly to recent lithium-battery explosion incidents involving E-Bikes and E-Scooters in New York that reduced customer interest in E-Bikes, causing a shift toward oil-powered vehicles, and to closures and dispositions of its retail stores during the quarter.

Are the financial figures in Fly-E Group, Inc.’s Form 12b-25 final?

No. Fly-E Group, Inc. states that the amounts reported, including net revenues and unit metrics, are still under review and may differ once reported in the Form 10-Q to be filed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/14/2025 - 04:10 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

(CHECK ONE):

☐ Form 10-K

☐ Form 20-F

☐ Form 11-K

☒ Form 10-Q

☐ Form N-SAR

Commission File Number: 001-42122

For Period Ended: June 30, 2025

☐	Transition Report on Form 10-K
☐	Transition Report on Form 20-F
☐	Transition Report on Form 11-K
☐	Transition Report on Form 10-Q
☐	Transition Report on Form N-SAR
For the Transaction Period Ended:

READ INSTRUCTION (ON BACK PAGE) BEFORE PREPARING FORM. PLEASE PRINT OR TYPE.

NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

PART I - REGISTRANT INFORMATION

Fly-E Group, Inc.

Full Name of Registrant

Former Name if Applicable

136-40 39th Avenue

Address of Principal Executive Office (Street and Number)

Flushing, New York 11354

City, State and Zip Code

PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

	(a)	The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
☒	(b)	The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report of transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
	(c)	The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III - NARRATIVE

State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period.

The Registrant is unable to file its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 within the prescribed time period without unreasonable effort or expense because additional time is needed to prepare the financial statements for the quarterly period ended June 30, 2025.

The Registrant intends to file the subject Quarterly Report on Form 10-Q on or before the fifth calendar day following the prescribed due date.

PART IV - OTHER INFORMATION

(1)

Name and telephone number of person to contact in regard to this notification

Zhou Ou		(929)		261-9979
(Name)		(Area Code)		(Telephone Number)

(2)

Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).

☒ Yes ☐ No

(3)

Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

☒ Yes ☐ No

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

For the three months ended June 30, 2025, the Registrant’s net revenues decreased by 32.3% to $5.3 million, compared to $7.9 million for the same period in 2024, which was primarily driven by a decrease in total units sold, which dropped by 6,432 units, from 16,880 units for the three months ended June 30, 2024, to 10,448 units for the three months ended June 30, 2025, and by the decreased average sales price of EV, which decreased by $93 per EV, from $1,053 in the three months ended June 30, 2024 to $960 in the three months ended June 30, 2025. The decrease in volume and average sales price is mainly due to recent lithium-battery accidents involving E-Bikes and E-Scooters. With an increasing number of lithium-battery explosion incidents in New York, customers are less inclined to purchase E-Bikes. Consequently, sales have declined as customers opt for oil-powered vehicles over electric vehicles. The decrease in volume also attributed in part to the closures and disposition of Registrant’s retail stores during the three months ended June 30, 2025.

The amounts reported above are still under review and may differ once reported in the Form 10-Q to be filed by the Registrant.

Cautionary Note Regarding Forward-Looking Statements

This Notification of Late Filing on Form 12b-25, or this Form 12b-25, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “believe,” “may,” “future,” “plan,” “should” or “expects.” Forward-looking statements in this Form 12b-25 include, but are not limited to, the expected timing of the filing of the Form 10-Q and the Registrant’s expected financial results to be included in the Form 10-Q. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks and uncertainties related to the compilation and finalization of the Registrant’s financial statements and Quarterly Report. These and other risks are identified in the Registrant’s filings with the Securities and Exchange Commission, including, without limitation, the Registrant’s Annual Report on Form 10-K for the year ended March 31, 2025, and in other filings subsequently made by the Registrant. All forward-looking statements contained in this Form 12b-25 speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. The Registrant does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.