, /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, and electric scooters, today announced its unaudited financial results for the second quarter and first half of fiscal year 2026 ended September 30, 2025.

, /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE)（"Fly-E"或"公司"）是一家电动车公司，专注于设计、安装、销售和租赁智能电动摩托车、电动自行车和电动滑板车，今天公布了截至2025年9月30日的 2026 财年第二季度和上半年的未经审计财务业绩。

Second Quarter of Fiscal Year 2026 Financial Summary

2026 财年第二季度财务摘要

Net revenues were $3.9 million, compared to $6.8 million in the same period last year.
Gross profit was $1.0 million, compared to $2.9 million in the same period last year.
Gross margin was 25.0%, compared to 42.6% in the same period last year.
Net loss was $1.8 million, compared to $1.1 million in the same period last year.
Basic and diluted losses per share were $2.18, compared to $4.65 in the same period last year.

净收入 为 390 万美元，较去年同期的 680 万美元下降。
毛利润 为 100 万美元，较去年同期的 290 万美元下降。
毛利率 为 25.0%，较去年同期的 42.6% 下降。
净亏损 为 180 万美元，较去年同期的 110 万美元下降。
每股基本和稀释亏损 为 2.18 美元，较去年同期的 4.65 美元下降。

Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, commented, "We navigated the second quarter of fiscal year 2026 with discipline and focus, despite a challenging retail environment. Our wholesale business continued to demonstrate strong momentum as we strategically shift our focus to this segment, with wholesale revenue increasing 91.3% year-over-year to $1.7 million. In addition, our rental business achieved a gross margin of 79.8%, demonstrating the potential to be a key profitability driver. At the same time, total operating expenses declined by 51.0% compared to the same period last year, reflecting the impact of our cost-optimization measures and our more efficient operations. While market conditions remain dynamic, particularly within the retail E-Bike segment, we are encouraged by the early traction of our rental business, our improving operational efficiency, and the resilience of our wholesale channel. Looking ahead, we will stay focused on enhancing profitability, strengthening our product and service portfolio, and improving operational efficiency as we position Fly-E for sustainable long-term growth."

Fly-E 的董事长兼首席执行官周（Andy）欧表示："尽管零售环境充满挑战，我们在 2026 财年第二季度依然保持了纪律和专注。我们的批发业务继续展现出强劲的势头，我们战略性地将重点转向这一领域，批发收入同比增长 91.3%，达到 170 万美元。此外，我们的租赁业务实现了 79.8% 的毛利率，显示出成为关键盈利驱动因素的潜力。同时，总运营费用较去年同期下降了 51.0%，反映了我们的成本优化措施和更高效的运营的影响。尽管市场条件仍然动态，特别是在零售电动自行车领域，我们对租赁业务的早期进展、运营效率的改善以及批发渠道的韧性感到鼓舞。展望未来，我们将继续专注于提升盈利能力、加强产品和服务组合，并改善运营效率，以为 Fly-E 的可持续长期增长奠定基础。"

Second Quarter of Fiscal Year 2026 Financial Results

2026 财年第二季度财务业绩

Net Revenues

净收入

Net revenues were $3.9 million in the second quarter of fiscal year 2026, a decrease of 42.7% from $6.8 million in the same period last year. The decrease in net revenues was primarily driven by a decrease in average unit price of EVs, which dropped by 61% as a result of lowering the selling prices to reduce aged inventory for the second quarter of fiscal year 2026.

2026 财年第二季度的净收入为 390 万美元，较去年同期的 680 万美元下降 42.7%。净收入的下降主要是由于电动车的平均单价下降，因降低售价以减少 2026 财年第二季度的陈旧库存，平均单价下降了 61%。

Retail sales revenue was $2.0 million in the second quarter of fiscal year 2026, a decrease of 65.8% from $5.9 million in the same period last year. Wholesale revenue was $1.7 million in the second quarter of fiscal year 2026, an increase of 91.3% from $0.9 million in the same period last year. Rental services revenue was $0.2 million in the second quarter of fiscal year 2026. The Company did not generate revenue from rental services in the second quarter of fiscal year 2025. The decrease in retail sales revenue 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 retail sales also attributed in part to the closures and disposition of the Company's retail stores during the second quarter of fiscal year 2026. The increase in wholesales revenue was driven primarily by revenue contribution from the disposed entities during the second quarter of fiscal year 2026. Although certain retail stores were sold, these stores continued to purchase products from the Company, which contributes an increase of wholesale revenue.

2026 财年第二季度的零售销售收入为 200 万美元，较去年同期的 590 万美元下降 65.8%。批发收入为 170 万美元，较去年同期的 90 万美元增长 91.3%。租赁服务收入为 20 万美元，而 2025 财年第二季度未产生租赁服务收入。零售销售收入的下降主要是由于近期涉及电动自行车和电动滑板车的锂电池事故。随着纽约锂电池爆炸事件的增加，客户购买电动自行车的意愿降低。因此，销售额下降，客户更倾向于选择油动力车辆而非电动车。零售销售的下降部分也归因于公司在 2026 财年第二季度关闭和处置零售店。批发收入的增加主要是由于在 2026 财年第二季度处置实体的收入贡献。尽管某些零售店被出售，但这些店仍继续向公司采购产品，从而推动了批发收入的增长。

Cost of Revenues

收入成本

Cost of revenues was $2.9 million in the second quarter of fiscal year 2026, a decrease of 25.2% from $3.9 million in the same period last year. The decrease in cost of revenues was primarily attributable to a reduction in sales volume.

2026 财年第二季度的收入成本为 290 万美元，较去年同期的 390 万美元下降 25.2%。收入成本的下降主要归因于销售量的减少。

Gross Profit

毛利润

Gross profit was $1.0 million in the second quarter of fiscal year 2026, a decrease of 66.4% from $2.9 million in the same period last year. Gross margin was 25.0% in the second quarter of fiscal year 2026, decreased from 42.6% in the same period last year. The decrease in gross margin was mainly due to a combined effect of decrease in average unit price of EVs, which dropped by 61% for the second quarter of fiscal year 2026 and the increased revenues from rental business with higher margin than our other businesses. Gross margin of rental business was 79.8% in the second quarter of fiscal year 2026. The Company did not generate profit from rental services in the second quarter of fiscal year 2025.

2026 财年第二季度的毛利润为 100 万美元，较去年同期的 290 万美元下降 66.4%。2026 财年第二季度的毛利率为 25.0%，较去年同期的 42.6% 下降。毛利率的下降主要是由于电动车平均单价下降 61% 以及租赁业务的收入增加，后者的毛利率高于我们的其他业务。2026 财年第二季度租赁业务的毛利率为 79.8%。公司在 2025 财年第二季度未从租赁服务中产生利润。

Operating Expenses

运营费用

Total operating expenses were $2.0 million in the second quarter of fiscal year 2026, a decrease of 51.0% from $4.1 million in the same period last year.

2026 财年第二季度的总运营费用为 200 万美元，较去年同期的 410 万美元下降 51.0%。

Selling expenses were $1.0 million in the second quarter of fiscal year 2026, a decrease of 49.7% from $2.0 million in the same period last year. Selling expenses primarily consist of payroll expenses, rent, and advertising expenses of retail stores. Total payroll expenses were $0.6 million in the second quarter of fiscal year 2026, compared to $0.9 million in the same period last year. Rent was $0.3 million in the second quarter of fiscal year 2026, compared to $0.8 million in the same period last year. Advertising expenses were $15,457 in the second quarter of fiscal year 2026, compared to $0.1 million in the same period last year. The decrease in these expenses was primarily due to the closures and dispositions of retail stores during this quarter.
General and administrative expenses were $1.0 million in the second quarter of fiscal year 2026, a decrease of 52.4% from $2.1 million in the same period last year. Professional fees decreased to $0.5 million in the second quarter of fiscal year 2026, compared to $0.9 million in the same period last year, primarily attributable to the decrease in audit fee, consulting fee, legal fee and IR expenses associated with the Company's public offering and ongoing reporting obligations. Payroll expenses decreased to $0.1 million in the second quarter of fiscal year 2026 from $0.4 million in the same period last year primarily due to decrease in headcount of office assistants. Depreciation expense increased to $0.06 million in the second quarter of fiscal year 2026, compared to $0.04 million for the same period in prior year due to the increasing cost basis of fixed assets.

2026 财年第二季度的销售费用为 100 万美元，比去年同期的 200 万美元减少了 49.7%。销售费用主要包括零售店的工资费用、租金和广告费用。2026 财年第二季度的总工资费用为 60 万美元，而去年同期为 90 万美元。2026 财年第二季度的租金为 30 万美元，而去年同期为 80 万美元。2026 财年第二季度的广告费用为 15,457 美元，而去年同期为 10 万美元。这些费用的减少主要是由于本季度零售店的关闭和处置。
2026 财年第二季度的管理和行政费用为 100 万美元，比去年同期的 210 万美元减少了 52.4%。专业费用减少至 50 万美元，而去年同期为 90 万美元，主要是由于审计费、咨询费、法律费和与公司公开发行及持续报告义务相关的投资者关系费用的减少。2026 财年第二季度的工资费用从去年同期的 40 万美元减少至 10 万美元，主要是由于办公室助理人数的减少。2026 财年第二季度的折旧费用增加至 6 万美元，而去年同期为 4 万美元，主要是由于固定资产成本基础的增加。

Net Loss

净亏损

Net loss was $1.8 million in the second quarter of fiscal year 2026, an increase of 55.4% from $1.1 million in the same period last year.

2026 财年第二季度的净亏损为 180 万美元，比去年同期的 110 万美元增加了 55.4%。

Basic and Diluted Losses per Share

每股基本和稀释亏损

Basic and diluted losses per share were $2.18 in the second quarter of fiscal year 2026, compared to $4.65 in the same period last year.

2026 财年第二季度的每股基本和稀释亏损为 2.18 美元，而去年同期为 4.65 美元。

EBITDA

息税折旧摊销前利润（EBITDA）

EBITDA was negative $1.0 million in the second quarter of fiscal year 2026, compared to negative EBITDA of $1.2 million in the same period last year.

2026 财年第二季度的 EBITDA 为负 100 万美元，而去年同期的 EBITDA 为负 120 万美元。

First Half of Fiscal Year 2026 Financial Results

2026 财年上半年财务结果

Revenue

收入

Net revenues were $9.2 million in the first half of fiscal year 2026, a decrease of 37.2%, from $14.7 million in the same period last year. The decrease in net revenues was driven primarily by a decrease in total units sold, which decreased by 2,924 units, from 31,936 units for first half of fiscal year 2025 to 29,012 units for the first half of fiscal year 2026, and as a result of lowering the selling prices to reduce aged inventory. From the first half of fiscal year 2025 to the first half of fiscal year 2026, while the number of units sold of certain other types of products increased, the quantities of motorcycles and batteries sold, which normally contribute significantly to revenues, decreased by 641 units and 5,332 units, respectively, thereby resulting in an overall decrease in the total number of units sold.

2026 财年上半年的净收入为 920 万美元，比去年同期的 1,470 万美元减少了 37.2%。净收入的减少主要是由于总销售单位的减少，销售单位从 2025 财年上半年的 31,936 单位减少至 2026 财年上半年的 29,012 单位，此外还因降低售价以减少滞销库存。从 2025 财年上半年到 2026 财年上半年，尽管某些其他类型产品的销售单位有所增加，但摩托车和电池的销售数量分别减少了 641 单位和 5,332 单位，从而导致总销售单位的整体减少。

Retail sales revenue was $5.8 million in the first half of fiscal year 2026, a decrease of 54.7%, from $12.8 million in the same period last year. Wholesale revenue was $3.2 million in the first half of fiscal year 2026, an increase of 65.5% from $1.9 million in the same period last year. The decrease in retail sales revenue is mainly due to decrease in number of retail stores during the first half of fiscal year 2026. The increase in wholesales revenue was driven primarily by contributions from the disposed entities during the first half of fiscal year 2026. Although certain retail stores were sold, these stores continued to purchase products from the Company, which contributed to the increase of wholesale revenue.

2026 财年上半年的零售销售收入为 580 万美元，比去年同期的 1,280 万美元减少了 54.7%。2026 财年上半年的批发收入为 320 万美元，比去年同期的 190 万美元增加了 65.5%。零售销售收入的减少主要是由于 2026 财年上半年零售店数量的减少。批发收入的增加主要是由于 2026 财年上半年处置实体的贡献。尽管某些零售店被出售，但这些店仍继续向公司采购产品，从而推动了批发收入的增加。

Cost of Revenues

收入成本

Cost of revenues was $6.0 million in the first half of fiscal year 2026, a decrease of 31.0%, from $8.7 million in the same period last year. The decrease in cost of revenues was primarily attributable to reduction in battery sales volume.

2026 财年上半年的收入成本为 600 万美元，比去年同期的 870 万美元减少了 31.0%。收入成本的减少主要归因于电池销售量的减少。

Gross Profit

毛利润

Gross profit was $3.2 million in the first half of fiscal year 2026, a decrease of 46.1%, from $6.0 million in the same period last year. Gross margin was 35.1% in the first half of fiscal year 2026, decreased from 40.9% in the same period last year.

2026 财年上半年的毛利润为 320 万美元，比去年同期的 600 万美元减少了 46.1%。2026 财年上半年的毛利率为 35.1%，低于去年同期的 40.9%。

Operating Expenses

运营费用

Total operating expenses were $5.8 million in the first half of fiscal year 2026, a decrease of 20.5%, from $7.3 million in the same period last year.

2026 财年上半年的总运营费用为 580 万美元，比去年同期的 730 万美元减少了 20.5%。

Selling expenses were $2.3 million in the first half of fiscal year 2026, a decrease of 35.7% from $3.7 million in the same period last year. Selling expenses primarily consist of payroll expenses, rent, utilities expenses, and advertising expenses of retail stores. Total payroll expenses were $1.2 million in the first half of fiscal year 2026, compared to $1.5 million in the same period last year. Rent expenses were $0.7 million in the first half of fiscal year 2026, compared to $1.5 million in the same period last year. Utilities expenses were $81,468 in the first half of fiscal year 2026, compared to $0.1 million in the same period last year. Advertising expenses were $32,870 in the first half of fiscal year 2026, compared to $0.2 million in the same period last year. The decrease in these expenses was primarily due to the closures and dispositions of retail stores in the first half of fiscal year 2026.
General and administrative expenses were $3.4 million for the first half of fiscal year 2026, a decrease of 5.1% from $3.6 million in the same period last year. Professional fees increased to $2.0 million in the first half of fiscal year 2026, compared to $1.3 million in the same period last year, primarily attributable to the increase in audit fee, consulting fee, legal fee and IR expenses associated with the Company's initial public offering and ongoing reporting obligations. Payroll expenses decreased to $0.4 million in the first half of fiscal year 2026, from $0.8 million in the same period las year primarily due to employees terminated in operation and accounting departments. Insurance expenses decreased to $0.3 million in the first half of fiscal year 2026, compared to $0.5 million in the same period of prior year as a result of less insurance policies purchased for closed stores during the first half of fiscal year 2026. Software development fee decreased to $0.27 million in the first half of fiscal year 2026, compared to $0.31 million in the same period last year as a result of less maintenance services required for Fly E-Bike app as a result of the closures and dispositions of retail stores during the first half of fiscal year 2026.

2026 财年上半年销售费用为 230 万美元，比去年同期的 370 万美元减少了 35.7%。销售费用主要包括零售店的工资费用、租金、公共事业费用和广告费用。2026 财年上半年总工资费用为 120 万美元，而去年同期为 150 万美元。2026 财年上半年租金费用为 70 万美元，而去年同期为 150 万美元。2026 财年上半年公共事业费用为 81,468 美元，而去年同期为 10 万美元。2026 财年上半年广告费用为 32,870 美元，而去年同期为 20 万美元。这些费用的减少主要是由于 2026 财年上半年零售店的关闭和处置所致。
2026 财年上半年一般和行政费用为 340 万美元，比去年同期的 360 万美元减少了 5.1%。专业费用在 2026 财年上半年增加至 200 万美元，而去年同期为 130 万美元，主要归因于与公司首次公开募股及持续报告义务相关的审计费、咨询费、法律费和投资者关系费用的增加。2026 财年上半年工资费用减少至 40 万美元，而去年同期为 80 万美元，主要是由于运营和会计部门员工的解雇。2026 财年上半年保险费用减少至 30 万美元，而去年同期为 50 万美元，原因是 2026 财年上半年关闭的商店购买的保险政策减少。2026 财年上半年软件开发费用减少至 27 万美元，而去年同期为 31 万美元，原因是由于 2026 财年上半年零售店的关闭和处置，Fly E-Bike 应用程序所需的维护服务减少。

Net Loss

净亏损

Net loss was $3.8 million in the first half of fiscal year 2026, an increase of 186.2% from $1.3 million in the same period last year.

2026 财年上半年净亏损为 380 万美元，比去年同期的 130 万美元增加了 186.2%。

Basic and Diluted Losses per Share

每股基本和稀释亏损

Basic and diluted losses per share were $6.58 in the first half of fiscal year 2026, compared to $5.60 in the same period last year.

2026 财年上半年每股基本和稀释亏损为 6.58 美元，而去年同期为 5.60 美元。

EBITDA

息税折旧摊销前利润（EBITDA）

EBITDA was negative $2.2 million in the first half of fiscal year 2026, compared to negative EBITDA of $1.1 million in the same period last year.

2026 财年上半年 EBITDA 为负 220 万美元，而去年同期 EBITDA 为负 110 万美元。

Financial Condition

财务状况

As of September 30, 2025, the Company had cash of $2.5 million, increased from $0.8 million as of March 31, 2025.

截至2025年9月30日，公司现金为 250 万美元，较2025年3月31日的 80 万美元有所增加。

About Fly-E Group, Inc.

关于 Fly-E 集团有限公司

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.

Fly-E 集团有限公司是一家电动车公司，主要从事设计、安装、销售和租赁智能电动摩托车、电动自行车和电动滑板车，品牌为"Fly E-Bike"。公司的承诺是鼓励人们将环保交通工具融入他们的积极生活方式，最终为建设一个更环保的未来做出贡献。有关更多信息，请访问公司网站：https://investors.flyebike.com。

Non-GAAP Financial Measures

非公认会计原则财务指标

To supplement the Company's financial information presented in accordance with the generally accepted accounting principles in the United States (the "U.S. GAAP"), management periodically uses certain "non-GAAP financial measures," as such term is defined under the rules of the SEC, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. For example, non-GAAP measures may exclude the impact of certain items such as acquisitions, divestitures, gains, losses and impairments, or items outside of management's control. Management believes that the following non-GAAP financial measure provides investors and analysts useful insight into its financial position and operating performance. Any non-GAAP measure provided should be viewed in addition to, and not as an alternative to, the most directly comparable measure determined in accordance with U.S. GAAP. Further, the calculation of these non-GAAP financial measures may differ from the calculation of similarly titled financial measures presented by other companies and therefore may not be comparable among companies.

为了补充公司根据美国公认会计原则（"U.S. GAAP"）呈现的财务信息，管理层定期使用某些"非公认会计原则财务指标"，该术语根据 SEC 的规则定义，以澄清和增强对过去业绩和未来前景的理解。一般来说，非公认会计原则财务指标是公司运营绩效、财务状况或现金流的数值指标，排除了或包括了根据 U.S. GAAP 计算和呈现的最直接可比指标中包含或排除的金额。例如，非公认会计指标可能排除某些项目的影响，如收购、剥离、收益、损失和减值，或管理层无法控制的项目。管理层认为，以下非公认会计原则财务指标为投资者和分析师提供了有用的财务状况和运营绩效的洞察。任何提供的非公认会计指标应与根据 U.S. GAAP 确定的最直接可比指标一起查看，而不是作为替代。此外，这些非公认会计原则财务指标的计算可能与其他公司提供的类似标题财务指标的计算不同，因此可能无法在公司之间进行比较。

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.

公司使用 EBITDA（息税折旧摊销前利润）来评估其运营绩效。公司认为 EBITDA 为其基础的、持续的运营绩效提供了额外的洞察，并通过排除利息、税收、折旧和摊销的收益影响，促进了年度间的比较，呈现 EBITDA 更能代表其运营绩效，并可能对投资者更有用。

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 U.S. GAAP. EBITDA includes adjustments for provision for income taxes, as applicable, interest income and expense, depreciation, and amortization. EBITDA does not represent and should not be considered an alternative to net income as determined by U.S. GAAP, and its calculations thereof may not be comparable to those reported by other companies. The Company believes EBITDA is an important measure of operating performance and provides useful information to investors because it highlights trends in its business that may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on its operating performance. EBITDA, as presented herein, is a supplemental measure of its performance that is not required by, or presented in accordance with, U.S. GAAP. The Company uses non-GAAP financial measures as supplements to its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its business. EBITDA is a measure of operating performance that is not defined by U.S. GAAP and should not be considered a substitute for net (loss) income as determined in accordance with U.S. GAAP.

公司将其非公认会计原则（non-GAAP）财务指标与其净收入进行调节，净收入是根据美国公认会计原则（U.S. GAAP）计算和呈现的最直接可比财务指标。EBITDA 包括对所得税准备金（如适用）、利息收入和支出、折旧和摊销的调整。EBITDA 并不代表，也不应被视为根据美国公认会计原则确定的净收入的替代品，其计算结果可能与其他公司报告的结果不可比。公司认为 EBITDA 是衡量经营绩效的重要指标，并为投资者提供有用的信息，因为它突出了在仅依赖美国公认会计原则指标时可能不明显的业务趋势，并且消除了对其经营绩效影响较小的项目。本文中所呈现的 EBITDA 是其绩效的补充性指标，并非美国公认会计原则所要求或按照其规定呈现。公司使用非公认会计原则财务指标作为其美国公认会计原则结果的补充，以提供对影响其业务的因素和趋势的更全面理解。EBITDA 是一个不被美国公认会计原则定义的经营绩效指标，不应被视为根据美国公认会计原则确定的净（亏损）收入的替代品。

Forward-Looking Statements

前瞻性声明

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.

本公告中的某些声明为前瞻性声明。这些前瞻性声明涉及已知和未知的风险和不确定性，并基于公司对未来事件的当前预期和预测，公司认为这些事件可能影响其财务状况、经营结果、商业战略和财务需求。投资者可以通过使用诸如 “近似”、“相信”、“希望”、“期待”、“预期”、“估计”、“项目”、“打算”、“计划”、“将”、“会”、“应该”、“可能”、“或其他类似表达” 等词语找到许多（但不是全部）这样的声明。尽管公司认为这些前瞻性声明中表达的预期是合理的，但无法保证这些预期会被证明是正确的。公司提醒投资者，实际结果可能与预期结果有重大差异，并且本新闻稿中包含的前瞻性声明受公司向证券交易委员会（“SEC”）提交的文件中列出的风险的影响，包括其最近的年度报告（Form 10-K）中 “风险因素” 部分的内容，该报告为截至2025年3月31日的财政年度提交，并于2025年7月15日向 SEC 提交，随后公司对风险因素的更新也包括在内。公司没有义务公开更新或修订任何前瞻性声明，以反映后续发生的事件或情况，或其预期的变化，除非法律要求。

For investor and media inquiries, please contact:

如需投资者和媒体咨询，请联系：

Fly-E Group, Inc. Investor Relations Department

Fly-E Group, Inc. 投资者关系部

Email: ir@flyebike.com

电子邮件：ir@flyebike.com

Ascent Investor Relations LLC Tina Xiao

Phone: +1-646-932-7242

电话：+1-646-932-7242

Email: investors@ascent-ir.com

电子邮件：investors@ascent-ir.com


FLY-E GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. dollars, except for the number of shares)

	September 30, 2025		March 31, 2025
ASSETS
Current Assets
Cash	$	2,538,076		$	840,102
Accounts receivable, net		1,474,637			466,187
Accounts receivable, net – a related party		32,030			37,465
Inventories, net		6,548,287			6,397,274
Prepayments and other receivables		5,923,496			3,676,986
Prepayments and other receivables – related parties		236,826			120,000
Assets held for sale		—			2,462,502
Total Current Assets		16,753,352			14,000,516
Property and equipment, net		6,826,815			7,287,213
Security deposits		518,908			728,450
Deferred tax assets, net		152,212			94,983
Operating lease right-of-use assets		6,891,886			10,933,068
Intangible assets, net		486,581			525,865
Long-term prepayment for software development – a related party		—			136,580
Total Assets	$	31,629,754		$	33,706,675

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	550,249		$	1,272,305
Short-term loan payables		5,532,230			5,191,058
Current portion of long-term loan payables		222,479			100,835
Accrued expenses and other payables		484,236			1,366,968
Accrued expenses and other payables – related parties		225			—
Operating lease liabilities – current		1,819,911			2,617,762
Liabilities held for sale		—			2,152,447
Total Current Liabilities		8,609,330			12,701,375
Long-term loan payables		2,004,123			2,065,040
Operating lease liabilities – non-current		5,718,256			9,106,928
Total Liabilities		16,331,709			23,873,343

Commitment and Contingencies

Stockholders' Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized and nil outstanding as of September 30, 2025 and March 31, 2025*		—			—
Common stock, $0.01 par value, 300,000,000 shares authorized and 1,632,351 shares outstanding as of September 30, 2025 and 300,000,000 shares authorized and 245,875 shares outstanding as of March 31, 2025*		16,324			2,459
Additional paid-in capital		27,826,643			10,987,440
Shares subscription receivable		(7,816,556)			(219,998)
Accumulated deficit		(4,680,283)			(895,510)
Accumulated other comprehensive loss		(48,083)			(41,059)
Total FLY-E Group, Inc. Stockholders' Equity		15,298,045			9,833,332
Total Liabilities and Stockholders' Equity	$	31,629,754		$	33,706,675

*Shares and per share data are presented on a retroactive basis to reflect the 1-for-5 reverse stock split completed on July 3, 2025 and the 1-for-20 reverse stock split completed on November 4, 2025.


FLY-E GROUP, INC.

未经审计的合并资产负债表
（以美元表示，除股份数量外）

	2025年9月30日		2025年3月31日
资产
流动资产
现金	$	2,538,076		$	840,102
应收账款，净额		1,474,637			466,187
应收账款，净额 - 关联方		32,030			37,465
存货，净额		6,548,287			6,397,274
预付款及其他应收款		5,923,496			3,676,986
预付款及其他应收款 - 关联方		236,826			120,000
待售资产		—			2,462,502
流动资产总计		16,753,352			14,000,516
固定资产，净额		6,826,815			7,287,213
保证金		518,908			728,450
递延所得税资产，净额		152,212			94,983
租赁使用权资产		6,891,886			10,933,068
无形资产，净额		486,581			525,865
长期软件开发预付款 - 关联方		—			136,580
资产总计	$	31,629,754		$	33,706,675

负债和股东权益
流动负债
应付账款	$	550,249		$	1,272,305
短期贷款应付款		5,532,230			5,191,058
长期贷款的流动部分		222,479			100,835
应计费用及其他应付款		484,236			1,366,968
应计费用及其他应付款 - 关联方		225			—
租赁负债 - 流动		1,819,911			2,617,762
待售负债		—			2,152,447
流动负债总计		8,609,330			12,701,375
长期贷款应付款		2,004,123			2,065,040
租赁负债 - 非流动		5,718,256			9,106,928
负债总计		16,331,709			23,873,343

承诺和或有事项

股东权益
优先股，面值$0.01，授权 10,000,000 股，截至2025年9月30日和2025年3月31日未发行*		—			—
普通股，面值$0.01，授权 300,000,000 股，截至2025年9月30日已发行 1,632,351 股，授权 300,000,000 股，截至2025年3月31日已发行 245,875 股*		16,324			2,459
额外实收资本		27,826,643			10,987,440
应收股本认购款		(7,816,556)			(219,998)
累计亏损		(4,680,283)			(895,510)
累计其他综合损失		(48,083)			(41,059)
FLY-E Group, Inc. 股东权益总计		15,298,045			9,833,332
负债和股东权益总计	$	31,629,754		$	33,706,675

* 股份和每股数据以追溯方式呈现，以反映2025年7月3日完成的 1 股换 5 股的反向股票拆分和2025年11月4日完成的 1 股换 20 股的反向股票拆分。


FLY-E GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(Expressed in U.S. dollars, except for the number of shares)

	For the Three Months Ended September 30,		For the Six Months Ended September 30,
	2025		2024			2025		2024
Revenues	$	3,908,862		$	6,824,406		$	9,237,060	$	14,697,832
Cost of Revenues		2,932,341			3,919,952			5,999,164		8,693,744
Gross Profit		976,521			2,904,454			3,237,896		6,004,088

Operating Expenses
Selling Expenses		1,027,726			2,041,435			2,348,943		3,653,930
General and Administrative Expenses		997,218			2,094,078			3,442,151		3,626,716
Total Operating Expenses		2,024,944			4,135,513			5,791,094		7,280,646
Loss from Operations		(1,048,423)			(1,231,059)			(2,553,198)		(1,276,558)

Other Expenses, net		(148,153)			(53,929)			(156,051)		(47,411)
Interest Expenses, net		(539,537)			(23,795)			(1,085,771)		(91,877)
Loss Before Income Taxes		(1,736,113)			(1,308,783)			(3,795,020)		(1,415,846)
Income Tax (Expense) Benefit		(40,012)			165,935			10,247		93,490
Net Loss	$	(1,776,125)		$	(1,142,848)		$	(3,784,773)	$	(1,322,356)

Other Comprehensive (Loss) Income
Foreign currency translation adjustment		(29,378)			4,298			(7,024)		2,974
Total Comprehensive Loss	$	(1,805,503)		$	(1,138,550)		$	(3,791,797)	$	(1,319,382)

Losses per Share*	$	(2.18)		$	(4.65)		$	(6.58)	$	(5.60)
Weighted Average Number of Common Stock
– Basic and Diluted*		813,922			245,875			575,463		236,226

*Shares and per share data are presented on a retroactive basis to reflect the 1-for-110,000 stock split completed on April 2, 2024, the 1-for-5 reverse stock split completed on July 3, 2025 and the 1-for-20 reverse stock split completed on November 4, 2025.


FLY-E GROUP, INC.

未经审计的合并损益表和
综合亏损表
（以美元表示，除股份数量外）

	截至
9 月 30 日的三个月		截至
9 月 30 日的六个月
	2025		2024			2025		2024
收入	$	3,908,862		$	6,824,406		$	9,237,060	$	14,697,832
收入成本		2,932,341			3,919,952			5,999,164		8,693,744
毛利润		976,521			2,904,454			3,237,896		6,004,088

营业费用
销售费用		1,027,726			2,041,435			2,348,943		3,653,930
一般和行政费用		997,218			2,094,078			3,442,151		3,626,716
总营业费用		2,024,944			4,135,513			5,791,094		7,280,646
营业亏损		(1,048,423)			(1,231,059)			(2,553,198)		(1,276,558)

其他费用，净额		(148,153)			(53,929)			(156,051)		(47,411)
利息费用，净额		(539,537)			(23,795)			(1,085,771)		(91,877)
税前亏损		(1,736,113)			(1,308,783)			(3,795,020)		(1,415,846)
所得税（费用）收益		(40,012)			165,935			10,247		93,490
净亏损	$	(1,776,125)		$	(1,142,848)		$	(3,784,773)	$	(1,322,356)

其他综合（亏损）收益
外币翻译调整		(29,378)			4,298			(7,024)		2,974
总综合亏损	$	(1,805,503)		$	(1,138,550)		$	(3,791,797)	$	(1,319,382)

每股亏损*	$	(2.18)		$	(4.65)		$	(6.58)	$	(5.60)
加权平均普通股数量
– 基本和稀释*		813,922			245,875			575,463		236,226

* 股份和每股数据以追溯方式呈现，以反映2024年4月2日完成的 1 比 110,000 的股票拆分、2025年7月3日完成的 1 比 5 的反向股票拆分以及2025年11月4日完成的 1 比 20 的反向股票拆分。


FLY-E GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. dollars, except for the number of shares)

	For the Six Months Ended September 30,
	2025		2024
Cash flows from operating activities
Net loss	$	(3,784,773)		$	(1,322,356)
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)			—
Depreciation expense		417,258			180,910
Amortization expense		54,761			8,846
Deferred income taxes benefits		(42,251)			(462,740)
Amortization of operating lease right-of-use assets		2,699,632			1,676,991
Inventories impairment loss		569,758			330,823
Changes in operating assets and liabilities:
Accounts receivable		(1,031,989)			(154,034)
Accounts receivable – a related party		5,435			235,029
Inventories		(1,107,359)			(3,562,871)
Prepayments and other receivables		(1,371,452)			(1,864,681)
Prepayments for operation services to a related party		45,000			(180,000)
Security deposits		41,550			(55,598)
Accounts payable		(722,056)			(815,667)
Accrued expenses and other payables		(793,623)			(380,183)
Accrued expenses and other payables - related parties		225			—
Operating lease liabilities		(2,676,403)			(1,516,198)
Taxes payable		(14,978)			(1,530,416)
Net cash used in operating activities		(7,707,529)			(9,412,145)

Cash flows from investing activities
Purchases of properties and equipment		(44,661)			(1,575,936)
Purchase of software from a related party		—			(500,000)
Payments of property rights		(15,477)			—
Prepayment for purchasing software from a related party		—			(801,980)
Cash released from disposal of entities		(230,076)			—
Repayment from a related party		—			510,381
Advance to a related party		(161,826)			(477,933)
Net cash used in investing activities		(452,040)			(2,845,468)

Cash flows from financing activities
Proceeds from borrowings		1,917,100			3,737,500
Repayments of borrowings		(1,370,591)			(391,308)
Repayments on other payables - related parties		—			(92,229)
Payments of offering cost		(516,490)			(282,403)
Net proceeds from issuance of common stock		9,773,000			9,154,500
Net cash provided by financing activities		9,803,019			12,126,060
Net changes in cash including cash classified within current assets held for sale		1,643,450			(131,553)
Effect of exchange rate changes on cash		(7,024)			2,974
Less: net increase in cash classified within current assets held for sale		61,548			—
Cash at beginning of the period		840,102			1,403,514
Cash at the end of the period	$	2,538,076		$	1,274,935

Supplemental disclosure of cash flow information
Cash paid for interest expense	$	1,085,771		$	91,877
Cash paid for income taxes	$	42,640		$	1,940,595

Supplemental disclosure of non-cash investing and financing activities
Subscription receivables from share placement	$	7,596,558		$	—
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		$	1,975,000
Properties used for rental services	$	49,811		$	—
Deferred IPO cost recognized as additional paid-in capital	$	—		$	502,198
Uncollected proceeds from disposal of subsidiaries	$	860,754		$	—
Termination of operating lease right-of-use assets and operating lease liabilities	$	3,187,864		$	(280,087)
Right-of-use assets obtained in exchange for operating lease liabilities	$	—		$	1,394,682


FLY-E GROUP, INC.

未经审计的合并现金流量表
（以美元表示，除非另有说明股份数量）

	截至六个月
9 月 30 日，
	2025		2024
来自经营活动的现金流
净亏损	$	(3,784,773)		$	(1,322,356)
调整净亏损以对账用于经营活动的净现金：
处置物业和设备的损失		68,188			—
处置子公司的收益		(64,452)			—
折旧费用		417,258			180,910
摊销费用		54,761			8,846
递延所得税收益		(42,251)			(462,740)
租赁使用权资产的摊销		2,699,632			1,676,991
存货减值损失		569,758			330,823
经营资产和负债的变动：
应收账款		(1,031,989)			(154,034)
应收账款 - 关联方		5,435			235,029
存货		(1,107,359)			(3,562,871)
预付款和其他应收款		(1,371,452)			(1,864,681)
向关联方支付的运营服务预付款		45,000			(180,000)
保证金		41,550			(55,598)
应付账款		(722,056)			(815,667)
应计费用和其他应付款		(793,623)			(380,183)
应计费用和其他应付款 - 关联方		225			—
租赁负债		(2,676,403)			(1,516,198)
应付税款		(14,978)			(1,530,416)
用于经营活动的净现金		(7,707,529)			(9,412,145)

来自投资活动的现金流
购买物业和设备		(44,661)			(1,575,936)
从关联方购买软件		—			(500,000)
物业权利支付		(15,477)			—
向关联方购买软件的预付款		—			(801,980)
处置实体释放的现金		(230,076)			—
从关联方的偿还		—			510,381
向关联方的预付款		(161,826)			(477,933)
用于投资活动的净现金		(452,040)			(2,845,468)

来自融资活动的现金流
借款收入		1,917,100			3,737,500
借款偿还		(1,370,591)			(391,308)
关联方其他应付款的偿还		—			(92,229)
发行成本支付		(516,490)			(282,403)
普通股发行的净收入		9,773,000			9,154,500
来自融资活动的净现金		9,803,019			12,126,060
包括分类为待售流动资产的现金变动		1,643,450			(131,553)
汇率变动对现金的影响		(7,024)			2,974
减：分类为待售流动资产的现金净增加		61,548			—
期初现金		840,102			1,403,514
期末现金	$	2,538,076		$	1,274,935

现金流信息的补充披露
支付的利息费用	$	1,085,771		$	91,877
支付的所得税	$	42,640		$	1,940,595

非现金投资和融资活动的补充披露
股票配售的应收款	$	7,596,558		$	—
贷款资助的车辆购买	$	—		$	219,668
贷款资助的办公室购买	$	—		$	1,800,000
使用以前预付款购买软件	$	136,580		$	1,975,000
用于租赁服务的物业	$	49,811		$	—
递延 IPO 成本确认的额外实收资本	$	—		$	502,198
处置子公司未收款项	$	860,754		$	—
租赁使用权资产和租赁负债的终止	$	3,187,864		$	(280,087)
以租赁负债换取的使用权资产	$	—		$	1,394,682

The following table sets forth the components of our EBITDA for the three months ended September 30, 2025 and 2024:

下表列出了截至 2025 年和2024年9月30日的三个月内我们的 EBITDA 组成部分：


	For the Three Months Ended September 30,
	2025			2024			Change		Percentage Change
Net loss	$	(1,776,125)			$	(1,142,848)		$	(633,277)	55.4	%
Income tax provision (benefit)		40,012				(165,935)			205,947	(124.1)	%
Depreciation		204,466				85,859			118,607	138.1	%
Interest Expenses		539,537				23,795			515,742	2,167.4	%
Amortization		27,446				7,895			19,551	247.6	%
EBITDA	$	(964,664)			$	(1,191,234)		$	226,570	(19.0)	%
Percentage of Revenue		(24.7)	%			(17.5)	%			(7.2)	%


	截至 9 月 30 日的三个月
	2025 年			2024 年			变动		百分比变动
净亏损	$	(1,776,125)			$	(1,142,848)		$	(633,277)	55.4	%
所得税准备（收益）		40,012				(165,935)			205,947	(124.1)	%
折旧		204,466				85,859			118,607	138.1	%
利息费用		539,537				23,795			515,742	2,167.4	%
摊销		27,446				7,895			19,551	247.6	%
EBITDA	$	(964,664)			$	(1,191,234)		$	226,570	(19.0)	%
收入百分比		(24.7)	%			(17.5)	%			(7.2)	%

The following table sets forth the components of our EBITDA for the six months ended September 30, 2025 and 2024:

下表列出了截至 2025 年和2024年9月30日的六个月内我们 EBITDA 的组成部分：


	For the Six Months Ended September 30,
	2025			2024			Change		Percentage Change
Loss from Operations	$	(3,784,773)			$	(1,322,356)		$	(2,462,417)	186.2	%
Income Tax Benefit		(10,247)				(93,490)			83,243	(89.0)	%
Depreciation		417,258				180,910			236,348	130.6	%
Interest Expenses		1,085,771				91,877			993,894	1081.8	%
Amortization		54,761				8,846			45,915	519.0	%
EBITDA	$	(2,237,230)			$	(1,134,213)		$	(1,103,017)	97.2	%
Percentage of Revenue		(24.2)	%			(7.7)	%			(16.5)	%


	截至 9 月 30 日的六个月
	2025 年			2024 年			变动		百分比变动
运营亏损	$	(3,784,773)			$	(1,322,356)		$	(2,462,417)	186.2	%
所得税收益		(10,247)				(93,490)			83,243	(89.0)	%
折旧		417,258				180,910			236,348	130.6	%
利息费用		1,085,771				91,877			993,894	1081.8	%
摊销		54,761				8,846			45,915	519.0	%
EBITDA	$	(2,237,230)			$	(1,134,213)		$	(1,103,017)	97.2	%
收入百分比		(24.2)	%			(7.7)	%			(16.5)	%

SOURCE Fly-E Group, Inc.

来源 Fly-E Group, Inc.

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