, /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"）是一家電動車公司，專注於設計、安裝、銷售和租賃智能電動摩托車、電動自行車和電動滑板車，今天公佈了截至2025年9月30日的 2026 財年第二季度和上半年的未經審計財務業績。

Second Quarter of Fiscal Year 2026 Financial Summary

2026 財年第二季度財務摘要

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.

淨收入 為 390 萬美元，較去年同期的 680 萬美元下降。
毛利潤 為 100 萬美元，較去年同期的 290 萬美元下降。
毛利率 為 25.0%，較去年同期的 42.6% 下降。
淨虧損 為 180 萬美元，較去年同期的 110 萬美元下降。
每股基本和稀釋虧損 為 2.18 美元，較去年同期的 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 的董事長兼首席執行官周（Andy）歐表示："儘管零售環境充滿挑戰，我們在 2026 財年第二季度依然保持了紀律和專注。我們的批發業務繼續展現出強勁的勢頭，我們戰略性地將重點轉向這一領域，批發收入同比增長 91.3%，達到 170 萬美元。此外，我們的租賃業務實現了 79.8% 的毛利率，顯示出成為關鍵盈利驅動因素的潛力。同時，總運營費用較去年同期下降了 51.0%，反映了我們的成本優化措施和更高效的運營的影響。儘管市場條件仍然動態，特別是在零售電動自行車領域，我們對租賃業務的早期進展、運營效率的改善以及批發渠道的韌性感到鼓舞。展望未來，我們將繼續專注於提升盈利能力、加強產品和服務組合，並改善運營效率，以為 Fly-E 的可持續長期增長奠定基礎。"

Second Quarter of Fiscal Year 2026 Financial Results

2026 財年第二季度財務業績

Net Revenues

淨收入

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 財年第二季度的淨收入為 390 萬美元，較去年同期的 680 萬美元下降 42.7%。淨收入的下降主要是由於電動車的平均單價下降，因降低售價以減少 2026 財年第二季度的陳舊庫存，平均單價下降了 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 財年第二季度的零售銷售收入為 200 萬美元，較去年同期的 590 萬美元下降 65.8%。批發收入為 170 萬美元，較去年同期的 90 萬美元增長 91.3%。租賃服務收入為 20 萬美元，而 2025 財年第二季度未產生租賃服務收入。零售銷售收入的下降主要是由於近期涉及電動自行車和電動滑板車的鋰電池事故。隨着紐約鋰電池爆炸事件的增加，客户購買電動自行車的意願降低。因此，銷售額下降，客户更傾向於選擇油動力車輛而非電動車。零售銷售的下降部分也歸因於公司在 2026 財年第二季度關閉和處置零售店。批發收入的增加主要是由於在 2026 財年第二季度處置實體的收入貢獻。儘管某些零售店被出售，但這些店仍繼續向公司採購產品，從而推動了批發收入的增長。

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 財年第二季度的收入成本為 290 萬美元，較去年同期的 390 萬美元下降 25.2%。收入成本的下降主要歸因於銷售量的減少。

Gross Profit

毛利潤

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 財年第二季度的毛利潤為 100 萬美元，較去年同期的 290 萬美元下降 66.4%。2026 財年第二季度的毛利率為 25.0%，較去年同期的 42.6% 下降。毛利率的下降主要是由於電動車平均單價下降 61% 以及租賃業務的收入增加，後者的毛利率高於我們的其他業務。2026 財年第二季度租賃業務的毛利率為 79.8%。公司在 2025 財年第二季度未從租賃服務中產生利潤。

Operating Expenses

運營費用

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 財年第二季度的總運營費用為 200 萬美元，較去年同期的 410 萬美元下降 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 財年第二季度的銷售費用為 100 萬美元，比去年同期的 200 萬美元減少了 49.7%。銷售費用主要包括零售店的工資費用、租金和廣告費用。2026 財年第二季度的總工資費用為 60 萬美元，而去年同期為 90 萬美元。2026 財年第二季度的租金為 30 萬美元，而去年同期為 80 萬美元。2026 財年第二季度的廣告費用為 15,457 美元，而去年同期為 10 萬美元。這些費用的減少主要是由於本季度零售店的關閉和處置。
2026 財年第二季度的管理和行政費用為 100 萬美元，比去年同期的 210 萬美元減少了 52.4%。專業費用減少至 50 萬美元，而去年同期為 90 萬美元，主要是由於審計費、諮詢費、法律費和與公司公開發行及持續報告義務相關的投資者關係費用的減少。2026 財年第二季度的工資費用從去年同期的 40 萬美元減少至 10 萬美元，主要是由於辦公室助理人數的減少。2026 財年第二季度的折舊費用增加至 6 萬美元，而去年同期為 4 萬美元，主要是由於固定資產成本基礎的增加。

Net Loss

淨虧損

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 財年第二季度的淨虧損為 180 萬美元，比去年同期的 110 萬美元增加了 55.4%。

Basic and Diluted Losses per Share

每股基本和稀釋虧損

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 財年第二季度的每股基本和稀釋虧損為 2.18 美元，而去年同期為 4.65 美元。

EBITDA

息税折舊攤銷前利潤（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 財年第二季度的 EBITDA 為負 100 萬美元，而去年同期的 EBITDA 為負 120 萬美元。

First Half of Fiscal Year 2026 Financial Results

2026 財年上半年財務結果

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 財年上半年的淨收入為 920 萬美元，比去年同期的 1,470 萬美元減少了 37.2%。淨收入的減少主要是由於總銷售單位的減少，銷售單位從 2025 財年上半年的 31,936 單位減少至 2026 財年上半年的 29,012 單位，此外還因降低售價以減少滯銷庫存。從 2025 財年上半年到 2026 財年上半年，儘管某些其他類型產品的銷售單位有所增加，但摩托車和電池的銷售數量分別減少了 641 單位和 5,332 單位，從而導致總銷售單位的整體減少。

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 財年上半年的零售銷售收入為 580 萬美元，比去年同期的 1,280 萬美元減少了 54.7%。2026 財年上半年的批發收入為 320 萬美元，比去年同期的 190 萬美元增加了 65.5%。零售銷售收入的減少主要是由於 2026 財年上半年零售店數量的減少。批發收入的增加主要是由於 2026 財年上半年處置實體的貢獻。儘管某些零售店被出售，但這些店仍繼續向公司採購產品，從而推動了批發收入的增加。

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 財年上半年的收入成本為 600 萬美元，比去年同期的 870 萬美元減少了 31.0%。收入成本的減少主要歸因於電池銷售量的減少。

Gross Profit

毛利潤

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 財年上半年的毛利潤為 320 萬美元，比去年同期的 600 萬美元減少了 46.1%。2026 財年上半年的毛利率為 35.1%，低於去年同期的 40.9%。

Operating Expenses

運營費用

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 財年上半年的總運營費用為 580 萬美元，比去年同期的 730 萬美元減少了 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 財年上半年銷售費用為 230 萬美元，比去年同期的 370 萬美元減少了 35.7%。銷售費用主要包括零售店的工資費用、租金、公共事業費用和廣告費用。2026 財年上半年總工資費用為 120 萬美元，而去年同期為 150 萬美元。2026 財年上半年租金費用為 70 萬美元，而去年同期為 150 萬美元。2026 財年上半年公共事業費用為 81,468 美元，而去年同期為 10 萬美元。2026 財年上半年廣告費用為 32,870 美元，而去年同期為 20 萬美元。這些費用的減少主要是由於 2026 財年上半年零售店的關閉和處置所致。
2026 財年上半年一般和行政費用為 340 萬美元，比去年同期的 360 萬美元減少了 5.1%。專業費用在 2026 財年上半年增加至 200 萬美元，而去年同期為 130 萬美元，主要歸因於與公司首次公開募股及持續報告義務相關的審計費、諮詢費、法律費和投資者關係費用的增加。2026 財年上半年工資費用減少至 40 萬美元，而去年同期為 80 萬美元，主要是由於運營和會計部門員工的解僱。2026 財年上半年保險費用減少至 30 萬美元，而去年同期為 50 萬美元，原因是 2026 財年上半年關閉的商店購買的保險政策減少。2026 財年上半年軟件開發費用減少至 27 萬美元，而去年同期為 31 萬美元，原因是由於 2026 財年上半年零售店的關閉和處置，Fly E-Bike 應用程序所需的維護服務減少。

Net Loss

淨虧損

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 財年上半年淨虧損為 380 萬美元，比去年同期的 130 萬美元增加了 186.2%。

Basic and Diluted Losses per Share

每股基本和稀釋虧損

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 財年上半年每股基本和稀釋虧損為 6.58 美元，而去年同期為 5.60 美元。

EBITDA

息税折舊攤銷前利潤（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 財年上半年 EBITDA 為負 220 萬美元，而去年同期 EBITDA 為負 110 萬美元。

Financial Condition

財務狀況

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，公司現金為 250 萬美元，較2025年3月31日的 80 萬美元有所增加。

About Fly-E Group, Inc.

關於 Fly-E 集團有限公司

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 集團有限公司是一家電動車公司，主要從事設計、安裝、銷售和租賃智能電動摩托車、電動自行車和電動滑板車，品牌為"Fly E-Bike"。公司的承諾是鼓勵人們將環保交通工具融入他們的積極生活方式，最終為建設一個更環保的未來做出貢獻。有關更多信息，請訪問公司網站：https://investors.flyebike.com。

Non-GAAP Financial Measures

非公認會計原則財務指標

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.

為了補充公司根據美國公認會計原則（"U.S. GAAP"）呈現的財務信息，管理層定期使用某些"非公認會計原則財務指標"，該術語根據 SEC 的規則定義，以澄清和增強對過去業績和未來前景的理解。一般來説，非公認會計原則財務指標是公司運營績效、財務狀況或現金流的數值指標，排除了或包括了根據 U.S. GAAP 計算和呈現的最直接可比指標中包含或排除的金額。例如，非公認會計指標可能排除某些項目的影響，如收購、剝離、收益、損失和減值，或管理層無法控制的項目。管理層認為，以下非公認會計原則財務指標為投資者和分析師提供了有用的財務狀況和運營績效的洞察。任何提供的非公認會計指標應與根據 U.S. GAAP 確定的最直接可比指標一起查看，而不是作為替代。此外，這些非公認會計原則財務指標的計算可能與其他公司提供的類似標題財務指標的計算不同，因此可能無法在公司之間進行比較。

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（息税折舊攤銷前利潤）來評估其運營績效。公司認為 EBITDA 為其基礎的、持續的運營績效提供了額外的洞察，並通過排除利息、税收、折舊和攤銷的收益影響，促進了年度間的比較，呈現 EBITDA 更能代表其運營績效，並可能對投資者更有用。

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.

公司將其非公認會計原則（non-GAAP）財務指標與其淨收入進行調節，淨收入是根據美國公認會計原則（U.S. GAAP）計算和呈現的最直接可比財務指標。EBITDA 包括對所得税準備金（如適用）、利息收入和支出、折舊和攤銷的調整。EBITDA 並不代表，也不應被視為根據美國公認會計原則確定的淨收入的替代品，其計算結果可能與其他公司報告的結果不可比。公司認為 EBITDA 是衡量經營績效的重要指標，併為投資者提供有用的信息，因為它突出了在僅依賴美國公認會計原則指標時可能不明顯的業務趨勢，並且消除了對其經營績效影響較小的項目。本文中所呈現的 EBITDA 是其績效的補充性指標，並非美國公認會計原則所要求或按照其規定呈現。公司使用非公認會計原則財務指標作為其美國公認會計原則結果的補充，以提供對影響其業務的因素和趨勢的更全面理解。EBITDA 是一個不被美國公認會計原則定義的經營績效指標，不應被視為根據美國公認會計原則確定的淨（虧損）收入的替代品。

Forward-Looking Statements

前瞻性聲明

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.

本公告中的某些聲明為前瞻性聲明。這些前瞻性聲明涉及已知和未知的風險和不確定性，並基於公司對未來事件的當前預期和預測，公司認為這些事件可能影響其財務狀況、經營結果、商業戰略和財務需求。投資者可以通過使用諸如 “近似”、“相信”、“希望”、“期待”、“預期”、“估計”、“項目”、“打算”、“計劃”、“將”、“會”、“應該”、“可能”、“或其他類似表達” 等詞語找到許多（但不是全部）這樣的聲明。儘管公司認為這些前瞻性聲明中表達的預期是合理的，但無法保證這些預期會被證明是正確的。公司提醒投資者，實際結果可能與預期結果有重大差異，並且本新聞稿中包含的前瞻性聲明受公司向證券交易委員會（“SEC”）提交的文件中列出的風險的影響，包括其最近的年度報告（Form 10-K）中 “風險因素” 部分的內容，該報告為截至2025年3月31日的財政年度提交，並於2025年7月15日向 SEC 提交，隨後公司對風險因素的更新也包括在內。公司沒有義務公開更新或修訂任何前瞻性聲明，以反映後續發生的事件或情況，或其預期的變化，除非法律要求。

For investor and media inquiries, please contact:

如需投資者和媒體諮詢，請聯繫：

Fly-E Group, Inc. Investor Relations Department

Fly-E Group, Inc. 投資者關係部

Email: ir@flyebike.com

電子郵件：ir@flyebike.com

Ascent Investor Relations LLC Tina Xiao

Phone: +1-646-932-7242

電話：+1-646-932-7242

Email: investors@ascent-ir.com

電子郵件：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.

未經審計的合併資產負債表
（以美元表示，除股份數量外）

	2025年9月30日		2025年3月31日
資產
流動資產
現金	$	2,538,076		$	840,102
應收賬款，淨額		1,474,637			466,187
應收賬款，淨額 - 關聯方		32,030			37,465
存貨，淨額		6,548,287			6,397,274
預付款及其他應收款		5,923,496			3,676,986
預付款及其他應收款 - 關聯方		236,826			120,000
待售資產		—			2,462,502
流動資產總計		16,753,352			14,000,516
固定資產，淨額		6,826,815			7,287,213
保證金		518,908			728,450
遞延所得税資產，淨額		152,212			94,983
租賃使用權資產		6,891,886			10,933,068
無形資產，淨額		486,581			525,865
長期軟件開發預付款 - 關聯方		—			136,580
資產總計	$	31,629,754		$	33,706,675

負債和股東權益
流動負債
應付賬款	$	550,249		$	1,272,305
短期貸款應付款		5,532,230			5,191,058
長期貸款的流動部分		222,479			100,835
應計費用及其他應付款		484,236			1,366,968
應計費用及其他應付款 - 關聯方		225			—
租賃負債 - 流動		1,819,911			2,617,762
待售負債		—			2,152,447
流動負債總計		8,609,330			12,701,375
長期貸款應付款		2,004,123			2,065,040
租賃負債 - 非流動		5,718,256			9,106,928
負債總計		16,331,709			23,873,343

承諾和或有事項

股東權益
優先股，面值$0.01，授權 10,000,000 股，截至2025年9月30日和2025年3月31日未發行*		—			—
普通股，面值$0.01，授權 300,000,000 股，截至2025年9月30日已發行 1,632,351 股，授權 300,000,000 股，截至2025年3月31日已發行 245,875 股*		16,324			2,459
額外實收資本		27,826,643			10,987,440
應收股本認購款		(7,816,556)			(219,998)
累計虧損		(4,680,283)			(895,510)
累計其他綜合損失		(48,083)			(41,059)
FLY-E Group, Inc. 股東權益總計		15,298,045			9,833,332
負債和股東權益總計	$	31,629,754		$	33,706,675

* 股份和每股數據以追溯方式呈現，以反映2025年7月3日完成的 1 股換 5 股的反向股票拆分和2025年11月4日完成的 1 股換 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.

未經審計的合併損益表和
綜合虧損表
（以美元表示，除股份數量外）

	截至
9 月 30 日的三個月		截至
9 月 30 日的六個月
	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
毛利潤		976,521			2,904,454			3,237,896		6,004,088

營業費用
銷售費用		1,027,726			2,041,435			2,348,943		3,653,930
一般和行政費用		997,218			2,094,078			3,442,151		3,626,716
總營業費用		2,024,944			4,135,513			5,791,094		7,280,646
營業虧損		(1,048,423)			(1,231,059)			(2,553,198)		(1,276,558)

其他費用，淨額		(148,153)			(53,929)			(156,051)		(47,411)
利息費用，淨額		(539,537)			(23,795)			(1,085,771)		(91,877)
税前虧損		(1,736,113)			(1,308,783)			(3,795,020)		(1,415,846)
所得税（費用）收益		(40,012)			165,935			10,247		93,490
淨虧損	$	(1,776,125)		$	(1,142,848)		$	(3,784,773)	$	(1,322,356)

其他綜合（虧損）收益
外幣翻譯調整		(29,378)			4,298			(7,024)		2,974
總綜合虧損	$	(1,805,503)		$	(1,138,550)		$	(3,791,797)	$	(1,319,382)

每股虧損*	$	(2.18)		$	(4.65)		$	(6.58)	$	(5.60)
加權平均普通股數量
– 基本和稀釋*		813,922			245,875			575,463		236,226

* 股份和每股數據以追溯方式呈現，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.

未經審計的合併現金流量表
（以美元表示，除非另有説明股份數量）

	截至六個月
9 月 30 日，
	2025		2024
來自經營活動的現金流
淨虧損	$	(3,784,773)		$	(1,322,356)
調整淨虧損以對賬用於經營活動的淨現金：
處置物業和設備的損失		68,188			—
處置子公司的收益		(64,452)			—
折舊費用		417,258			180,910
攤銷費用		54,761			8,846
遞延所得税收益		(42,251)			(462,740)
租賃使用權資產的攤銷		2,699,632			1,676,991
存貨減值損失		569,758			330,823
經營資產和負債的變動：
應收賬款		(1,031,989)			(154,034)
應收賬款 - 關聯方		5,435			235,029
存貨		(1,107,359)			(3,562,871)
預付款和其他應收款		(1,371,452)			(1,864,681)
向關聯方支付的運營服務預付款		45,000			(180,000)
保證金		41,550			(55,598)
應付賬款		(722,056)			(815,667)
應計費用和其他應付款		(793,623)			(380,183)
應計費用和其他應付款 - 關聯方		225			—
租賃負債		(2,676,403)			(1,516,198)
應付税款		(14,978)			(1,530,416)
用於經營活動的淨現金		(7,707,529)			(9,412,145)

來自投資活動的現金流
購買物業和設備		(44,661)			(1,575,936)
從關聯方購買軟件		—			(500,000)
物業權利支付		(15,477)			—
向關聯方購買軟件的預付款		—			(801,980)
處置實體釋放的現金		(230,076)			—
從關聯方的償還		—			510,381
向關聯方的預付款		(161,826)			(477,933)
用於投資活動的淨現金		(452,040)			(2,845,468)

來自融資活動的現金流
借款收入		1,917,100			3,737,500
借款償還		(1,370,591)			(391,308)
關聯方其他應付款的償還		—			(92,229)
發行成本支付		(516,490)			(282,403)
普通股發行的淨收入		9,773,000			9,154,500
來自融資活動的淨現金		9,803,019			12,126,060
包括分類為待售流動資產的現金變動		1,643,450			(131,553)
匯率變動對現金的影響		(7,024)			2,974
減：分類為待售流動資產的現金淨增加		61,548			—
期初現金		840,102			1,403,514
期末現金	$	2,538,076		$	1,274,935

現金流信息的補充披露
支付的利息費用	$	1,085,771		$	91,877
支付的所得税	$	42,640		$	1,940,595

非現金投資和融資活動的補充披露
股票配售的應收款	$	7,596,558		$	—
貸款資助的車輛購買	$	—		$	219,668
貸款資助的辦公室購買	$	—		$	1,800,000
使用以前預付款購買軟件	$	136,580		$	1,975,000
用於租賃服務的物業	$	49,811		$	—
遞延 IPO 成本確認的額外實收資本	$	—		$	502,198
處置子公司未收款項	$	860,754		$	—
租賃使用權資產和租賃負債的終止	$	3,187,864		$	(280,087)
以租賃負債換取的使用權資產	$	—		$	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日的三個月內我們的 EBITDA 組成部分：


	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 日的三個月
	2025 年			2024 年			變動		百分比變動
淨虧損	$	(1,776,125)			$	(1,142,848)		$	(633,277)	55.4	%
所得税準備（收益）		40,012				(165,935)			205,947	(124.1)	%
折舊		204,466				85,859			118,607	138.1	%
利息費用		539,537				23,795			515,742	2,167.4	%
攤銷		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日的六個月內我們 EBITDA 的組成部分：


	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 日的六個月
	2025 年			2024 年			變動		百分比變動
運營虧損	$	(3,784,773)			$	(1,322,356)		$	(2,462,417)	186.2	%
所得税收益		(10,247)				(93,490)			83,243	(89.0)	%
折舊		417,258				180,910			236,348	130.6	%
利息費用		1,085,771				91,877			993,894	1081.8	%
攤銷		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.

來源 Fly-E Group, Inc.

FLY-E 集團公司宣佈 2026 財年第二季度及上半年財務業績 | FLYE 股票新聞