Fly-E Group, Inc., an electric vehicle (EV) company specializing in smart electric motorcycles, bikes, and scooters, reported significant financial growth in its recent 10-K filing. For the fiscal year ending March 31, 2024, the company achieved net revenues of approximately $32.2 million, marking a 47.9% increase from $21.8 million in the previous year. This growth was driven by a 65.6% rise in the number of EVs sold, totaling 18,652 units, alongside a slight increase in the average sales price per unit from $941 to $960.
The company's profitability also improved, with net income rising to $1.9 million, a 37.5% increase from $1.4 million in the prior year. Gross profit increased by 58.1% to $13.1 million, resulting in a gross margin of 40.7%, up from 38.1% the previous year. The increase in revenues and profitability was attributed to higher sales volumes and improved pricing strategies, despite a 41.6% rise in cost of revenues, which reached $19.1 million due to increased logistics costs and sales volume.
In terms of strategic developments, Fly-E Group executed a stock split in April 2024 at a ratio of 1-for-110,000 and successfully completed its initial public offering (IPO) on June 7, 2024, raising approximately $9.2 million in net proceeds. The company plans to utilize these funds for inventory purchases, software development, and working capital. Additionally, Fly-E Group is expanding its retail presence, operating 40 stores as of June 27, 2024, with plans to enter new markets in South America and Europe.
Operationally, Fly-E Group has seen a steady increase in its workforce, employing 84 individuals as of June 27, 2024, compared to 57 full-time and 27 part-time employees previously. The company has also focused on enhancing its product offerings, currently providing 21 E-motorcycle products, 21 E-bike products, and 34 E-scooter products. The development of a Fly E-Bike app is underway, aimed at improving customer engagement and service management.
Looking ahead, Fly-E Group anticipates continued growth driven by increasing demand for eco-friendly transportation solutions. However, the company acknowledges potential risks, including supply chain disruptions and rising operational costs due to inflation. Management is actively monitoring these challenges and implementing strategies to mitigate their impact, including diversifying suppliers and enhancing inventory management. The outlook remains optimistic as the company aims to solidify its market position and expand its product portfolio in response to evolving consumer preferences.
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company specializing in smart electric motorcycles, bikes, and scooters under the Fly E-Bike brand. With a focus on eco-friendly urban mobility, it targets food delivery workers and urban commuters, capitalizing on a growing demand for sustainable transport solutions. The company operates 40 stores across North America and is expanding internationally, while continuously innovating its product offerings and enhancing customer experience through technology.
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