Fly-E Group, Inc: Comprehensive Company Profile

Quick Facts / Company Snapshot

• Founded: 2018 in New York as Ctate Inc., evolving into a leader in eco-friendly urban mobility.
• Headquarters: Flushing, New York, with operations primarily in the U.S. and Canada.
• CEO and Founder: Zhou Ou, a visionary with roots in motorcycle repair and food delivery, spotting the need for reliable electric vehicles.
• Stock Ticker: FLYE on Nasdaq Capital Market.
• Latest Revenue (Fiscal Year Ended March 31, 2025): $25.4 million, down from $32.2 million in the prior year.
• Employee Count: Not disclosed, but focused on a lean team driving innovation.
• Key Products: 27 E-motorcycle models, 36 E-bike models, 38 E-scooter models.
• Stores: 20 retail locations (19 in U.S., 1 in Canada) as of July 15, 2025.
• Mission: Promoting sustainable transportation for active lifestyles and a greener future.

This snapshot captures Fly-E Group’s essence. Ready to dive into its exciting story?

Company overview

Ever wondered how a small idea can spark a green revolution? Fly-E Group, Inc. is doing just that in the electric vehicle world.

It designs, assembles, and sells smart electric motorcycles, bikes, and scooters. All under the Fly E-Bike brand.

• These products blend style, tech, and eco-friendliness.
• They target urban commuters and food delivery pros.

The company mixes retail, wholesale, and rentals. Retail happens in stores and online.

Wholesale reaches distributors. Rentals use the Go Fly app for quick access.

With 20 stores in North America, Fly-E is close to its customers. Its New York assembly keeps quality high.

As of fiscal 2025, it’s navigating challenges like battery safety fears. But innovation keeps it moving forward.

Fly-E’s commitment? Build a more environmentally friendly future. By encouraging eco-transport in daily lives.

• Focus on smart tech, like battery swaps.
• Powertrain advancements for better performance.

The brand embodies freedom and technology. Making rides not just practical, but enjoyable.

Takeaway: Fly-E Group turns everyday travel into a sustainable adventure.

Business segments and revenue breakup %

What makes Fly-E tick? Its three segments work together seamlessly.

• Retail Sales: Direct sales through stores and website. 85.4% of 2025 revenue ($21.7 million).
• Operations include customer help and repairs.

This segment builds personal connections. In urban hubs like New York.

• Wholesale: Supplies 85 distributors, mostly U.S. 13.8% revenue ($3.5 million).
• Focuses on bulk deals and logistics.

It expands reach without extra stores. Helping partners resell EVs.

• Rental Services: App-based bike rentals. 0.7% revenue ($171,867).
• Covers fleet care and city compliance.

Launched for safe, UL-certified options. In NY, Toronto, LA.

Segments link up. Stores support rentals; wholesale stocks them all.

In detail, retail drives volume. Wholesale adds scale.

• Rental emerges as high-margin potential.
• Overall, diversification buffers risks.

Takeaway: Diverse segments create a robust business model.

History and evolution

Picture this: One New York store in 2018 launches a mobility shift. That’s Fly-E’s start as Ctate Inc.

It targeted delivery workers with green bikes. Growth exploded, adding stores fast.

• Each store ran separately for efficiency.
• By 2022, restructuring hit.

Fly E-Bike formed in Delaware. Ctate merged into it September 12.

Then Fly-E Group incorporated November 1. Acquired Fly E-Bike December 21.

• Fly EV Inc. also formed, but inactive.
• 2024 brought stock split April.

1-for-110,000 ratio adjusted shares. Authorized capital rose to 48,400,000.

IPO June 7 sold 450,000 shares at $20. Gross $9 million.

• Over-allotment June 25 added 67,500 shares.
• Net proceeds $9.2 million for growth.

Challenges followed. Battery issues slowed sales in NY.

• Rentals launched October 2024 for compliance.
• NYC DOT program January-June 2025 featured Fly-11 PRO.

Trade-in allowed safe bike swaps. Fly-E delivered models to partners.

UL litigation March 12, 2025 alleged trademark misuse.

• Settlement May 21 for $1 million. Paid $350,000 by July.
• Agreement bars unauthorized UL marks.

Authorized shares up March 2025 to 300 million common.

Reverse split 1-for-5 July 2025 for Nasdaq compliance.

• Effective July 3, trading adjusted July 7.
• Registered offering June 2, 2025 raised $6.24 million net.

5.7 million shares and warrants at $1.214.

Subsidiary disposals December 2024-July 2025 sold 15 for $1.3 million.

• Streamlined structure, collected $133,000 by July.
• Loan August 2024: $5 million revolving credit.

From Peapack-Gladstone Bank. For ops and acquisitions.

Recent: Reverse split 1-for-20 October 2025, effective November 4.

• Reduced shares from 32.6 million to 1.6 million.
• Delinquency notice December 5 for delayed 10-Q.

From Nasdaq. Company addressing filing.

From local to global ambitions, Fly-E’s tale inspires resilience.

Takeaway: Adapt or fade—Fly-E chooses adapt.

Products and services with revenue breakup %

Curious about Fly-E’s lineup? It’s packed with tech-savvy rides for city life.

Electric motorcycles: 27 models. Like Fly-7 (20-30 miles range, 20 mph top).

• Fly-10: 50-70 miles, 38 mph.
• RZ: 25-50 miles, 30 mph.

E-tricycles: Fly-Tricycle 43-62 miles, 30 mph. Payload 1,239 pounds.

• Features: Remote keys, alarms, suspension.
• Designed for style and safety.

Electric bikes: 36 models. City types 15-20 miles, 20 mph.

• Foldable Dolphin: 20-25 miles, 23 mph.
• Sword Fish: 20-60 miles, 15-32 mph.

Rhino for rugged use. Payload 180-250 pounds.

• Delivery specials: Long battery, stable seats.
• Easy swap system: Replace in a minute at stores.

Electric scooters: 38 models. Insurgent 15 miles, 15 mph.

• Flytron: 45 miles, 40 mph.
• H-Max, H-1 with hydraulic brakes.

Slotted discs for durability. Payload 250-330 pounds.

Accessories: Raincoats, gloves, knee pads.

• Baskets, phone holders, locks.
• Apparel, wheels, shock absorbers.

Carbon fiber panels, brake calipers. Traditional bikes too.

Services: Go Fly app rentals, one-day typical.

• Repairs: Exterior, mechanical, battery care.
• GPS install, theft reporting.

Fly E-Bike app testing: Purchases, repairs, locators.

• Navigation, battery management, anti-theft.
• Fly E-Bike Care planned: Extended maintenance.

2025 revenue: $25.4 million total. Products dominate.

• Retail $21.7 million, wholesale $3.5 million.
• Rentals $171,867 start small but grow.

Delivery workers love the practical designs—72% of customers.

• Products refresh to match trends.
• User feedback shapes new features.

Brand portfolio with revenue %

Fly E-Bike: The heart of it all. It stands for freedom and tech.

No sub-brands. All under one umbrella.

• Positioning: Eco-lifestyle for city folks.
• Appeals to commuters and workers.

Builds loyalty through quality and trends.

• Recognition in delivery community.
• Continuous updates keep it fresh.

2025 revenue: $25.4 million flows through it.

• All sales tied to brand strength.
• Marketing emphasizes sustainability.

Takeaway: One strong brand unites the vision.

Geographical presence and region-wise revenue %

Where does Fly-E shine? Mostly U.S., with Canada dipping in.

19 U.S. stores: New York leads with 9.

• Brooklyn, Flushing, more in NY.
• Jersey City, Newark in NJ (4 total).

Florida: Miami (2). Maryland: Baltimore.

• Massachusetts: Boston. California: LA.
• DC: Washington. Assembly Maspeth, NY.

One Toronto store in Canada.

Distributor Dominican Republic teases more.

• Plans: South America entry soon.
• Europe on horizon for growth.

Revenue: 100% North America in 2025 ($25.4 million).

• U.S. dominates with urban density.
• Canada adds international touch.

Store locations chosen for high traffic.

• Focus on food delivery hotspots.
• Online serves U.S. wide.

Takeaway: Strong base sets stage for global leap.

Financial performance analysis

2025 finances tell a story of hurdles and hints of rebound.

Revenue down 21% to $25.4 million from 2024’s $32.2 million.

• Battery scares hit demand hard.
• Units sold dropped 15.6% to 58,765.

Average price up 3% to $989.

Gross margin up slightly to 41.1% from 40.7%.

• Supplier deals cut battery costs 11%.
• To $99 per unit.

Expenses jumped 52.5% to $15.0 million. IPO costs and settlement factored in.

• Professional fees $2.0 million vs $1.0 million.
• Insurance $1.1 million post-IPO.

Operating loss: $4.6 million vs 2024 profit $3.3 million.

Net loss: $5.3 million from 2024 income $1.9 million.

• Interest $0.4 million up.
• Tax $0.3 million down.

Trend: 2024 peak; 2025 dip due to market fears.

Non-GAAP EBITDA: -$3.9 million vs $3.5 million.

• Adds back depreciation $0.6 million.
• Amortization $0.1 million.

Takeaway: Tough year, but efficiencies show promise.

Profit and loss analysis

P&L breakdown: Revenue $25.4 million in 2025.

• Retail $21.7 million (down 17.7%).
• Wholesale $3.5 million (down 39.3%).

Rental $0.17 million new.

Costs $15.0 million (down 21.6%) for gross profit $10.5 million.

• Margin 41.1%, up from 40.7%.
• Fixed costs spread better.

Selling expenses $7.4 million—payroll $3.3 million up.

• Rent $2.9 million from expansion.
• Ads $0.3 million for promotion.

G&A $7.6 million—fees $2.0 million for compliance.

• Payroll $1.5 million, insurance $1.1 million.
• Software $0.5 million for apps.

UL provision $1.0 million.

Operating loss $4.6 million. Other expenses $1.0 million.

Net loss $5.3 million after tax $0.3 million.

Margins: Gross improved, operating -18.1%.

• Expense structure: 59% op costs of revenue.
• Movements due to volume drop.

Takeaway: Expenses outran revenue; control is key.

Balance sheet analysis

Assets grew to $33.7 million in 2025 from $29.0 million.

• Current $14.0 million: Cash $0.8 million down.
• Receivables $0.9 million up.

Inventory $6.4 million, prepays $2.6 million.

• Non-current: Property $7.3 million net.
• Leases $10.9 million ROU.

Liabilities $23.9 million up. Current $12.7 million.

• Short-term loans $5.2 million new.
• Payables $1.1 million down.

Long-term loans and leases.

Equity $9.8 million up from IPO $8.4 million.

• Common stock $0.2 million.
• Additional paid-in $10.5 million.

Accumulated deficit -$0.9 million.

Capital: Debt/equity mix, net worth $9.8 million.

Liquidity: Current ratio 1.1, quick lower.

• Reserves not specified.
• Debt position: $5.2 million short-term.

Takeaway: Growth funded, watch debt levels.

Cash flow analysis

Operating cash: Outflow $10.1 million in 2025 vs inflow $4.3 million.

• Net loss $5.3 million start.
• Inventory up $1.0 million.

Prepayments $2.6 million increase.

• Adjustments: Depreciation $0.6 million add-back.
• Lease amortization $5.1 million.

Investing: $2.9 million out for property $1.6 million.

• Software $1.4 million.
• Related party repayments in.

Financing: Inflow $12.5 million from IPO $9.2 million.

• Loans $7.4 million gross.
• Repayments $3.7 million.

Cash ended at $0.8 million down $0.6 million.

No free cash disclosed—negative from ops and capex.

• Pattern: Ops drain, financing fills.
• Sustainability relies on raises.

Takeaway: Financing keeps wheels turning.

Recent Financial Updates

As of December 21, 2025, latest from Q2 FY2026 (ended Sep 30, 2025).

Net revenues $3.9 million Q2, down 42.7% YoY.

• Retail $2.0 million, down 65.8%.
• Wholesale $1.7 million, up 91.3%.

Rental $0.2 million, gross margin 79.8%.

Gross profit $1.0 million, margin 25.0%.

Op expenses $2.0 million, down 51.0%.

Net loss $1.8 million, EPS -$2.18.

H1 revenues $9.2 million, down 37.2%.

• Retail $5.8 million, down 54.7%.
• Wholesale $3.2 million, up 65.5%.

Gross $3.2 million, margin 35.1%.

Op exp $5.8 million, down 20.5%.

Net loss $3.8 million, EPS -$6.58.

Cash $2.5 million as of Sep 30.

• EBITDA Q2 -$1.0 million.
• H1 -$2.2 million.

Management notes wholesale momentum. Rental profitability high.

Cost cuts from store closures.

Delinquency notice Dec 5 for delayed 10-Q.

Reverse split 1:20 Nov 4, reduced shares to 1.6 million.

Class action on revenue decline, battery issues.

Takeaway: Recent quarters show shifts, with wholesale gains.

Board of directors and leadership team

Meet the guides steering Fly-E’s ship.

Board: Staggered classes for stability.

• Class I: Lun Feng, independent, term 2025.
• Expertise in finance, audit chair.

Class II: Zanfeng Zhang, Bin Wang.

• Zhang: Governance lead.
• Wang: Compensation involvement.

Class III: Zhou Ou, Shiwen Feng.

• Ou: Founder CEO.
• Feng: CFO, financial oversight.

Independents ensure checks.

Executives: Ou as Chairman CEO (story below).

• Oversees strategy, product dev.
• Feng CFO: Manages books, compliance.

COO Rui Feng: Ops, supply chain.

• Background in retail management.
• CHRO Ke Zhang: HR, talent.

Committees: Audit reviews statements.

• Engages auditors, internal controls.
• Compensation sets pay, incentives.

Nominating: Director picks, policies.

• Examples: Assess skills, diversity.
• Governance standards upheld.

Takeaway: Experienced team drives smart choices.

Subsidiaries, associates, joint ventures and revenue %

Subsidiaries power the retail engine. All 100% owned.

• Fly E-Bike, Inc.: Core operating entity.
• Handles design, sales.

Fly EV, Inc.: Formed 2022, no ops yet.

Retail subsidiaries: FLYEBIKE INC, FLYBK INC.

• FLYBK2 to FLYBK9 for NY stores.
• FLYNJ INC for New Jersey.

FLYFL INC Florida, FLYMD INC Maryland.

• FLYMA INC Massachusetts.
• FLYLA INC California, FLYDC INC DC.

Rental: GOBIKE INC NY, FLYTORONTO CORP Canada.

No associates or JVs disclosed.

Revenue consolidated, no per-entity %.

• All flow through parent.
• Disposals: 15 sold 2024-2025.

Like FLYMHT INC, EDISONEBIKE INC.

• For $1.3 million total.
• Streamlined reporting, efficiency.

Examples: Disposals reduced complexity.

• Collected $133,000 by July 2025.
• Remaining focused on core.

Takeaway: Lean structure boosts efficiency.

Physical properties (offices, plants, factories, etc.)

Properties fuel the action.

Corporate office: Owned 136-40 39th Ave, Flushing NY.

• Suite 202, principal exec space.
• Encumbered by debt.

Warehouse: Leased Maspeth NY, 52,264 sq ft.

• For assembly, expires 2029.
• Annual rent $1.2 million.

Stores: 20 leased total.

• Aggregate rent $2.9 million 2025.
• NY 9: Flushing, Brooklyn locations.

NJ 4: Jersey City, etc.

• FL 2: Miami areas.
• MD Baltimore, MA Boston.

CA Los Angeles, DC Washington.

• Canada Toronto for international.
• Chosen for urban density.

Takeaway: Smart locations keep ops smooth.

Segment-wise performance

Segments in 2025: Retail $21.7 million, down 17.7% YoY.

• Due to safety concerns, store closures.
• Wholesale $3.5 million, down 39.3%.

From customer shutdowns.

• Rental $171,867 new, emerging.
• No profit splits, but retail core.

Y-o-Y: Volume drop overall.

• Units 58,765 vs 69,611.
• Price up but not enough.

Recent Q2 2026: Retail down 65.8% to $2.0 million.

• Wholesale up 91.3% to $1.7 million.
• Rental $0.2 million.

H1 2026: Similar trends.

Takeaway: Retail leads; rentals spark hope.

Founders

Zhou Ou’s spark? Years fixing bikes, then delivery woes.

He saw the gap: Polluting rides in busy cities.

• Over 8 years repair experience.
• Food delivery revealed needs.

Launched Ctate Inc. 2018 with one store.

• Targeted E-bikes for workers.
• Grew on feedback, innovations.

Like battery swaps for quick changes.

As Chairman CEO, Ou leads vision.

• Drives product design, expansion.
• From hands-on to boardroom.

His story? Inspiration from real pain points.

• Turned into eco-mission.
• Personal touch in strategy.

Takeaway: Real experience breeds innovation.

Shareholding pattern

18,096,873 shares out as of July 2025.

• Post-IPO, pre-recent splits.
• Ou: 8.5% or 1,540,000 shares.

Officers/directors: 18.7% total.

• Includes exec team holdings.
• Public: Remaining ~81.3%.

No detailed institutions.

Changes: IPO added 517,500 shares.

• Offering June 2025: 5.7 million more.
• Reverse split July 1:5 adjusted.

Later 1:20 October reduced to 1.6 million.

• Effective November 4.
• For compliance, liquidity.

Takeaway: Insiders invested in success.

Parent

No parent—Fly-E stands alone as top entity.

Investments and capital expenditure plans

Capex $1.6 million 2025 for property, equipment.

• Up from $1.3 million 2024.
• Software $1.4 million for apps.

Rental properties $0.2 million.

Ongoing: Facility upgrades in Maspeth.

• Store fits for better display.
• Planned: App full launch.

Fly E-Bike Care development.

• International setup costs.
• Priorities: Tech, sustainability.

No specific R&D, but innovation focus.

• Strategic: Enhance efficiency.
• Fund from IPO, loans.

Takeaway: Spending fuels future tech.

Future strategy

What’s next for Fly-E? Bold moves ahead.

• Expand capacity: Boost assembly lines.
• Meet rising demand.

Market focus: Strengthen U.S. core.

• Enter South America soon.
• Europe for broader reach.

Tech initiatives: App rollout for engagement.

• GPS, navigation, battery tracking.
• Anti-theft features.

Sustainability: Eco-products, compliance.

• Battery safety emphasis.
• Diversify: Logistics via stores.

Rental growth to Miami.

• Wholesale shift for margins.
• Cost optimization ongoing.

Management eyes profitability.

Takeaway: Strategy eyes growth and green wins.

Competitive landscape

Who rivals Fly-E? Big names in bikes.

• Trek Bicycle: Urban, versatile models.
• Known for quality frames.

Specialized: Performance E-bikes.

• Tech-heavy, high-end.
• Rad Power: Affordable, direct-sales.

Fly-E differentiates with delivery focus.

• Easy swaps, stable designs.
• App integration for users.

Niche in food worker market.

• Competitors broader, Fly-E specialized.

Takeaway: Niche play sets it apart.

Key strengths

• Early mover: 2018 entry captured delivery boom.
• Rapid growth to 20 stores.

Product innovation: 101 models total.

• Smart tech like swaps.
• User feedback drives updates.

Customer loyalty: 72% delivery workers.

• Trust in durability, range.
• Omnichannel: Stores, online, app.

Diversified revenue: Retail, wholesale, rental.

• High rental margins potential.
• Brand recognition in urban areas.

Efficient assembly in NY.

• Quality control close to market.

Takeaway: Strengths drive edge.

Key challenges and risks

• Vendors: Reliance on few for components.
• Disruptions could halt production.

Trade tensions: US-China tariffs up costs.

• Import duties on parts.
• Supply chain: Global conflicts affect.

Product performance: Failures lead to claims.

• Warranty costs rise.
• Regulatory: Safety laws evolve fast.

Compliance expenses high.

• Cost control: Expenses may outpace revenue.
• Brand: Limited history vs giants.

Acceptance slow in new markets.

• Going concern: Doubts if losses continue.
• Need funding for ops.

Internal controls: Weaknesses in reporting.

• Material issues noted.
• Competition: Larger firms with resources.

Market share pressure.

• Liability: Product claims, recalls costly.
• Adverse determinations hurt.

Key personnel: Loss of execs impacts.

• Experience gap in public co.
• IP: Disputes over trademarks.

Like UL case.

• Cybersecurity: Threats to data, ops.
• Breaches compromise trust.

Innovation: New products may flop.

• Market unmet needs.
• Warranties: High claims drain cash.

Recalls for defects.

• Modifications: User changes void warranties.
• Harm reputation.

Other: Customs, tariffs uncertainties.

• Government regulation increases.
• Currency rates fluctuate costs.

Takeaway: Risks call for vigilant plans.

Conclusion and strategic outlook

Fly-E’s 2025: Revenue $25.4 million, loss $5.3 million.

• Segments show retail strength.
• Recent Q2 2026: $3.9 million revenue.

Wholesale up, rental promising.

Assets $33.7 million, equity $9.8 million.

• Cash $0.8 million then; $2.5 million Sep 2025.
• Updates: Splits, notices addressed.

Outlook: Expand markets, enhance tech.

• Sustainability focus positions well.
• Wholesale shift for profits.

Long-term: EV demand growth aids.

• Strategic resilience key.

FAQ

What products does Fly-E Group offer?

Fly-E Group offers electric motorcycles (27 models), electric bikes (36 models), electric scooters (38 models), accessories, and rental services.

What is Fly-E Group’s revenue breakdown?

For fiscal 2025, retail 85.4% ($21.7M), wholesale 13.8% ($3.5M), rental 0.7% ($171K).

Where does Fly-E Group operate?

Primarily US with 19 stores across NY, NJ, FL, MD, MA, CA, DC; one in Canada; plans for South America and Europe.

What are Fly-E Group’s financial highlights?

2025 revenue $25.4M, net loss $5.3M; assets $21.6M, equity $6.5M.

Who are Fly-E Group’s competitors?

Trek Bicycle Corporation, Specialized Bicycle Components, Rad Power Bikes.

What is Fly-E Group’s future strategy?

Expand internationally, launch app and Care program, diversify into logistics.

What risks does Fly-E Group face?

Supply chain disruptions, regulatory changes, competition, internal control weaknesses.

Who founded Fly-E Group?

Zhou Ou founded the company in 2018.

What is Fly-E Group’s shareholding?

Officers/directors hold 18.7%, with Zhou Ou at 8.5%.

Does Fly-E Group have subsidiaries?

Yes, including FLY EV, INC., FLY E-BIKE, INC., and various retail entities.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.