Financial Performance - Net revenues for the first quarter of fiscal year 2025 were $7.9 million, a 0.4% increase from $7.8 million in the same period last year[2]. - Gross profit increased by 13.8% to $3.1 million, with a gross margin of 39.4%, up from 34.7% in the same period last year[2][9]. - Retail sales revenue increased by 11.4% to $6.9 million, while wholesale revenue decreased to $1.0 million from $1.7 million[7]. - Total revenues for Q2 2024 reached $7,873,426, a slight increase from $7,842,346 in Q2 2023, representing a growth of approximately 0.4%[25]. - Gross profit for Q2 2024 was $3,099,634, compared to $2,722,715 in Q2 2023, indicating a significant increase of about 14%[25]. - The net loss for Q2 2024 was $179,508, compared to a net income of $440,443 in Q2 2023, marking a substantial decline[25]. - Net loss for the first quarter was $0.2 million, compared to a net income of $0.4 million in the same period last year[13]. - EBITDA was $57,021, significantly down from $820,134 in the same period last year[15]. - EBITDA for the three months ended June 30, 2024, was $57,021, down from $820,134 in the same period last year, reflecting a decline of 93.0%[28]. Cost and Expenses - Cost of revenues decreased by 6.8% to $4.8 million, primarily due to favorable pricing for batteries, with unit costs dropping by 56% from $157.0 to $69.0[8]. - Total operating expenses rose by 60.9% to $3.1 million, driven by increased payroll, rent, and professional fees related to business expansion[10]. - Total operating expenses increased to $3,145,133 in Q2 2024 from $1,955,171 in Q2 2023, reflecting a rise of approximately 60.7%[25]. - The company experienced a 108.7% increase in interest expenses, totaling $68,082 in June 2024, compared to $32,623 in June 2023[28]. - The company reported a significant increase in depreciation expense, which rose to $95,051 in June 2024, compared to $63,668 in June 2023, marking a 49.3% increase[28]. Cash and Assets - As of June 30, 2024, cash increased to $4.5 million from $1.4 million a year earlier, with net cash used in operating activities at $4.5 million[15][16]. - Total current assets increased to $13,870,967 as of June 30, 2024, up from $8,136,208 as of March 31, 2024, representing a growth of approximately 70%[23]. - Total assets reached $35,198,708 as of June 30, 2024, compared to $28,976,334 as of March 31, 2024, indicating an increase of about 21%[23]. - Cash reserves increased significantly to $4,467,868 as of June 30, 2024, compared to $1,403,514 as of March 31, 2024, representing a growth of approximately 218%[23]. - Cash at the end of the period increased to $4,467,868 in June 2024, up from $680,481 in June 2023[27]. Liabilities - Total liabilities decreased to $20,227,819 as of June 30, 2024, down from $22,194,512 as of March 31, 2024, reflecting a reduction of approximately 8.8%[23]. - The company reported a decrease in accounts payable, which fell to $(774,347) in June 2024, compared to an increase of $1,681,224 in June 2023[27]. Business Developments - The company launched a new rental program for e-bikes in New York City and plans to expand this service to Miami, Toronto, and Los Angeles[17]. - The company made prepayments for purchasing software from a related party amounting to $775,000 in June 2024[27]. - The company recorded a cash payment for income taxes of $481,929 in June 2024, compared to $81,268 in June 2023[27]. - The company reported a foreign currency translation adjustment loss of $1,324 in Q2 2024[25]. - The company reported a weighted average number of common stock shares of 22,636,250 for Q2 2024, an increase from 22,000,000 shares in Q2 2023[25].
Fly-E Group, Inc.(FLYE) - 2025 Q1 - Quarterly Results