Financial Performance - Fly-E Group, Inc. reported net revenues of $25.4 million for fiscal year 2025, a decrease of 21.0% from $32.2 million in fiscal year 2024, primarily due to a reduction in sales volume by 10,846 units [4][5] - Retail sales revenue was $21.7 million, down 17.7% from $26.4 million in fiscal year 2024, while wholesale revenue decreased by 39.3% to $3.5 million [5] - The company experienced a net loss of $5.3 million in fiscal year 2025, compared to a net income of $1.9 million in fiscal year 2024, with basic and diluted losses per share of $1.10 [8][12][11] Cost and Profitability - Cost of revenues decreased to $15.0 million, down 21.6% from $19.1 million in fiscal year 2024, attributed to favorable pricing from suppliers and reduced sales volume [6] - Gross profit was $10.5 million, a decrease of 20.3% from $13.1 million in fiscal year 2024, with a gross margin of 41.1%, slightly up from 40.7% in the previous year [9][8] Operating Expenses - Operating expenses increased by 52.5% to $15.0 million, driven by higher payroll, rent, professional fees, and product development costs [10] - Selling expenses rose to $7.4 million, while general and administrative expenses increased to $7.6 million, reflecting the company's expansion efforts and increased operational costs [15] Cash Flow and Financial Condition - As of March 31, 2025, the company had cash of $0.8 million, down from $1.4 million a year earlier, with net cash used in operating activities amounting to $10.1 million [14] - Net cash provided by financing activities was $12.5 million, compared to a slight outflow of $0.05 million in fiscal year 2024, indicating improved capital raising efforts [16] Strategic Outlook - The company aims to enhance product safety, expand geographic reach, and invest in digital platforms to improve customer experience, following a successful public offering in June 2025 [3] - Fly-E has diversified its product portfolio to over 100 models and is expanding its rental services, which are currently operational in major cities like New York, Toronto, and Los Angeles [3]