Fly-E Group FY2024 revenue up 47.9% to $32.2M; net income rises 37.5%

Fly-E Group, Inc.

Net revenue $32.2M (+47.9% YoY); gross profit $13.1M (+58.1%); gross margin 40.7% from 38.1%.
Net income $1.9M (+37.5%); basic EPS $0.09 vs $0.06; EBITDA $3.5M (+43.2%).
Sales volume of EVs up 7,389 units to 18,652 units; average selling price $960 (+2% YoY).
IPO completed June 2024: 2.5875M shares at $4.00, gross proceeds $10.35M; trades on Nasdaq under FLYE.
Operating expenses rose 64.7% to $9.8M due to expansion and IPO-related costs.

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