10-K · July 23, 2026
Fly-E Group’s FY2026 results show a sharp contraction in its legacy retail business and a transition toward wholesale, rentals and a substantially smaller store footprint. Revenue declined 25.0% to $19.1 million, gross…
Earnings analysis · 10-Q
FLYE earnings analysis
Filed September 1, 2026 · Our reading of the company's report
The latest report
The quarter showed a sequential revenue and free-cash-flow rebound, but revenue remained down 48.4% year over year, gross margin fell to 5.2%, and the company recorded a $3.9 million net loss. Liquidity is highly…
Read full summary
The quarter showed a sequential revenue and free-cash-flow rebound, but revenue remained down 48.4% year over year, gross margin fell to 5.2%, and the company recorded a $3.9 million net loss. Liquidity is highly constrained, with only approximately $60,281 of cash and a $3.91 million credit-facility balance past its June 30, 2026 repayment deadline. Ongoing control weaknesses, Nasdaq filing-compliance risk, litigation, and the unresolved credit-facility default materially outweigh the sequential improvement.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.24
- Segment
- Retail revenue decreased 84.3% year over year; the company reduced its store count from 36 to 4 since mid-2024.
What stood out
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Revenue rebounded sequentially but fell sharply YoY
Revenue was approximately $7.177 million, up from approximately $3 million in the prior quarter, but down 48.4% from the prior-year period. Retail revenue declined 84.3% year over year.
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Gross margin deteriorated to 5.2%
Gross margin was 5.2%, down from 39.6% in the prior quarter and 25.0% in the immediately preceding quarter, indicating substantial margin pressure.
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Operating losses and EPS remain negative
Operating margin was negative 32.4%, improving from negative 58.8% in the prior quarter but remaining deeply negative. Diluted EPS was negative $2.24 versus negative $1.18 in the prior quarter.
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Liquidity remains extremely constrained
Cash was approximately $60,281 and working capital was approximately $8.1 million as of June 30, 2026. The company reported a net loss of approximately $3.9 million for the quarter.
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Free cash flow improved sequentially
Free cash flow was approximately positive $2 million in the current quarter, compared with approximately negative $8 million in the prior quarter and negative $5 million in the first quarter of fiscal 2026.
What to watch
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Credit facility default threatens assets
The company had approximately $3,910,018 outstanding under its $5 million credit facility as of June 30, 2026. The repayment deadline expired June 30, 2026, the facility bears interest at 12.875%, and it is secured by substantially all company assets; the lender reserved rights to pursue acceleration and foreclosure.
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Material weaknesses remain unresolved
Disclosure controls were ineffective as of June 30, 2026, due to insufficient accounting personnel, missing formal internal-control policies, and inadequate IT general controls. Management stated the material weaknesses had not been fully remediated as of June 30, 2026.
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Nasdaq compliance and delisting risk
On September 1, 2026, Nasdaq notified the company of noncompliance with Listing Rule 5250(c)(1) for failing to timely file the quarterly report. Although the company filed the Form 10-Q on September 1, 2026, delisting remains possible if continued-listing requirements are not maintained.
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Multiple unresolved litigation matters
The federal securities class action seeks monetary damages certified to exceed $150,000, and an amended complaint was filed May 22, 2026. The company also faces consolidated derivative litigation and stated that outcomes cannot currently be determined with certainty.
Management's outlook
No quantitative revenue or EPS guidance was provided in the filing; outlook was deferred to other company communications, if any.
Earlier filings 4
10-Q · April 21, 2026
Fly‑E Group reported quarterly revenue of $2,649,141 and a GAAP net loss of $1,923,440 (loss per share $1.18) for the three months ended December 31, 2025. Liquidity improved via equity financings (net proceeds…
10-Q · December 18, 2025
Fly-E Group reported Q2 revenue of $3,908,862 and a loss per share of $(2.18). Revenue and gross profit declined materially versus the prior year (revenue down from $6,824,406; gross profit down from $2,904,454), while…
10-K · July 15, 2025
Fly-E Group positions itself as an early entrant and a leading provider of e-bikes for food delivery workers in New York City with 20 retail locations and a product portfolio of 101 SKUs across e-motorcycles, e-bikes…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.