Liquidity is under severe pressure, highlighted by a $6.6 million cash outflow in 2026Q3 and a cash balance that has plummeted to just $295.7K.
| Cash from Operations | -14.62M | -10.06M | 4.31M | 1.76M | 11.69K |
| Operating CF Margin % | - | -39.56% | 13.38% | 8.07% | 0.07% |
| Operating CF Growth % | -339661.37% | -333.46% | 145.22% | 14933.7% | - |
| Net Income | -8.99M | -5.29M | 1.9M | 1.38M | 408.02K |
| Depreciation & Amortization | 7.71M | 5.78M | 2.55M | 2.05M | 1M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 753.07K | -64.83K | 176.09K | 448.8K | -484K |
| Other Non-Cash Items | 1.57M | 900.06K | 508.25K | 151.38K | 279.99K |
| Working Capital Changes | -15.66M | -11.38M | -822.91K | -2.27M | -1.2M |
| Change in Receivables | -1.43M | -80.68K | -14.08K | -471.32K | 83.7K |
| Change in Inventory | 295.03K | -2.74M | -1.98M | 615.39K | -2.13M |
| Change in Payables | -940.24K | 91.51K | 2.49M | -70.93K | 1.08M |
| Cash from Investing | -2.34M | -2.9M | -3.2M | -442.92K | -323.54K |
| Capital Expenditures | -85.73K | -1.63M | -1.7M | -442.92K | -323.54K |
| CapEx % of Revenue | 0.51% | 6.43% | 5.29% | 2.03% | 1.88% |
| Acquisitions | 0 | -54.77K | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -2.26M | -1.21M | -1.5M | 0 | 0 |
| Cash from Financing | 15.95M | 12.49M | -49.63K | -1.35M | 534.54K |
| Debt Issued (Net) | -906.78K | 3.71M | 305.63K | 1.22M | 534.54K |
| Equity Issued (Net) | 17.37M | 9.15M | 136.37K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -516.49K | -374.63K | -491.63K | -2.57M | 0 |
| Net Change in Cash | -1.07M | -563.41K | 1.04M | -36.14K | 222.68K |
| Free Cash Flow | -14.7M | -13.09M | 1.29M | 1.31M | -311.86K |
| FCF Margin % | -86.8% | -51.47% | 4% | 6.04% | -1.81% |
| FCF Growth % | -19.85% | -1115.75% | -1.97% | 521.42% | - |
| FCF per Share | -9.01 | -53.22 | 5.24 | 5.35 | -1.27 |
| FCF Conversion (FCF/Net Income) | 1.63x | 1.90x | 2.27x | 1.27x | 0.03x |
| Interest Paid | 1.26M | 405.62K | 152.05K | 100.34K | 0 |
| Taxes Paid | 59.73K | 1.96M | 435.88K | 148.06K | 37.23K |
Liquidity and Operational Sustainability
As reported in financial statements, FLYE exhibits a chronic inability to convert net income into operating cash, with the OCF/NI ratio reaching an extreme 3.26 in 2026Q3, highlighting a fundamental misalignment between accounting profitability and the actual cash-generating capacity of the underlying business model.
The consistent divergence between net income and operating cash flow suggests that the company's reported losses are being exacerbated by significant cash outflows. Investors should monitor this trend closely, as the inability to bridge this gap indicates that the business is consuming cash at a rate that far exceeds its accounting losses.
Based on the company's reported figures, free cash flow margins have remained deeply negative, bottoming out at -101.8% in 2026Q1, which underscores the severe cash-burning nature of the current retail-heavy expansion strategy in the competitive New York City electric mobility market.
The persistent negative FCF trajectory suggests that the company is struggling to achieve the scale necessary to cover its fixed operating costs. This trend appears to be worsening, implying that the current business model may be fundamentally unsustainable without a significant shift in revenue density or cost structure.
According to recent SEC filings, FLYE has faced consistent working capital headwinds, with a notable $6.6 million cash outflow in 2026Q3 alone, suggesting that inventory management and collection cycles are placing immense pressure on the company's already limited cash reserves.
The recurring negative working capital changes indicate that the company is likely tying up significant cash in inventory or struggling to collect receivables efficiently. This dynamic appears to be a primary driver of the company's cash burn, warranting further investigation into the efficiency of their supply chain and sales cycle.
As indicated by the provided data, FLYE's capital expenditure relative to revenue has fluctuated significantly, reaching 2.7% in 2026Q1, which suggests that the company is continuing to deploy capital into infrastructure despite a clear and persistent contraction in top-line demand.
The decision to maintain capital spending while revenue is declining may indicate a commitment to the physical retail moat, but it appears to be an inefficient use of capital given the current liquidity constraints. This strategy warrants further investigation to determine if these investments are truly maintenance-focused or if they represent speculative growth spending.
Quick answers to the most common questions about buying FLYE stock.
Fly-E Group, Inc. Common Stock (FLYE) generated $-10.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fly-E Group, Inc. Common Stock (FLYE) reported negative free cash flow of $13.1M in 2025, indicating capital requirements exceeded cash from operations.
Fly-E Group, Inc. Common Stock (FLYE) spent $1.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.