Revenue performance has deteriorated significantly, with a 53.3% year-over-year decline in 2026Q3 and gross margin volatility ranging from 25.0% to 45.1% over the last two years.
| Sales/Revenue | 16.94M | 25.43M | 32.21M | 21.77M | 17.19M |
| Revenue Growth % | -40.67% | -21.05% | 47.9% | 26.65% | - |
| Cost of Goods Sold | 10.77M | 14.98M | 19.1M | 13.49M | 13.95M |
| COGS % of Revenue | - | 58.9% | 59.3% | 61.93% | 81.14% |
| Gross Profit | 6.17M | 10.45M | 13.11M | 8.29M | 3.24M |
| Gross Margin % | 36.44% | 41.1% | 40.7% | 38.07% | 18.86% |
| Gross Profit Growth % | - | -20.26% | 58.11% | 155.69% | - |
| Operating Expenses | 12.63M | 15.01M | 9.85M | 5.98M | 2.61M |
| OpEx % of Revenue | - | 59.03% | 30.57% | 27.45% | 15.21% |
| Selling, General & Admin | 12.63M | 15.01M | 9.85M | 5.98M | 2.61M |
| SG&A % of Revenue | - | 59.03% | 30.57% | 27.45% | 15.21% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -6.45M | -4.56M | 3.26M | 2.31M | 627.73K |
| Operating Margin % | -38.1% | -17.93% | 10.12% | 10.62% | 3.65% |
| Operating Income Growth % | - | -239.85% | 41% | 268.37% | - |
| EBITDA | -302.51K | 1.22M | 5.81M | 4.36M | 1.63M |
| EBITDA Margin % | -1.79% | 4.8% | 18.05% | 20.04% | 9.49% |
| EBITDA Growth % | -113.2% | -79% | 33.22% | 167.41% | - |
| D&A (Non-Cash Add-back) | 6.21M | 5.78M | 2.55M | 2.05M | 1M |
| EBIT | -6.59M | -4.55M | 3.23M | 2.3M | 579.23K |
| Net Interest Income | -1.7M | -405.62K | -152.05K | -100.39K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.7M | 405.62K | 152.05K | 100.39K | 0 |
| Other Income/Expense | -1.84M | -395.03K | -182.4K | -111.91K | -48.5K |
| Pretax Income | -8.29M | -4.95M | 3.08M | 2.2M | 579.23K |
| Pretax Margin % | -48.97% | -19.49% | 9.56% | 10.11% | 3.37% |
| Income Tax | 697.74K | 336.17K | 1.18M | 821.9K | 171.21K |
| Effective Tax Rate % | -8.41% | -6.78% | 38.43% | 37.35% | 29.56% |
| Net Income | -8.99M | -5.29M | 1.9M | 1.38M | 408.02K |
| Net Margin % | -53.09% | -20.81% | 5.88% | 6.33% | 2.37% |
| Net Income Growth % | -581.51% | -379.18% | 37.48% | 237.87% | - |
| Net Income (Continuing) | -8.99M | -5.29M | 1.9M | 1.38M | 408.02K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.51 | -21.52 | 7.71 | 5.61 | 1.66 |
| EPS Growth % | -323.88% | -379.12% | 37.43% | 237.95% | - |
| EPS (Basic) | - | -21.52 | 7.71 | 5.61 | 1.66 |
| Diluted Shares Outstanding | 1.63M | 245.88K | 245.88K | 245.88K | 245.88K |
| Basic Shares Outstanding | 1.63M | 245.88K | 245.88K | 245.88K | 245.88K |
| Dividend Payout Ratio | - | - | - | - | - |
Liquidity and Market Saturation
As reported in recent financial filings, FLYE's top-line performance has deteriorated significantly, culminating in a 53.3% year-over-year revenue decline by 2026Q3, which suggests that the company's localized NYC-centric retail model is struggling to maintain its historical sales volume against a backdrop of potential market saturation.
The consistent quarter-over-quarter revenue decay indicates that the company's reliance on the gig-economy delivery workforce may be hitting a ceiling. Investors should monitor whether this trend reflects a structural loss of market share to lower-cost competitors or a broader cyclical downturn in urban delivery activity.
Based on the provided income statement data, FLYE's operating leverage has turned sharply negative, with SG&A expenses remaining stubbornly high at $2.6 million in 2026Q3 despite a revenue base that has shrunk to only $2.6 million, indicating a failure to scale overhead in line with demand.
The inability to reduce fixed retail costs as sales volume drops has resulted in an operating margin of -58.8% in the most recent quarter. This suggests that the company's brick-and-mortar strategy, while intended to serve as a competitive moat, is currently acting as a significant drag on bottom-line profitability.
According to historical income statements, FLYE's gross margin has exhibited significant instability, fluctuating from a high of 45.1% in 2025Q3 to a low of 25.0% in 2026Q2, which suggests that the company lacks consistent pricing power or faces unpredictable fluctuations in inventory procurement and logistics costs.
While the 39.6% gross margin in 2026Q3 shows some recovery from earlier lows, the volatility warrants further investigation into the company's supply chain efficiency. Such fluctuations may indicate that the firm is forced to discount heavily to move inventory, potentially undermining its premium brand positioning.
Based on the company's reported figures, the combination of persistent net losses and a cash balance of approximately $840,102 suggests that FLYE is rapidly approaching a critical liquidity event that may necessitate dilutive external financing to sustain its current retail-heavy operational footprint through the next fiscal year.
Short-sellers would likely focus on the widening gap between cash burn and available capital, which leaves little room for error in a high-cost urban environment. The lack of R&D investment, while preserving cash, may also limit the company's ability to innovate and respond to evolving regulatory safety standards.
Quick answers to the most common questions about buying FLYE stock.
For fiscal year 2025, Fly-E Group, Inc. Common Stock (FLYE) reported total revenue of $25.4M. This represents a 47.9% increase compared to $17.2M in 2022.
Fly-E Group, Inc. Common Stock (FLYE) reported a net loss of $5.3M for the fiscal year ending 2025.
Fly-E Group, Inc. Common Stock (FLYE) reported an operating income of $-4.6M, resulting in an operating profit margin of -17.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Fly-E Group, Inc. Common Stock (FLYE) generated $10.5M in gross profit for the year, representing a gross profit margin of 41.1%. This demonstrates the company's core pricing power and production efficiency.