Fly-E Group, Inc.
Fly-E Group, Inc. is a U.S.-based electric vehicle retailer and brand operator built around the Fly E-Bike name. It designs, sells, rents, and services electric motorcycles, e-bikes, e-scooters, and related accessories through retail stores, distributors, and an online channel, with a customer base centered on urban delivery workers in New York City.
Fiscal year 2026 · change from previous year
Development 2023–2026
Business
Share of revenueE-motorcycles, e-bikes, and e-scooters sold under the Fly E-Bike brand.
Add-on products such as baskets, storage boxes, and branded merchandise.
Paid servicing, repairs, and after-sale support at retail locations.
Short-term e-bike rentals offered through selected stores and the Go Fly app.
Products
Reported · share of revenue- Revenueswholesale60.6 %
- Retail36.3 %
- Revenues Rental Services3.0 %
Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The core customer base is food delivery workers in New York City, who buy e-bikes and related products for daily commercial use and value reliability, service access, and financing-like convenience from a retail network. The company also sells to distributors, direct online shoppers, and rental users seeking affordable urban mobility options.
Buy e-bikes and accessories for work use; they value uptime, service, and practical range.
Purchase e-motorcycles, e-bikes, and e-scooters for commuting and personal transport.
Buy wholesale inventory for logistics, warehousing, and resale into other retail channels.
Use selected stores and the Go Fly app for short-term, lower-commitment mobility access.
Purchase spare parts, branded merchandise, and repair services after the initial vehicle sale.
Strategy
Fly-E Group is focused on expanding its retail footprint, strengthening brand awareness, and using an online-to-offline model to convert web traffic into store sales. It is also trying to broaden the product mix, add services such as rentals and extended warranty offerings, and eventually expand beyond the U.S. into new international markets.
Physical stores are central to customer acquisition, service, and brand trust.
Frequent model updates help maintain relevance in a fast-changing EV niche.
Mixing retail, online, distributor, and rental channels reduces reliance on one route to market.
New geographies could broaden the customer base beyond New York-centric demand.
Geography
The business is concentrated in the United States, especially New York City, where the brand has built its strongest customer recognition and store footprint. It also has one retail store in Canada and selected rental locations in New York, Toronto, and Los Angeles, while management has said it intends to expand into South America and Europe.
Risks
The company faces execution risk in scaling production, quality control, and delivery while relying heavily on China-sourced components and third-party suppliers. It also has meaningful exposure to a young, competitive EV market, regulatory change, and internal-control weaknesses typical of a small, fast-growing public company.
- Going concern and internal control weaknessesImpact: CriticalLikelihood: High
Management disclosed substantial doubt about continuing as a going concern and material weaknesses in controls.
Exposure - Supply chain dependence on China vendorsImpact: HighLikelihood: High
Key vehicle components are sourced from a small number of suppliers, creating concentration and tariff risk.
Exposure: Vehicle components and finished goods sourcing
- Trade tensions between the U.S. and ChinaImpact: HighLikelihood: High
Tariffs, shipping disruptions, or policy changes could raise costs and delay inventory availability.
Exposure: Imported components and products
- Quality control and product reliabilityImpact: HighLikelihood: High
The company depends on third parties and has limited large-scale operating history in vehicle manufacturing and servicing.
Exposure - Regulatory and product liability exposureImpact: HighLikelihood: High
EVs, batteries, repairs, and consumer products are subject to safety, environmental, and liability rules.
Exposure
Accounting
Judgemental itemsNet sales are reduced by estimated returns and discounts, affecting reported revenue and margin.
Impact: Can shift revenue between periods and change gross margin
The company sells fast-evolving EV products that may become slow-moving or outdated.
Impact: Write-downs reduce gross profit and inventory carrying value
Vehicle sales and after-sale service create future repair and warranty cost exposure.
Impact: Affects cost of sales and operating expense estimates
A store-based model creates recurring lease and occupancy commitments.
Impact: Impacts operating leverage and fixed-cost burden
The company sold multiple subsidiaries to simplify structure and reduce reporting complexity.
Impact: May create gains/losses and affect comparability across periods
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Last updated: 24/09/2026