NEW
YORK, July 1, 2024 /PRNewswire/ -- Fly-E Group,
Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle
company engaged in designing, installing and selling smart electric
motorcycles, electric bikes, electric scooters, and related
accessories, today announced its financial results for the fiscal
year ended March 31, 2024.
Mr. Zhou (Andy) Ou, Chairman and
Chief Executive Officer of Fly-E, remarked, "We are thrilled to
present our robust inaugural financial results for fiscal year 2024
following our IPO in June 2024. Our
net revenues and gross profit surged by an impressive 47.9% and
58.1%, respectively, for fiscal year 2024. This growth has been
accompanied by an improvement in our gross profit margin from 38.1%
to 40.7%. Despite the challenges posed by inflation, which has led
to higher labor and raw material costs that have impacted
profitability and customer demand, our income from
operations and net income still rose significantly by
41.0% and 37.5%, respectively. Our EBITDA also saw a
significant increase of 43.2%, reaching $3.5
million. All these impressive numbers demonstrate the
success of our adept management team in their oversight of our
pricing strategies and sales enhancement, supplier diversification,
logistics optimization, and continuous upgrading of our product
portfolio. These efforts collectively reinforce our brand and
position in the market. As a fast-growing EV company with
eco-friendliness at our core, we are focused on expanding into new
territories through online sales and diversifying our product
offerings to meet ever-evolving customer demands and travel
scenarios. We will continue to invest in our intelligent management
service mobile software, the Fly E-Bike app, to further enhance the
customer experience. Looking ahead, we are committed to ongoing
innovation and expanding our sales network to create greater
long-term growth for our company."
Fiscal Year 2024 Financial Highlights
- Net revenues were $32.2
million in fiscal year 2024, an increase of 47.9% from
$21.8 million in fiscal year
2023.
- Gross profit was $13.1 million in fiscal year 2024, an increase of
58.1% from $8.3 million in fiscal
year 2023.
- Gross margin was 40.7% in fiscal year 2024, increased
from 38.1% in fiscal year 2023.
- Income from operations was $3.3
million in fiscal year 2024, an increase of 41.0% from
$2.3 million in fiscal year
2023.
- Net income was $1.9
million in fiscal year 2024, an increase of 37.5% from
$1.4 million in fiscal year
2023.
- Basic and diluted earnings per
share were $0.09 in fiscal year
2024, increased from $0.06 in fiscal
year 2023.
- EBITDA was $3.5 million in
fiscal year 2024, an increase of 43.2% from $2.4 million in fiscal year 2023.
Fiscal Year 2024 Financial Results
Net Revenues
Net revenues were $32.2 million in
fiscal year 2024, an increase of 47.9% from $21.8 million in fiscal year 2023. The increase
was driven primarily by the increase of the average sale price of
EVs by 2.0%, from $941 in fiscal year
2023 to $960 in fiscal year 2024, and
the increase in sales volume of EVs by 7,389 units, from 11,263
units in fiscal year 2023 to 18,652 units in fiscal year 2024.
Retail sales revenue was $26.4
million in fiscal year 2024, an increase of 40.0% from
$18.8 million in fiscal year 2023.
Wholesale revenue was $5.8 million in
fiscal year 2024, an increase of 98.5% from $2.9 million in fiscal year 2023.
Cost of Revenues
Cost of revenues was $19.1 million
in fiscal year 2024, an increase of 41.6% from $13.5 million in fiscal year 2023. The increase
in cost of revenues was primarily attributable to the increase in
sales volume mentioned above and increase in logistics costs as the
Company sourced and imported more EV parts and accessories outside
the United States during the year
ended March 31, 2024.
Gross Profit
Gross profit was $13.1 million in
fiscal year 2024, an increase of 58.1% from $8.3 million in fiscal year 2023. Gross margin
was 40.7% in fiscal year 2024, increased from 38.1% in fiscal year
2023. The increase in gross profit and gross margin was a result of
higher average per unit selling price, increasing from $941 in fiscal year 2023 to $960 in fiscal year 2024. These improvements were
driven by product upgrades, enhanced sales channels, and an
improved brand image in the market.
Total Operating Expenses
Total operating expenses were $9.8
million in fiscal year 2024, an increase of 64.7% compared
to $6.0 million in fiscal year 2023.
The increase was attributable to the increase in the payroll
expenses, rent expenses, meals and entertainment expenses,
professional fees, and development expenses as the Company expanded
its business.
- Selling expenses were $5.9
million in fiscal year 2024, compared to $3.7 million in fiscal year 2023. Selling
expenses primarily consist of payroll expenses, rent and utilities
expenses of retail stores and other sales and marketing expenses.
Total payroll expenses were $1.6
million in fiscal year 2024, compared to $1.4 million in fiscal year 2023. Rent expenses
were $2.4 million in fiscal year
2024, compared to $1.7 million in
fiscal year 2023. Because delivery drivers are the Company's main
retail customers, customer referral is the most effective way to
market promotion. August through November is the low-season
comparing to other months, as such, the Company focuses on client
referrals during this period to boost sales. As a result, our
marketing referral expense increased to $1.1
million in fiscal year 2024, compared to $15,756 in fiscal year 2023. Utilities expenses
were $0.16 million in fiscal year
2024, compared to $0.13 million in
fiscal year 2023. The increase in these expenses was primarily due
to the increase in the number of new stores and new employees hired
for these new stores in fiscal year 2024.
- General and administrative expenses were $3.9 million in fiscal year 2024, compared to
$2.3 million in fiscal year 2023.
Meals and entertainment expenses increased to $0.4 million in fiscal year 2024, compared to
$0.3 million in fiscal year 2023,
primarily due to increased meal expenses for employees who worked
overtime. Professional fees increased to $1.0 million in fiscal year 2024, compared to
$0.7 million in fiscal year 2023,
primarily attributable to the increase in audit fee, consulting
fee, and legal expenses associated with the Company's initial
public offering. Payroll expenses increased to $1.1 million in fiscal year 2024 from
$0.5 million in fiscal year 2023
primarily due to additional employees hired in operation and
accounting departments. Rent expenses increased to $0.2 million in fiscal year 2024, compared to
$0.1 million in fiscal year 2023 as a
result of office space expansion in fiscal year 2024.
Net Income
Net income was $1.9 million in
fiscal year 2024, an increase of 37.5% from $1.4 million in fiscal year 2023, mainly
attributable to the reasons discussed above.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share were $0.09 in fiscal year 2024, increased from
$0.06 in fiscal year 2023.
EBITDA
EBITDA was $3.5 million in fiscal
year 2024, an increase of 43.2% from $2.4
million in fiscal year 2023.
Financial Condition
As of March 31, 2024, the Company
had cash of $1.4 million, increased
from $0.4 million as of March 31, 2023.
Net cash provided by operating activities was $4.3 million in fiscal year 2024, compared to
$1.8 million in fiscal year 2023.
Net cash used in investing activities was $3.2 million in fiscal year 2024, compared to
$0.4 million in fiscal year 2023.
Net cash used in financing activities was $0.05 million in fiscal year 2024, compared to
$1.4 million in fiscal year 2023.
Recent Development
On June 7, 2024, the Company
completed its initial public offering (the "Offering") of 2,250,000
shares of common stock, at a price of $4.00 per share. On June
25, 2024, the underwriter of the Offering exercised its
over-allotment option in full to purchase an additional 337,500
shares of the Company's common stock at the public offering price
of $4.00 per share. After giving
effect to the full exercise of the over-allotment option, the
Company sold an aggregate 2,587,500 shares of its common stock for
aggregate gross proceeds of $10.35
million, before deducting underwriter discounts, commissions
and other related expenses. The Company's shares of common stock
began trading on the Nasdaq Capital Market under the symbol "FLYE"
on June 6, 2024.
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company that is
principally engaged in designing, installing and selling smart
electric motorcycles, electric bikes, electric scooters and related
accessories under the brand "Fly E-Bike." The Company's commitment
is to encourage people to incorporate eco-friendly transportation
into their active lifestyles, ultimately contributing towards
building a more environmentally friendly future. For more
information, please visit the Company's website:
https://investors.flyebike.com.
Non-GAAP Financial Measures
To supplement the Company's financial information presented in
accordance with the generally accepted accounting principles in
the United States (the "U.S.
GAAP"), management periodically uses certain "non-GAAP financial
measures," as such term is defined under the rules of the SEC, to
clarify and enhance understanding of past performance and prospects
for the future. Generally, a non-GAAP financial measure is a
numerical measure of a company's operating performance, financial
position or cash flows that excludes or includes amounts that are
included in or excluded from the most directly comparable measure
calculated and presented in accordance with U.S. GAAP. For example,
non-GAAP measures may exclude the impact of certain items such as
acquisitions, divestitures, gains, losses and impairments, or items
outside of management's control. Management believes that the
following non-GAAP financial measure provides investors and
analysts useful insight into its financial position and operating
performance. Any non-GAAP measure provided should be viewed in
addition to, and not as an alternative to, the most directly
comparable measure determined in accordance with U.S. GAAP.
Further, the calculation of these non-GAAP financial measures may
differ from the calculation of similarly titled financial measures
presented by other companies and therefore may not be comparable
among companies.
The Company uses EBITDA (earnings before interest, taxes,
depreciation, and amortization) to evaluate its operating
performance. The Company believes EBITDA provides additional
insight into its underlying, ongoing operating performance and
facilitates year-to-year comparisons by excluding the earnings
impact of interest, tax, depreciation and amortization and that
presenting EBITDA is more representative of its operational
performance and may be more useful for investors.
The Company reconciles its non-GAAP financial measure to its net
income, which is its most directly comparable financial measure
calculated and presented in accordance with U.S. GAAP. EBITDA
includes adjustments for provision for income taxes, as applicable,
interest income and expense, depreciation, and amortization. EBITDA
does not represent and should not be considered an alternative to
net income as determined by U.S. GAAP, and its calculations thereof
may not be comparable to those reported by other companies. The
Company believes EBITDA is an important measure of operating
performance and provides useful information to investors because it
highlights trends in its business that may not otherwise be
apparent when relying solely on U.S. GAAP measures and because it
eliminates items that have less bearing on its operating
performance. EBITDA, as presented herein, is a supplemental measure
of its performance that is not required by, or presented in
accordance with, U.S. GAAP. The Company uses non-GAAP financial
measures as supplements to its U.S. GAAP results in order to
provide a more complete understanding of the factors and trends
affecting its business. EBITDA is a measure of operating
performance that is not defined by U.S. GAAP and should not be
considered a substitute for net (loss) income as determined in
accordance with U.S. GAAP.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
find many (but not all) of these statements by the use of words
such as "approximates," "believes," "hopes," "expects,"
"anticipates," "estimates," "projects," "intends," "plans," "will,"
"would," "should," "could," "may" or other similar expressions.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct. The Company
cautions investors that actual results may differ materially from
the anticipated results, and that the forward-looking statements
contained in this press release are subject to the risks set forth
in the Company's filings with the Securities and Exchange
Commission (the "SEC"), including the section under "Risk Factors"
of its most recent Annual Report on Form 10-K for the fiscal year
ended March 21, 2024, filed with the
SEC on June 28, 2024. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law.
For investor and media inquiries, please contact:
Fly-E Group, Inc.
Investor Relations Department
Email: ir@flyebike.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
|
FLY-E GROUP,
INC.
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(Expressed
in U.S. dollars, except
for the number of shares)
|
|
|
|
March 31,
2024
|
|
|
March 31,
2023
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash
|
|
$
|
1,403,514
|
|
|
$
|
358,894
|
|
|
Accounts
receivable
|
|
|
212,804
|
|
|
|
389,077
|
|
|
Accounts
receivable – related parties
|
|
|
326,914
|
|
|
|
136,565
|
|
|
Inventories,
net
|
|
|
5,364,060
|
|
|
|
3,838,754
|
|
|
Prepayments and other
receivables
|
|
|
588,660
|
|
|
|
782,819
|
|
|
Prepayments and other
receivables – related parties
|
|
|
240,256
|
|
|
|
—
|
|
|
Total Current
Assets
|
|
|
8,136,208
|
|
|
|
5,506,109
|
|
|
Property and equipment,
net
|
|
|
1,755,022
|
|
|
|
785,285
|
|
|
Security
deposits
|
|
|
781,581
|
|
|
|
424,942
|
|
|
Deferred IPO
costs
|
|
|
502,198
|
|
|
|
75,819
|
|
|
Deferred tax assets,
net
|
|
|
35,199
|
|
|
|
211,100
|
|
|
Operating lease
right-of-use assets
|
|
|
16,000,742
|
|
|
|
10,261,556
|
|
|
Intangible assets,
net
|
|
|
36,384
|
|
|
|
—
|
|
|
Long-term prepayment
for property
|
|
|
450,000
|
|
|
|
—
|
|
|
Long-term prepayment
for software development– related parties
|
|
|
1,279,000
|
|
|
|
—
|
|
|
Total Assets
|
|
$
|
28,976,334
|
|
|
$
|
17,264,811
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,180,796
|
|
|
$
|
1,005,401
|
|
|
Current portion of
long-term loan payables
|
|
|
1,213,242
|
|
|
|
412,224
|
|
|
Accrued expenses and
other payables
|
|
|
925,389
|
|
|
|
365,662
|
|
|
Other
payables – related parties
|
|
|
92,229
|
|
|
|
332,481
|
|
|
Operating lease
liabilities – current
|
|
|
2,852,744
|
|
|
|
1,836,737
|
|
|
Taxes
payable
|
|
|
1,530,416
|
|
|
|
959,456
|
|
|
Total Current
Liabilities
|
|
|
7,794,816
|
|
|
|
4,911,961
|
|
|
Long-term loan
payables
|
|
|
412,817
|
|
|
|
723,228
|
|
|
Long-term loan
payables – related parties
|
|
|
—
|
|
|
|
150,000
|
|
|
Operating lease
liabilities – non-current
|
|
|
13,986,879
|
|
|
|
8,979,193
|
|
|
Total
Liabilities
|
|
|
22,194,512
|
|
|
|
14,764,382
|
|
|
|
|
|
|
|
|
|
|
|
Commitment and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01
par value, 4,400,000 shares authorized and nil
outstanding as of March 31, 2024 and March 31,
2023*
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, $0.01 par
value, 44,000,000 shares authorized and
22,000,000 shares outstanding as of March 31, 2024 and
March 31,
2023*
|
|
|
220,000
|
|
|
|
220,000
|
|
|
Additional Paid-in
Capital
|
|
|
2,400,000
|
|
|
|
—
|
|
|
Shares Subscription
Receivable
|
|
|
(219,998)
|
|
|
|
(219,998)
|
|
|
Retained
Earnings
|
|
|
4,395,649
|
|
|
|
2,500,427
|
|
|
Accumulated other
comprehensive loss
|
|
|
(13,829)
|
|
|
|
—
|
|
|
Total FLY-E Group, Inc.
Stockholders' Equity
|
|
|
6,781,822
|
|
|
|
2,500,429
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
28,976,334
|
|
|
$
|
17,264,811
|
|
|
*
|
Shares and per share
data are presented on a retroactive basis to reflect the nominal
share issuance
on December 21, 2022 and to give effect to the stock split
completed on April 2, 2024.
|
|
FLY-E GROUP,
INC.
|
|
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
(Expressed
in U.S. dollars, except
for the number of shares)
|
|
|
|
For the Years
Ended
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Revenues
|
|
$
|
32,205,666
|
|
|
$
|
21,774,937
|
|
|
Cost of
Revenues
|
|
|
19,099,120
|
|
|
|
13,485,405
|
|
|
Gross Profit
|
|
|
13,106,546
|
|
|
|
8,289,532
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
Selling
Expenses
|
|
|
5,914,786
|
|
|
|
3,667,227
|
|
|
General and
Administrative Expenses
|
|
|
3,931,203
|
|
|
|
2,309,927
|
|
|
Total Operating
Expenses
|
|
|
9,845,989
|
|
|
|
5,977,154
|
|
|
Income from
Operations
|
|
|
3,260,557
|
|
|
|
2,312,378
|
|
|
|
|
|
|
|
|
|
|
|
Other Expenses,
net
|
|
|
(30,352)
|
|
|
|
(11,524)
|
|
|
Interest Expenses,
net
|
|
|
(152,050)
|
|
|
|
(100,387)
|
|
|
Income Before Income
Taxes
|
|
|
3,078,155
|
|
|
|
2,200,467
|
|
|
Income Tax
Expense
|
|
|
(1,182,933)
|
|
|
|
(821,896)
|
|
|
Net Income
|
|
$
|
1,895,222
|
|
|
$
|
1,378,571
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
Income (Loss)
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(13,829)
|
|
|
|
—
|
|
|
Total Comprehensive
Income
|
|
$
|
1,881,393
|
|
|
$
|
1,378,571
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
Share*
|
|
$
|
0.09
|
|
|
$
|
0.06
|
|
|
Weighted Average Number
of Common Stock
|
|
|
|
|
|
|
|
|
|
– Basic and
Diluted*
|
|
|
22,000,000
|
|
|
|
22,000,000
|
|
|
*
|
Shares and per share
data are presented on a retroactive basis to reflect the nominal
share issuance
on December 21, 2022 and to give effect to the stock split
completed on April 2, 2024.
|
|
FLY-E GROUP,
INC.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Expressed
in U.S. dollars, except
for the number of shares)
|
|
|
|
For the Years
Ended
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,895,222
|
|
|
$
|
1,378,571
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Loss on disposal of
property, and equipment
|
|
|
46,084
|
|
|
|
—
|
|
|
Depreciation
expense
|
|
|
272,708
|
|
|
|
145,783
|
|
|
Amortization
expense
|
|
|
1,648
|
|
|
|
—
|
|
|
Deferred income taxes
expenses
|
|
|
176,093
|
|
|
|
448,800
|
|
|
Amortization of
operating lease right-of-use assets
|
|
|
2,277,910
|
|
|
|
1,905,028
|
|
|
Loss from termination
of operating lease
|
|
|
5,957
|
|
|
|
—
|
|
|
Inventories
reserve
|
|
|
456,209
|
|
|
|
151,378
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
176,273
|
|
|
|
(334,752)
|
|
|
Accounts
receivable – related parties
|
|
|
(190,349)
|
|
|
|
(136,565)
|
|
|
Inventories
|
|
|
(1,981,515)
|
|
|
|
615,394
|
|
|
Prepayments and other
receivables
|
|
|
194,160
|
|
|
|
(637,630)
|
|
|
Prepayments for
operation services to related parties
|
|
|
(60,000)
|
|
|
|
—
|
|
|
Security
deposits
|
|
|
(422,240)
|
|
|
|
(130,680)
|
|
|
Accounts
payable
|
|
|
2,489,025
|
|
|
|
(70,928)
|
|
|
Accrued expenses and
other payables
|
|
|
334,726
|
|
|
|
(105,097)
|
|
|
Operating lease
liabilities
|
|
|
(1,933,760)
|
|
|
|
(1,697,190)
|
|
|
Taxes
payable
|
|
|
570,769
|
|
|
|
225,027
|
|
|
Net cash provided by
operating activities
|
|
|
4,308,920
|
|
|
|
1,757,139
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Purchases of
equipment
|
|
|
(1,253,555)
|
|
|
|
(442,915)
|
|
|
Purchases of property
rights
|
|
|
(38,032)
|
|
|
|
—
|
|
|
Prepayments for
property
|
|
|
(450,000)
|
|
|
|
—
|
|
|
Prepayment for
purchasing software from a related party
|
|
|
(1,279,000)
|
|
|
|
—
|
|
|
Payment received from a
related party
|
|
|
111,500
|
|
|
|
—
|
|
|
Advance to a related
party
|
|
|
(291,756)
|
|
|
|
—
|
|
|
Net cash used in
investing activities
|
|
|
(3,200,843)
|
|
|
|
(442,915)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
Borrowing from loan
payables
|
|
|
1,095,000
|
|
|
|
1,500,000
|
|
|
Repayments of loan
payables
|
|
|
(639,367)
|
|
|
|
(278,222)
|
|
|
Repayments on other
payables - related parties
|
|
|
(290,252)
|
|
|
|
(2,496,323)
|
|
|
Payments of related
party loan
|
|
|
(150,000)
|
|
|
|
—
|
|
|
Deferred IPO
Cost
|
|
|
(201,379)
|
|
|
|
(75,819)
|
|
|
Capital contributions
from Stockholders
|
|
|
136,370
|
|
|
|
—
|
|
|
Net cash used in
financing activities
|
|
|
(49,628)
|
|
|
|
(1,350,364)
|
|
|
Net changes in
cash
|
|
|
1,058,449
|
|
|
|
(36,140)
|
|
|
Effect of exchange rate
changes on cash
|
|
|
(13,829)
|
|
|
|
—
|
|
|
Cash at beginning of
the year
|
|
|
358,894
|
|
|
|
395,034
|
|
|
Cash at the end of the
year
|
|
$
|
1,403,514
|
|
|
$
|
358,894
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure
of cash flow information
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
expense
|
|
$
|
152,050
|
|
|
$
|
100,341
|
|
|
Cash paid for income
taxes
|
|
$
|
435,881
|
|
|
$
|
148,064
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure
of non-cash investing and financing activities
|
|
|
|
|
|
|
|
|
|
Settlement of accounts
payable by related parties
|
|
$
|
50,000
|
|
|
$
|
—
|
|
|
Settlement of accounts
payable by capital contribution
|
|
$
|
2,263,630
|
|
|
$
|
—
|
|
|
Purchase of vehicle
funded by loan
|
|
$
|
34,974
|
|
|
$
|
—
|
|
|
Unpaid deferred IPO
cost
|
|
$
|
225,000
|
|
|
$
|
11,717
|
|
|
Termination of
operating lease right-of-use assets and operating lease
liabilities
|
|
$
|
(2,814,235)
|
|
|
|
—
|
|
|
Right-of-use assets
obtained in exchange for operating lease liabilities
|
|
$
|
10,771,688
|
|
|
$
|
4,082,664
|
|
The following table sets forth the components of our EBITDA for
the years ended March 31, 2024 and
2023:
|
|
For the Year
Ended March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Change
|
|
|
Percentage
Change
|
|
|
Net Income from
Operations
|
|
$
|
1,895,222
|
|
|
$
|
1,378,571
|
|
|
$
|
516,651
|
|
|
|
37.5
|
%
|
|
Income Tax
Provision
|
|
|
1,182,933
|
|
|
|
821,896
|
|
|
|
361,037
|
|
|
|
43.9
|
%
|
|
Depreciation
|
|
|
272,708
|
|
|
|
145,783
|
|
|
|
126,925
|
|
|
|
87.1
|
%
|
|
Interest
Expenses
|
|
|
152,050
|
|
|
|
100,387
|
|
|
|
51,663
|
|
|
|
51.5
|
%
|
|
Amortization
|
|
|
1,648
|
|
|
|
—
|
|
|
|
1,648
|
|
|
|
100
|
%
|
|
EBITDA
|
|
$
|
3,504,561
|
|
|
$
|
2,446,637
|
|
|
$
|
1,057,924
|
|
|
|
43.2
|
%
|
|
Percentage of
Revenue
|
|
|
10.9
|
%
|
|
|
11.2
|
%
|
|
|
|
|
|
|
(0.3)
|
%
|
View original
content:https://www.prnewswire.com/news-releases/fly-e-group-inc-announces-fiscal-year-2024-financial-results-302187077.html
SOURCE Fly-E Group, Inc.