Fly-E Group, Inc. (NASDAQ:FLYE) shares rose 12.86% to $1.88 in after-hours trading on Thursday after the electric vehicle company reported fiscal 2026 financial results.
Wholesale Growth Offsets Retail Slump
Fly-E reported fiscal 2026 net revenue of $19.1 million, a 25% decline from $25.4 million in the previous year. The decrease was mainly due to a 68.1% drop in retail sales following weaker consumer demand linked to lithium-ion battery safety concerns in New York.
Wholesale revenue increased significantly, rising 227.5% to $11.6 million, while rental services revenue grew 237.5% to $0.6 million. Gross margin declined to 24.4% from 41.1%, and the company’s net loss widened to $9.3 million from $5.3 million.
CEO Zhou (Andy) Ou called fiscal 2026 a “pivotal transition” as the company streamlined its retail footprint and corporate structure.
