Aleksandra Zhilenkova
Fly-E Group (NASDAQ:FLYE) soared 30% in early afternoon trading and hit a new post-IPO high of $7.42 earlier in the session. The electric vehicle company priced its IPO on June 6 at $4.00 per share, which was at the low end of the original expected range of $4.00 to $5.00.
New York-based Fly-E Group designs, installs, and sells smart electric motorcycles, electric bikes, electric scooters, and related accessories under the Fly E-Bike brand name. As of January 31, Fly-E (FLYE) had opened 39 retail stores, including 38 stores in the United States and one store in Canada. The company plans to expand its presence in the United States and extend the business into South America and Europe in the future. Fly-e (FLYE) is also looking to sell products through its online store.
In 2023, Fly-E (FLYE) generated $21.8 million in revenue and reported net income of $1.4 million.
SEC S-1: “We source a significant portion of our vehicle components from China and the United States, and then assemble them into our vehicles in a leased facility located in Brooklyn, New York. In the year ended March 31, 2023, we produced 2,039 E-motorcycles, 5,953 E-bikes and 2,279 E-scooters in this facility. For the nine months ended December 31, 2023, we produced 6,663 E-motorcycles, 6,119 E-bikes and 2,880 E-scooters at the same facility. In response to the increasing demand for our products, we are currently looking to lease a larger assembling facility to replace our current facility in the near future.”