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• Tesla for electric motorcycles and scooters.
• Rivian for electric motorcycles and scooters.

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• Electric Bicycles: Environmentally friendly bicycles powered by electric motors, offering assisted pedaling or full electric propulsion.
• Electric Scooters: Compact, two-wheeled electric vehicles designed for personal short-distance transportation.
• Electric Mopeds: Low-speed electric motorcycles or scooters, typically requiring a license and registration, designed for urban commuting.

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Based on a review of Fly-E Inc.'s (FLYE) latest annual report (20-F filing for the year ended December 31, 2022), the company states that it "did not have any customer that accounted for 10% or more of its total revenue" for the years ended December 31, 2022, and 2021. This indicates that Fly-E does not have any single "major customer" in terms of significant revenue contribution.

Fly-E Inc. primarily sells its electric motorcycles and scooters to distributors in China, who then sell to retailers or directly to end-users. The company also sells directly to end-users through its owned retail stores and online platforms. Since there are no identifiable major B2B customers, and the ultimate demand is from individuals, the following describes up to three categories of individual customers Fly-E serves through its distribution network and direct sales:

1. Daily Commuters and General Transportation Users: Individuals in urban and suburban areas who purchase electric motorcycles and scooters for everyday personal transportation. This includes commuting to work or school, running errands, and general local travel, valuing the vehicles for their affordability, convenience, and efficiency.
2. Commercial and Gig Economy Workers: Individuals who utilize electric scooters and motorcycles for professional purposes, such as food delivery, package delivery, or other services within the burgeoning gig economy. These customers prioritize the vehicles' agility, low operating costs, and suitability for frequent, short-distance trips in dense environments.
3. First-Time Vehicle Owners and Younger Demographics: Consumers, particularly younger individuals and students, who are seeking an accessible and economical personal vehicle. These users are often attracted to the ease of operation, lower purchase price, and often simpler licensing requirements compared to cars or traditional motorcycles.

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• Guangzhou Li-Power Battery Co., Ltd.
• Chongqing Runtong Technology Co., Ltd.
• Zhejiang Narada Power Source Co., Ltd. (SZ: 300068)
• Zhejiang Jinjue Motor Co., Ltd.
• Wuxi City Botong Machinery & Electric Co., Ltd.
• Wuxi Yunchuan Intelligent Control Technology Co., Ltd.
• Zhejiang Huaqiang Electronic Technology Co., Ltd.

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Fly-E (FLYE) Management Team

Zhou Ou Chief Executive Officer and Chairman of the Board

Lisa Fan Chief Financial Officer and Executive Director

Rui Feng Chief Operating Officer

Ke Zhang Chief Human Resource Officer

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The key risks to Fly-E Group's (FLYE) business are primarily centered around safety concerns with its products, precarious financial viability, and ongoing compliance issues with Nasdaq.

1. Lithium-Battery Safety Issues, Regulatory Scrutiny, and Legal Liabilities: Fly-E has faced significant challenges due to lithium-battery related fires linked to its e-bikes, which have allegedly caused fatalities and led to a decline in sales. The company has been subject to numerous civil summonses and violations for selling batteries without safety certifications. Furthermore, Fly-E was sued by UL Solutions for falsely advertising its products as "UL Certified," a lawsuit that was settled for $1 million. These safety issues have led to a loss of consumer trust, decreased demand for their electric vehicles, and multiple investor lawsuits alleging the concealment of these risks.
2. Financial Viability, Declining Revenues, and Ongoing Losses: There is substantial doubt regarding Fly-E's ability to continue as a going concern, as indicated in its financial reports. The company reported a significant 21% decline in net revenues to $25.4 million for fiscal year 2025, coupled with a substantial net loss of $5.3 million. Operating expenses have increased significantly, and the company has faced cash flow challenges and carries a considerable debt burden with elevated interest expenses.
3. Nasdaq Delisting Risks: Fly-E has received multiple notices from Nasdaq regarding non-compliance with listing rules, including failing to meet the minimum bid price requirement and delaying the filing of its Form 10-Q. These deficiencies raise the risk of potential delisting, which could severely impact the company's market visibility, liquidity, and ability to raise capital.

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Intensified Competition and Market Consolidation Pressure

The electric bicycle market is experiencing rapid growth, which has attracted numerous new entrants, including well-funded direct-to-consumer (DTC) brands and larger established automotive or cycling companies diversifying into e-bikes. This is leading to increasingly intense competition on price, features, and innovation. Smaller players like Fly-E are at risk of being squeezed out by competitors with superior economies of scale, larger marketing budgets, and more robust research and development capabilities, making it difficult to maintain market share and profitability.

Shifting Urban Mobility Preferences Towards Shared and Subscription Services

A significant emerging threat to companies selling personal electric bicycles like Fly-E is the accelerating adoption of shared and subscription-based micro-mobility services in urban centers. As companies like Lime, Bird, and local municipal programs expand their fleets of shared electric scooters, e-bikes, and even e-mopeds, consumers may increasingly opt for these flexible, pay-per-use, or subscription models over the upfront cost and maintenance responsibilities of owning a personal e-bike. This represents a fundamental shift in how urban populations consume personal electric transportation, potentially reducing the demand for outright purchase of Fly-E's products.

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Addressable Markets for Fly-E (FLYE)

Fly-E Group, Inc. (FLYE) specializes in the design, installation, and sale of smart electric motorcycles, electric bikes, electric scooters, and related accessories under the "Fly E-Bike" brand. The company also provides after-sales services, including repair and maintenance, and offers rental services in select locations. Fly-E currently operates in the United States, Mexico, and Canada, with future plans for expansion into South America and Europe.

Based on the company's stated products, the relevant addressable markets are for electric two-wheelers (electric motorcycles, electric bikes, and electric scooters).

Unfortunately, the provided search results primarily focus on the eVTOL aircraft market and Urban Air Mobility (UAM) market, which are not directly applicable to Fly-E's current product offerings of electric motorcycles, bikes, and scooters. Therefore, specific market sizes for Fly-E's main products within its operating regions (U.S., Mexico, Canada, South America, and Europe) cannot be identified from the given information.

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Expected Drivers of Future Revenue Growth for Fly-E (FLYE)

• Expansion of E-bike Rental Service: Fly-E has launched an e-bike rental service in New York City, Toronto, and Los Angeles, with plans to extend it to Miami and other markets. This service offers customers a flexible and affordable way to experience their products, positioning the company to meet shifting consumer needs and drive future revenue.
• Product Diversification and New Model Launches: The company is focused on product diversification and expanding its product portfolio. In October 2024, Fly-E showcased 11 models, including three newly launched e-motorcycle models, at the Electrify Expo in New York, which received positive feedback. They now offer over 100 models across e-motorcycles, e-bikes, and e-scooters. This continuous upgrading of the product portfolio and diversification is intended to meet evolving customer demands and travel scenarios.
• Expansion of Sales Network: Fly-E aims to expand its sales network into new territories through online sales and by increasing its physical store presence beyond its current concentration in New York City. This geographic expansion is crucial for replicating its business model, which has historically focused on last-mile delivery drivers.
• Investment in Smart Management Service Mobile Software: The company plans to continue investing in its intelligent management service mobile software, the "Fly E-Bike app," to enhance the customer experience. Improvements in customer experience through technology can contribute to customer retention and attract new users, thereby supporting revenue growth.

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Share Issuance

• In June 2024, Fly-E Group completed its initial public offering (IPO), selling 2,587,500 shares of common stock for aggregate gross proceeds of $10.35 million.
• In June 2025, the company closed a public offering, raising approximately $6.94 million through the issuance of 28,595,553 shares of common stock and 57,191,106 warrants. The proceeds were designated for inventory purchases, vehicle production costs, and working capital.
• In September 2025, Fly-E Group entered into an agreement to raise an additional $11 million by selling 13.75 million shares at $0.80 per share to non-U.S. investors, intended for working capital and general corporate purposes.
• The company executed a 1-for-5 reverse stock split effective July 7, 2025, reducing outstanding shares from approximately 53 million to 10.6 million, to maintain its Nasdaq listing. Additionally, a 20-for-1 reverse stock split was approved to be effective November 4, 2025, which will further reduce issued and outstanding shares from 32,647,030 to 1,632,352.

Outbound Investments

• In August 2025, Fly-E Group entered the South American market by opening its first retail store in Mexico City and forming a strategic partnership with TECHNOLOGIES E-SOLOMO. This collaboration aims to expand Fly-E's presence in Mexico by leveraging E-Solomo's sales network and providing them with access to Fly-E's proprietary technologies.

Capital Expenditures

• Net cash used in investing activities was $2.9 million in fiscal year 2025, following $3.2 million in fiscal year 2024.
• A significant portion of the company's debt, $11.72 million out of $19.1 million, is related to investments in opening new stores.
• Proceeds from offerings have been allocated for inventory purchases, vehicle production costs, the expansion of retail stores, and technology, research, and development initiatives.