New York-based e-bike seller, Fly-E Group, Inc., made its debut on the Nasdaq under the ticker symbol "FLYE" on Thursday, June 6, 2024. The company expects to raise $9 million by offering 2,250,000 shares of its common stock at an initial public offering price of $4.00 per share.
U.S. Eastern Time 11:00 am, FLYE starts trading
Fly-E Group designs, installs, and sells smart electric motorcycles, electric bikes, electric scooters, and related accessories under the brand "Fly E-Bike." Established in 2018 with its first store in New York, the company has rapidly grown and is now one of the leading providers of e-bikes for food delivery workers in New York City. Currently, Fly-E operates 39 retail stores, including 38 in the United States and one in Canada, offering 21 e-motorcycle products, 21 e-bike products, and 34 e-scooter products.
The company reported in filings that net revenues were $24.0 million for the nine months ended December 31, 2023, an increase of $7.6 million or 46.0%, from $16.4 million during the same period in the previous year. The increase in net revenue was driven primarily by higher sales volumes and an increase in the average per-unit sales price of its EVs. For the year ended March 31, 2024, Fly-E produced 8,390 e-motorcycles, 7,638 e-bikes, and 3,171 e-scooters. In response to increasing demand for its products, the e-bike seller is looking to expand its assembly facilities and its presence in the United States, and extend its business into South America and Europe in the future.
New York City, a major U.S. commercial hub, has experienced a significant increase in small package deliveries, driven by the surge in e-commerce and online shopping—a trend boosted by the COVID-19 pandemic. Concurrently, the growing demand for environmentally friendly transport has popularized e-bikes, e-motorcycles, and e-scooters, both for commuting and recreational use. With technological advancements, these sustainable transportation options are set further to propel the EV industry's growth and development.
Zhou (Andy) Ou, Founder, Chairman of the Board, and CEO of Fly-E Group, expressed optimism about the industry's prospects. "As the world moves towards carbon neutrality, lithium battery vehicles have emerged as an irreversible trend. With advancements in technology reducing costs, and increasing government support for clean energy, the electric two-wheeler market is poised for significant growth. Over the next two decades, we expect lithium battery technology to mature, making these vehicles increasingly common," Andy stated.
Zhou (Andy) Ou, Founder, Chairman of the Board, and CEO of Fly-E Group and his team
Reflecting on 2018, despite existing legal constraints in New York State, Andy was driven by the recognition of significant demand for electric two-wheelers in New York City. Inspired by the success of similar transportation modes in Asia, Andy was confident that regulatory barriers would eventually be resolved, prompting the early establishment of Fly-E Group in anticipation of evolving market needs. Finally, a new law took effect in 2020, authorizing the use and operation of e-bikes and e-scooters in New York State.
Today, e-bikes and e-scooters have surged in popularity as efficient, eco-friendly, and fun alternatives to traditional vehicles—offering a compelling solution to urban congestion and contributing to the reduction of greenhouse gas emissions.