Alexander Zhilenkova
Flying group E (NASDAQ: FLYE) soared 30% in 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, its lowest price in 2018. The initial expected range was $4.00 to $5.00.
New York-based Fly-E Group designs, installs and sells smart electric motorcycles, e-bikes, e-scooters and related accessories under the Fly E-Bike brand. As of January 31, Fly-E (FLYE) has opened 39 retail stores, including 38 stores in the United States and 1 store in Canada. The company plans to expand its business in the United States and expand to South America and Europe in the future. Fly-e (FLYE) also hopes to sell products through its online store.
In 2023, Fly-E (FLYE) had revenue of $21.8 million and net profit of $1.4 million.
SEC S-1: “We purchase a significant portion of our vehicle parts from China and the United States and assemble them into our vehicles at our leased facilities in Brooklyn, New York. During the year ended March 31, 2023, we During the nine months ended December 31, 2023, we produced 2,039 electric motorcycles, 5,953 electric bicycles and 2,279 electric scooters at the same facility. We are leasing a larger assembly facility in the near future to replace our existing one. facilities.
