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.
In a separate announcement Thursday, Fly-E said it received a Nasdaq delinquency notice Tuesday over a late Securities and Exchange Commission filing. The company submitted the filing on Thursday, which it said removes the need to submit a formal compliance plan to Nasdaq.
Trading Metrics, Technical Analysis
Fly-E has a market capitalization of $2.73 million, with a 52-week high of $161.80 and a 52-week low of $1.62.
The stock has a Relative Strength Index (RSI) of 34.76.
Over the past 12 months, FLYE's share price has declined by 98.42%.
The small-cap stock is currently trading close to its lowest level of the year.
The long-term trend and weak market position suggest that the company continues to face pressure.
Price Action: The stock closed the regular session on Thursday at $1.67, down 9.73%, according to Benzinga Pro.
Benzinga's Edge Stock Rankings indicate that FLYE has a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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