Executive Summary
FlyE Group reported QQ4 2024 revenue of $8.17 million, up 53.68% year over year and 10.00% quarter over quarter, driven by stronger demand for the Fly EBike platform and continued expansion in smart mobility products. Gross profit reached $3.65 million with a margin of 44.65%, underscoring a stable product mix despite a mid-to-late-stage inventory cycle. Operating income was $1.21 million (operating margin ~14.86%), with EBITDA of $1.76 million and a net income of $0.69 million (EPS $0.028). Notably, free cash flow was modest at $0.16 million for the quarter, while cash provided by operating activities was $2.56 million, supporting capex and debt service needs in the near term.
From a balance sheet perspective, FlyE carries a sizable debt load: total debt stood at $18.47 million with a debt-to-capitalization ratio of approximately 0.73 and a long-term debt balance of $14.40 million. Cash and cash equivalents totaled $1.40 million, yielding a current ratio of 1.04 and a quick ratio of 0.34, signaling limited near-term liquidity headroom despite positive operating cash flow. The company’s asset base is anchored by $19.48 million in property, plant and equipment, and a total asset base of about $35.2 million. The earnings performance, while positive, remains highly dependent on ongoing scale-up of product volumes and favorable cost control as the company navigates capital intensity in a rapidly evolving electric mobility market.
Overall, the QQ4 2024 results reflect a meaningful step forward in revenue and profitability for FlyE, but the elevated debt burden and tighter liquidity metrics imply that execution on working capital optimization and margin preservation will be critical to sustaining growth. Investors should monitor the trajectory of operating cash flow, capital expenditure efficiency, and any steps management takes to de-leverage or manage working capital in the coming quarters.
Key Performance Indicators
QoQ: 22.74% | YoY:162.70%
QoQ: 526.01% | YoY:362.28%
QoQ: 3 190.41% | YoY:1 862.41%
QoQ: 3 011.11% | YoY:1 900.00%
Key Insights
Revenue: $8,171,269, YoY +53.68%, QoQ +10.00% | Gross Profit: $3,648,853, Gross Margin: 44.65% (0.4465) | EBITDA: $1,757,033; EBITDA Margin: 21.50%
Operating Income: $1,214,400; Operating Margin: 14.86%
Net Income: $687,334; Net Margin: 8.41%
EPS: $0.028; Diluted EPS: $0.028; Weighted Avg Shares: 24.5875 million
Cash Flow: Operating Cash Flow $2,564,933; Free Cash Flow $157,650; Net Change in Cash $230,286; Cash at End of Period $1,403,514
Balance Sheet: Total Assets $35,197,465; Total Liabiliti...
Financial Highlights
Revenue: $8,171,269, YoY +53.68%, QoQ +10.00% | Gross Profit: $3,648,853, Gross Margin: 44.65% (0.4465) | EBITDA: $1,757,033; EBITDA Margin: 21.50%
Operating Income: $1,214,400; Operating Margin: 14.86%
Net Income: $687,334; Net Margin: 8.41%
EPS: $0.028; Diluted EPS: $0.028; Weighted Avg Shares: 24.5875 million
Cash Flow: Operating Cash Flow $2,564,933; Free Cash Flow $157,650; Net Change in Cash $230,286; Cash at End of Period $1,403,514
Balance Sheet: Total Assets $35,197,465; Total Liabilities $28,195,645; Total Equity $7,001,820; Cash & Equivalents $1,403,514; Debt (Total) $18,465,682; Net Debt $17,062,168; Current Ratio 1.04; Quick Ratio 0.34; Debt/Equity 2.64; Debt/Capitalization 0.73; Interest Coverage 17.37
Key Growth/Profitability Signals: Gross margin sustained near mid-40s; positive operating leverage visible in QoQ improvement; FCF remains limited but positive; ROE ~9.82%, ROA ~1.95%.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
8.17M |
53.68% |
10.00% |
| Gross Profit |
3.65M |
162.70% |
22.74% |
| Operating Income |
1.21M |
362.28% |
526.01% |
| Net Income |
687.33K |
1 862.41% |
3 190.41% |
| EPS |
0.03 |
1 900.00% |
3 011.11% |
Key Financial Ratios
operatingProfitMargin
14.9%
operatingCashFlowPerShare
$0.1
freeCashFlowPerShare
$0.01
Management Commentary
Transcript not available for QQ4 2024 results. No earnings call highlights could be extracted from the provided data set. Investors should rely on the reported metrics and any management commentary in the press release for guidance on strategic priorities and outlook.
Transcript not available for QQ4 2024 call.
— Management
Transcript not available for QQ4 2024 call.
— Management
Forward Guidance
No explicit forward guidance was provided in the QQ4 2024 release. Based on the quarter’s performance, the company’s trajectory suggests potential near-term upside from continued demand for Fly EBike and related accessories, plus potential gross margin stabilization as the product mix matures. Key factors to monitor include: (1) cadence of new product introductions and unit volumes, (2) cost-saving initiatives that could improve gross and operating margins, (3) working capital management and inventory turns given the high inventory level, (4) leverage and refinancing opportunities to reduce debt burden, and (5) capital allocation decisions between capex for manufacturing expansion versus expansion into new channels. If management signals a path to de-leveraging or improved cash conversion, the stock could benefit from multiple re-rating given the improving profitability metrics.