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Benzinga
  • 2 years ago
Fly-E Group, Inc., the maker of electric bikes, scooters, motorcycles and accessories, joined that elite club, with chairperson and CEO Andy Ou ringing the closing bell Wednesday. The gesture celebrated a successful startup that completed its initial public offering last week.

It also comes at a time when the electric bike, scooter and motorcycle market is taking off. The global electric scooter market had a value of $24.67 billion last year and is predicted to reach $50.78 billion by 2032. Driving adoption is a push by governments around the world to curb emissions. With cities getting more crowded, hopping on an e-scooter or bike is not only greener, but a quick and easy way to get around.
Transcript
00:00Ringing the Nasdaq closing bell, FlyE Group Inc., Nasdaq, F-L-Y-E, celebrated its successful
00:08IPO amid a booming electric bike and scooter market driven by global efforts to reduce
00:13emissions and urban congestion. Founded in 2018 and based in New York City, FlyE specializes
00:20in designing, installing, and selling smart electric motorcycles, bikes, scooters, and
00:26accessories under the FlyE bike brand, with a product line of 76 models sold online and
00:32in 39 U.S. retail stores, and expanding into South America and Europe. In FlyE's IPO,
00:38the 2.25 million share offering was priced at $4 per share. The company, which raised
00:44$9 million in its IPO, granted underwriters a 30-day over-allotment option to purchase
00:49an additional 337,500 shares at the IPO price, less underwriting discounts and commissions.
00:56While FlyE is a high-flying growth IPO, its financials are much more stable than the run-of-the-mill
01:01startups that find profitability elusive as they chase growth. FlyE reported $1.2 million
01:07in net income for the first nine months of 2023. Revenue grew 46% in the same timeframe,
01:14gross margins are 39%, and the company is EBITDA-A and net profit-positive. FlyE attributes
01:20its margin strength to its growing maintenance, service business, and accessory sales. That
01:25should increase further, along with an uptick of in-use bike counts, the company reports.
01:31All of this should be welcome news to investors, since cash-burning IPOs are losing their luster.
01:36FlyE demonstrates a company can be an early-stage growth stock and still show financial discipline.
01:44For more information visit www.FlyE.com
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