Fly-E Group reported fiscal 2027 first-quarter net revenue of $2.7 million, down 48.4% from $5.3 million a year earlier, as its direct retail footprint contracted to four stores from 20. Retail sales declined 84.3% to $0.6 million, while wholesale revenue rose 46.9% to $2.1 million. Gross margin narrowed to 10.9% from 42.4%, and net loss widened to $3.9 million from $2.0 million. Shares closed 60.58% higher at $2.20 on unusually heavy volume before the results were released, then edged up 1.33% to $2.33 after hours. The company said it was shifting toward a leaner, asset-light model, using promotional pricing to clear inventory and continuing technology investments.