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Fly-E Group, Inc. (Nasdaq: FLYE) filed its FY 2025 Form 10-K covering the 12 months ended 31 March 2025. The New-York-based electric-mobility company designs, assembles and sells smart e-motorcycles, e-bikes and e-scooters under the Fly E-Bike brand through 20 company-operated stores, 85 U.S. distributors and an online channel. FY 2025 net revenue fell 21% to $25.4 million (FY 2024: $32.2 million), driven by lower retail and wholesale volumes. The company swung to a net loss of $5.3 million versus $1.9 million profit a year earlier, citing softer demand, higher operating costs and litigation expense. Cash at year-end was $0.8 million with working capital of $1.3 million; management disclosed 鈥渟ubstantial doubt鈥� about going-concern status.

Capital & Liquidity. During the year Fly-E completed several capital actions: (1) June 2024 IPO of 517,500 shares raised net proceeds of ~$9.2 million; (2) August 2024 secured a $5 million one-year revolving credit facility at SOFR + 3.5% (floor 5.5%); (3) June 2025 registered direct offering of 5.7 million shares and 11.4 million warrants raised net ~$6.24 million. The authorised share count was raised to 300 million, followed by a 1-for-5 reverse split effective 3 July 2025.

Operations. FY 2025 production totaled 12,126 units (FY 2024: 19,199). The company launched a UL-certified rental programme in NY, Toronto and LA, and its Fly-11 Pro model was selected for NYC DOT鈥檚 $2 million e-bike trade-in scheme. A diversified catalog now spans 27 e-motorcycles, 36 e-bikes and 38 e-scooters. Two principal vendors supplied ~74% of 2025 components, underscoring supplier concentration risk.

Legal. A March 2025 trademark-counterfeiting lawsuit by UL LLC was settled in May 2025 for $1 million; $350k had been paid by 15 July 2025. The consent judgment bars Fly-E from using UL marks on non-certified products.

Risk Profile. Management lists 30+ risk factors, including supply-chain dependence on China, evolving micromobility regulation (e.g., NYC UL certification mandate), potential Nasdaq non-compliance, and material weaknesses in internal controls. Rising tariffs (April 2025 10% blanket U.S. duty) and geopolitical tensions pose cost headwinds.

Outlook. Strategy focuses on (1) expanding U.S. flagship stores and international entry (South America, Europe), (2) launching a Fly E-Bike mobile app and 鈥淔ly E-Bike Care鈥� extended-warranty product, (3) leveraging stores as logistics hubs. Success hinges on restoring revenue growth, improving margins, securing additional capital and maintaining Nasdaq listing.

Schedule 13D/A Amendment No. 1 Overview 鈥� CDP Investissements Inc. (CDPI) and its parent, Caisse de d茅p么t et placement du Qu茅bec (CDPQ), filed an amended Schedule 13D covering their investment in Zevia PBC (ticker: ZVIA). The amendment, dated 30 June 2025 and signed 2 July 2025, updates the ownership levels originally reported in August 2021.

Current Ownership 鈥� CDPI is the direct beneficial owner of 20,022,092 Class A common shares, equal to 30.3 % of Zevia鈥檚 66,064,650 outstanding shares (per the issuer鈥檚 S-3 filed 28 May 2025). CDPI and CDPQ share both voting and dispositive power over these shares; neither entity holds sole voting or dispositive authority. CDPI鈥檚 source of funds is listed as working capital ("WC"); CDPQ鈥檚 is classified as "OO" (other).

Reporting Structure 鈥� Two reporting persons appear:

• CDP Investissements Inc., a Qu茅bec corporation (Type: CO).
• Caisse de d茅p么t et placement du Qu茅bec, a Qu茅bec governmental institutional investor (Type: OO).

Key Amendments

• Item 2(f): Updated citizenship details for officers/directors (referenced in Annex A).
• Item 5(a)鈥�(c): Restates the precise share count, percentage ownership, and clarifies that CDPQ鈥檚 ownership is indirect through CDPI. Annex B (not provided) lists any share transactions within the last 60 days; the filing states no other transactions were made during that period.

Implications for Investors 鈥� With a >30 % stake, CDPI/CDPQ remain Zevia鈥檚 dominant outside shareholder. While the filing does not outline new strategic intentions, Schedule 13D (rather than 13G) signals that the investors reserve the right to influence corporate matters. No change in control, material financing, or board action is disclosed in this amendment.