Monster Finance has learned that Flewber Global Inc, an air taxi operating company headquartered in New York, USA, has recently submitted a prospectus to the US Securities and Exchange Commission (SEC), applying for IPO listing on Nasdaq, with the stock code (FLYF), Flewber Global It plans to raise funds of US$8.05 million through the Nasdaq IPO listing.
Company business
Flewber Global Inc., headquartered in New York, USA, is a company that provides users with air taxi operating services in New York, New Jersey and Connecticut through mobile applications.
The company's name, "Flewber," rhymes with "Uber," hinting at the company's desire to provide convenient regional air transportation via a mobile app.
Flewber Global's management is led by Chairman and CEO Marc Sellouk, who has been with the company since its inception and prior to that he was founder and CEO of Transbeam.
As of March 31, 2023, Flewber Global has received $4.7 million in funding from investors, including I Financial Ventures Group and others.
Industry Overview
According to a 2023 market research report from the Georgia Institute of Technology, the regional air traffic market in the United States is severely underserved.
According to the report, "Of the 5,000 public airports with runways greater than 3,000 feet, only 500 or only one-tenth are used by commercial airlines..."
The Georgia Institute of Technology study, funded by NASA Conclusions: "A new regional air mobility market may open up more travel options for U.S. travelers thanks to advances in aviation electric propulsion."
While the market opportunity for regional air transportation services to the United States is significant, Flewber Global also faces competition from a variety of direct and indirect competitors as consumers use other forms of transportation in their area, including cars, vans, Buses and trains.
Financial situation
According to the IPO prospectus, Boldbeast Finance organizes the financial performance of Flewber Global as follows:
(1) Total income: The total income of Flewber Global in 2021, 2022 and as of March 31, 2023 is respectively: US$1,798,943 and US$4,269,100 , $498,422.
(2) Gross profit (loss): Flewber Global's gross profit in 2021, 2022, and as of March 31, 2023 are: US$409,201, US$828,499, and US$87,449, respectively.
(3) Gross profit margin: Flewber Global's gross profit margins in 2021, 2022 and as of March 31, 2023 are: 22.75%, 19.41%, and 17.55%, respectively.
(4) Operating profit (loss): Flewber Global's operating profit in 2021, 2022 and as of March 31, 2023 are: US$2,031,247, US$2,621,705, and US$499,895, respectively.
(5) Net income (loss): Flewber Global's net income in 2021, 2022 and as of March 31, 2023 are: US$2,011,887, US$2,425,769, and US$484,662, respectively.
(6) Operating cash flow: Flewber Global's operating cash flow in 2021, 2022, and as of March 31, 2023 are: US$967,537, US$1,523,338, and US$255,035, respectively.
As of March 31, 2023, Flewber Global had $168,854 in cash and $2.2 million in total liabilities.
Flewber Global's free cash flow was negative ($1.6 million) for the 12 months ended March 31, 2023.
IPO Details
According to the IPO prospectus, Boldbeast Finance sorts out Flewber Global’s IPO situation as follows:
Flewber Global plans to raise US$8.05 million through this Nasdaq IPO listing, but the final amount may vary.
No existing shareholders have expressed interest in purchasing Flewber Global shares at the IPO price.
Flewber Global does not currently plan to pay a dividend and retains future earnings to reinvest back into the business to meet its growth and working capital needs.
The intermediary agency
Mengbeast Finance learned from Flewber Global's IPO prospectus that Maxim Group is the lead underwriter for Flewber Global's Nasdaq IPO listing. The average of the six IPOs led by the company in the past 12 months Returns were negative (21.1%). That was the lowest performance of any major underwriter for the period.