Flux Power Reports Fiscal Year 2025 First and Second Quarter Financial Results
Revenue and Gross Margin Growth Driven by Continued Demand Across Innovative Product Portfolio
Key Financial and Operational Highlights and Business Updates
($ millions) |
Q1 Comparison |
|
Q2 Comparison |
||||||
|
Q1 2025 |
Q1 2024 (Restated) |
$ Change YoY |
% Change YoY |
|
Q2 2025 |
Q2 2024 (Restated) |
$ Change QoQ |
% Change QoQ |
Revenue |
|
|
|
|
|
|
|
( |
( |
Gross Profit |
|
|
|
|
|
|
|
|
|
Gross Margin |
|
|
$ - |
370BPS |
|
|
|
$ - |
290BPS |
Adjusted EBITDA |
( |
( |
|
|
|
( |
|
( |
( |
CEO Commentary
“The first half of FY 2025 was highlighted by sequential revenue and gross margin growth, driven by enhanced sales strategies, better market conditions and growing demand for our innovative suite of products,” said Krishna Vanka, Flux Power’s CEO. “Although we have experienced some recent lumpiness in orders, we expect our momentum to continue as indications reflect potential increasing order flow for the coming quarters. Even more, we maintain a positive long-term outlook, supported by an open order backlog of
“Gross margins have steadily improved over the last several quarters, increasing from
Key 1H 2025 Takeaways:
-
Certain delays of customer orders stretched beyond the second quarter ending December 31, 2024
- Delays linked to forklift deferrals as a result of higher interest rates
- No known lost customers nor lost orders to competition
- Underlying demand remains strong due to continued Lithium adoption by customers
-
Actions supporting targeted sales trajectory
- Launched new Private Label program for a second top 10 Forklift original equipment manufacturer (OEM), as highlighted below
- New product launches of heavy-duty models addressing customer demand
- Adding salespeople to support customer demand and expanded coverage
- Increasing marketing resources and initiatives
-
Actions supporting increased gross margins
- Focus on supply chain management and reduced component costs through increased supplier competition
- Select pricing increases reflecting our “total value add” to products/customers
-
Continued progress to expand technology, innovation, and partnerships
- Telemetry features offered for customer asset management, including recurring revenue
-
New partnership aimed at enhancing the recycling process for end-of-life lithium-ion batteries with the largest critical battery components recycling company in the
U.S. - Development of machine learning and AI features for product support of large fleets
- Automation of modularizing battery cells to launch this summer
-
Key management changes:
- As part of our long-term succession plan, Krishna Vanka replaced Ron Dutt, whose retirement was previously announced, as CEO. Mr. Vanka most recently held the position as CEO of Fluence Digital, a part of Fluence Energy, a global market leader in energy storage. At Fluence Digital, he was responsible for scalable growth, full P&L, general management, strategic leadership and operational excellence of the company’s recurring revenue businesses, including all of its BESS (battery energy storage solutions) and professional services.
- Kelly Frey appointed Chief Revenue Officer, bringing over 20 years of notable experience as a sales and marketing leader, including strategic roles at organizations ranging from startups to Fortune 100 companies.
-
Other developments:
- Announced a strategic partnership with one of the top forklift OEMs to launch a new private label battery program. This collaboration marks a significant milestone for Flux Power’s S-Series line, which now includes products with the coveted UL Type EE certification, which provides added safety and durability capability.
CEO Commentary Continued:
“We have built a strong foundation, and have the strategy in place, to support revenue growth to fuel our path to profitability. Fortune 500 companies and other large fleets are increasingly looking to electrify with lower cost and higher performance lithium-ion battery packs that also support sustainability – and Flux is ideally positioned to meet their needs. With these market drivers, combined with stabilizing interest rates and the end of election uncertainty, we anticipate year-over-year revenue growth in fiscal year 2025.
“Additional initiatives to support growth include expanding our product lines for multiple customer segments, adjacent markets and filling gaps in energy storage offerings. In the coming months we also plan additional heavy duty models to fill a product line gap. We remain excited about our telemetry product, which includes asset management features that offer true value creation to our fleet customers. We continue to focus on meeting the evolving demands of our customers with new and innovative solutions as well as by enhancing our current products and capabilities, with nearly
“To further emphasize our commitment to innovation and excellence in the material handling industry, we recently partnered with one of the top forklift OEMs to launch a new private label battery program. We also partnered with the largest critical battery components recycling company in the
“We also made two important additions to our team with the appointment of Kelly Frey as Chief Revenue Officer and Mark Barmettler as our new Senior Head of Engineering. Kelly brings over 20 years of experience as a sales and marketing leader, including roles ranging from startups to Fortune 100 companies. Kelly is focused on elevating our revenue generation, expanding relationship sales, expanding our market reach, and improving customer retention, playing a key leadership role in maximizing revenue potential and sustaining long-term growth. Mark brings over 10 years in engineering leadership roles covering telecommunications and test equipment incorporating firmware, software, and cloud solutions. Mark will be addressing new product innovation, cost reductions, and telemetry.
“Taken together, we believe we are well positioned to achieve sustainable positive cash flow this calendar year with a focused strategy and innovative product set. We look forward to providing further updates in the months to come as we return to a regular cadence of financial and operational reporting for our shareholders,” Vanka concluded.
Quarterly Orders and Shipments:
The backlog status is a point in time measure but in total reflects the underlying pacing of orders:
Fiscal Quarter Ended |
|
Beginning Backlog |
|
New Orders |
|
Shipments |
|
Ending Backlog |
||||
September 30, 2023 |
|
$ |
28,393,000 |
|
$ |
8,102,000 |
|
$ |
14,787,000 |
|
$ |
21,708,000 |
December 31, 2023 |
|
$ |
21,708,000 |
|
$ |
26,552,000 |
|
$ |
18,203,000 |
|
$ |
30,057,000 |
March 31, 2024 |
|
$ |
30,057,000 |
|
$ |
4,030,000 |
|
$ |
14,457,000 |
|
$ |
19,630,000 |
June 30, 2024 |
|
$ |
19,630,000 |
|
$ |
11,614,000 |
|
$ |
13,377,000 |
|
$ |
17,867,000 |
September 30, 2024 |
|
$ |
17,867,000 |
|
$ |
19,451,000 |
|
$ |
16,125,000 |
|
$ |
21,193,000 |
December 31, 2024 |
|
$ |
21,193,000 |
|
$ |
13,116,000 |
|
$ |
16,830,000 |
|
$ |
17,479,000 |
As of February 28, 2025, order backlog was approximately
Q1’25 Financial Results
Revenue for the fiscal first quarter of 2025 was
Gross Profit for the first fiscal quarter of 2025 increased
Adjusted EBITDA was a loss of
Selling & Administrative expenses increased to
Research & Development expenses were flat at
Net Loss for the first fiscal quarter of 2025 was
Q2’25 Financial Results
Revenue for the second fiscal quarter of 2025 decreased
Gross Profit for the second fiscal quarter of 2025 increased
Adjusted EBITDA was a loss of
Selling & Administrative expenses increased to
Research & Development expenses decreased to
Net Loss for the second fiscal quarter of 2025 was
Cash was
First & Second Quarter Fiscal Year 2025 Results Conference Call
Flux Power CEO Krishna Vanka, Senior Advisor and former CEO Ron Dutt, and CFO Kevin Royal will host a conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.
To access the call, please use the following information:
Date: |
March 20, 2025 |
|
Time: |
4:30 p.m. Eastern Time, 1:30 p.m. Pacific Time |
|
Toll-free dial-in number: |
1-877-407-4018 |
|
International dial-in number: |
1-201-689-8471 |
|
Conference ID: |
13751845 |
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1708568&tp_key=02a5eca95e and via the investor relations section of the Company's website here.
A replay of the webcast will be available after 7:30 p.m. Eastern Time through June 20, 2025.
Toll-free replay number: |
1-844-512-2921 |
|
International replay number: |
1-412-317-6671 |
|
Replay ID: |
13751845 |
Note about Non-GAAP Financial Measures
A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in
In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization, and stock-based compensation expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides additional information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company’s internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.
US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION (Unaudited) |
|||||
|
Three months ended September 30, |
||||
|
2024 |
|
2023 |
||
Net loss |
$ |
(1,669,000) |
|
$ |
(2,188,000) |
Add/Subtract: |
|
|
|
|
|
Interest, net |
|
457,000 |
|
|
403,000 |
Income tax provision |
|
- |
|
|
- |
Depreciation and amortization |
|
252,000 |
|
|
261,000 |
EBITDA |
|
(960,000) |
|
|
(1,524,000) |
Add/Subtract: |
|
|
|
|
|
Stock-based compensation |
|
347,000 |
|
|
276,000 |
Adjusted EBITDA |
$ |
(613,000) |
|
$ |
(1,248,000) |
US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION (Unaudited) |
|||||||||||
|
Three months ended December 31, |
|
Six months ended December 31, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net loss |
$ |
(1,887,000) |
|
$ |
(896,000) |
|
$ |
(3,556,000) |
|
$ |
(3,084,000) |
Add/Subtract: |
|
|
|
|
|
|
|
|
|
|
|
Interest, net |
|
408,000 |
|
|
449,000 |
|
|
865,000 |
|
|
852,000 |
Income tax provision |
|
- |
|
|
- |
|
|
- |
|
|
- |
Depreciation and amortization |
|
250,000 |
|
|
262,000 |
|
|
502,000 |
|
|
523,000 |
EBITDA |
|
(1,229,000) |
|
|
(185,000) |
|
|
(2,189,000) |
|
|
(1,709,000) |
Add/Subtract: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
278,000 |
|
|
394,000 |
|
|
625,000 |
|
|
670,000 |
Adjusted EBITDA |
$ |
(951,000) |
|
$ |
209,000 |
|
$ |
(1,564,000) |
|
$ |
(1,039,000) |
About Flux Power Holdings, Inc.
Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.
Forward-Looking Statements
This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Accordingly, statements are not guarantees of future results. Some of the important factors that could cause Flux Power’s actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: risks and uncertainties, related to Flux Power’s business, results and financial condition; plans and expectations with respect to access to capital and outstanding indebtedness; Flux Power’s ability to comply with the terms of the existing credit facilities to obtain the necessary capital from such credit facilities; Flux Power’s ability to raise capital; Flux Power’s ability to continue as a going concern. Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis the development and success of new products, projected sales, cancellation of purchase orders, deferral of shipments, Flux Power’s ability to improve its gross margins, or achieve breakeven cash flow or profitability, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to obtain the necessary funds under the credit facilities, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products, and changes in pricing. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of operations, financial condition and performance will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.
Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
Follow us at:
Blog: Flux Power Blog
News: Flux Power News
Twitter: @FLUX__Power
LinkedIn: Flux Power
FLUX POWER HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||
|
September 30, |
|
June 30, |
||
|
2024 |
|
2024 |
||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash |
$ |
559,000 |
|
$ |
643,000 |
Accounts receivable, net of allowance for credit losses |
|
9,948,000 |
|
|
9,773,000 |
Inventories, net |
|
15,342,000 |
|
|
16,977,000 |
Other current assets |
|
1,001,000 |
|
|
945,000 |
Total current assets |
|
26,850,000 |
|
|
28,338,000 |
|
|
|
|
|
|
Right of use assets |
|
1,897,000 |
|
|
2,096,000 |
Property, plant and equipment, net |
|
1,734,000 |
|
|
1,749,000 |
Other assets |
|
118,000 |
|
|
118,000 |
|
|
|
|
|
|
Total assets |
$ |
30,599,000 |
|
$ |
32,301,000 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
||
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
11,215,000 |
|
$ |
11,395,000 |
Accrued expenses |
|
4,848,000 |
|
|
3,926,000 |
Line of credit |
|
12,041,000 |
|
|
13,834,000 |
Subordinated debt |
|
1,000,000 |
|
|
– |
Deferred revenue |
|
333,000 |
|
|
485,000 |
Customer deposits |
|
34,000 |
|
|
18,000 |
Finance leases payable, current portion |
|
160,000 |
|
|
156,000 |
Office leases payable, current portion |
|
758,000 |
|
|
734,000 |
Accrued interest |
|
145,000 |
|
|
126,000 |
Total current liabilities |
|
30,534,000 |
|
|
30,674,000 |
|
|
|
|
|
|
Long term liabilities: |
|
|
|
|
|
Finance leases payable, less current portion |
|
71,000 |
|
|
112,000 |
Office leases payable, less current portion |
|
1,122,000 |
|
|
1,321,000 |
|
|
|
|
|
|
Total liabilities |
|
31,727,000 |
|
|
32,107,000 |
|
|
|
|
|
|
Stockholders’ equity (deficit): |
|
|
|
|
|
Preferred stock, |
|
– |
|
|
– |
Common stock, |
|
17,000 |
|
|
17,000 |
Additional paid-in capital |
|
100,236,000 |
|
|
99,889,000 |
Accumulated deficit |
|
(101,381,000) |
|
|
(99,712,000) |
Total stockholders’ equity (deficit) |
|
(1,128,000) |
|
|
194,000 |
Total liabilities and stockholders’ equity (deficit) |
$ |
30,599,000 |
|
$ |
32,301,000 |
FLUX POWER HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||
|
Three months ended September 30, |
||||
|
2024 |
|
2023 |
||
Revenues |
$ |
16,125,000 |
|
$ |
14,787,000 |
Cost of sales |
|
10,907,000 |
|
|
10,552,000 |
|
|
|
|
|
|
Gross profit |
|
5,218,000 |
|
|
4,235,000 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Selling and administrative |
|
5,115,000 |
|
|
4,725,000 |
Research and development |
|
1,315,000 |
|
|
1,295,000 |
Total operating expenses |
|
6,430,000 |
|
|
6,020,000 |
|
|
|
|
|
|
Operating loss |
|
(1,212,000) |
|
|
(1,785,000) |
|
|
|
|
|
|
Interest income (expense), net |
|
(457,000) |
|
|
(403,000) |
|
|
|
|
|
|
Net loss |
$ |
(1,669,000) |
|
$ |
(2,188,000) |
|
|
|
|
|
|
Net loss per share - basic and diluted |
$ |
(0.10) |
|
$ |
(0.13) |
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic and diluted |
|
16,682,465 |
|
|
16,474,754 |
FLUX POWER HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||
|
Three months ended September 30, |
||||
|
2024 |
|
2023 |
||
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
$ |
(1,669,000) |
|
$ |
(2,188,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
Depreciation |
|
252,000 |
|
|
261,000 |
Stock-based compensation |
|
347,000 |
|
|
276,000 |
Amortization of debt issuance costs |
|
41,000 |
|
|
81,000 |
Non-cash lease expense |
|
160,000 |
|
|
146,000 |
Inventory write downs |
|
134,000 |
|
|
113,000 |
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(297,000) |
|
|
(2,040,000) |
Inventories |
|
1,501,000 |
|
|
(546,000) |
Other assets |
|
(97,000) |
|
|
(215,000) |
Accounts payable |
|
(58,000) |
|
|
330,000 |
Accrued expenses |
|
922,000 |
|
|
601,000 |
Accrued interest |
|
19,000 |
|
|
100,000 |
Office leases payable |
|
(175,000) |
|
|
(152,000) |
Deferred revenue |
|
(152,000) |
|
|
205,000 |
Customer deposits |
|
16,000 |
|
|
(65,000) |
Net cash provided by (used in) operating activities |
|
944,000 |
|
|
(3,093,000) |
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Purchases of equipment |
|
(198,000) |
|
|
(181,000) |
Net cash used in investing activities |
|
(198,000) |
|
|
(181,000) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from subordinated debt borrowing |
|
1,000,000 |
|
|
– |
Proceeds from revolving line of credit |
|
13,755,000 |
|
|
18,055,000 |
Payment of revolving line of credit |
|
(15,548,000) |
|
|
(15,981,000) |
Payment of finance leases |
|
(37,000) |
|
|
(40,000) |
Net cash provided by (used in) financing activities |
|
(830,000) |
|
|
2,034,000 |
|
|
|
|
|
|
Net change in cash |
|
(84,000) |
|
|
(1,240,000) |
Cash, beginning of period |
|
643,000 |
|
|
2,379,000 |
|
|
|
|
|
|
Cash, end of period |
$ |
559,000 |
|
$ |
1,139,000 |
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
Interest paid |
$ |
368,000 |
|
$ |
223,000 |
FLUX POWER HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||
|
December 31, |
|
June 30, |
||
|
2024 |
|
2024 |
||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash |
$ |
883,000 |
|
$ |
643,000 |
Accounts receivable, net of allowance for credit losses |
|
8,462,000 |
|
|
9,773,000 |
Inventories, net |
|
15,323,000 |
|
|
16,977,000 |
Other current assets |
|
838,000 |
|
|
945,000 |
Total current assets |
|
25,506,000 |
|
|
28,338,000 |
|
|
|
|
|
|
Right of use assets |
|
1,694,000 |
|
|
2,096,000 |
Property, plant and equipment, net |
|
1,641,000 |
|
|
1,749,000 |
Other assets |
|
118,000 |
|
|
118,000 |
|
|
|
|
|
|
Total assets |
$ |
28,959,000 |
|
$ |
32,301,000 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
13,034,000 |
|
$ |
11,395,000 |
Accrued expenses |
|
5,086,000 |
|
|
3,926,000 |
Line of credit |
|
9,693,000 |
|
|
13,834,000 |
Subordinated debt |
|
1,000,000 |
|
|
– |
Deferred revenue |
|
653,000 |
|
|
485,000 |
Customer deposits |
|
170,000 |
|
|
18,000 |
Finance leases payable, current portion |
|
146,000 |
|
|
156,000 |
Office leases payable, current portion |
|
783,000 |
|
|
734,000 |
Accrued interest |
|
170,000 |
|
|
126,000 |
Total current liabilities |
|
30,735,000 |
|
|
30,674,000 |
|
|
|
|
|
|
Long term liabilities: |
|
|
|
|
|
Finance leases payable, less current portion |
|
46,000 |
|
|
112,000 |
Office leases payable, less current portion |
|
915,000 |
|
|
1,321,000 |
|
|
|
|
|
|
Total liabilities |
|
31,696,000 |
|
|
32,107,000 |
|
|
|
|
|
|
Stockholders’ equity (deficit): |
|
|
|
|
|
Preferred stock, |
|
– |
|
|
– |
Common stock, |
|
17,000 |
|
|
17,000 |
Additional paid-in capital |
|
100,514,000 |
|
|
99,889,000 |
Accumulated deficit |
|
(103,268,000) |
|
|
(99,712,000) |
Total stockholders’ equity (deficit) |
|
(2,737,000) |
|
|
194,000 |
Total liabilities and stockholders’ equity (deficit) |
$ |
28,959,000 |
|
$ |
32,301,000 |
FLUX POWER HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||||||
|
Three months ended December 31, |
|
Six months ended December 31, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Revenues |
$ |
16,830,000 |
|
$ |
18,203,000 |
|
$ |
32,955,000 |
|
$ |
32,990,000 |
Cost of sales |
|
11,367,000 |
|
|
12,822,000 |
|
|
22,274,000 |
|
|
23,374,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
5,463,000 |
|
|
5,381,000 |
|
|
10,681,000 |
|
|
9,616,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative |
|
5,985,000 |
|
|
4,593,000 |
|
|
11,100,000 |
|
|
9,318,000 |
Research and development |
|
957,000 |
|
|
1,235,000 |
|
|
2,272,000 |
|
|
2,530,000 |
Total operating expenses |
|
6,942,000 |
|
|
5,828,000 |
|
|
13,372,000 |
|
|
11,848,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(1,479,000) |
|
|
(447,000) |
|
|
(2,691,000) |
|
|
(2,232,000) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
(408,000) |
|
|
(449,000) |
|
|
(865,000) |
|
|
(852,000) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(1,887,000) |
|
$ |
(896,000) |
|
$ |
(3,556,000) |
|
$ |
(3,084,000) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
$ |
(0.11) |
|
$ |
(0.06) |
|
$ |
(0.21) |
|
$ |
(0.19) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic and diluted |
|
16,682,465 |
|
|
16,516,700 |
|
|
16,682,465 |
|
|
16,495,727 |
FLUX POWER HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||
|
Six months ended December 31, |
||||
|
2024 |
|
2023 |
||
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
$ |
(3,556,000) |
|
$ |
(3,084,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
Depreciation |
|
502,000 |
|
|
523,000 |
Stock-based compensation |
|
625,000 |
|
|
670,000 |
Amortization of debt issuance costs |
|
83,000 |
|
|
134,000 |
Non-cash lease expense |
|
325,000 |
|
|
296,000 |
Inventory write downs |
|
406,000 |
|
|
233,000 |
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
1,189,000 |
|
|
(3,926,000) |
Inventories |
|
1,248,000 |
|
|
371,000 |
Other assets |
|
24,000 |
|
|
(65,000) |
Accounts payable |
|
1,761,000 |
|
|
489,000 |
Accrued expenses |
|
1,160,000 |
|
|
169,000 |
Accrued interest |
|
44,000 |
|
|
128,000 |
Office leases payable |
|
(357,000) |
|
|
(312,000) |
Deferred revenue |
|
168,000 |
|
|
179,000 |
Customer deposits |
|
152,000 |
|
|
150,000 |
Net cash provided by (used in) operating activities |
|
3,774,000 |
|
|
(4,045,000) |
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Purchases of equipment |
|
(317,000) |
|
|
(338,000) |
Net cash used in investing activities |
|
(317,000) |
|
|
(338,000) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from subordinated debt borrowing |
|
1,000,000 |
|
|
– |
Proceeds from revolving line of credit |
|
30,051,000 |
|
|
35,868,000 |
Payment of revolving line of credit |
|
(34,192,000) |
|
|
(32,205,000) |
Payment of finance leases |
|
(76,000) |
|
|
(75,000) |
Net cash provided by (used in) financing activities |
|
(3,217,000) |
|
|
3,588,000 |
|
|
|
|
|
|
Net change in cash |
|
240,000 |
|
|
(795,000) |
Cash, beginning of period |
|
643,000 |
|
|
2,379,000 |
|
|
|
|
|
|
Cash, end of period |
$ |
883,000 |
|
$ |
1,584,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures of Non-Cash Investing and Financing Activities: |
|
|
|
|
|
Warrants issued in connection with borrowing agreement, recorded as debt issuance cost |
$ |
- |
|
$ |
92,000 |
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
Interest paid |
$ |
684,000 |
|
$ |
605,000 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250320041526/en/
Media & Investor Relations:
media@fluxpower.com
info@fluxpower.com
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
FLUX@mzgroup.us
www.mzgroup.us
Source: Flux Power Holdings, Inc.