Flux Power Holdings, Inc. - FLUX STOCK NEWS

Flux Power Holdings, Inc. (NASDAQ: FLUX) has expanded its in-house testing capabilities for lithium-ion batteries, now equipped for UL 2580 and UN/DOT 38.3 compliance testing. This includes the addition of a vibration table to simulate operational stresses, which aims to enhance safety and expedite certification processes.

The CEO, Ron Dutt, emphasized that this upgrade allows Flux to conduct all testing internally, improving efficiency in qualifying their energy storage systems. The company is committed to providing advanced, environmentally friendly solutions in the electrification of industrial equipment.

Flux Power Holdings, Inc. (NASDAQ: FLUX) has expanded its credit facility with Silicon Valley Bank from $8 million to $14 million. This amendment aims to meet increased working capital needs driven by customer demand. Key changes include the removal of the liquidity ratio covenant and specific liquidity terms. Chief Executive Officer Ron Dutt highlighted that this funding will support inventory and receivables necessary for fiscal 2023 growth objectives, following 17 consecutive quarters of revenue growth. The credit enhancement is designed to bolster Flux Power's operational capabilities for upcoming business opportunities.

Flux Power Holdings (NASDAQ: FLUX) shared a positive letter to shareholders, celebrating significant progress in 2022. The company achieved 17 consecutive quarters of year-over-year revenue growth, ending the year with a $26.9 million backlog and over 15,000 battery packs deployed. Key initiatives included new product designs, improved supply chain reliability, and cost-effective sourcing strategies. With a growing clientele of Fortune 100 and 500 companies, Flux Power is well-positioned for continued growth in 2023, focusing on profitability, customer relationships, and technology advancement.

Flux Power Holdings, Inc. (NASDAQ: FLUX) has expanded the role of Jeff Mason, previously Vice President of Operations, to encompass additional authority and responsibilities. This change aims to enhance the efficiency of operations, logistics, and manufacturing processes, addressing growing purchase orders and improving margins through better supply chain management. Mason's experience includes previous roles at NEO Tech and Sumitomo Electric Interconnect Products. Flux Power focuses on advanced lithium-ion energy storage solutions, promoting environmental sustainability and lowering ownership costs.

Flux Power Holdings, Inc. (NASDAQ: FLUX) reported a remarkable 184% increase in revenue for the first quarter of fiscal 2023, totaling $17.8 million, up from $6.3 million a year earlier. Gross profit soared by 195% to $3.9 million, with a gross margin improvement to 22%. The company achieved its 17th consecutive quarter of year-over-year revenue growth. Customer order backlog stands at $26.9 million. Despite increased S&A expenses, the net loss decreased to $2.1 million from $4.1 million in Q1 2022, reflecting better operational performance.

Flux Power Holdings, Inc. (NASDAQ: FLUX) will host a conference call on November 10, 2022, at 4:30 p.m. Eastern Time, to discuss its fiscal Q1 results for the period ending September 30, 2022. The call will be led by CEO Ron Dutt and CFO Chuck Scheiwe, and will include a Q&A session. Investors can access the live broadcast and replay via the company’s website. This conference aims to provide insights into the company's performance in the growing lithium-ion energy storage sector.

Flux Power Holdings, Inc. (NASDAQ: FLUX) will present at the MicroCap Rodeo Windy City Roundup Conference on October 12-13, 2022, in Chicago. CEO Ron Dutt will conduct 30-minute one-on-one meetings and deliver a presentation on October 12 at 4:00 PM CT. The conference focuses on advanced lithium-ion energy storage solutions for industrial applications, promoting electrification and sustainability. Interested parties can watch the presentation live on the Flux Power investor relations website.

Flux Power Holdings, Inc. (NASDAQ: FLUX) reported a 61% increase in FY’22 revenue, reaching a record $42.3M, compared to $26.3M in FY’21. Q4’22 revenue spiked 83% year-over-year to $15.2M, driven by growing sales volumes and higher prices. However, gross margin decreased to 17% in FY’22 from 22% in FY’21. The company received $65M in new purchase orders, up 83% from the previous year, and reduced backlog to $35M. With strong demand, management expects robust revenue growth in FY’23.

Flux Power Holdings (NASDAQ: FLUX) will host a conference call on September 22, 2022, at 4:30 p.m. ET to discuss its fiscal fourth quarter and full year results for the period ending June 30, 2022. CEO Ron Dutt and CFO Chuck Scheiwe will lead the call, which includes a Q&A session and a presentation accessible via the investor relations section of Flux Power's website. A replay will be available until December 22, 2022.