Flux Power Holdings, Inc. - FLUX STOCK NEWS

Flux Power (NASDAQ: FLUX) will host an investor and analyst day on March 15, 2023, from 9:30 AM to 1:45 PM PT at its Vista, California manufacturing facility. The event will cover the company's complete product line of lithium-ion battery packs, recent production improvements, and expanded testing capabilities. Key executives, including CEO Ron Dutt and CFO Chuck Scheiwe, will present growth strategies along with a Q&A session and a facility tour. Recent financial performance shows a 123% revenue increase to $17.2 million for Q2 2023, marking 18 consecutive quarters of growth.

Flux Power Holdings, Inc. (NASDAQ: FLUX) reported significant growth in its second quarter for fiscal 2023, with revenues soaring 123% to $17.2 million, up from $7.7 million in the same period last year. Gross profit increased 294% to $4.1 million, resulting in a gross margin improvement to 24% from 14%. The company's customer order backlog reached $30.4 million. Notably, net loss dropped to $1.7 million from $5.1 million in Q2 2022, while adjusted EBITDA loss decreased by 81%. The firm expanded its credit facility with Silicon Valley Bank to $14 million to support rising working capital needs. The management remains optimistic about future growth prospects.

Flux Power Holdings, Inc. (NASDAQ: FLUX) will hold a conference call on February 9, 2023, at 4:30 p.m. Eastern Time, to discuss its fiscal second quarter results ending December 31, 2022. The call will feature CEO Ron Dutt and CFO Chuck Scheiwe, including a Q&A session and a presentation.

Participants should join the call 5-10 minutes early using the toll-free number 1-877-407-4018. A replay will be accessible at this link after the call.

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.