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Flux Power Holdings, Inc. reports developments in lithium-ion energy storage systems and software-driven electrification for commercial and industrial equipment. The company designs, manufactures, and sells battery packs for material handling fleets, airport ground support equipment, and other industrial applications, with products built around battery management, telemetry, and fleet-energy data.
Recurring FLUX news covers quarterly operating results, customer and OEM orders, airline and cargo-fleet deployments, cost-structure actions, capital actions, and product technology updates. Company announcements also include developments tied to SkyLNK telematics, SkyEMS software, battery State of Health analytics, and intellectual property for monitoring battery performance and service life.
Flux Power Holdings (NASDAQ: FLUX) is expanding its operations by opening a new facility in location value="LU/us.ga.atlnta"Atlanta on May 1, 2023. This move aims to enhance customer support services in response to significant growth in sales of lithium-ion battery packs. The new facility will improve response times for its global customer base, particularly Fortune 500 and 100 companies, while reducing logistics costs. The 5,000 square-foot center will operate live support from 7 a.m. to 7 p.m. ET and is strategically located to complement ongoing partnerships for comprehensive service offerings. With over 18,000 battery packs deployed, Flux Power focuses on clean, sustainable energy solutions and aims to improve fleet sustainability metrics.
Flux Power Holdings, Inc. (NASDAQ: FLUX) announced its participation in ProMat 2023, a leading global event for material handling and logistics, scheduled from March 20 to 23, 2023, in Chicago. The company will showcase its advanced lithium-ion battery solutions, including new heavy-duty battery pack models for L36, X48, and M24 applications. Attendees can witness live demonstrations of the SkyBMS Telematics system, which provides real-time performance metrics. Additionally, investor meetings will be held on March 21 and 22 to discuss future opportunities with management.
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.