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. 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. Flux Power’s “LiFT Pack” battery packs, including its proprietary battery management system (BMS), provide its customers with a better performing, higher value, and more environmentally friendly alternative as compared to traditional lead acid and propane-based solutions.Ĭautionary Statement Regarding Forward-Looking Statements ( Flux Power designs, develops, manufactures, and sells advanced lithium-ion energy storage solutions for lift trucks, airport ground support equipment (GSE), stationary energy storage, and other industrial and commercial applications. A recording of the conference call will be uploaded to the Flux Power website once it is available.Ībout Flux Power Holdings, Inc. Investors and analysts interested in joining the call are invited to dial (833) 428-8374 or (270) 240-0543. Management will hold a conference call today starting at 4:30 PM ET.
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“We believe it’s a great addition to our full product lineup which provides a high value proposition to our customers with large material handling fleets.” “We are excited by the initial customer reception of our next-generation M24 lithium-ion battery pack for the end rider and center rider market, which is a high-volume forklift sector,” CEO Ron Dutt stated. However, supply chain challenges, both for semi-conductors, raw materials, and generic issues in ocean freight, present a risk to this growth, despite mitigation plans in place. We believe Flux Power is in a strong place to continue expansion to meet the demand for lithium-ion battery packs. The airport ground support equipment business is experiencing a resurgence following the COVID-19 impact. We anticipate that new customer acquisition will continue, supplementing continued orders from existing customers, with additional opportunities facilitated by the next-generation M24 lithium-ion battery pack for the high-volume end rider segment. Further, $1.7M was raised under the ATM (At-the-Market) facility during Q3’21. Net Loss: Q3’21 net loss decreased to $1.7M from a net loss of $4.0M in Q3’20, principally reflecting increased gross profit, other income due to PPP loan forgiveness, and decreased interest expense.īalance Sheet: The balance sheet was strengthened during Q3’21 from conversion of all outstanding short-term debt of $2.4M during the quarter, resulting in the elimination of all debt. Research & Development: Expenses remained constant at $1.5M in Q3’21, compared to Q3’20, reflecting continued product development activities and product testing. Selling & Administrative: Expenses increased to $3.1M in Q3’21 from $2.6M in Q3’20, reflecting increases in personnel related expenses, insurance premiums, and freight expenses. Gross Profit: Q3’21 gross profit improved by 158% to $1.7M compared to a gross profit of $649K in Q3’20, principally reflecting higher revenue and reduced material costs through volume purchasing.
Revenue: Q3’21 revenue increased by 38% to $7.0M compared to $5.1M in Q3’20, driven by increases in sales of larger capacity product lines. Launched the next-generation M24 lithium-ion battery pack for end riders and center riders, at the ProMatDX material handling tradeshow, with initial orders already received. Received initial orders for two major new customers – a global packaging company and a paper & chemicals manufacturer/distributor.Ĭontinued progress on increasing gross margins. Q3’21 gross margin increased to 24.1% compared to 12.8% in Q3’20.Īchieved 11 th consecutive quarter of year-over-year revenue growth.Q3’21 revenue grew 38% to a record $7.0M compared to Q3’20 revenue of $5.1M.(NASDAQ: FLUX), a developer of advanced lithium-ion industrial batteries for commercial and industrial equipment, today reported financial results for its third quarter of fiscal year 2021 (Q3’21). VISTA, Calif.-( BUSINESS WIRE)-Flux Power Holdings, Inc.
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