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Flux Power Announces Financial Results for First Quarter of FY 2022; Revenue of $6.3M, an Increase of 39% YOY
Investor Conference Call on Friday at 4:30 PM ET VISTA, Calif.--(BUSINESS WIRE)-- Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nInvestor Conference Call on Friday at 4:30 PM ET\n\n VISTA, Calif.--(BUSINESS WIRE)--\nFlux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion battery packs for commercial and industrial equipment, today reported financial results for its first quarter of fiscal year 2022 (Q1’22).\n\nFinancial Highlights:\n\n\nQ1’22 revenue grew 39% to $6.3M compared to Q1’21 revenue of $4.5M.\n\n\nQ1’22 gross profit margin increased to 21.3% compared to 19.4% in Q1’21.\n\n\nStrategic Highlights:\n\n\nAchieved 13th consecutive quarter of year-over-year revenue growth.\n\n\nIncreased customer order backlog to a record $28M as of November 10, 2021.\n\n\nClosed a registered direct offering priced at-the-market for net proceeds of approximately $14.1M to support growth.\n\n\nQ1’22 Financial Results\n\nRevenue: Q1’22 revenue increased by 39% to $6.3M compared to $4.5M in Q1’21, driven by sales of packs with higher selling prices and a higher unit volume of packs sold.\n\nGross Profit: Q1’22 gross profit improved by 53% to $1.3M compared to a gross profit of $873K in Q1’21, primarily attributable to higher unit volume of sales to both new and existing customers, and to improved overall cost of sales efficiencies. However, gross profit was impacted by higher costs for steel, electronic parts, and common off the shelf parts in Q1’22.\n\nSelling & Administrative: Expenses increased to $3.5M in Q1’22 from $2.9M in Q1’21, reflecting increases in outbound shipping costs, personnel related expenses, insurance premiums, and sales & marketing expenses.\n\nResearch & Development: Expenses increased to $2.0M in Q1’22, compared to $1.5M in Q1’21, primarily due to new product development activities.\n\nNet Loss: Q1’22 net loss increased slightly to $4.1M from a net loss of $4.0M in Q1’21, principally reflecting increased operating expenses, partially offset by a decrease in interest expense and an increase in gross profit.\n\nBalance Sheet: The balance sheet was strengthened during Q1’22 with a registered direct capital raise of $14.1M in net proceeds, which provided capital to support continued revenue growth and provide an important element to reaching cash flow breakeven. Additionally, in October 2021, the line of credit with Silicon Valley Bank was increased from $4.0M to $6.0M to provide additional resources to manage working capital n...