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Flux Power Announces Record Quarterly Revenue of $6.5M for Second Quarter of FY 2021; Increase of 79% YOY
Investor Conference Call at 4:30 PM ET VISTA, Calif.--(BUSINESS WIRE)-- Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nInvestor Conference Call at 4:30 PM ET\n\n VISTA, Calif.--(BUSINESS WIRE)--\nFlux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion industrial batteries for commercial and industrial equipment, today reported financial results for its second quarter of fiscal year 2021 (Q2’21).\n\nFinancial Highlights:\n\n\nQ2’21 revenue grew 79% to a record $6.5M compared to Q2’20 revenue of $3.6M.\n\n\nQ2’21 gross margin increased to 23.0% compared to 9.0% in Q2’20.\n\n\nStrategic Highlights:\n\n\nReceived initial orders from a global food producer.\n\n\nContinued business expansion with Beam Global by supplying battery packs for solar energy storage in their mobile EV charging stations.\n\n\nExecuted cost reductions and design related actions to improve gross margins.\n\n\nAnnounced three patents pending for advanced lithium-ion battery technology.\n\n\nDeveloped the next generation LiFT Pack M24 for Class III end riders and center riders, to be launched at the ProMat DX material handling tradeshow.\n\n\nReceived UL Listing for battery packs for narrow aisle walkies and end riders.\n\n\n“The Flux Power team worked hard last quarter to deliver record revenue despite the COVID-19 pandemic,” said Flux Power CEO Ron Dutt. “Our expanded UL Listings and three patents pending support our goal to lead the adoption of lithium-ion solutions for Fortune 500 customers.”\n\nQ2’21 Financial Results\n\nRevenue: Q2’21 revenue increased by 79% to $6.5M compared to $3.6M in Q2’20, driven by sales of larger LiFT Packs and stationary power applications.\n\nGross Profit: Q2’21 gross profit improved to $1.5M compared to a gross profit of $326K in Q2’20 principally reflecting higher sales volumes and gross margin improvements.\n\nSelling & Administrative: Expenses increased to $3.1M in Q2’21 from $2.2M in Q2’20, reflecting expense for our $50M shelf registration and “At-The-Market” offering, D&O insurance increases, increased sales commissions, and increased customer support expense from over 8,000 battery packs in the field.\n\nResearch & Development: Expenses increased to $1.6M in Q2’21, compared to $1.0M in Q2’20 reflecting our continued rollout of new product models, third party expense for added UL Listing certification, UN38.3 certification for transportation, and further development of our telemetry products.\n\nNet Loss: Q2’21 net l...