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Flux Power Announces Record Quarterly Revenue of $7.0M for Third Quarter of FY 2021; Increase of 38% 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 third quarter of fiscal year 2021 (Q3’21).\n\nFinancial Highlights:\n\n\nQ3’21 revenue grew 38% to a record $7.0M compared to Q3’20 revenue of $5.1M.\n\n\nQ3’21 gross margin increased to 24.1% compared to 12.8% in Q3’20.\n\n\nStrategic Highlights:\n\n\nAchieved 11th consecutive quarter of year-over-year revenue growth.\n\n\nReceived initial orders for two major new customers – a global packaging company and a paper & chemicals manufacturer/distributor.\n\n\nContinued progress on increasing gross margins.\n\n\nLaunched 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.\n\n\nQ3’21 Financial Results\n\nRevenue: 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.\n\nGross 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.\n\nSelling & 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.\n\nResearch & Development: Expenses remained constant at $1.5M in Q3’21, compared to Q3’20, reflecting continued product development activities and product testing.\n\nNet 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.\n\nBalance 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. Further, $1.7M was raised under the ATM (At-the-Market) facility during Q3’21.\n\nFiscal Year 2021 Outlook\n\nWe anticipate that new customer acquisition will continue, supplementing continued orders from existing customers, with additional opportunities facilitated by the next-generation M24 lithium-ion batte...