Business
Flux Power Fiscal Year 2024 First Quarter Financial Results
Ongoing Gross Margin Initiatives Result in 700BP Improvement in Gross Margins Backlog Increased to $31M as of November 2, 2023 Partnering with Fortune 100
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nOngoing Gross Margin Initiatives Result in 700BP Improvement in Gross Margins\n\n\nBacklog Increased to $31M as of November 2, 2023\n\n\nPartnering with Fortune 100 Customer on Industry’s First Telematics Integration for Entire Fleet\n\n\nManagement to Host Conference Call Today at 4:30 p.m. Eastern Time\n\n\n VISTA, Calif.--(BUSINESS WIRE)--\nFlux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has reported its financial and operational results for the fiscal first quarter ended September 30, 2023.\n\n\nKey Financial FY 2024 First Quarter and Subsequent Operational Highlights and Business Update\n\n\n\n\n($ millions)\n\n\n\n\n\n\nQ1 Comparison\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 2024\n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\n$ Change YoY\n\n\n\n\n\n\n% Change YoY\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$14.8\n\n\n\n\n\n\n$17.8\n\n\n\n\n\n\n-$3.0\n\n\n\n\n\n\n-17%\n\n\n\n\n\n\n\n\nGross Profit\n\n\n\n\n\n\n$4.3\n\n\n\n\n\n\n$3.9\n\n\n\n\n\n\n$0.4\n\n\n\n\n\n\n9%\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n29%\n\n\n\n\n\n\n22%\n\n\n\n\n\n\n--\n\n\n\n\n\n\n32%\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n-$1.2\n\n\n\n\n\n\n-$1.5\n\n\n\n\n\n\n$0.3\n\n\n\n\n\n\n24%\n\n\n\n\n\n\n\n\nExpansion of Margins Leading to Profitability in FY2024:\n\n\nGross profit increased 9% in Q1’24 compared to Q1’23.\n\n\n\nGross margin increased 700 basis points in Q1’24 compared to Q1’23.\n\n\n\nAdjusted EBITDA loss improved 24% in Q1’24 compared to Q1’23.\n\n\n\n\n\n\nContinued Revenue Expansion\n\n\nHigh demand new heavy-duty models completed UL Listing, to be launched for 2024.\n\n\n\nPrivate Label Program to be launched this quarter with major forklift OEM.\n\n\n\nPartnering with Fortune 100 Customer on industry first of telematics integration for entire fleet.\n\n\n\nExploring potential partnership on fast charging proprietary technology.\n\n\n\nReached prototype stage for automation of battery cells into modules to support current high customer demand, while creating commonality and reducing inventory.\n\n\n\nPartnership for international sales channel making progress.\n\n\n\nBacklog (open orders) increased to $31M as of November 2, 2023.\n\n\n\n\n\n\nImproved capital structure\n\n\nSecured a new $15 million credit facility, including expansion pr...