Business
Flux Power Reports 2nd Quarter Fiscal 2023 Financial Results
Second Quarter Fiscal 2023 Revenue Increased 123% to $17.2 Million Second Quarter Fiscal 2023 Gross Profit Increased 294% to $4.1 Million Management to Host
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nSecond Quarter Fiscal 2023 Revenue Increased 123% to $17.2 Million\n\nSecond Quarter Fiscal 2023 Gross Profit Increased 294% to $4.1 Million\n\nManagement to Host Conference Call Today at 4:30 p.m. Eastern Time\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 second quarter ended December 31, 2022.\n\nKey Financial & Operational Highlights for the Second Quarter Fiscal Year 2023\n\n\nRevenue (Shipments) increased 123% to $17.2M in Q2’23 compared to Q2’22 revenue of $7.7M.\n\n\nGross profit increased 294% to $4.1M in Q2’23 compared to $1.0M in Q2’22.\n\n\nQ2’23 gross margin was 24% compared to 14% in Q2’22, reflecting recovery from pandemic driven material cost increases.\n\n\nStrategic Supply Chain & Profitability Improvement Initiatives continued to accelerate path to cash flow breakeven.\n\n\nAchieved 18th consecutive quarter of year-over-year revenue growth.\n\n\nNet cash used in operating activities decreased 88% in Q2’23 compared to Q2’22 and 88% for the six months ended December 31, 2022 compared to the six months ended December 31, 2021.\n\n\nAdjusted EBITDA loss decreased 81% in Q2’23 compared to Q2’22 and decreased 71% for the six months ended December 31, 2022 compared to the six months ended December 31, 2021.\n\n\nCustomer order backlog totaled $30.4M as of December 31, 2022.\n\n\nIncreased Credit Facility with Silicon Valley Bank by $6.0 million to $14.0 million to support higher working capital requirements related to increased customer demand.\n\n\nExpanded testing and product validation capabilities with on-site vibration table, to reduce time required from testing to certification.\n\n\nBacklog Summary\n\n\n\nFiscal Quarter Ended\n\n\n\n \n\n\n\n \n\n\n\nBeginning Backlog\n\n\n\n \n\n\n\n \n\n\n\nNew Orders\n\n\n\n \n\n\n\n \n\n\n\nShipments\n\n\n\n \n\n\n\n \n\n\n\nEnding Backlog\n\n\n\n\n\nSeptember 30, 2021\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n12,624,000\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n13,122,000\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n6,313,000\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n19,433,000\n\n\n\n\n\nDecember 31, 2021\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n19,433,000\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n19,8...