Business
Flux Power Reports 3rd Quarter Fiscal 2023 Financial Results
Third Quarter Fiscal 2023 Revenue Increased 14% to $15.1 Million Third Quarter Fiscal 2023 Gross Profit Increased 146% to $4.7 Million Management to Host
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nThird Quarter Fiscal 2023 Revenue Increased 14% to $15.1 Million\n\n\nThird Quarter Fiscal 2023 Gross Profit Increased 146% to $4.7 Million \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 third quarter ended March 31, 2023.\n\n\nKey Financial & Operational Highlights for the Third Quarter Fiscal Year 2023\n\n\n\nRevenue (Shipments) increased 14% to $15.1M in Q3’23 compared to Q3’22 revenue of $13.2M.\n\n\n\nAchieved 19th consecutive quarter of year-over-year revenue growth.\n\n\n\nGross profit increased 146% to $4.7M in Q3’23 compared to $1.9M in Q3’22.\n\n\n\nQ3’23 gross margin was 31% compared to 15% in Q3’22, reflecting gross margin improvement initiatives including sourcing changes, design cost reductions, and pricing recovery of pandemic related cost increases.\n\n\n\nOperating Leverage continued its positive trend for the nine months ended March 31, 2023, of revenue growth and gross margin improvement compared with no increase of operating expense.\n\n\n\nNet cash used in operating activities decreased 16% in Q3’23 compared to Q3’22 and 73% for the nine months ended March 31, 2023, compared to the nine months ended March 31, 2022.\n\n\n\nAdjusted EBITDA loss decreased 80% in Q3’23 compared to Q3’22 and decreased 74% for the nine months ended March 31, 2023 compared to the nine months ended March 31, 2022.\n\n\n\nCustomer order backlog totaled $25.0M as of March 31, 2023.\n\n\n\nRenewed the existing credit facility with Silicon Valley Bank, a division of First Citizens Bank of $14.0 million to support working capital requirements.\n\n\n\nStrategic Supply Chain & Profitability Improvement Initiatives continued to accelerate path to cash flow breakeven.\n\n\n\nAdded 2 new large fleet customers, reflecting customers desire to fulfill long-term fleet needs of replacing lead acid battery packs with lithium-ion.\n\n\n\nBacklog Summary\n\n\n\n\nFiscal Quarter Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nBeginning Backlog\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nNew Orders\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nShipments\n\n\n\n\n\n\n \n\n\n\n\n\...