Business
Flux Power Reports First Quarter Fiscal 2023 Financial Results
First Quarter Fiscal 2023 Revenue Increased 184% to a Record $17.8 Million First Quarter Fiscal 2023 Gross Profit Increased 195% to $3.9 Million Management
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nFirst Quarter Fiscal 2023 Revenue Increased 184% to a Record $17.8 Million\n\nFirst Quarter Fiscal 2023 Gross Profit Increased 195% to $3.9 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 first quarter ended September 30, 2022.\n\nKey Financial & Operational Highlights for the First Quarter Fiscal Year 2023\n\n\nShipments (Revenue) increased 184% to $17.8M in Q1’23 compared to Q1’22 revenue of $6.3M.\n\n\nGross profit Increased 195% to $3.9M in Q1’23 compared to $1.3M in Q1’22.\n\n\nQ1’23 gross margin was 22% compared to 21% in Q1’22, reflecting recovery from pandemic driven material cost increases\n\n\nAchieved 17th consecutive quarter of year-over-year revenue growth.\n\n\nCustomer order backlog totaled $26.9M as of September 30, 2022.\n\n\nStrategic Supply Chain & Profitability Improvement Initiatives continued to accelerate path to cash flow breakeven, including:\n\n\nUtilized lower cost, more reliable, and secondary suppliers of key components including cells, steel, electronics, circuit boards and other key components;\n\n\nImproved manufacturing capacity and production processes (including implementing Lean Manufacturing) to increase throughput, reduce the time to fulfill customer orders and improve gross margins;\n\n\nIncreased inventory turns from 3.4 to 3.6 during the quarter ended September 30, 2022, while increasing inventory to $18.9M to mitigate supply chain disruptions and support timely deliveries;\n\n\nIntroduced new product designs to lower costs, simplify part count and cost, and improve serviceability;\n\n\nLaunched in-house automated cell module production initiative to manage module SKUs and accommodate diversification of cell suppliers;\n\n\nExpanded customer base, acquiring two major Fortune 500 customers;\n\n\nDeveloped in-house vibration table and temperature control unit for battery testing, enabling lower cost and expedited UL testing.\n\n\n\n\nBacklog Summary\n\n\n\nFiscal Quarter Ended\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 ...