Business
Flux Power Reports Fiscal Full Year 2023 Financial Results
Fiscal Full Year 2023 Revenue Increased 57% to $66.3 Million Fiscal Full Year 2023 Gross Profit Increased 134% to $17.1 Million Fiscal Full Year 2023 Net
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nFiscal Full Year 2023 Revenue Increased 57% to $66.3 Million\n\n\nFiscal Full Year 2023 Gross Profit Increased 134% to $17.1 Million\n\n\nFiscal Full Year 2023 Net Cash Used in Operating Activities Decreased 85%\n\n\nStrong Fortune 500 Customer Order Backlog\n\n\nManagement to Host Conference Call Today at 4:30 p.m. Eastern Time\n\n\n VISTA, Calif.--(BUSINESS WIRE)--\nFlux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has reported its financial and operational results for the fiscal fourth quarter and year ended June 30, 2023.\n\n\nKey Financial & Operational Highlights for the Fourth Quarter and Fiscal Year 2023\n\n\n\n\n($ millions)\n\n\n\n\n\n\nFull Year Comparison\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ4 Comparison\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nFY 2023\n\n\n\n\n\n\nFY 2022\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\n\n\n\n\n\nQ4-2023\n\n\n\n\n\n\nQ4-2022\n\n\n\n\n\n\n$ Change QoQ\n\n\n\n\n\n\n% Change QoQ\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$66.3\n\n\n\n\n\n\n$42.3\n\n\n\n\n\n\n$24.0\n\n\n\n\n\n\n57%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$16.3\n\n\n\n\n\n\n$15.2\n\n\n\n\n\n\n$1.1\n\n\n\n\n\n\n7%\n\n\n\n\n\n\n\n\nGross Profit\n\n\n\n\n\n\n$17.1\n\n\n\n\n\n\n$7.3\n\n\n\n\n\n\n$9.8\n\n\n\n\n\n\n134%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$4.3\n\n\n\n\n\n\n$3.0\n\n\n\n\n\n\n$1.3\n\n\n\n\n\n\n43%\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n26%\n\n\n\n\n\n\n17%\n\n\n\n\n\n\n--\n\n\n\n\n\n\n9%\n\n\n\n\n\n\n \n\n\n\n\n\n\n27%\n\n\n\n\n\n\n20%\n\n\n\n\n\n\n--\n\n\n\n\n\n\n7%\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n-$3.7\n\n\n\n\n\n\n-$14.1\n\n\n\n\n\n\n$10.4\n\n\n\n\n\n\n--\n\n\n\n\n\n\n \n\n\n\n\n\n\n-$0.6\n\n\n\n\n\n\n-$2.2\n\n\n\n\n\n\n$1.6\n\n\n\n\n\n\n--\n\n\n\n\n\n\n\n\nNet cash used in operating activities decreased 64% in Q4’23 compared to Q4’23 and 85% for the year ended June 30, 2023, compared to the year ended June 30, 2022.\n\n\n\nAdjusted EBITDA loss decreased 73% in Q4’23 compared to Q4’22 and decreased 74% for the year ended June 30, 2023, compared to the year ended June 30, 2022.\n\n\n\nSecured a new $15 million credit facility from Gibraltar Business Capital (“GBC”) to fund working capital and to repay its existing credit facility with Silicon Valley Bank (“SVB”).\n\n\n\nCommenced implementation of Ar...