Business
Flux Power Reports Fiscal Second Quarter 2022 Financial Results
Second Quarter 2022 Revenue Increased 19% to $7.7 Million Representing 14th Consecutive Quarter of Year-Over-Year Revenue Growth Received $19.8 Million in
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nSecond Quarter 2022 Revenue Increased 19% to $7.7 Million Representing 14th Consecutive Quarter of Year-Over-Year Revenue Growth\n\nReceived $19.8 Million in New Purchase Orders During Second Quarter with Customer Order Backlog at Record $31.4 Million\n\nInitiated New Strategic Initiatives to Mitigate Global Supply Chain Disruptions & Increase Profitability Across the Portfolio\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 industrial and commercial sectors, has reported its financial and operational results for the fiscal second quarter ended December 31, 2021.\n\nKey Financial & Operational Highlights for the Second Quarter Fiscal Year 2022\n\n\nRevenue increased 19% to $7.7 million in Q2’22 compared to Q2’21 revenue of $6.5 million.\n\n\nAchieved 14th consecutive quarter of year-over-year revenue growth.\n\n\nReceived $19.8 million in customer purchase orders from both existing and new customers. Utilized $14 million capital raised in September 2021 to pre-purchase inventory to protect growing deliveries to key customers.\n\n\nCustomer order backlog increased to $31.4 million as of December 31, 2021.\n\n\nInitiated Strategic Supply Chain & Profitability Improvement Initiatives to accelerate the path to cash flow breakeven, including:\n\n\nCommenced production process improvements to increase capacity, and added an additional production line;\n\n\nIntroduced new product design features expected to reduce cost, simplify the bill of materials, and improve serviceability;\n\n\nTransitioned product lines to a new cell technology, resulting in lower cost and improved supplier reliability;\n\n\nImplemented price increases on certain product lines to mitigate the impact of rising input costs;\n\n\nIncreased inventory to $19.6 million at December 31, 2021 to mitigate the impact of supply chain disruptions and to support timely deliveries.\n\n\n\n\nCash and cash equivalents were $7.9 million at December 31, 2021. The working capital line of credit outstanding balance was $3.5 million at December 31, 2021.\n\n\nCEO Commentary\n\n“While the second quarter of fiscal 2022 was a challenging one for the company in light of continued global supply chain dis...