Business
Flux Power Reports Fiscal Third Quarter 2022 Financial Results
Third Quarter 2022 Revenue Increased 89% to $13.2 Million Representing 15th Consecutive Quarter of Year-Over-Year Revenue Growth Received $20.5 Million in
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nThird Quarter 2022 Revenue Increased 89% to $13.2 Million Representing 15th Consecutive Quarter of Year-Over-Year Revenue Growth\n\nReceived $20.5 Million in New Purchase Orders During Third Quarter with Customer Order Backlog at Record $38.6 Million\n\nStrategic Initiatives Drive Increased Backlog Conversion, Higher Inventory Turns & Improved Gross Margins Resulting in Progress to Profitability\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 third quarter ended March 31, 2022.\n\nKey Financial & Operational Highlights for the Third Quarter Fiscal Year 2022\n\n\nRevenue increased 89% to $13.2 million in Q3’22 compared to Q3’21 revenue of $7.0 million.\n\n\nAchieved 15th consecutive quarter of year-over-year revenue growth.\n\n\nReceived $20.5 million in customer purchase orders for deliveries in coming months from both existing and new customers.\n\n\nCustomer order backlog increased to $38.6 million as of March 31, 2022.\n\n\nIntroduced three new products in March 2022 at MODEX material handling trade show:\n\n\nL36 lithium-ion battery pack, a 36-volt option for 3-wheel forklifts;\n\n\nC48 lithium-ion battery pack for Automated Guided Vehicles (AGV) and Autonomous Mobile Robots (AMR); and\n\n\nS24 lithium-ion battery pack providing twice the capacity (210Ah) for Walkie Pallet Jacks for heavy duty applications\n\n\n\n\nAppointed Cheemin Bo-Linn, a global technology industry veteran, to the Board of Directors as an independent director, as a member of the Audit Committee, Compensation Committee, and as Chair of the Nominating and Governance Committee. Ms. Bo-Linn’s appointment as an independent director increases the total number of board members to five, with three independent directors.\n\n\nImplementing Strategic Supply Chain & Profitability Improvement Initiatives to accelerate the path to cash flow breakeven, including:\n\n\nIdentifying more competitive carriers to reduce shipping costs;\n\n\nUtilizing lower cost steel suppliers that meet required specifications;\n\n\nImproving manufacturing capacity and production processes (including imp...