Business
Flux Power Reports Fiscal Year 2024 Second Quarter Financial Results
Operational Initiatives Result in Improvement in Gross Margins to 31% Revenue Increased 7% to Quarterly Record of $18.3 Million Adjusted EBITDA Improved to
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nOperational Initiatives Result in Improvement in Gross Margins to 31%\n\n\nRevenue Increased 7% to Quarterly Record of $18.3 Million\n\n\nAdjusted EBITDA Improved to Positive $0.3M Moving Toward Cash Flow Breakeven\n\n\nBacklog was $29.7M as of February 1, 2024\n\n\nManagement to Host Conference Call Today at 4:30 p.m. Eastern Time\n\n\n VISTA, Calif.--(BUSINESS WIRE)--\nFlux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has reported its financial and operational results for the fiscal second quarter ended December 31, 2023.\n\n\nKey Financial FY 2024 Second Quarter and Subsequent Operational Highlights and Business Update\n\n\n\n\n($ millions)\n\n\n\n\n\n\nQ2 Comparison\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n \n\nQ2 2023\n\n\n\n\n\n \n\n$ Change YoY\n\n\n\n\n\n \n\n% Change YoY\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$18.3\n\n\n\n\n\n \n\n$17.2\n\n\n\n\n\n \n\n$1.2\n\n\n\n\n\n \n\n7%\n\n\n\n\n\n\n\n\nGross Profit\n\n\n\n\n\n\n$5.7\n\n\n\n\n\n \n\n$4.1\n\n\n\n\n\n \n\n$1.6\n\n\n\n\n\n \n\n38%\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n31%\n\n\n\n\n\n \n\n24%\n\n\n\n\n\n \n\n--\n\n\n\n\n\n \n\n700 BPS\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n$0.3\n\n\n\n\n\n \n\n-$0.9\n\n\n\n\n\n \n\n$1.2\n\n\n\n\n\n \n\n--\n\n\n\n\n\n\n\n\nExpansion of Margins Leading to Profitability in FY2024:\n\n\nGross profit increased 38% in Q2’24 compared to Q2’23.\n\n\n\nGross margin increased 700 basis points in Q2’24 compared to Q2’23.\n\n\n\nAdjusted EBITDA improved $1.2 million in Q2’24 compared to Q2’23.\n\n\n\n\n\n\nContinued Revenue Expansion\n\n\nRevenue (Shipments) increased 7% to quarterly record of $18.3 million in Q2’24 compared to Q2’23 revenue of $17.2 million.\n\n\n\nNew purchase orders received during the quarter reached a record $26.6 million\n\n\n\nAdded four new customers in material handling, including the largest wine producer in the world.\n\n\n\nHigh demand new heavy-duty models completed UL Listing, to be launched for 2024.\n\n\n\nPrivate Label Program for selected models launched with major forklift OEM.\n\n\n\nExploring partnership with third party on fast charging proprietary technology.\n\n\n\nCommenced development of Artificial Intelligence (AI) features for SkyBMS® Telematics Platform to drive more ...