Business
Flux Power Reports Record Third Quarter Revenue
VISTA, Calif.--(BUSINESS WIRE)-- Flux Power Holdings, Inc. (OTCQB: FLUX), a developer of advanced lithium-ion batteries for commercial and industrial
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":" VISTA, Calif.--(BUSINESS WIRE)--\nFlux Power Holdings, Inc. (OTCQB: FLUX), a developer of advanced lithium-ion batteries for commercial and industrial equipment including electric forklifts and airport ground support equipment (GSE), today reported results for its fiscal year 2020 third quarter ended March 31, 2020 (Q3 ‘20).\n\n\nHighlights:\n\n\n\nQ3 ’20 revenue increased 188% to $5.1M reflecting the continuation of strong growth from the rollout of a full product line of packs for forklifts, along with increased unit volume and a higher percentage of larger packs.\n\n\nQ3 ’20 gross margins improved to 12.8% driven by Flux Power’s gross margin initiative, along with higher margins from larger packs.\n\n\nDespite COVID-19 impact, order backlog totaled $6.5M at the end of Q3 ’20, with only minor deferrals of orders during this period.\n\n\nFlux Power deemed an essential business consistent with announcements by Forklift OEMs and related supply chain, who support the logistics industry, critical to delivering food and supplies during the COVID-19 crisis.\n\n\n\n“To achieve record revenue in Q3 ’20, in spite of the COVID-19 environment and our implementation of a range of measures to ensure the safety and health of our staff and business, is a testament to the strength and resilience of our team,” commented Flux Power CEO Ron Dutt. “Our relationships with customers and supply chain remain strong, reflecting the continued demands for material handling nation-wide.” \n\n\nFY 2020 \n\n\n\nFlux Power anticipates continued momentum for Q4 ’20 and the remainder of this calendar year. While there is unprecedented uncertainty with the economy, Flux Power is experiencing only limited order deferrals from segments such as airport ground support equipment.\n\n\n\n\nFlux Power’s gross profit margin improvement program is gaining traction as Flux Power begins to implement a series of clearly defined activities to advance technology, design, production and purchasing efficiencies.\n\n\n\nQ3 FY 2020 Operating Results:\n\n\nQ3 ’20 revenue increased 188% to $5.1M compared to $1.8M in Q3 ’19. As the customer base increases, Flux Power anticipates seeing a smoother, more stable, growth trajectory based on increasing customers and orders.\n\n\nQ3 ’20 gross profit improved to $649,000 compared to $61,000 in Q3 ’19, principally reflecting higher sales ...