Business
Flux Power’s FY 2020 Revenue Increased By 81% to $16.8M
Nasdaq Uplisting and Raise of $12.4M VISTA, Calif.--(BUSINESS WIRE)-- Flux Power Holdings, Inc. (Nasdaq: FLUX), a developer of advanced lithium-ion
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":"\nNasdaq Uplisting and Raise of $12.4M\n\n VISTA, Calif.--(BUSINESS WIRE)--\nFlux Power Holdings, Inc. (Nasdaq: FLUX), a developer of advanced lithium-ion industrial batteries for commercial and industrial equipment, today reported financial results for its fourth quarter (Q4’20) and fiscal year (FY‘20) ended June 30, 2020.\n\nFinancial Highlights:\n\n\nQ4’20 revenue grew 107% to $6.3M compared to Q4’19 revenue of $3.0M\n\n\nFY’20 revenue increased 81% to $16.8M vs FY’19 revenue of $9.3M\n\n\nQ4’20 gross margin increased to 17.0% compared to 7.3% in Q4’19\n\n\nFY’20 gross margin improved to 13.0% vs FY’19 gross margin of 5.9%\n\n\nStrategic Highlights:\n\n\nUplisted on the Nasdaq Capital Market under the symbol “FLUX.” Prior to the listing on the Nasdaq Capital Market, Flux Power’s common stock was quoted on the OTCQB.\n\n\nRaised $12.4M in equity capital at $4 per share, increasing its shareholder base, including institutional investors.\n\n\nConverted $8.3M of debt to equity to strengthen the balance sheet and capital structure.\n\n\nSigned partnership agreement with CLARK Material Handling Company to supply lithium-ion batteries.\n\n\nExpanded into additional warehouse space to accommodate growth and allocate more space for inventory and production lines.\n\n\nLaunched two new products: The S24 is a slimmed-down 24-volt battery pack for use in walkies and the L48 is a 48-volt battery pack for use in Class I & II equipment, particularly 3-wheeled forklifts.\n\n\nWon major order from a global airline for several hundred GSE Packs through their GSE distribution partner Averest.\n\n\nSigned master purchase agreement with a Fortune 500 heavy equipment manufacturer.\n\n\n“To support our projected rapid growth, we are very pleased to have uplisted to the Nasdaq Capital Market which we believe will increase investor awareness to our business and provide better access to growth capital,” Flux Power CEO Ron Dutt commented. “We expect this growth pace to continue in fiscal year 2021 and beyond as we are expanding penetration of our current large customer’s fleets and adding new customers by leveraging current successes.”\n\nQ4’20 Financial Results\n\nRevenue: Q4’20 revenue increased 107% to $6.3M compared to $3.0M in Q4’19, driven by sales of larger LiFT Packs.\n\nGross Profit: Q4’20 gross profit improved to $1.1M compared to a gross pr...