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Flux Power’s FY 2021 Q1 Revenue Increased By 135%
Investor Conference Call at 4:30 PM ET 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":"\nInvestor Conference Call at 4:30 PM ET\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 first quarter of fiscal year 2021 (Q1’21).\n\nFinancial Highlights:\n\n\nQ1’21 revenue grew 135% to $4.5M compared to Q1’20 revenue of $1.9M\n\n\nQ1’21 gross margin increased to 19.4% compared to 6.1% in Q1’20\n\n\nStrategic Highlights:\n\n\nWhile our first quarter is typically a seasonal low quarter for many of our customers, our underlying momentum and pacing compared to our revenue levels for Q1’20 is encouraging, especially in view of the COVID environment.\n\n\nUplisted to Nasdaq and completed a public offering of $12.4M in August.\n\n\nCompleted a private placement offering for $3.2M.\n\n\nContinued expansion of relationships with forklift OEMs and new customers.\n\n\nContinued expansion with Beam Global for stationary power.\n\n\nRepaid short-term debt by $2.6M during Q1’21.\n\n\nSubsequent to Q1’21:\n\n\nFiled a shelf registration of $50M to support capital raise for business growth over the next three years.\n\n\nConverted $2.2M of short-term debt to equity to strengthen the balance sheet and capital structure.\n\n\nSecured a working capital revolving line of credit with Silicon Valley Bank.\n\n\n\n\n“Our revenue during Q1’21 reflects added customers and momentum despite the COVID pandemic,” Flux Power CEO Ron Dutt commented. “We believe continued improvement in our gross margin moves us closer to our goal of becoming cash flow breakeven.”\n\nQ1’21 Financial Results\n\nRevenue: Q1’21 revenue increased by 135% to $4.5M compared to $1.9M in Q1’20, driven by sales of larger LiFT Packs and stationary power applications.\n\nGross Profit: Q1’21 gross profit improved to $873,000 compared to a gross profit of $117,000 in Q1’20 principally reflecting higher sales volumes and gross margin improvement program.\n\nSelling & Administrative: Expenses increased to $2.9M in Q1’21 from $2.3M in Q1’20, principally reflecting increased staffing to support expanded sales and marketing, sourcing and procurement, demonstration units for marketing, and expanded customer service footprint.\n\nResearch & Development: Expenses increased to $1.5M in Q1’21, compared to $1.3M in Q1’20 reflecti...