![]() ![]() Research & Development: Expenses increased to $1.5M in Q1’21, compared to $1.3M in Q1’20 reflecting our continued rollout of new product models, third party expense for UL Listing certification, and further development of our telemetry products. Selling & 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. Gross 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. Revenue: 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. “We believe continued improvement in our gross margin moves us closer to our goal of becoming cash flow breakeven.” “Our revenue during Q1’21 reflects added customers and momentum despite the COVID pandemic,” Flux Power CEO Ron Dutt commented. Secured a working capital revolving line of credit with Silicon Valley Bank. Repaid short-term debt by $2.6M during Q1’21.įiled a shelf registration of $50M to support capital raise for business growth over the next three years.Ĭonverted $2.2M of short-term debt to equity to strengthen the balance sheet and capital structure. Uplisted to Nasdaq and completed a public offering of $12.4M in August.Ĭompleted a private placement offering for $3.2M.Ĭontinued expansion of relationships with forklift OEMs and new customers.Ĭontinued expansion with Beam Global for stationary power. While 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. Q1’21 gross margin increased to 19.4% compared to 6.1% in Q1’20.Q1’21 revenue grew 135% to $4.5M compared to Q1’20 revenue of $1.9M.(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). Under NASDAQ rules, it was priced at the market to sell 2,142,860 shares of its common stocks and warrants to purchase up to an aggregate of 1,071,430 shares of common stock at $7/share.VISTA, Calif.-( BUSINESS WIRE)-Flux Power Holdings, Inc. In October 2021, Flux Power announced the closing of its registered direct offering. The company said that the loss was due to the higher operating expenses of $6 million in Q3 against $5 million in the same period last year.įlux Power had recorded revenue of $7.7 million in the second quarter, a 19% YoY surge from $6.5 million in Q2 2021. Flux also secured a $5 million credit facility with a $4 million signed commitment.įlux Power reported a net loss of $3.7 million in Q3 2022, up 12% from $1.7 million in Q3 2021. ![]() It increased inventory to $20.9 million as of March 31, 2022, to mitigate the impact of supply chain disruptions and support timely deliveries. The company noted that it is identifying more competitive carriers to reduce shipping costs and utilizing lower-cost steel suppliers that meet required specifications to improve profitability and strategize supply chain management. The increase in outbound shipping rates combined with new hirings, temporary labor expenses, and increased insurance premiums contributed to the increase in expenses. Selling and administration expenses amounted to $3.9 million, a 3% rise from $3.1 million in the same period last year. In March, the company introduced three new products - the 元6 lithium-ion battery pack with a 36-volt option for three-wheel forklifts the C48 lithium-ion battery pack for automated guided vehicles and autonomous mobile robots and the S24 lithium-ion battery pack with twice the capacity of 210Ah for Walkie Pallet Jacks for heavy-duty applications. The company’s gross margin was impacted by the increase in steel, electronic parts, and common off-the-shelf equipment costs and fell to 14.6% compared to 24.1% in Q3 2021. The company said that the increase in revenue was mainly due to a rise in sales volumes and models with higher selling prices.įlux Power reported a gross profit of $1.9 million in Q3, a year-over-year (YoY) surge of 12%. U.S.-based lithium-ion storage solutions provider Flux Power Holdings recorded $13.2 million in revenue in the third quarter (Q3) of the fiscal year 2022, an increase of 89% from $7 million in the same period last year. ![]()
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