Strategic Supply Chain & Profitability Improvement Initiatives accelerating path to cash flow breakeven, including:.S24 lithium-ion battery pack providing twice the capacity (210Ah) for Walkie Pallet Jacks for heavy duty applications.C48 lithium-ion battery pack for Automated Guided Vehicles (AGV) and Autonomous Mobile Robots (AMR) and.元6 lithium-ion battery pack, a 36-volt option for high growth 3-wheel forklifts.Introduced three new products in March 2022 at MODEX material handling trade show:.New purchase orders increased 83% to $65.1M in FY’22 compared to $35.5M in FY’21.Shipments (Revenue) increased 61% to $42.3M in FY’22 compared to $26.3M in FY’21.Customer order backlog totaled $35.0M as of June 30, 2022.Received $65M in customer purchase orders in the fiscal year ended June 30, 2022, which was an 83% increase compared to fiscal year ended June 30, 2021. Received customer purchase orders of $11.6M in Q4’22 for deliveries in coming months from both existing and new customers. Achieved 16th consecutive quarter of year-over-year revenue growth.Q4’22 gross margin was 20% compared to 21% in Q4’21.FY’22 gross margin was 17% compared to 22% in FY’21.Q4’22 revenue increased 83% to $15.2M compared to Q4’21 revenue of $8.3M.FY’22 revenue increased 61% to $42.3M compared to FY’21 revenue of $26.3M.(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 fourth quarter and year ended June 30, 2022. Management to Host Conference Call Today at 4:30 p.m. Strategic Initiatives Drive Increased Backlog Conversion, Higher Inventory Turns & Improved Gross Margins Resulting in Progress to Profitability It does not store any personal data.Fiscal Full Year 2022 Revenue Increased 61% to a Record $42.3M The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. As the customer base increases, Flux Power anticipates seeing a smoother, more stable, growth trajectory based on increasing customers and orders. The gross profit margin improvement program is beginning to see traction as the company implements a series of clearly defined activities to advance technology, design, production and purchasing efficiencies. We are well on our way to achieving this goal.”įlux Power anticipates FY’20 revenue to continue to increase rapidly reflecting: (i) rollout and growth of full product line of LiFT Packs (ii) increasing demand for its private label products and (iii) the strength of its current order backlog. Our strategic priority for the next twelve months is to complement such strong revenue growth with significant improvement in our gross profit margins. “We are pleased to see recent revenue growth from our full product line of forklifts and airport GSE,” said Flux Power CEO Ron Dutt, “Our relationships with Fortune 500 customers and forklift OEMs continue to expand, and we are nearing completion of UL Listings on our full product lineup for forklifts. Meanwhile increased sales efforts generated a record order backlog of approximately $10M at the end of Q2 ’20, driven by orders across the full line of forklifts and airport GSE. Gross margins for the period improved by 9.0%,driven by the Company’s gross margin initiative. Highlights include a revenue increase of 33% to $3.6M, 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. California based Flux Power Holdings, a developer of advanced lithium-ion batteries for commercial and industrial equipment including electric forklifts and airport ground support equipment has reported results for its fiscal year 2020 second quarter ended Decem(Q2 ’20).
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