VISTA, Calif.--(BUSINESS WIRE)--Flux Power Holdings, Inc. (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, 2024.
Key Financial and Operational Highlights and Business Updates
| ($ millions) | Full Year Comparison | Q4 Comparison | |||||||
|---|---|---|---|---|---|---|---|---|---|
| FY 2024 | FY 2023 (Restated) |
$ Change YoY |
% Change YoY |
Q4-2024 | Q4-2023 (Restated) |
$ Change QoQ |
% Change QoQ |
||
| Revenue | $60.8 | $66.5 | -$5.7 | -8.5% | $13.4 | $16.4 | -$3.0 | -18.4% | |
| Gross Profit | $17.2 | $15.9 | $1.3 | 8.5% | $3.6 | $3.6 | $0.0 | 0% | |
| Gross Margin | 28% | 24% | $ - | 443BPS | 27% | 22% | $ - | 490BPS | |
| Adjusted EBITDA | -$4.0 | -$4.7 | $0.7 | 15.0% | -$1.2 | -$1.3 | $0.1 | -7.6% | |
- Restatement of Financials, includes cumulative adjustments of:
- $3.4M of non-cash excess and obsolete inventory
- $0.4M of non-cash charges for warranty obligations
- $1.4M of non-cash income statement reclassifications
- Market environment impacted shipment timing:
- Higher interest rates and geopolitical uncertainties led some customers to defer orders
- Delayed orders may add to future quarterly revenue growth
- Gross Margins and Adjusted EBITDA:
- Continued improvement and progress toward profitability
CEO Commentary:
“Over the past six months, we focused on strengthening our internal processes, restating certain previously-filed financials, and completing the FY 2024 audit,” said Flux Power CEO Ron Dutt. “In terms of the restatement, over a period of four years, we identified approximately $5.2 million in cumulative adjustments, mostly excess and obsolete inventory that primarily related to product innovation and design changes of our products during a period of rapid growth.
“We will remain in our roles until the search for a successor is complete. Looking forward, we believe our innovative product set and focused strategy are leading us toward near-term profitability and positioning us to be the leading provider to large Fortune 500 material handling fleets.”
Contacts
Media & Investor Relations:
media@fluxpower.com
info@fluxpower.com
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
FLUX@mzgroup.us
www.mzgroup.us