Flux Power Holdings, Inc. (FLUX), a leader in lithium-ion energy storage solutions, announced its Q3 fiscal 2024 results, showcasing strategic initiatives aimed at market growth and innovation.
The company reported third-quarter revenue of $14.5 million, down 4% year-over-year, largely due to slower capital spending in key sectors. Despite this decline, Flux Power is focusing on product expansion and market positioning to drive future growth.
Enhanced Margins and Portfolio Expansion
Flux Power achieved a gross profit of $4.4 million in Q3, with a gross margin of 30%, a slight dip from 31% in the previous year. CEO Ron Dutt emphasized that cost control measures and volume purchasing are expected to drive future margin improvements.
The company reported an adjusted EBITDA loss of $1.4 million, reflecting lower revenue and investments to support operational growth.
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Strong Order Backlog and Positive Outlook
The company’s order backlog stood at $18.5 million as of May, driven by demand from major OEM clients and high-demand models within the airline sector. The company also reported over $100 million in high-probability orders, signaling a robust pipeline and continued growth potential.
New Product Lines and Strategic Partnerships
In Q3, the company launched new products, including second-generation lithium-ion batteries for Class II and Class I forklifts. It also plans to expand heavy-duty models across its product lines. Flux Power’s advanced telemetry system, now piloted with a Fortune 50 client, shows its commitment to innovative asset management solutions.
Leadership Strengthens for Growth
Flux Power appointed Kevin Royal as Chief Financial Officer and Mark Leposky to its Board of Directors, enhancing leadership as the company scales its operations with top-tier clients.
Flux Power’s investment in technology, new product development, and partnerships highlights its leadership in lithium-ion energy storage. With a strong order backlog, innovative products, and expanded leadership, Flux Power is well-positioned for growth in the energy storage market.
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