Flux Power Up

Flux Power, a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, recently reported its financial and operational results for the fiscal second quarter ended December 31, 2022.

Flux Power is a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment.

“The second quarter of fiscal year 2023 delivered our 18th consecutive quarter of year-over-year revenue growth as well as an increased credit facility providing additional cash to fund higher working capital requirements related to increased customer demands and meeting our targeted growth goals,” said Ron Dutt, CEO, Flux Power.

• The quarter saw gross profit increase 294% to $4.1 million and gross margin expand to 24% compared to $1.0 million and 14%, respectively, in the year-ago period.

Dutt continued: “Existing customers continue to drive our revenue growth, with greater than 95% of revenue during the second quarter attributed to customers with whom we have had long-term relationships.

“Our commitment, consistent performance, and trustworthiness are the foundation for long-term, sustainable relationships with our customers.

“Our emphasis on price, service, and quality continues to support ongoing new purchase needs and service requirements.”

• Strong new orders of $20.7 million during the second fiscal quarter increased our backlog to $30.4 million as of December 31, 2022, up from $26.9 million in the prior quarter.