![]() ![]() This cookie is set by GDPR Cookie Consent plugin. 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. The Company’s other available financing resources include: (i) the previously disclosed $5 million Credit Facility Agreement, dated May 11, 2022, by and among the Registrant and Cleveland Capital, L.P., a Delaware limited partnership, Herndon Plant Oakley, Ltd., and other lenders, which remains unused and (ii) the Company’s At-the-Market (ATM) facility.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). branches began operating as Silicon Valley Bank, a division of First Citizens Bank. On March 27, 2023, the 17 legacy Silicon Valley Bridge Bank, N.A. On March 26, 2023, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First Citizens Bank & Trust Company, Raleigh, North Carolina. On March 10, 2023, the Federal Deposit Insurance Corporation (the “FDIC”) issued a press release stating that Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. Combined with a recent successful showcase of our full product line at Promat 2023, the material handling and logistics industry’s premier global event, I have never been more confident about the future and long-term shareholder value of Flux Power.” Ron Dutt, Chief Executive Officer of Flux Power, added, “Our strong purchase orders, improving backlog and expansion of margins through improved sourcing and supply chain management, and operational process improvement is leading us toward our near-term goal of profitability. “This renewal, along with our existing cash, is intended to meet our anticipated capital resources to fund planned operations.” ![]() “First Citizens Bank is a top-tier financial institution, and we are pleased to now be partnering with them on our revolving line of credit,” said Chuck Scheiwe, Chief Financial Officer of Flux Power. Flux Power Holdings, a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has renewed the available credit under its existing facility with Silicon Valley Bank, a division of First Citizens Bank (“SVB Facility”), of $14.0 million to support higher working capital requirements related to increased customer demand. ![]()
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