Flux Power Q1 revenue falls 17% to $14.8M but gross margin expands 700bps to 29%

Flux Power Holdings, Inc.

2024-Q1 EPS reported -$0.13 revenue$14,797,000

Revenue of $14.8M, down 17% YoY, due to forklift timing delays and product mix.
Gross profit up 9% to $4.3M; gross margin 29% vs 22% YoY, a 700bps improvement.
Adjusted EBITDA loss narrowed 24% to -$1.2M; net loss $2.1M similar to prior year.
Backlog (open orders) increased to $31M as of Nov 2, up $9.2M from Sep 30.
Secured $15M credit facility (expandable to $20M) from Gibraltar Business Capital; terminated ATM.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Flux Power Holdings, Inc. reported fiscal first quarter ended September 30, 2023 results: revenue $14.8.

Period: fiscal first quarter ended September 30, 2023
Revenue: $14.8
Result: reported results

Exact text from the filing

Key Financial FY 2024 First Quarter and Subsequent Operational Highlights and Business Update ($ millions) Q1 Comparison Q1 2024 Q1 2023 $ Change YoY % Change YoY Revenue $ 14.8 $ 17.8 $ -3.0 -17 % Gross Profit $ 4.3 $ 3.9 $ 0.4 9 % Gross Margin 29 % 22 % — 32 % Adjusted EBITDA $ -1.2 $ -1.5 $ 0.3 24 % ● Expansion of Margins Leading to Profitability

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Flux Power Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-040097

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