Flux Power restates FY2023 and FY2024 interim financials due to $1.7M inventory write-down

Flux Power Holdings, Inc.

Approximately $1.2M excess/obsolete inventory not properly reserved due to battery cell supplier change; $0.5M loaner packs misclassified as finished goods.
Gibraltar Business Capital waived non-compliance; $16M credit facility remains available subject to conditions.
Additional material weakness in internal control over financial reporting identified; remediation led by new CFO Kevin Royal.
Board evaluating impact on FY2022, 2021, 2020 financials; further restatements may follow.

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