![]() ![]() Research & development expenses increased to $1.2M in Q4’19, compared to $515,000 in Q4’18 as Flux progressed development of higher capacity battery packs for larger equipment. Selling and administrative expenses increased to $2.2M in Q4’19 from $1.1M in Q4’18, principally reflecting increased staffing to support expanded operations and growth. Q4’19 gross profit improved to $215,000 compared to a loss of $87,000 in Q4’18, principally reflecting higher sales volumes and benefits from the Company’s gross margin improvement program. Q4’19 revenue increased 175% to $3.0M compared to $1.1M in Q4’18, driven by a 70% increase in Walkie LiFT Pack sales, to $1.4M, which benefitted from Flux’s private label OEM relationship, and from sales of larger LiFT Packs that debuted in FY 2019. Flux also expects to further enhance gross margins across its product lines as the Company implements a series of clearly defined initiatives to advance technology, design, production and purchasing efficiencies, as well as benefiting from growing economies of scale.įlux anticipates FY’20 revenue to continue to increase rapidly reflecting: (i) a growing preference for high performing, cost-efficient, and reliable lithium battery solutions over legacy lead-based solutions (ii) the strength of its current order backlog and potential purchasing plans of existing customers and (iii) impact of current launching of full product line. We expect this pace to continue in fiscal 2020 and beyond as we are expanding penetration of current large customer fleets and adding new customers by leveraging current successes.”īased on its expanded base of product offerings, current pipeline of large customer procurement discussions, and projected new customer activity, Flux anticipates the current growth trajectory to continue, with potential upside attributable to accelerating demand for lithium solutions. We are pleased to see the benefit of our efforts reflected in our strong fiscal 2019 sales growth and the achievement of solid, positive gross margin improvements over the prior year. This facility should support up to $100 million in revenue per year.įlux CEO Ron Dutt, commented, “Flux has invested the past six years to build out a foundation of production, product, and customer service to serve Fortune 500 customers in a multi-billion dollar, potential market. Capacity Expansion Achieved, with relocation to a new facility in Vista, CA with over 60,000 square feet of availability, a three-fold increase over the prior facility.Specific plans continue to achieve a targeted 30% gross margin from further design, sourcing, and volume growth. Achieved Positive Gross Profit Margin, with gross margins of 6% in FY 2019 and 7% in Q4’19 compared to negative gross margins in the comparable periods of FY 2018, reflecting the benefit of growing economies of scale and initial design and sourcing improvements.Additional product development projects are being pursued with other manufacturers of commercial and industrial equipment. Flux currently supplies lithium-ion batteries for this OEM’s walkie pallet jack product line. Commenced Sales via Private Label OEM Relationship with a leading forklift manufacturer in Q4’19.FY’19 Revenue vs FY’18 Rose 127% from $4.1M to $9.3M, as walkie LiFT Pack sales grew 30% to $4.7M and new, larger forklift batteries contributed over $4.6M.Q4 FY’19 Revenue vs Q4 FY ’18 Rose 172% from $1.1M to $3.0M, supported by walkie pallet jack LiFT Pack sales which grew 70% to $1.4M, in addition to $1.6M from rollout of larger packs (for Class 1, Class 2 and Class 3 end riders).Products include advanced battery packs for forklifts, airport ground support equipment, and other commercial and industrial applications. (OTCQB: FLUX), a developer of advanced lithium industrial batteries for commercial and industrial equipment, today reported results for its fourth quarter (Q4’19) and fiscal year ended J(FY‘19).įlux is a leading developer of lithium-ion batteries having higher performance, extended life, and lower cost of ownership compared with lead acid solutions. VISTA, CA / ACCESSWIRE / Septem/ Flux Power Holdings, Inc. Rollout of Full Product Line for Forklifts Now Underway. ![]()
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