Additionally, a total debt conversion to equity of $8.3M was achieved, with $7.9M on Jand $400,000 on July 22, 2020.
Per share results are based on 5.1M and 4.4M weighted average basic shares outstanding at the end of FY’20 and FY’19, respectively.įlux Power completed equity private placements during Q4’20 totaling $1.3M, with an additional placement of $3.2M on July 24, 2020. Net Loss: Net loss increased to $14.3M (a loss of $2.80 per share) in FY’20 from a net loss of $12.4M (a loss of $2.84 per share) in FY’19 mainly due to higher operating expenses and increased interest expense.
#Flux power revenue full
Research & Development: Expenses increased to $5.0M in FY’20 from $4.1M in FY’19, reflecting development costs supporting the full product line as well as third party certification efforts such UL Listing and UN38.3 (transportation) requirements. Selling & Administrative: Expenses increased to $9.8M in FY’20 from $7.7M in FY’19, principally due to additional cash and stock-based compensation expense related to new hires across the business to facilitate production and market growth, and legal fees supporting debt and equity issuances. Gross Profit: FY’20 gross profit improved to $2.2M compared to a loss of $549,000 in FY’19, based on higher sales and improved gross margins reflecting the benefit of sourcing initiatives, lower prices from higher volume purchasing, and specific design cost reductions. During FY’20, Flux Power expanded its offerings for the Class 1, 2 and 3 forklift markets and continued to increase its new customer development. Revenue: FY’20 revenues rose 81% to $16.8M compared to $9.3M in FY’19, reflecting the rollout of LiFT Packs for larger forklifts and electric trucks, rapid sales of battery packs for walkie pallet jacks, a four-fold increase in sales of GSE Packs to $1.5 million, and rising interest overall in lithium-ion storage solutions. Net Loss: Q4’20 net loss decreased to $3.2M from a loss of $3.3M in Q4’19, principally reflecting higher operating costs and interest expense. Research & Development: Expenses decreased slightly to $1.1M in Q4’20, compared to $1.2M in Q4’19 reflecting our continued product range evolution and optimization. Selling & Administrative: Expenses increased to $2.7M in Q4’20 from $2.2M in Q4’19, principally reflecting increased staffing to support expanded operations and growth. Gross Profit: Q4’20 gross profit improved to $1.1M compared to a gross profit of $220,000 in Q4’19 principally reflecting higher sales volumes and benefits from Flux Power’s revenue growth and gross margin improvement program. Revenue: Q4’20 revenue increased 107% to $6.3M compared to $3.0M in Q4’19, driven by sales of larger LiFT Packs. “We expect this growth pace to continue in fiscal year 2021 and beyond as we are expanding penetration of our current large customer’s fleets and adding new customers by leveraging current successes.” “To support our projected rapid growth, we are very pleased to have uplisted to the Nasdaq Capital Market which we believe will increase investor awareness to our business and provide better access to growth capital,” Flux Power CEO Ron Dutt commented. Signed master purchase agreementwith a Fortune 500 heavy equipment manufacturer.Won major order from a global airline for several hundred GSE Packs through their GSE distribution partner Averest.Launched two new products: The S24 is a slimmed-down 24-volt battery pack for use in walkies and the L48 is a 48-volt battery pack for use in Class I & II equipment, particularly 3-wheeled forklifts.Expanded into additional warehouse space to accommodate growth and allocate more space for inventory and production lines.
Uplisted on the Nasdaq Capital Marketunder the symbol “FLUX.” Prior to the listing on the Nasdaq Capital Market, Flux Power’s common stock was quoted on the OTCQB.FY’20 gross margin improved to 13.0% vs FY’19 gross margin of 5.9%.Q4’20 gross margin increased to 17.0% compared to 7.3% in Q4’19.FY’20 revenue increased 81% to $16.8M vs FY’19 revenue of $9.3M.Q4’20 revenue grew 107% to $6.3M compared to Q4’19 revenue of $3.0M.(Nasdaq: FLUX), a developer of advanced lithium-ion industrial batteries for commercial and industrial equipment, today reported financial results for its fourth quarter (Q4’20) and fiscal year (FY‘20) ended June 30, 2020.
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