Flux Power Pops On Better-Than-Expected Q4 Earnings - Flux Power Holdings (NASDAQ:FLUX)

Flux Power Holdings Inc FLUX reported fourth-quarter FY22 sales growth of 83% year-on-year to $15.2 million, beating the consensus of $12.17 million.
The gross margin for the quarter contracted 100 basis points to 20%, and the gross profit jumped 66.6% to $3.0 million.
The operating loss narrowed to $(2.5) million from a loss of $(3.7) million a year ago.
The company held $0.5 million in cash and equivalents as of June 30, 2022.
The customer order backlog totaled $35 million as of June 30, 2022.
Adjusted EBITDA loss for the quarter was $(2.2) million.
EPS loss of $(0.17) beat the analyst consensus of $(0.26).
"To date, cell supply from China has not been a problem, with our manufacturer, EVE Energy Company, standing as the 8th largest cell producer in China," said CEO Ron Dutt.
"At the same time, competitive lithium cell production is expanding in the U.S., serving as a potential alternative in the future with the potential to reduce reliance on offshore sourcing."
Price Action: FLUX shares are trading higher by 6.78% at $2.77 on the last check Friday.