- 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.
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