Phoenix, Arizona--(Newsfile Corp. - May 31, 2023) - The Stock Day Podcast welcomed Flux Power Holdings, Inc. (NASDAQ: FLUX) ("the Company"), a company that could see revenues swell towards $70 million as more Fortune 500 customers integrate its lithium-ion energy storage solutions for electrification across a range of industrial commercial applications.
Flux CEO Ron Dutt joined Stock Day host Kevin Davis for an overview of the trends and issues behind a Company achieving 19 consecutive quarters of year-over-year growth providing cleaner energy solutions to power some of the largest fleets of material handling, airport ground support equipment, and stationary energy storage.
The Company has led in the design, manufacture, and sales of lithium battery packs for forklifts, airport equipment and more since 2009. Its growth, providing sustainable energy products to replace the lead acid battery packs used to power industrial and commercial equipment, has sustained through market uncertainty, with the Company in the last quarter alone adding two new large fleet customers.
"Our business has continued unabated due to the strong demand in migration from lead acid to lithium-ion," said Dutt. "Our customers are seeing supply chain shortages and increased prices for shipping and steel abate, which may have impacted their ability to replace material handling equipment. However, we still have steady demand for lithium-ion energy storage solutions that continue to grow among our customers, and we continue to build relationships and add new, large-company customers."
In response to Davis' consideration of which industries are making an energy transition away from lead acid batteries, Dutt said equipment handling, notably in airport equipment, continues to primarily rely on lead acid batteries. "When we show customers the benefits of lithium-ion as an economically viable advanced form of energy, there is a strong demand to replace lead acid batteries," Dutt said. "The estimates we have been able gather show only an 8-9% penetration of lithium-ion. So, it is still fairly early days, but we are seeing double digit growth in conversions from lead acid to lithium-ion."
Davis noted the positive highlights from FLUX's recently reported third quarter 2023 earnings, particularly how the Company is on track to generate significant annual revenues between $65 to $70 million, which is a run rate that would generate positive cash/EBITDA for the Company. The financial results reported May 11 also showed the Company's 9-months ended revenue for fiscal year 2023 was $50 million compared to $27 million a year ago.
"We have been growing at over 50% annual rates for the past four years," Dutt said. "We are at a run rate today of about $65 million for our fiscal year-to-date, which ends June 30th," he added. "The progress is good, and the demand is there."
Dutt, noting the continuously improving financials, added, "Along with continuing revenue from our Fortune 500 customers, many of which are household names, we continue to add customers every quarter, many with seven-figure, large fleet potential."
To provide Davis with an outlook for what is next for Flux Power, Dutt said, "Our priority is reaching profitability. We are also looking at leveraging partnerships to scale our growth and we're very excited about the next phase for Flux Power that we are working towards."
Dutt encouraged listeners and shareholders to keep up to date on the Company's current and upcoming projects as they continue to grow in the high demand sector of lithium-ion energy storage solutions.
To hear Ron Dutt's entire interview, follow the link to the podcast here: https://audioboom.com/posts/8309698-flux-power-holdings-inc-discusses-significant-revenue-customer-growth-with-the-stock-day-podcast.
About Flux Power Holdings, Inc.
Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power's lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.
This release contains projections and other "forward-looking statements" relating to Flux Power's business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power's business, results and financial condition; Flux Power's ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, cancellation of purchase orders, deferral of shipments, Flux Power's ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power's ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power's ability to obtain the necessary funds under the credit facilities, Flux Power's ability to timely obtain UL Listing for its products, Flux Power's ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products, and changes in pricing, and Flux Power's ability to negotiate and enter into a definitive agreement in connection with the Letter of Intent. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power's actual results of operations, financial condition and performance will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.
Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
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