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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 8, 2024
FLUX
POWER HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
| Nevada |
|
001-31543 |
|
92-3550089 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
| 2685
S. Melrose Drive, Vista, California |
|
92081 |
| (Address
of Principal Executive Offices) |
|
(Zip
Code) |
877-505-3589
(Registrant’s
telephone number, including area code)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
| Common
Stock, $0.001 par value |
|
FLUX |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
February 8, 2024, the Company issued a press release announcing, among other things, limited financial and operational information
for its fiscal second quarter ended December 31, 2023 and provided certain forward-looking performance estimates. In addition, the
Company will hold a conference call on February 8, 2024 to discuss
such results. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The projections
constituting the performance estimates included in the press release involve risks and uncertainties, the outcome of which cannot be
foreseen at this time and, therefore, actual results may vary materially from these forecasts. In this regard, see the information
included in the press release under the caption “Forward-Looking Statements.”
Item
7.01 Regulation FD Disclosure.
The
information under Items 2.02 of this Current Report on Form 8-K is incorporated by reference in this Item 7.01.
The
information reported under Items 2.02 and 7.01 in this Current Report on Form 8-K, including Exhibit 99.1 is being “furnished”
and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item
9.01 Financial Statements and Exhibits.
Exhibit
Index
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
Flux
Power Holdings, Inc. |
| |
a
Nevada corporation |
| |
|
|
| |
By:
|
/s/
Ronald F. Dutt |
| |
|
Ronald
F. Dutt, |
| |
|
Chief
Executive Officer |
| |
|
|
| Dated:
February 8, 2024 |
|
|
Exhibit 99.1
Flux
Power Reports Fiscal Year 2024 Second Quarter Financial Results
Operational
Initiatives Result in Improvement in Gross Margins to 31%
Revenue Increased 7% to Quarterly Record of
$18.3 Million
Adjusted
EBITDA Improved to Positive $0.3M Moving Toward Cash Flow Breakeven
Backlog
was $29.7M as of February 1, 2024
Management
to Host Conference Call Today at 4:30 p.m. Eastern Time
Vista,
CA — February 8, 2024 — Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage
solutions for electrification of commercial and industrial equipment, has reported its financial and operational results for the fiscal
second quarter ended December 31, 2023.
Key
Financial FY 2024 Second Quarter and Subsequent Operational Highlights and Business Update
| ($ millions) | |
Q2 Comparison | |
| | |
Q2 2024 | | |
Q2 2023 | | |
$ Change YoY | | |
% Change YoY | |
| Revenue | |
$ | 18.3 | | |
$ | 17.2 | | |
$ | 1.2 | | |
| 7 | % |
| Gross Profit | |
$ | 5.7 | | |
$ | 4.1 | | |
$ | 1.6 | | |
| 38 | % |
| Gross Margin | |
| 31 | % | |
| 24 | % | |
| — | | |
| 700 BPS | |
| Adjusted EBITDA | |
$ | 0.3 | | |
| -$0.9 | | |
$ | 1.2 | | |
| — | |
| |
● |
Expansion
of Margins Leading to Profitability in FY2024: |
| |
○ |
Gross
profit increased 38% in Q2’24 compared to Q2’23. |
| |
|
|
| |
○ |
Gross
margin increased 700 basis points in Q2’24 compared to Q2’23. |
| |
|
|
| |
○ |
Adjusted
EBITDA improved $1.2 million in Q2’24 compared to Q2’23. |
| |
● |
Continued
Revenue Expansion |
| |
○ |
Revenue
(Shipments) increased 7% to quarterly record of $18.3 million in Q2’24 compared to Q2’23 revenue of $17.2 million. |
| |
|
|
| |
○ |
New
purchase orders received during the quarter reached a record $26.6 million |
| |
|
|
| |
○ |
Added four new customers in material handling,
including the largest wine producer in the world. |
| |
|
|
| |
○ |
High
demand new heavy-duty models completed UL Listing, to be launched for 2024. |
| |
|
|
| |
○ |
Private
Label Program for selected models launched with major forklift OEM. |
| |
|
|
| |
○ |
Exploring
partnership with third party on fast
charging proprietary technology. |
| |
|
|
| |
○ |
Commenced
development of Artificial Intelligence (AI) features for SkyBMS® Telematics Platform to drive more informed decision-making
around asset management and maximize operational efficiency. |
| |
|
■ |
Currently
piloting with existing Fortune 500 customer for three distribution centers for data collection ROI. |
| |
○ |
Reached
prototype stage for automation of battery cells into modules to support current high customer demand, while creating commonality
and reducing inventory. |
| |
|
|
| |
○ |
Partnership
for international sales channel making progress. |
| |
|
|
| |
○ |
Backlog
(open orders) was $29.7 million as of February 1, 2024. |
| |
● |
Improved
Capital Structure |
| |
○ |
A
new $2.0 million subordinated line of credit with Cleveland Capital providing additional credit support, with an extended
duration to August 15, 2025. |
Backlog
Summary
The
backlog status is a point in time measure but in total reflects underlying pacing of orders:
| Fiscal Quarter Ended | | |
Beginning Backlog | | |
New Orders | | |
Shipments | | |
Ending Backlog | |
| September 30, 2022 | | |
$ | 35,020,000 | | |
$ | 9,678,000 | | |
$ | 17,840,000 | | |
$ | 26,858,000 | |
| December 31, 2022 | | |
$ | 26,858,000 | | |
$ | 20,652,000 | | |
$ | 17,158,000 | | |
$ | 30,352,000 | |
| March 31, 2023 | | |
$ | 30,352,000 | | |
$ | 9,751,000 | | |
$ | 15,087,000 | | |
$ | 25,016,000 | |
| June 30, 2023 | | |
$ | 25,016,000 | | |
$ | 19,780,000 | | |
$ | 16,252,000 | | |
$ | 28,544,000 | |
| September 30, 2023 | | |
$ | 28,544,000 | | |
$ | 8,102,000 | | |
$ | 14,797,000 | | |
$ | 21,849,000 | |
| December 31, 2023 | | |
$ | 21,849,000 | | |
$ | 26,552,000 | | |
$ | 18,344,000 | | |
$ | 30,057,000 | |
February
1, 2024, Ending Backlog $29.7 million
CEO
Commentary
“The
second fiscal quarter of 2024 saw ongoing momentum to both top and bottom lines, as we continue to move steadily towards profitability.
While reaching record quarter revenue of $18.3 million during the quarter, we continue to see lumpiness from timing of deliveries of
customer new forklift orders and interest rate variability. We improved gross profit, up 38% in the second quarter to $5.7 million, and
gross margin expansion of 700 basis points to 31% compared to the year ago period and up sequentially from $4.3 million and 29%, respectively,
during the first fiscal quarter of 2024. With strategic supply chain and profitability improvement initiatives, lower costs and higher
volume purchasing, we are targeting gross margin improvement to continue, with a longer-term goal of 40%.
“A
high priority for us remains reaching sustained cash flow breakeven, and we made good progress during the second fiscal quarter delivering
positive Adjusted EBITDA of $0.3 million, an improvement of $1.2 million from an Adjusted EBITDA loss of $0.9 million in the second
fiscal quarter of 2023 and sequential improvement from a loss of $1.2 million in the first fiscal quarter of 2024. Cash used for operations
was also down significantly to $1.0 million in the second fiscal quarter compared to $3.1 million in the first fiscal quarter. We continue
to focus on increasing profitability through revenue, gross margins, and current operating leverage.
“As
of February 1, 2024, our open order backlog was $29.7 million. This reflects ongoing lead times of incoming purchase
orders with the schedule of new forklift and airport Ground Support Equipment (“GSE”) deliveries. Four new customers
contributed to the backlog this quarter, in both forklifts and airport GSE, as well as current customers including the largest wine
producer in the world. Beyond our backlog of open orders, we are working on a pipeline of high probability orders of over $100 million
which does stretch beyond the current fiscal year. However, we continue to see extended lead times for forklifts from major OEMs, while
some GSE Equipment lead times are extended for certain model lines. These extended lead times have resulted in some shipment deferrals
and delays in receiving anticipated orders, with current backlog of open orders exceeding $30 million for the quarter ended December
31, 2023.
“We took
significant actions to strengthen our capital structure while managing our business growth and margin expansion with careful priorities
as part of our strategy to enhance shareholder value. An additional $2.0 million subordinated line of credit with Cleveland Capital provides
greater working capital optionality beyond our projected needs and continued confidence in our growth strategy from a long-term investor
in Flux Power. We recently increased our $15 million credit facility with Gibraltar Business Capital to $16 million to support customer
demand and our current business growth.
“Looking
ahead, we continue to develop new customer relationships and remain confident that our growth strategies, pipeline of orders and new
customers opportunities, combined with our cash profitability improvement initiatives, is leading us toward near-term profitability.
We have built a robust foundation for establishing the required scale as the leading service provider for large Fortune 500 material
handling fleets. We are leveraging our position with growth-oriented projects and developing partnerships with vendors, technology partners,
and opportunities to further drive growth. Taken together, we believe we can continue to expand our business, long-term sustained
growth and shareholder value in the year to come,” concluded Dutt.
Q2’24
Financial Results
Revenue
for the fiscal second quarter of 2024 increased 7% to $18.3 million compared to $17.2 million in the fiscal second quarter of 2023,
due to higher number of units of energy storage packs sold during the quarter, as well as price increases for certain energy storage
units sold.
Gross
profit for the fiscal second quarter of 2024 increased 38% to $5.7 million compared to a gross profit of $4.1 million in the fiscal
second quarter of 2023. Gross margin increased to 31% in the fiscal second quarter of 2024 as compared to 24% in the fiscal second quarter
of 2023. Gross profit improved by 38 percentage points due to lower average cost of sales per unit achieved during the quarter as a result
of our gross margin improvement initiatives and revenue growth during the quarter.
Adjusted
EBITDA was $0.3 million in the fiscal second quarter of 2024 as compared to a loss of $0.9 million in the fiscal second quarter of
2023, driven by the improved gross margins.
Selling
& Administrative expenses increased to $4.6 million in the fiscal second quarter of 2024, as compared to $4.3 million in fiscal
second quarter of 2023, primarily attributable to staff related expenses, depreciation, professional service fees, stock-based compensation,
and travel expenses, partially offset by decreases in commissions, outbound shipping costs, recruiting costs, and consulting fees.
Research
& Development expenses increased to $1.4 million in the fiscal second quarter of 2024, compared to $1.2 million in the fiscal
second quarter of 2023, primarily due to additional engineering projects to support our products.
Net
loss for the fiscal second quarter of 2024 improved 52% to $0.8 million, compared to a loss of $1.7 million in the fiscal
second quarter of 2023, with improvement principally reflecting increased gross profit, offset by increased operating expenses and interest
expense.
Cash
was $1.6 million on December 31, 2023, as compared to $2.4 million at June 30, 2023 reflecting changes in working capital management.
Available working capital includes: our line of credit as of January 31, 2024, under our $16.0 million credit facility from Gibraltar
Business Capital with a remaining available balance of $6.0 million; and $2.0 million available under the subordinated line of
credit with Cleveland Capital. Credit line with Gibraltar provides for expansion up to $20 million.
Net
cash used in operating activities decreased by $2.1 million to $1.0 million in the three months ended December 31, 2023, compared
to $3.1 million in the three months ended September 30, 2023.
Second
Quarter Fiscal Year 2024 Results Conference Call
Flux
Power CEO Ron Dutt and CFO Chuck Scheiwe will host the conference call, followed by a question-and-answer session. The conference call
will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s
website here.
To
access the call, please use the following information:
| Date: |
Thursday,
February 8, 2024 |
| Time: |
4:30
p.m. Eastern Time, 1:30 p.m. Pacific Time |
| Toll-free
dial-in number: |
1-877-407-4018 |
| International
dial-in number: |
1-201-689-8471 |
| Conference
ID: |
13743693 |
Please
call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you
have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.
The
conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1651243&tp_key=b42dbaf500 and via the investor relations section of the Company’s website here.
A
replay of the webcast will be available after 7:30 p.m. Eastern Time through May 8, 2024.
| Toll-free
replay number: |
1-844-512-2921 |
| International
replay number: |
1-412-317-6671 |
| Replay
ID: |
13743693 |
Note
about Non-GAAP Financial Measures
A
non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes
or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance
with accounting principles generally accepted in the United States of America, or GAAP. Non-GAAP measures are not in accordance with,
nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
In
addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure.
Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization, and stock-based compensation
expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides additional information
to investors by providing a more focused measure of operating results. This metric is an integral part of the Company’s internal
reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most
comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable
to similarly titled measures presented by other companies.
US-GAAP
NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION
(Unaudited)
| | |
Three Months Ended December 31, | | |
Six
Months Ended December 31, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Net loss | |
$ | (814,000 | ) | |
$ | (1,681,000 | ) | |
$ | (2,926,000 | ) | |
$ | (3,820,000 | ) |
| Add/Subtract: | |
| | | |
| | | |
| | | |
| | |
| Interest, net | |
| 449,000 | | |
| 385,000 | | |
| 852,000 | | |
| 713,000 | |
| Depreciation and amortization | |
| 262,000 | | |
| 199,000 | | |
| 523,000 | | |
| 371,000 | |
| EBITDA | |
| (103,000 | ) | |
| (1,097,000 | ) | |
| (1,551,000 | ) | |
| (2,736,000 | ) |
| Add/Subtract: | |
| | | |
| | | |
| | | |
| | |
| Stock-based compensation | |
| 394,000 | | |
| 209,000 | | |
| 670,000 | | |
| 304,000 | |
| Adjusted EBITDA | |
$ | 291,000 | | |
$ | (888,000 | ) | |
$ | (881,000 | ) | |
$ | (2,432,000 | ) |
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.
Forward-Looking
Statements
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; statements regarding plans and expectations with respect to the Company’s registration statement on Form S-3 and any
potential future offering or capital raises. 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 improve its gross margins, or achieve breakeven cash flow or profitability, 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.
Follow
us at:
Blog:
Flux Power Blog
News
Flux Power News
Twitter:
@FLUXpwr
LinkedIn:
Flux Power
Contacts
Media
& Investor Relations:
media@fluxpower.com
info@fluxpower.com
External
Investor Relations:
Chris
Tyson, Executive Vice President
MZ
Group - MZ North America
949-491-8235
FLUX@mzgroup.us
www.mzgroup.us
FLUX
POWER HOLDINGS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
| | |
December
31, 2023 | | |
June
30, 2023 | |
| | |
(Unaudited) | | |
| |
| ASSETS | |
| | | |
| | |
| | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash | |
$ | 1,584,000 | | |
$ | 2,379,000 | |
| Accounts receivable | |
| 12,579,000 | | |
| 8,649,000 | |
| Inventories, net | |
| 18,283,000 | | |
| 18,996,000 | |
| Other current assets | |
| 942,000 | | |
| 918,000 | |
| Total current assets | |
| 33,388,000 | | |
| 30,942,000 | |
| Right of use assets | |
| 2,482,000 | | |
| 2,854,000 | |
| Property, plant and equipment, net | |
| 1,680,000 | | |
| 1,789,000 | |
| Other assets | |
| 119,000 | | |
| 120,000 | |
| | |
| | | |
| | |
| Total assets | |
$ | 37,669,000 | | |
$ | 35,705,000 | |
| | |
| | | |
| | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 10,021,000 | | |
$ | 9,735,000 | |
| Accrued expenses | |
| 3,290,000 | | |
| 3,181,000 | |
| Line of credit | |
| 13,575,000 | | |
| 9,912,000 | |
| Deferred revenue | |
| 310,000 | | |
| 131,000 | |
| Customer deposits | |
| 232,000 | | |
| 82,000 | |
| Finance lease payable, current portion | |
| 150,000 | | |
| 143,000 | |
| Office lease payable, current portion | |
| 689,000 | | |
| 644,000 | |
| Accrued interest | |
| 130,000 | | |
| 2,000 | |
| Total current liabilities | |
| 28,397,000 | | |
| 23,830,000 | |
| Office lease payable, less current portion | |
| 1,698,000 | | |
| 2,055,000 | |
| Finance lease payable, less current portion | |
| 191,000 | | |
| 273,000 | |
| | |
| | | |
| | |
| Total liabilities | |
| 30,286,000 | | |
| 26,158,000 | |
| | |
| | | |
| | |
| Stockholders’ equity: | |
| | | |
| | |
| | |
| | | |
| | |
| Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding | |
| - | | |
| - | |
| Common stock, $0.001 par value; 30,000,000 shares authorized; 16,532,275 and 16,462,215 shares issued and outstanding at December 31, 2023 and June 30, 2023, respectively | |
| 17,000 | | |
| 16,000 | |
| Additional paid-in-capital | |
| 98,847,000 | | |
| 98,086,000 | |
| Accumulated deficit | |
| (91,481,000 | ) | |
| (88,555,000 | ) |
| | |
| | | |
| | |
| Total stockholders’ equity | |
| 7,383,000 | | |
| 9,547,000 | |
| | |
| | | |
| | |
| Total liabilities and stockholders’ equity | |
$ | 37,669,000 | | |
$ | 35,705,000 | |
FLUX
POWER HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | |
Three
Months Ended December 31, | | |
Six
Months Ended December 31, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Revenues | |
$ | 18,344,000 | | |
$ | 17,158,000 | | |
$ | 33,141,000 | | |
$ | 34,998,000 | |
| Cost of sales | |
| 12,676,000 | | |
| 13,050,000 | | |
| 23,162,000 | | |
| 26,942,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
| 5,668,000 | | |
| 4,108,000 | | |
| 9,979,000 | | |
| 8,056,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Selling and administrative | |
| 4,593,000 | | |
| 4,250,000 | | |
| 9,318,000 | | |
| 8,786,000 | |
| Research and development | |
| 1,440,000 | | |
| 1,162,000 | | |
| 2,735,000 | | |
| 2,385,000 | |
| Total operating expenses | |
| 6,033,000 | | |
| 5,412,000 | | |
| 12,053,000 | | |
| 11,171,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating loss | |
| (365,000 | ) | |
| (1,304,000 | ) | |
| (2,074,000 | ) | |
| (3,115,000 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other income | |
| - | | |
| 8,000 | | |
| - | | |
| 8,000 | |
| Interest income (expense), net | |
| (449,000 | ) | |
| (385,000 | ) | |
| (852,000 | ) | |
| (713,000 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
$ | (814,000 | ) | |
$ | (1,681,000 | ) | |
$ | (2,926,000 | ) | |
$ | (3,820,000 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss per share - basic and diluted | |
$ | (0.05 | ) | |
$ | (0.10 | ) | |
$ | (0.18 | ) | |
$ | (0.24 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of common shares outstanding - basic and diluted | |
| 16,516,700 | | |
| 16,020,183 | | |
| 16,495,727 | | |
| 16,008,740 | |
FLUX
POWER HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | |
Six Months Ended December 31, | |
| | |
2023 | | |
2022 | |
| Cash flows from operating activities: | |
| | | |
| | |
| Net loss | |
$ | (2,926,000 | ) | |
$ | (3,820,000 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
| Depreciation | |
| 523,000 | | |
| 371,000 | |
| Stock-based compensation | |
| 670,000 | | |
| 304,000 | |
| Fair value of warrants issued as debt issuance cost | |
| 92,000 | | |
| - | |
| Amortization of debt issuance costs | |
| 134,000 | | |
| 368,000 | |
| Noncash lease expense | |
| 296,000 | | |
| 236,000 | |
| Allowance for inventory reserve | |
| (2,000 | ) | |
| 135,000 | |
| Changes in operating assets and liabilities: | |
| | | |
| | |
| Accounts receivable | |
| (3,930,000 | ) | |
| (1,858,000 | ) |
| Inventories | |
| 715,000 | | |
| (3,380,000 | ) |
| Other assets | |
| (157,000 | ) | |
| (17,000 | ) |
| Accounts payable | |
| 286,000 | | |
| 6,152,000 | |
| Accrued expenses | |
| 109,000 | | |
| 89,000 | |
| Accrued interest | |
| 128,000 | | |
| - | |
| Office lease payable | |
| (312,000 | ) | |
| (244,000 | ) |
| Deferred revenue | |
| 179,000 | | |
| (82,000 | ) |
| Customer deposits | |
| 150,000 | | |
| (146,000 | ) |
| Net cash used in operating activities | |
| (4,045,000 | ) | |
| (1,892,000 | ) |
| | |
| | | |
| | |
| Cash flows from investing activities | |
| | | |
| | |
| Purchases of equipment | |
| (338,000 | ) | |
| (344,000 | ) |
| Proceeds from sale of fixed assets | |
| - | | |
| 8,000 | |
| Net cash used in investing activities | |
| (338,000 | ) | |
| (336,000 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Proceeds from revolving line of credit | |
| 35,868,000 | | |
| 30,550,000 | |
| Payment of revolving line of credit | |
| (32,205,000 | ) | |
| (28,628,000 | ) |
| Payment of finance leases | |
| (75,000 | ) | |
| (22,000 | ) |
| Net cash provided by financing activities | |
| 3,588,000 | | |
| 1,900,000 | |
| | |
| | | |
| | |
| Net change in cash | |
| (795,000 | ) | |
| (328,000 | ) |
| Cash, beginning of period | |
| 2,379,000 | | |
| 485,000 | |
| | |
| | | |
| | |
| Cash, end of period | |
$ | 1,584,000 | | |
$ | 157,000 | |
| | |
| | | |
| | |
| Supplemental Disclosures of Non-Cash Investing and Financing Activities: | |
| | | |
| | |
| Initial right of use asset recognition | |
$ | - | | |
$ | 258,000 | |
| Common stock issued for vested RSUs | |
$ | 183,000 | | |
$ | 114,000 | |
| Supplemental cash flow information: | |
| | | |
| | |
| Interest paid | |
$ | 605,000 | | |
$ | 288,000 | |
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