![]() Flux concluded the private placement in January 2019 on the same terms, resulting in additional gross proceeds of approximately $697,000. A portion of the proceeds were used to repay in full $2.6M in borrowings and accrued interest under a short-term credit facility, as reflected in the 12/31/18 financial statements. In support of its operations, growth and new product initiatives, Flux concluded an initial closing of a private placement at $1.10 per share at the end of December 2018, yielding gross proceeds of approximately $3.7 million. Net loss in Q2 ‘19 increased to $2.924M, or ($0.07) per basic share, from $1.84M, or ($0.07) per basic share, in Q2 ‘18, reflecting the higher operating loss and increased interest expense due to higher average borrowings. R&D expenses are expected to remain significant as Flux builds out its complete forklift and airport GSE product lines, addresses specific partner and customer design requests, develops solutions for other potential motive power markets, and continues to enhance its solutions to remain on the cutting edge of the industry.įlux’s Q2 ‘19 operating loss increased to $2.231M from $1.674M in Q2 ‘18, principally due to higher operating expenses supporting a full product line rollout. Research & development expenses increased to $882,000 in Q2 ‘19, compared to $479,000 in Q2 ‘18, as Flux invested in completing development of its larger Class 1 and Class 2 battery solutions. Selling and administrative expenses increased to $1,604,000 in Q2 ‘19 from $807,000 in Q2 ’18, primarily due to the addition of sales and support staff required to develop and service significantly higher customer activity, as well as a related increase in stock-based compensation and professional fees. The plan involves design, production, procurement and pricing initiatives, in addition to expected efficiency improvements through higher production volumes, that should position Flux to significantly enhance its gross margins over the next several quarters. The gross profit improvement reflects increasing production efficiency and initial benefits of Flux’s comprehensive margin enhancement plan. Q2 ‘19 cost of sales rose 55% to $2,456,000 compared to $1,589,000 in Q2 ’18, principally due to the significant increase in LiFT Pack unit sales, yielding a Q2 ’19 gross profit of $255,000 versus a year ago gross loss of ($388,000). ![]() Q2 ‘19 revenue rose 126% to $2,711,000 compared to Q2 ‘18 revenue of $1,201,000, principally due to approximately $1.2 million in Class 1 LiFT Packs sold to a Fortune 100 heavy machinery conglomerate, along with $1.0 million of Class 2 narrow aisle and Walkie LiFT Packs. Shipments of GSE packs are expected to rise over 50% in calendar year 2019 relative to calendar year 2018, with the majority of deliveries expected to take place in the second half. Flux’s new Class 3 end rider packs began shipping in January with 8 packs sold to a Fortune 50 customer.Īirport Ground Support Equipment (GSE) Solutions – Despite a sequential decline in GSE revenue in Q2’19, Flux continues to see growing interest in this segment. Another Flux customer is currently in discussions regarding their first larger scale purchase of LiFT Packs for Class 1 counterbalance trucks with an expected delivery this spring.įlux began initial shipment of its Class 2 narrow aisle LiFT Packs last during the quarter. Expanding Product Line – In Fall 2018 Flux started shipping its new larger, more powerful and higher cost LiFT Packs for Class 1 counterbalance trucks to several customers.FY 2019 First Six Months Revenue Rose 236% to $4.5M versus $1.4M in the year ago period and exceeded full year fiscal 2018 revenue of $4.1M.Flux continues to see accelerating commercial adoption of its lithium-ion batteries as a more efficient and cost effective alternative to lead-acid chemistry. Q2 ’19 revenue included approximately $1.2M in Class 1 counterbalance LiFT Packs shipped to a Fortune 100 heavy machinery conglomerate, in addition to initial purchases of Flux’s new line of LiFT Packs for Class 2 narrow aisle forklifts. Q2 ’19 Revenue Rose 126% to $2.7M versus Q2 ’18 revenue of $1.2M and increased 48% sequentially from Q1’19 revenue of $1.8M.(OTCQB: FLUX), a developer of advanced lithium batteries for industrial applications including electric forklifts and airport ground support equipment (“GSE”), today reported results for its fiscal 2019 second quarter (Q2 ‘19) and first six months ended December 31, 2018. 14, 2019 (GLOBE NEWSWIRE) - Flux Power Holdings, Inc.
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