flux power nine month revenues rose 109% to $6.3m on growing adoption of lithium battery to power forklifts and industrial - bms battery management system

Flux Power's revenue rose 109% in nine months to $6.
3 M. lithium batteries are increasingly used in California forklifts and industrial equipmentMay 10, 2019 (GLOBE NEWSWIRE)--
Flux Power Holdings Limited(OTCQB: FLUX)
, A developer of advanced lithium batteries for industrial applications including electric forklifts and airport ground support equipment (GSE)
The third quarter of fiscal 2019 results announced today (Q3 ‘19)
Nine months ended March 31, 2019
Revenue grew 6% to $1.
Compared to the previous year, it was mainly driven by the sales of class 3 "Walkie Talkie" pallet jack forklift and the lift battery pack of class 1 balance car class 3 end rider, and Class 2 narrow aisle forklift trucks.
Flux continues to see its commercial application of lithium accelerate
More efficient and cost-effective ion batteries
Leading effective alternatives
Acid chemistry, although the time for orders from larger customers varies.
In the first nine months oFY's 2019 revenue rose 109% to $6.
3 M, compared to $3.
0 m in the year-
The period and income of the first four dollars.
All costs for the 2018 financial year amounted to one million. Flux’s year-to-
By increasing sales of the complete product line of Flux forklifts and airport ground support equipment, growth in date revenue was achieved
Ago's sales came mainly from its original lifting and packaging production line for intercom pallet jacks only.
OFlux's revenue in fiscal 2019 will remain more than double that in fiscal 2018, and gross profit margins are expected to continue to rise in the future.
The fourth quarter of Flux as of June 30, 2019 is expected to include revenue from its full product line.
OFlux will move to a larger 63,000-square-foot facility nearby this summer, nearly three times the size of its current headquarters.
We will initially be covering an area of 46,000 square feet and an additional 15,000 square feet of warehouses are expected to support future growth, and we have the right to refuse in the first place.
The new plant is designed to support increased production across multiple product lines, as well as the company's expanded sales, marketing and customer support teams.
Flux March announces a relationship with a leading forklift manufacturer under which it will supply lithium
The ion battery of forklift OEM walkie talkie pallet jack product line is a private label.
For the quarter ended June 30, Flux has received initial orders from the OEM.
OAdditional UL list-Flux is about to complete the UL list test for the category 1 offset truck lift package launched earlier this year.
It also recently completed the UL Listing test for its proprietary product next-
BMS 2, a generation battery management system.
It offers a range of "industry-leading" new features and significant performance enhancements in the new design. The new BMS 2.
0 take advantage of smaller footprint and more efficient design, which will provide meaningful gross profit margin benefits as the scale expands.
Flux remains one of the industry leaders who ensure that the quality, safety and reliability of its solutions are recognized by this respected.
Flux won its first UL Listing in 2016 for its Tier 3 premium listing.
Ron Dutt, CEO of Flux, commented, "our quarterly results show that our customer base and new business prospects are growing steadily.
Scheduling and decision-making of major customer orders
The improvement we expected was hindered.
The delay in these orders made our third quarter revenue growth more than 6% in the previous quarter. to-
Date performance confirms that in the fiscal year ended June 30, we are on track to achieve more revenue.
"Last month, the flux team returned from ProMat 2019, the largest meeting held every other year in the global material processing industry, with confidence and new customer leads.
Lithium Power is one of several prominent themes of Promat this year, and there is extensive evidence that, as a substitute for lead, lithium battery solutions have significantly expanded and participated in performance, energy efficiency and cost-effectivenessacidchemistry.
This growing involvement in lithium solutions, coupled with the lithium we offer-
ION Solutions for all forklift classes, with good location changes, will continue our growth trajectory for the next fiscal year.
Financial results: revenue grew 6% in the third quarter to $1,751,000, while revenue in the third quarter was $1,666,000, mainly due to the continued strong demand for Flux's intercom packaging solution and the initial shipment of the 2-class narrow-Channel lift package.
The cost of sales in the third quarter fell by 7% to $1,690,000, while the cost of sales in the third quarter was $1,816,000, mainly due to improved labor efficiency and reduced material costs.
Flux's gross profit rose from agross's profit loss to $61,000$105,000)
In q3 '18, it reflects the improvement in procurement and production efficiency caused by Flux's continuous increase in profit plan.
The plan includes phased improvements in design, production, procurement and pricing plans, as well as expectations to improve efficiency by increasing production, which will drive continued improvements in box office in the coming quarters.
Sales and administrative expenses in the third quarter increased from $2,421,000 in the third quarter to $909,000 in 19, mainly due to the increase in sales and support staff developing and serving our complete product line, and higher customer activity including $1.
Increase instock-0 M
Basic compensation related to the grant of new employees and existing employee options.
R & D costs increased to $1,364,000 in the third quarter and $483,000 in the third quarter, as the Flux investment completed the development of its largerClass 1 and Class 2 battery solutions, as well as its Class 1 upgrade package and a comprehensive UL certification process for the next generation of BMS.
With Flux meeting specific partner and customer design requests that support customer needs, developing solutions for other potential power markets, R & D costs are expected to remain significant and put in new capabilities and capabilities, to strengthen profit margins and customer needs.
Flux's operating loss increased to $3 in the third quarter. 7M from $1.
The third quarter was 5 m, mainly due to higher operating costs to support future growth and the launch of a complete product line including $1.
Compensation 1 M based on inventory.
Net losses in the third quarter increased to $3. 8M, or ($0. 08)
Basic $1 per share. 8M, or($0. 07)
The 18-year basic share per share in the third quarter reflects higher operating losses due to reduced average borrowing and reduced interest expenditure.
Financial position: Flux raised a total of $4 to support its operations, growth and new product initiatives.
4 m from private equity Common stock for $1.
Closed on December 2018 and January 2019.
On March 28, 2019, Flux entered into a revised and restated credit facilitation agreement with Esenjay Investments, LLC, the company's largest shareholder, with Cleveland capital extending its due date from December 31, 2019, and increase the maximum principal from $5 to $7.
Outstanding loans under the credit facility totalled $3.
4 M in March 31, 2019.
About Flux Power Holdings Limited(www. fluxpower. com)
Develop advanced lithium-
Ion batteries for industrial use, including its first
Lithium certified by UL 2271
Ion "lift bag" forklift battery.
The Flux solution leverages its proprietary battery management system
Housing engineering and product design.
Compared to legacybatteries, the Flux battery offers better performance, longer cycle life, and lower total cost of ownershipacid solutions.
Flux mainly sells equipment OEM, distributor and battery distributor.
Current products include elevator equipment and advanced power batteries in the airport ground support market.
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Forward-looking statements related to Flux's business are usually identified by the use of "believe", "expect" or similar expressions. Forward-
The outlook statement deals with some estimates, assumptions, risks, and other uncertainties that may lead to significant differences in actual results from expectations, beliefs, estimates, expectations, etc. Such forward-
Forward-looking statements include the development and success of new products, estimated sales, the company's ability to obtain products in a timely manner UL listing, the company's ability to fund operations, distribution partnerships and business opportunities, and the uncertainty that customers accept current and new products.
Due to many factors and uncertainties, the actual results may be different from the predicted results.
Although Flux believes that expectations, opinions, forecasts and comments reflected in these forward-looking
It appears that the statements are reasonable and they cannot guarantee that they will prove correct and that the actual operating results, financial status and performance of the flux will not differ materially from the operating results, financial position and performance reflected or implied by these forwards
Look at the report.
Should not rely too much on the future --
Outlook statements and investors should refer to the risk factors outlined in our Form 10-K, 10-
Q and other reports submitted to the SEC can be submitted at www. sec. gov/edgar. These forward-
The outlook statement was made on the date of the release of this press release, and the company does not assume the obligation to use these statements, nor does it assume that the actual results may be different from the predicted results.
Flux, flux power and related marks are trademarks of Flux Power Holding Co. , Ltd.
All other third
Party A's brand, product, trademark or registered trademark is the property of its owner and is used to identify its products or services.
Flux Power Holdings Limited
Streamlined consolidated operating statements (Unaudited)
Three months from March 31, nine months ended March 31, 2019 2018 2019 2018 Net revenue $1,751,000 $1,666,000 $6,297,000 $3,020,000 cost price sales 1,690,000 cm 1,816,000 cm 5,968,000 cm 3,728,000 cm 61,000 of the total profit (150,000 )
329,000 (708,000 )(loss)
Operating expenses: sales and management 2,421,000 909,000 5,518,000 2,378,000 expenditure Research and 1,364,000 483,000 2,892,000 1,441,000 development Total operating 3,785,000 1,392,000 8,410,000 3,819,000 operating losses (3,724,000 )(1,542,000 )(8,081,000 )(4,527,000 )
Other income (expense)
: Interest (90,000 )(211,000 )(1,058,000 )(512,000 )
Net loss of $ (3,814,000 )$ (1,753,000 )$ (9,139,000 )$ (5,039,000 )
Net loss per sharebasic $ (0. 08 )$ (0. 07 )$ (0. 22 )$ (0. 20 )
Common stock 50,769,673 shares 25,112,349 shares 41,054,334 shares 25,142,039 shares
Basic and diluted media and investor relationships: Catalyst IRDavid Collins or Chris Eddy212-924-
98 00 flux @ catalyst-ir. comFlux logo.