Flux Power FY 2019 Net Revenues Expected to Rise over 115% to
Approximately $9 Million Driven by Record Q4 Net
Revenues
Vista, CA – July 11, 2019 -- Flux Power Holdings, Inc.
(OTCQB: FLUX), a developer of advanced lithium batteries for
industrial applications including electric forklifts and airport
ground support equipment (“GSE”), today announced
preliminary results for its fiscal 2019 fourth quarter (Q4
‘19) and year ended June 30, 2019. Flux expects to report
final fiscal 2019 fourth quarter and year-end results in September
2019.
●
Q4 ’19 Net Revenue Expected to Rise over
170% to a New Record - Flux announced that it expects Q4
’19 net revenue of approximately $3.0 million, an increase of
over 170% compared to Q4 ’18 net revenue of $1.1 million and
a new quarterly record. Flux Q4’19 net revenues benefitted
from increased sales of lithium-ion battery packs across
Flux’s entire product line, including GSE, Class 1, Class 2
and Class 3 End Rider and Walkie LiFT Packs.
●
FY 2019 Net Revenue Expected to Rise 115% over
FY 2018 - Flux expects its fiscal 2019 net revenue to
increase by at least 115% to approximately $9.0 million, compared
to $4.1 million for FY 2018. This growth in net revenue resulted
primarily from Flux’s expanded product line, increased sales
of new and existing products to current customers as well as sales
to new accounts during FY 2019.
●
Expected to Achieve Positive Gross P:rofit
Margin for Q4 ’19 and FY 2019 - Flux expects to report
positive gross profit margins for both Q4’19 and its full
fiscal 2019 year, compared to negative gross profit margins in the
respective FY 2018 periods.
Flux
Chairman and CEO, Ron Dutt, commented, “Flux continued to
expand its base of products, customers and industry relationships
in fiscal 2019, contributing to our expectations for record net
revenues and the achievement of positive gross margins margins in
both the fourth quarter and full year of fiscal 2019.”
“We
look to build on this record in fiscal 2020 and to support our
expected growth we recently moved into a new 60,000+ square-foot
headquarters facility in Vista, CA, more than triple the size of
our previous facility.”
About Flux Power Holdings, Inc. (www.fluxpower.com)
Flux
Power develops advanced lithium-ion batteries for industrial uses,
including its first-ever UL 2271 Listed lithium-ion “LiFT
Pack” forklift batteries. Flux solutions utilize its
proprietary battery management system and in-house engineering and
product design. Flux batteries deliver improved performance,
extended cycle life and lower total cost of ownership than legacy
lead-acid solutions. Flux sells primarily to lift equipment
OEM’s, their dealers and battery distributors. Current
products include advanced battery packs for motive power in the
lift equipment and airport ground support markets.
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@FluxPowerIR
Investor Relations
This release contains projections and other "forward-looking
statements" relating to Flux’s business, that are often
identified by the use of "believes," "expects" or similar
expressions. Forward-looking statements involve a number of
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 the Company’s expected net
revenues and gross profit margin for fiscal year ended June 30,
2019, the development and success of new products, projected sales,
the Company's ability to timely obtain UL Listing for its products,
the Company's ability to fund its operations, distribution
partnerships and business opportunities and the uncertainties of
customer acceptance of current and new products. Actual results
could differ from those projected due to numerous factors and
uncertainties. In addition, the Company’s expectations with
respect to our net revenues and gross profit margin for the fiscal
year ended June 30, 2019 are based upon management estimates for
the period. The Company’s expectations are subject to the
completion of its financial closing procedures and any adjustments
that may result from the completion of the audit of its
consolidated financial statements for the fiscal year ended June
30, 2019. Following the completion of the Company’s financial
closing process and the audit, it may report net revenues and gross
profit margin for the fiscal year ended June 30, 2019 that could
differ from the Company’s expectations, and the differences
could be material. While the Company believes that its expectations
for its net revenues and gross profit margin for the fiscal year
ended June 30, 2019 are based on reasonable assumptions, the
Company’s actual results may vary, and such variations may be
material. Factors that could cause the Company’s expectations
to differ include, but are not limited to: (i) unanticipated
adjustments in the calculation of, or application of accounting
principles for, our net revenues or gross profit margin for such
period and (ii) discovery of new information that affects the
recognition of revenues or expenses for such period. Although Flux
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'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 the Company
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, 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.
Media & Investor Relations:
Catalyst
IR
David
Collins or Chris Eddy
212-924-9800
flux@catalyst-ir.com
