Flux Power CEO Ron Dutt joined Steve Darling from Proactive to share the company's financial and operational results for the fiscal year ending June 30, 2023.
The company reported significant growth and improvements across various key metrics.
One of the standout achievements was a substantial increase in revenue, which surged by 57% to reach $66.3 million, compared to $42.3 million in the previous year. This increase was primarily driven by sales of energy storage solutions with higher average selling prices and a larger volume of units sold, particularly in the ground support equipment (GSE) segment.
Dutt also highlighted the noteworthy improvement in gross profit, which increased to 26% for fiscal year 2023, compared to 17% in the prior fiscal year. This improvement was attributed to a higher volume of units sold with greater gross margin and lower cost of sales, reflecting the company's gross margin enhancement efforts. Moreover, Flux Power is actively working toward achieving cash flow breakeven and made significant progress in this regard.
Adjusted EBITDA improved from a loss of $14.1 million in fiscal year 2022 to a loss of $3.7 million in fiscal year 2023.
Flux Power's core business involves designing, manufacturing, and selling advanced lithium-ion energy storage solutions. These solutions are utilized in various industrial and commercial sectors, including material handling, airport ground support equipment, and stationary energy storage.
The company has commenced implementation of artificial intelligence (AI) features for SkyBMS Telematics Platform to drive more informed decision-making and maximize operational efficiency. Its strong financial performance and ongoing efforts to improve profitability suggest a promising future as it continues to provide innovative energy storage solutions in an increasingly electrified world. Contact Details
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