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					</table><p>Lithium-ion storage solutions provider <a href="https://www.fluxpower.com/" target="_blank" rel="noopener">Flux Power Holdings</a> recorded a net loss of $2.11 million for the first quarter (Q1) of the fiscal year (FY) 2023-24, a marginal 1.3% year-over-year (YoY) improvement from $2.14 million.</p>
<p>The improvement in net income reflected the company’s increased gross profit, offset by increased operating and interest expenses.</p>
<p>The revenue for Q1 decreased by 17% YoY to $14.8 million from $17.8 million, primarily driven by shipment deferrals and delays in receiving anticipated orders, leading to a drop in energy storage pack sales.</p>
<p>The company said the extended lead times for certain model lines of major original equipment manufacturers, forklift timing delays, seasonality, and product mix resulted in shipment deferrals.</p>
<p>The earnings before interest, taxes, depreciation, and amortization (EBITDA) loss decreased by 24% YoY to $1.2 million from a loss of $1.5 million, mainly due to improved gross margins.</p>
<p>As of September 2023, the company’s order backlog declined to $21.8 million from $28.5 million as of June due to delays in receiving anticipated orders.</p>
<p>As a step to strengthen its capital structure, Flux Power <a href="https://mercomcapital.com/energy-storage-firm-flux-power-debt-funding/" target="_blank" rel="noopener">secured</a> a new credit facility worth $15 million from Gibraltar Business Capital, including expansion provisions to $20 million, to fund working capital and repay the existing credit facility with Silicon Valley Bank.</p>
<p>Ron Dutt, Chief Executive Officer of Flux Power, said, “Revenue for the first quarter of 2024 decreased 17% to $14.8 million compared to $17.8 million in the first fiscal quarter of 2023. Due to fewer units of lithium-ion packs sold during the current quarter as a result of ongoing shipment deferrals related to [Oak] (ph) OEM forklift delivery delays along with some seasonal reduction in orders.”</p>
<p>“Beyond our backlog of open orders, we&#8217;re working on a pipeline of high probability orders of well over $100 million, which does stretch beyond the current fiscal year ending June 30,” he added.</p>
<p>Flux Power’s net loss for Q4 FY23 <a href="https://www.mercomindia.com/flux-power-narrows-net-reports-44-yoy-improvement" target="_blank" rel="noopener">was</a> $1.5 million compared with a net loss of $2.7 million in Q4 of FY22, a YoY improvement of 44%. The improvement was principally driven by increased gross profit and slightly offset by increased operating and interest expenses.</p>


Flux Power’s Q1 FY24 Revenues Drop 17% YoY as Energy Storage Shipments Defer

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