![]() To capture the diverse and increasing needs of customers, we introduced several new battery packs in 2022. An increasing combination of sustainability initiatives, cost savings and government regulations are driving companies to look for solutions that reduce carbon emissions and fulfill their environmental, social and governance goals. Our strategic initiatives to accelerate backlog conversion to shipments and increase inventory turns are also driving revenue results and gross margins that we believe will lead to profitability.ĭuring the year, our revenue growth reflected global companies seeking to reduce emissions and mitigate the impact of climate change through fleet electrification. The result of these initiatives included a reduced backlog facilitated by sourcing actions to mitigate part shortages and to increase confidence in future supplier performance. We learned many lessons from the global supply chain disruptions during the COVID-19 pandemic, which led to a series of strategic supply chain and profitability improvement initiatives. New customer acquisition with Fortune 100 & 500 companiesĬurrent and potential pipeline of customers continues to expand with 2 new Fortune 500 customers during the first fiscal quarter of 2023, and a full product line that caters to large fleets who seek a “relationship” partner to meet ongoing needs. Inventory turns during the first fiscal quarter of 2023 increased from 3.4X to 3.6X Improved manufacturing capacity and production processes, including progress implementing lean manufacturing, increased throughput and reduced the time to fulfill customer orders Production facility improvements to increase throughput and support backlogĬustomer order backlog decreased from $35.0M to $26.9 million as of September 30, 2022 Transition of product lines to new modular platform for battery packs, resulting in margin enhancement, part commonality, and improved serviceabilityĭevelopment of an in-house vibration table and temperature control unit for battery testing, enabling lower cost and expedited UL and UN38.3 testing Utilized lower cost, more reliable, and secondary suppliers of key components On track with gross margin expansion initiatives that drive to profitability New product designs supporting customer requirements, part commonality, and improved serviceability and manufacturability These accomplishments, as of last reported Septemquarter, resulted in now 17 consecutive quarters of year-over-year revenue growth, record gross margin, and a $26.9 million customer order backlog. We ended 2022 with over 15,000 high performance battery packs in the field for lift trucks and other industrial equipment including airport ground support equipment (GSE), and stationary energy storage for EV charging. The year was highlighted by new purchase orders from installed and new customers, a reduction in backlog, and the addition of new lithium-ion battery packs. Throughout calendar year 2022, Flux Power continued its record of high growth while executing key initiatives to address supply chain disruption and accelerate our path to cash flow breakeven. ![]() On behalf of the entire team at Flux Power, we hope you had a wonderful Holiday Season and wish you a Happy New Year! (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, today issued a letter to shareholders from Ron Dutt, CEO of Flux Power. The data presented on this page does not represent the view of Flux Power and its employees or that of Zippia.įlux Power may also be known as or be related to FLUX POWER HOLDINGS, INC., Flux Power, Flux Power Holdings, Flux Power Holdings, Inc., Flux Power Inc and Flux Power, Inc.Flux Power Holdings, Inc. None of the information on this page has been provided or approved by Flux Power. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. ![]() The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The employee data is based on information from people who have self-reported their past or current employments at Flux Power. ![]() Zippia gives an in-depth look into the details of Flux Power, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Flux Power. ![]()
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