Flux Power Holdings Inc (FLUX)

[BJ_Cooper]

https://www.irdirect.net/prviewer/release/id/3914783

Flux Power FY 2019 Net Revenues Expected to Rise over 115% to Approximately $9 Million Driven by Record Q4 Net Revenues
July 11, 2019

VISTA, Calif., July 11, 2019 (GLOBE NEWSWIRE) -- 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 Profit 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)