![]() Net loss in Q1 ‘19 increased to $2.40M, or ($0.08) per basic share, from $1.45M, or ($0.06) per basic share, in Q1 ‘18, reflecting the higher operating loss and increased interest expense due to higher average borrowings. R&D expenses are expected to remain significant as Flux builds out its complete forklift and airport GSE product lines, develops solutions for other potential motive power markets, and continues to enhance features and functionality for its product lines in order to maintain its leadership position.įlux’s Q1 ‘19 operating loss increased to $2.13M from $1.31M in Q1 ‘18, principally due to higher operating expenses supporting a full product line rollout. Research & development expenses increased to $662,000 in Q1 ‘19, compared to $478,000 in Q1 ‘18, as Flux invested in completing development of its larger Class 1 and Class 2 battery solutions. ![]() Selling and administrative expenses increased to $1,483,000 in Q1 ‘19 from $671,000 in Q1 ’18 primarily due to the addition of sales and support staff, as well as a related increase in stock-based compensation and professional fees. The plan involves design, production, procurement and pricing initiatives, in addition to expected efficiency improvements through higher production volumes, that should enable Flux to achieve attractive gross margins. The gross profit improvement is the result of increased production volumes combined with initial benefits from Flux’s comprehensive margin enhancement plan. Q1 ‘19 cost of sales rose to $1,817,000 compared to $314,000 in Q1 ’18, principally due to the significant increase in LiFT Pack unit sales, yielding a Q1 ’19 gross profit of $18,000 versus a year ago gross loss of ($161,000). Q1 ‘19 revenue rose over tenfold to $1,835,000 compared to Q1 ‘18 revenue of $153,000, principally due to Walkie LiFT Pack shipments to a Fortune 100 global customer and initial shipments of airport GSE battery packs. This outlook is supported by the ongoing expansion of interest, and sales dialogues, regarding Flux’s expanding line of lithium-ion battery solutions as customers in materials handling-intensive industries recognize the many performance, efficiency and total cost of ownership benefits of lithium-ion storage versus lead-acid chemistry, which until recently was the only viable battery technology for industrial equipment. Flux anticipates at least doubling its revenue in fiscal 2019 over fiscal 2018 revenues of $4.1M.Two other major airlines are piloting our packs and we anticipate them commencing orders in CY 2019. That customer is expected to place significant additional orders in calendar 2019. ![]() Airport Ground Support Equipment (GSE) Battery Pipeline – In October Flux received a $0.3M order for additional airport GSE batteries from an existing global airline customer.Flux developed these new product lines in response to current customer, customer prospect and forklift manufacturer requests that Flux expand its offerings to also meet the needs of larger scale forklifts. These planned launches follow successful piloting of these solutions with several customers over the past five months. Flux is also preparing for the December commercial launch of its new line of Flux LiFT Pack batteries for Class 2 Narrow Aisle and Class 3 End Rider forklifts. Expanding Product Line with Larger, Higher Value Solutions – In the fall, Flux started shipping its new larger, more powerful and higher cost LiFT Packs for Class 1 counterbalance trucks. ![]() Flux is seeing accelerating commercial adoption of its lithium-ion batteries to replace traditional lead-acid chemistry and power forklifts and airport ground support equipment more efficiently and cost effectively. Q1 ’19 revenue included $0.8M of lithium-ion GSE battery shipments to a leading global airline, in addition to LiFT Pack batteries for Class 3 “walkie” pallet jack forklifts. Q1 ’19 Revenue Rose over tenfold to $1.84M versus Q1 ’18 revenue of $0.15M and increased 67% sequentially from Q4’18 revenue of $1.1M.(OTCQB: FLUX), a developer of advanced lithium batteries for industrial applications including electric forklifts and airport ground support equipment (“GSE”), today reported results for its fiscal 2019 first quarter ended Septem(Q1 ‘19). 14, 2018 (GLOBE NEWSWIRE) - Flux Power Holdings, Inc. ![]()
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