less current portion 1,321,000 2,055,000 2,361,000
----------- ----------- -----------
Total liabilities 32,107,000 26,295,000 16,947,000
----------- ----------- -----------
Stockholders' equity:
Preferred stock, $0.001
par value; 500,000 shares
authorized; none issued
and outstanding - - -
Common stock, $0.001 par
value; 30,000,000 shares
authorized; 16,682,465,
16,462,215 and
15,996,658 shares issued
and outstanding at June
30, 2024, 2023 and 2022,
respectively 17,000 16,000 16,000
Additional paid-in
capital 99,889,000 98,086,000 95,732,000
Accumulated deficit (99,712,000) (91,379,000) (83,636,000)
----------- ----------- -----------
Total stockholders' equity 194,000 6,723,000 12,112,000
----------- ----------- -----------
Total liabilities and
stockholders' equity $ 32,301,000 $ 33,018,000 $ 29,059,000
=========== =========== ===========
FLUX POWER HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Year ended June 30,
-------------------------------------------
2024 2023 2022
----------- ----------- --------------
Restated Restated
----------- --------------
Revenues $60,824,000 $66,488,000 $ 42,333,000
Cost of sales 43,591,000 50,598,000 36,726,000
---------- ---------- -----------
Gross profit 17,233,000 15,890,000 5,607,000
---------- ---------- -----------
Operating expenses:
Selling and
administrative 18,932,000 17,620,000 15,515,000
Research and
development 4,916,000 4,682,000 6,313,000
---------- ---------- -----------
Total operating
expenses 23,848,000 22,302,000 21,828,000
---------- ---------- -----------
Operating loss (6,615,000) (6,412,000) (16,221,000)
Other income
(expense):
Other income - 8,000 -
Interest income
(expense), net (1,718,000) (1,339,000) (252,000)
---------- ---------- -----------
Net loss $(8,333,000) $(7,743,000) $(16,473,000)
========== ========== ===========
Net loss per share
- basic and
diluted $ (0.50) $ (0.48) $ (1.07)
========== ========== ===========
Weighted average
number of common
shares outstanding
- basic and
diluted 16,548,533 16,055,256 15,439,530
========== ========== ===========
FLUX POWER HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Year ended June 30,
---------------------------------------------
2024 2023 2022
------------ ------------ --------------
Restated Restated
------------ --------------
Cash flows from
operating
activities:
Net loss $ (8,333,000) $ (7,743,000) $(16,473,000)
Adjustments to
reconcile net
loss to net cash
used in operating
activities:
Depreciation 1,045,000 899,000 575,000
Stock-based
compensation 1,571,000 798,000 711,000
Amortization of
debt issuance
costs 230,000 482,000 --
Non-cash lease
expense 606,000 512,000 438,000
Inventory write
downs 490,000 690,000 665,000
Changes in
operating assets
and liabilities:
Accounts
receivable (973,000) (191,000) (2,512,000)
Inventories (1,309,000) (2,408,000) (5,550,000)
Other assets (163,000) (170,000) (549,000)
Accounts
payable 1,523,000 3,227,000 (530,000)
Accrued
expenses 745,000 972,000 (374,000)
Accrued
interest 124,000 (32,000) 139,000
Office leases
payable (644,000) 1,000 (1,000)
Deferred
revenue 354,000 (518,000) (436,000)
Customer
deposits (64,000) (93,000) 4,000
----------- ----------- -----------
Net cash used
in operating
activities (4,798,000) (3,574,000) (23,893,000)
----------- ----------- -----------
Cash flows from
investing
activities:
Purchases of
equipment (853,000) (1,032,000) (797,000)
Proceeds from
sale of fixed
assets - 8,000 --
----------- ----------- -----------
Net cash used
in investing
activities (853,000) (1,024,000) (797,000)
----------- ----------- -----------
Cash flows from
financing
activities:
Proceeds from
the issuance
of common
stock in
registered
direct
offering, net
of offering
costs -- -- 13,971,000
Proceeds from
the issuance
of common
stock in
public
offering, net
of offering
costs - 1,556,000 1,602,000
Proceeds from
stock option
exercises and
employee stock
purchase plan
exercises 141,000 -- --
Proceeds from
revolving line
of credit 67,209,000 63,400,000 8,450,000
Payment of
revolving line
of credit (63,287,000) (58,377,000) (3,561,000)
Payment of
finance
leases (148,000) (87,000) --
----------- ----------- -----------
Net cash
provided by
financing
activities 3,915,000 6,492,000 20,462,000
----------- ----------- -----------
Net change in
cash (1,736,000) 1,894,000 (4,228,000)
Cash, beginning
of period 2,379,000 485,000 4,713,000
----------- ----------- -----------
Cash, end of
period $ 643,000 $ 2,379,000 $ 485,000
=========== =========== ===========
Supplemental
Disclosures of
Non-Cash
Investing and
Financing
Activities:
Initial right
of use asset
recognition $ - $ 855,000 $ -
=========== =========== ===========
Common stock
issued for
vested RSUs $ 538,000 $ 417,000 $ 21,000
=========== =========== ===========
Warrants issued
in connection
with borrowing
agreements,
recorded as
debt issuance
cost $ 92,000 $ - $ 253,000
=========== =========== ===========
Supplemental cash
flow
information:
Interest paid $ 1,409,000 $ 1,127,000 $ 151,000
=========== =========== ===========
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129636178/en/
CONTACT: Media & Investor Relations:
media@fluxpower.com
info@fluxpower.com
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
FLUX@mzgroup.us
www.mzgroup.us
(END) Dow Jones Newswires
January 29, 2025 17:49 ET (22:49 GMT)
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