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Flux Power Holdings, Inc. (FLUX+3.36%) has submitted its annual report on Form 10-K filing for the fiscal year ended June 30, 2024.
The filing includes financial statements for the year, showing a decrease in revenues to $60,824,000 from $66,488,000 in the previous year, attributed to delays in shipments to a large customer and a decline in sales from OEM customers.
Cost of sales decreased to $43,591,000 from $50,598,000, with cost of sales as a percentage of revenues decreasing to 72% from 76% due to cost-saving initiatives.
The company reported a gross profit of $17,233,000, up from $15,890,000, reflecting higher margin products and cost control efforts.
Selling and administrative expenses increased to $18,932,000 from $17,620,000, primarily due to increases in stock-based compensation and sales force commissions.
Research and development expenses rose slightly to $4,916,000 from $4,682,000, driven by increased payroll and benefits.
Interest expense increased to $1,718,000 from $1,339,000, due to higher average borrowings and interest rates.
Net loss for the year was $8,333,000, compared to $7,743,000 in the previous year, with increased gross profit offset by higher operating expenses and interest costs.
The company identified material weaknesses in its internal control over financial reporting and plans to strengthen its processes and procedures, particularly in inventory management.
Flux Power Holdings, Inc. continues to focus on expanding its product offerings and addressing supply chain challenges to improve profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flux Power Holdings, Inc. annual 10-K report dated January 29, 2025. To report an error, please email earnings@qz.com.