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Flux Power Holdings, Inc. (FLUX-6.44%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $16,125,000 from $14,787,000 in the same quarter the previous year. This increase is attributed to higher shipments in the Ground Support Equipment market.
Cost of sales for the quarter was $10,907,000, representing 68% of revenues, compared to 71% in the same quarter of the previous year. This decrease in cost ratio is due to higher average selling prices.
The company reported a gross profit of $5,218,000 for the quarter, compared to $4,235,000 in the previous year, with the improvement attributed to increased selling prices.
Selling and administrative expenses increased to $5,115,000 from $4,725,000, primarily due to stock-based compensation and professional services related to financial restatements.
Net loss for the quarter was $1,669,000, down from $2,188,000 in the previous year. The improvement is attributed to higher gross profit.
Cash provided by operating activities was $944,000, while cash used in investing and financing activities was $198,000 and $830,000, respectively.
Flux had a working capital of $26,850,000 as of September 30, 2024. The company acknowledges its dependence on its credit facilities and potential financing to meet future obligations.
The filing also details various financial agreements, including amendments to the loan agreement with Gibraltar Business Capital.
Flux Power Holdings, Inc. does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to insufficient personnel resources with technical accounting expertise.
Flux Power Holdings, Inc. continues to focus on expanding its product mix and enhancing customer support, with a particular emphasis on the material handling and ground support equipment sectors.
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. quarterly 10-Q report dated March 20, 2025. To report an error, please email earnings@qz.com.