We have worked to leverage increased pack volumes to re-source steel and board components to low-cost regions and to high volume local suppliers and also identify more competitive carriers to reduce shipping costs. “During the quarter, global supply chain disruptions have improved, and concurrently we have improved production process improvements and better supply chain management. Our strategic initiatives to accelerate backlog conversion to shipments and increase inventory turns are also driving revenue results and gross margins that we believe will lead toward profitability.
Our reduced backlog has been helped by improvement in sourcing actions to mitigate part shortages and to increase confidence in future supplier performance. “During the quarter ended June 30, 2022, we continued our focus on fulfilling orders to reduce our backlog of $35.0 million as of June 30, 2022, down from $38.6 million in the prior quarter. We believe business from our installed base will represent the future of expanding revenues as these relationships help drive new customers to our technology and owning that technology also ensure our customers have the most updated products and services. Progress with new accounts has been substantial, adding six new customers, several of which have fleet potential and at least six-figure revenue potential. “Our strategic focus on relationship business with an emphasis on price, service and quality, continues to provide ongoing new purchase needs and service requirements. With nearly 74% of revenue from customers with whom we have had long-term relationships in fiscal 2022, we believe the combination of existing customer orders and continued acquisition of new customer business can drive revenue growth in the next several years,” said Ron Dutt, Chief Executive Officer of Flux Power. For fiscal year 2022, order volume increased 83% from the prior year to $65 million. “Ongoing customer demand produced $11.6 million in purchase orders received from new and existing customers during the fourth quarter. Launched in-house automated modular production initiative to manage module SKUs and accommodate diversification among cell suppliers Įxpanded customer base, particularly among Fortune 500 companies. Introduced new product designs to lower costs, simplify part count and cost, and improve serviceability Increased inventory turns from 2.6x to 3.4x during the quarter ended June 30, 2022, reducing inventory to $16.3M Improved manufacturing capacity and production processes (including implementing Lean Manufacturing) to increase throughput, reduce the time to fulfill customer orders and improve gross margins Utilized qualified, lower cost steel suppliers Strategic Supply Chain & Profitability Improvement Initiatives accelerating path to cash flow breakeven, including:.S24 lithium-ion battery pack providing twice the capacity (210Ah) for Walkie Pallet Jacks for heavy duty applications.C48 lithium-ion battery pack for Automated Guided Vehicles (AGV) and Autonomous Mobile Robots (AMR) and.元6 lithium-ion battery pack, a 36-volt option for high growth 3-wheel forklifts.Introduced three new products in March 2022 at MODEX material handling trade show:.New purchase orders increased 83% to $65.1M in FY’22 compared to $35.5M in FY’21.Shipments (Revenue) increased 61% to $42.3M in FY’22 compared to $26.3M in FY’21.Customer order backlog totaled $35.0M as of June 30, 2022.Received $65M in customer purchase orders in the fiscal year ended June 30, 2022, which was an 83% increase compared to fiscal year ended June 30, 2021. Received customer purchase orders of $11.6M in Q4’22 for deliveries in coming months from both existing and new customers. Achieved 16th consecutive quarter of year-over-year revenue growth.Q4’22 gross margin was 20% compared to 21% in Q4’21.FY’22 gross margin was 17% compared to 22% in FY’21.Q4’22 revenue increased 83% to $15.2M compared to Q4’21 revenue of $8.3M.FY’22 revenue increased 61% to $42.3M compared to FY’21 revenue of $26.3M.(NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has reported its financial and operational results for the fiscal fourth quarter and year ended June 30, 2022. VISTA, Calif.-( BUSINESS WIRE)- Flux Power Holdings, Inc.
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