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Flux Power Reports Record Second Quarter Revenue and Sales Backlog
Flux Power Holdings, Inc., a developer of advanced lithium-ion batteries for commercial and industrial equipment including electric forklifts and airport ground support equipment (GSE), today reported results for its fiscal year 2020 second quarter.
Q2 '20 revenue increased 33% to $3.6M reflecting the continuation of strong growth from the rollout of a full product line of packs for forklifts, along with increased unit volume and a higher percentage of larger packs.
Q2 '20 gross margins improved to 9.0% driven by the Company's gross margin initiative.
Increased sales efforts generated a record order backlog of approximately $10M at the end of Q2 '20, driven by orders across the full line of forklifts and airport GSE.
Sales from 3-Wheel Class 1 Forklifts, as Flux Power is now shipping its "L-Series" Class 1 packs designed for 3-Wheel forklifts, a growing sector in new, highly-efficient warehouses.
"We are pleased to see recent revenue growth from our full product line of forklifts and airport GSE," commented Flux Power CEO Ron Dutt, "Our relationships with Fortune 500 customers and forklift OEMs continue to expand, and we are nearing completion of UL Listings on our full product lineup for forklifts. Our strategic priority for the next twelve months is to complement such strong revenue growth with significant improvement in our gross profit margins. We are well on our way to achieving this goal."
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