Advanced lithium-ion battery packs developer Flux Power Holdings, Inc. (FLUX) has reported weaker-than-expected results for the first quarter ended September 30, 2021. Shares of the company gained 1.5% to close at $6.19 on Friday.
Revenue & Earnings
Quarterly revenues jumped 39% year-over-year to $6.27 million from $4.5 million. The growth in revenues can be attributed to higher selling prices and a higher unit volume of packs sold. The revenue figure failed to surpass the consensus estimate of $6.31 million.
The company reported a loss per share of $0.30 at the end of the quarter, narrower than the previous year’s loss of $0.42 per share but wider than the consensus estimate of a loss of $0.28 per share.
Meanwhile, the company reported a gross profit of $1.3 million, which denotes a year-over-year rise of 53%.
Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Flux price target of $13.67 implies upside potential of 120.8% from current levels. Shares have declined 30.4% over the past year.