Flux Power adds to gains in pre-market trading after CEO update letter

Shares of ‘lithium-ion energy storage solutions firm” Flux Power are up 5c or 1% in pre market trading to $5.10 per share after issuing a corporate update letter to shareholders from Ron Dutt, CEO. Highlights included “added on average two new major customers each quarter while maintaining orders from existing customers. Expanding revenues from these relationships helped drive new customers to our technology.” Sees “new heavy-duty models and OEM private label program commencing early in calendar year 2024 will effectively meet the robust market demand and significant backlog of open orders supports our strategy, along with a pipeline of high probability orders of over $100M’ in FY24…In 2023 we took significant actions to strengthen our capital structure switching from our Silicon Valley Bank facility to a new $15M credit facility with Gibraltar Business Capital, This facility, along with our improvement in operating cash performance, supports our current business growth. An additional $2M subordinated line of credit with Cleveland Capital provides greater working capital optionality beyond our projected needs and continued confidence in our growth strategy from a long-term investor in Flux Power.”