Flux Power reports $26.9M customer order backlog as of Sept. 30

Flux Power Holdings issued a letter to shareholders from Ron Dutt, CEO of Flux Power. "Throughout calendar year 2022, Flux Power continued its record of high growth while executing key initiatives to address supply chain disruption and accelerate our path to cash flow breakeven. The year was highlighted by new purchase orders from installed and new customers, a reduction in backlog, and the addition of new lithium-ion battery packs. We ended 2022 with over 15,000 high performance battery packs in the field for lift trucks and other industrial equipment including airport ground support equipment, GSE, and stationary energy storage for EV charging. These accomplishments, as of last reported September 30 quarter, resulted in now 17 consecutive quarters of year-over-year revenue growth, record gross margin, and a $26.9 million customer order backlog. customer order backlog…We continue to leverage our first mover position in lithium-ion adoption with our growing list of new and diverse Fortune 500 customers. Our commitment, consistent performance and trustworthiness are the foundation for long-term, sustainable relationships with our customers. In fact, our emphasis on building strong partnerships with our existing customers has enhanced our order volume, with nearly 90% of revenue during the third quarter attributed to customers with whom we have had long-term relationships. We expect our installed base customers will continue adopt lithium-ion packs for their fleet needs, reflecting customers patterns of ordering new forklifts. Expanding revenues from these relationships help drive new customers to our technology. Looking ahead into 2023, we believe 2023 should be a milestone year for Flux Power as we continue our growth trajectory, encouraged by strong purchase orders, improving backlog and continued expansion of margins through improved sourcing and supply chain management, continual process improvement, and pricing. At the same time, we will be advancing our technology, capacity, and customer and partnership relationships to support scaling our business. We thank all our shareholders for your ongoing support as we work diligently to build on the short and long-term value of our company and look forward to seeing some of you at our on-site investor day planned to take place within the coming months.