Flux Power reports Q2 EPS (5c), consensus (4c)

Reports Q2 revenue $18.3M, consensus $18.4M. “The second fiscal quarter of 2024 saw ongoing momentum to both top and bottom lines, as we continue to move steadily towards profitability,” said Flux Power CEO Ron Dutt. “While reaching record quarter revenue of $18.3 million during the quarter, we continue to see lumpiness from timing of deliveries of customer new forklift orders and interest rate variability. We improved gross profit up 38% in the second quarter to $5.7 million, and gross margin expansion of 700 basis points to 31% compared to the year ago period and up sequentially from $4.3 million and 29%, respectively, during the first fiscal quarter of 2024. With strategic supply chain and profitability improvement initiatives, lower costs and higher volume purchasing, we are targeting gross margin improvement to continue, with a longer-term goal of 40%.