We also continue to explore alternative capital opportunities to enable us to meet the demands of our aggressive growth trajectory. This renewal, along with our existing cash, will continue to meet our anticipated capital resources to fund planned operations. “We recently announced a renewal of the credit facility with Silicon Valley Bank, now a division of First Citizens Bank (“SVB Facility”), of $14.0 million to support higher working capital requirements related to increased customer demand. We have launched an in-house automated modular production initiative to manage module SKUs and accommodate diversification of cell suppliers and also utilized lower cost, more reliable, and secondary suppliers of key components including cells, steel, electronics, circuit boards and other production critical components. To address disruptions and reduce excess inventory, we have improved lean manufacturing processes and supply chain management.
“Although global supply chain disruptions have lessened, we increased our inventory to $21 million as of March 31, 2023, to accommodate lengthening of forklift OEM delivery timelines being experienced in the material handling sector. while also, and importantly, resulting in lower service logistics costs incurred by our Company. Investment in the Atlanta office broadens our geographic footprint to bring comprehensive and responsive services to customers in the eastern half of the U.S. The facility will enable faster response times to our customer base, with an effective service and call center capability. “To supplement our customer support services in response to this growth in nationwide sales, we recently announced the opening of our new Atlanta facility. “The positive trend of operating leverage during the nine months ended March 31, 2023, versus prior year support our profitability goals with revenue growth of 85%, gross margin improvement of 197% against operating expense of a slight decrease. Adjusted EBITDA loss decreased $0.2 million for the quarter on a sequential basis, and decreased $8.7 million, or 74%, for the nine months ended Macompared to the nine months ended March 31, 2022. “We also continued to improve gross profit, up 146% in the third quarter to $4.7 million, and gross margin expansion of 16 basis points to 31% compared to the year ago period. “We continued our successful cadence of year-over-year revenue growth with our 19 th consecutive quarter of revenue growth, combined with a renewed credit facility providing additional cash to fund higher working capital requirements driven by increased customer demand and to meet our growth goals,” said Ron Dutt, Chief Executive Officer of Flux Power. Added 2 new large fleet customers, reflecting customers desire to fulfill long-term fleet needs of replacing lead acid battery packs with lithium-ion.Strategic Supply Chain & Profitability Improvement Initiatives continued to accelerate path to cash flow breakeven.
Renewed the existing credit facility with Silicon Valley Bank, a division of First Citizens Bank of $14.0 million to support working capital requirements.Customer order backlog totaled $25.0M as of March 31, 2023.Adjusted EBITDA loss decreased 80% in Q3’23 compared to Q3’22 and decreased 74% for the nine months ended Macompared to the nine months ended March 31, 2022.Net cash used in operating activities decreased 16% in Q3’23 compared to Q3’22 and 73% for the nine months ended March 31, 2023, compared to the nine months ended March 31, 2022.Operating Leverage continued its positive trend for the nine months ended March 31, 2023, of revenue growth and gross margin improvement compared with no increase of operating expense.Q3’23 gross margin was 31% compared to 15% in Q3’22, reflecting gross margin improvement initiatives including sourcing changes, design cost reductions, and pricing recovery of pandemic related cost increases.Gross profit increased 146% to $4.7M in Q3’23 compared to $1.9M in Q3’22.
Achieved 19th consecutive quarter of year-over-year revenue growth.Revenue (Shipments) increased 14% to $15.1M in Q3’23 compared to Q3’22 revenue of $13.2M.Key Financial & Operational Highlights for the Third Quarter Fiscal Year 2023 (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has reported its financial and operational results for the fiscal third quarter ended March 31, 2023. VISTA, Calif.-( BUSINESS WIRE)- Flux Power Holdings, Inc.
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