Flux Power (NASDAQ:FLUX) after Thursday’s close reported full year 2023 revenue that rose 57% to $66.3 million, missing the analyst consensus forecast by $0.14 million.
The developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment also recorded a loss of $0.42 per share for the 12 months ending June 30, missing estimates by $0.01.
"We executed on our initiatives to improve gross margins while continuing to grow our revenue at an annual rate of 57%," Flux Power (NASDAQ:FLUX) CEO Ron Dutt said in a statement.
"We added on average two new major customers each quarter while maintaining orders from existing customers."
Flux Power also noted that it managed to reduce its net cash used in operating activities by 85% year over year in 2023.
The company ended the quarter with $2.4 million in cash as of June 30, 2023.
Shares of Flux Power fell 13% in Thursday’s after-hours session but have gained 20% year to date as of Thursday’s closing stock price.
Contact Sean at sean@proactiveinvestors.com