"We have been growing at over 50% annual rates for the past four years," Dutt said. The financial results reported May 11 also showed the Company's 9-months ended revenue for fiscal year 2023 was $50 million compared to $27 million a year ago. So, it is still fairly early days, but we are seeing double digit growth in conversions from lead acid to lithium-ion."ĭavis noted the positive highlights from FLUX's recently reported third quarter 2023 earnings, particularly how the Company is on track to generate significant annual revenues between $65 to $70 million, which is a run rate that would generate positive cash/EBITDA for the Company. "The estimates we have been able gather show only an 8-9% penetration of lithium-ion. "When we show customers the benefits of lithium-ion as an economically viable advanced form of energy, there is a strong demand to replace lead acid batteries," Dutt said. In response to Davis' consideration of which industries are making an energy transition away from lead acid batteries, Dutt said equipment handling, notably in airport equipment, continues to primarily rely on lead acid batteries. However, we still have steady demand for lithium-ion energy storage solutions that continue to grow among our customers, and we continue to build relationships and add new, large-company customers." "Our customers are seeing supply chain shortages and increased prices for shipping and steel abate, which may have impacted their ability to replace material handling equipment. "Our business has continued unabated due to the strong demand in migration from lead acid to lithium-ion," said Dutt. Its growth, providing sustainable energy products to replace the lead acid battery packs used to power industrial and commercial equipment, has sustained through market uncertainty, with the Company in the last quarter alone adding two new large fleet customers. The Company has led in the design, manufacture, and sales of lithium battery packs for forklifts, airport equipment and more since 2009. (NASDAQ: FLUX) ("the Company"), a company that could see revenues swell towards $70 million as more Fortune 500 customers integrate its lithium-ion energy storage solutions for electrification across a range of industrial commercial applications.įlux CEO Ron Dutt joined Stock Day host Kevin Davis for an overview of the trends and issues behind a Company achieving 19 consecutive quarters of year-over-year growth providing cleaner energy solutions to power some of the largest fleets of material handling, airport ground support equipment, and stationary energy storage.
May 31, 2023) - The Stock Day Podcast welcomed Flux Power Holdings, Inc.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here > The stock currently carries a Zacks Rank 3 (Hold). So, make sure to keep an eye on FLUX going forward to see if this recent jump can turn into more strength down the road. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.įor Flux Power Holdings, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
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