Financial Performance - Operating revenue for Fluxys Belgium reached EUR 608.8 million in 2024, an increase of EUR 16.0 million from EUR 592.8 million in 2023 [2] - Consolidated net profit rose to EUR 82.1 million in 2024, up from EUR 77.4 million in 2023, marking an increase of EUR 4.7 million [4][20] - EBITDA for 2024 was EUR 302.3 million, compared to EUR 285.8 million in 2023 [1] Investments and Assets - Investments in property, plant, and equipment totaled EUR 92.1 million in 2024, a decrease from EUR 167.7 million in 2023 [6] - Total property, plant, and equipment stood at EUR 1.8 billion in 2024, down from EUR 1.87 billion in 2023 [1] - Net financial debt decreased to EUR 159.8 million in 2024 from EUR 219.4 million in 2023 [1] Operational Highlights - The switch to high-calorific gas was successfully completed in 2024, eliminating the use of low-calorific gas in Belgium [9] - The first biomethane plant connected to the Fluxys network began operations in October 2024, producing enough biomethane for approximately 7,000 households [10] - Fluxys hydrogen was appointed as the operator of the hydrogen transmission network in Belgium, aligning with the federal hydrogen strategy [11][12] Regulatory and Strategic Developments - The 2024-2027 tariff methodology established by the regulator CREG aims to cover all reasonable costs and incentivize efficiency [5] - Fluxys Belgium is actively involved in the HY4Link project to develop cross-border hydrogen transmission infrastructure with partners in Luxembourg and France [13][14] - The company is committed to carbon capture, usage, and storage (CCUS) initiatives to support decarbonization efforts in Belgium [15] Workforce and ESG Initiatives - In 2024, Fluxys Belgium hired 91 new employees, bringing the total workforce to 982 [19] - The company is on track to meet its Environment, Social, and Governance (ESG) targets set in 2023 [18]

Financial Performance - Revenues for the three months ended September 30, 2024, increased to $16,125,000, up 9.1% from $14,787,000 in the same period of 2023[19] - Gross profit for the same period was $5,218,000, representing a gross margin of 32.4%, compared to $4,235,000 and a margin of 28.6% in 2023[19] - Operating loss narrowed to $1,212,000 for Q1 2024, compared to a loss of $1,785,000 in Q1 2023, indicating improved operational efficiency[19] - Net loss for the three months ended September 30, 2024, was $1,669,000, a reduction from $2,188,000 in the prior year, resulting in a net loss per share of $0.10 compared to $0.13[19] - Adjusted EBITDA for Q3 2024 was a loss of $613,000, an improvement of $635,000 compared to a loss of $1,248,000 in Q3 2023[162] - Net loss for Q3 2024 was $1,669,000, compared to a net loss of $2,188,000 in Q3 2023, indicating a reduction in losses[162] Cash Flow and Liquidity - The company reported a net cash provided by operating activities of $944,000 for the three months ended September 30, 2024, compared to a net cash used of $3,093,000 in the same period of 2023[24] - Cash at the end of the period was $559,000, down from $643,000 at the end of the previous quarter[24] - As of September 30, 2024, the company had a cash balance of $0.6 million and $4.0 million available under its $16.0 million GBC Credit Facility[164] - The company anticipates that existing cash resources will not be sufficient to meet anticipated capital needs for the next twelve months[166] - There is substantial doubt about the company's ability to continue as a going concern, impacting its liquidity and operational plans[36] Assets and Liabilities - Total current assets decreased to $26,850,000 as of September 30, 2024, down from $28,338,000 at June 30, 2024[17] - Total liabilities slightly decreased to $31,727,000 from $32,107,000 in the previous quarter, reflecting a reduction in financial obligations[17] - The company’s accumulated deficit increased to $(101,381,000) as of September 30, 2024, from $(99,712,000) at June 30, 2024[21] - The company reported stockholders' equity of $194,000, which is below the Nasdaq minimum requirement of $2,500,000[199] Research and Development - Research and development expenses were $1,315,000 for the quarter, slightly up from $1,295,000 in the prior year, indicating continued investment in innovation[19] - The company plans to invest in research and development to enhance its product mix and improve production efficiencies[124] - The company has filed three new patents related to advanced lithium-ion energy storage technology, focusing on optimizing battery life, enhancing user understanding of battery health, and applying AI for predictive cell balancing[124][126] Customer and Supplier Relationships - The company had three major customers representing approximately $11,413,000 or 71% of total revenues for the three months ended September 30, 2024, compared to $12,555,000 or 85% in 2023[100] - One supplier accounted for approximately $3,986,000 or 31% of total purchases during the three months ended September 30, 2024[101] Legal and Compliance Issues - The company is currently delinquent in filing its Form 10-Q for the periods ended September 30, 2024, and December 31, 2024[200] - The company intends to file the delinquent reports by April 15, 2025, to regain compliance with Nasdaq listing rules[202] - The company is involved in multiple legal proceedings, including a securities class action and a shareholder derivative action, which may impact its financial condition[191][192] - The company has denied the merit of claims in employment-related actions and intends to defend against them vigorously[193][194] Strategic Initiatives - Management is evaluating strategies to improve profitability, including planned price increases and cost-saving initiatives[41] - The company intends to expand its supply chain and customer partnerships, seeking further partnerships and/or acquisitions to meet growth objectives[124] - The company is focused on expanding sales and marketing initiatives to secure new customer relationships and support the transition to lithium for current customers[130] Inventory and Expenses - The company’s inventories decreased from $16.977 million as of June 30, 2024, to $15.342 million as of September 30, 2024[43] - Selling and administrative expenses increased by $390,000 or 8% to $5,115,000 for the quarter ended September 30, 2024, primarily due to stock-based compensation and professional services[154] - Total rent expense for the three months ended September 30, 2024, was approximately $232,000, compared to $238,000 for the same period in 2023[114] Debt and Financing - The Company entered into a Credit Facility Agreement with Cleveland Capital, L.P., providing a line of credit of up to $2,000,000 for working capital purposes[64] - The outstanding balance under the GBC Credit Facility was approximately $12.0 million as of September 30, 2024, with up to $4.0 million available for future borrowings[49] - The company had $1.0 million of related party debt outstanding, compared to no related party debt balance as of June 30, 2024[63] Market Conditions - The company has experienced delays in new orders for energy storage solutions due to lower capital spending in the market sector[38] - The company has experienced delays in orders of new forklifts due to a general slowing of capital spending by customers, impacting the order backlog[128] - The company is experiencing delays in new orders for energy storage solutions due to lower capital spending and interest rate variability, impacting sales strategies[129]

Exhibit 99.1 Flux Power Reports Fiscal Full Year 2024 Financial Results Continued Demand Across the Portfolio as Flux Diligently Follows Growth and Profitability Roadmap Restatement of Previously Filed Financial Statements Complete. No Impact to Cashflow Management to Host Conference Call in Conjunction with Q1 & Q2 FY2025 Financial Results Upon Filing Related Forms 10-Q with the Securities and Exchange Commission Vista, CA — January 29, 2025 — Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanc ...

Inventory Management and Accounting Errors - The company identified approximately $1.2 million of excess and obsolete inventory due to a change in battery cells, resulting in an overstatement of inventories[21] - The company also discovered an overstatement of inventories of approximately $0.5 million related to improperly accounted loaner service packs[21] - The company plans to restate its audited consolidated financial statements for the fiscal years ended June 30, 2023, and 2022 due to material accounting errors[20] - The company has initiated an internal investigation to address the accounting errors identified in the financial statements[22] - The company plans to enhance its inventory management and reporting processes to prevent future misstatements[29] Financial and Operational Challenges - The company incurred substantial unanticipated costs for accounting, legal, and consultancy fees related to the restatements and internal investigations[15] - The company is dependent on the growth in demand for its products and the ability to manage working capital efficiently[15] - The company faces risks related to compliance with credit facility agreements and potential legal proceedings affecting its operations[15] Internal Control and Leadership Changes - The company has engaged a new Chief Financial Officer with over 20 years of experience to strengthen internal financial expertise[28] - The company is taking steps to remediate identified material weaknesses in its internal control over financial reporting[31]

NEW YORK, Dec. 30, 2024 /PRNewswire/ -- Why: Rosen Law Firm, a global investor rights law firm reminds purchasers of securities of Flux Power Holdings, Inc. (NASDAQ: FLUX) between November 11, 2022 and September 30, 2024, both dates inclusive (the "Class Period"), of the important December 31, 2024 lead plaintiff deadline in the securities class action first filed by the Firm.So what: If you purchased Flux Power securities during the Class Period you may be entitled to compensation without payment of any ou ...

NEW YORK, Dec. 29, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Flux Power Holdings, Inc. (NASDAQ: FLUX) between November 11, 2022 and September 30, 2024, both dates inclusive (the “Class Period”), of the important December 31, 2024 lead plaintiff deadline in the securities class action first filed by the Firm. SO WHAT: If you purchased Flux Power securities during the Class Period you may be entitled to compensation without payment of ...

NEW YORK, Dec. 26, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Flux Power Holdings, Inc. (NASDAQ: FLUX) between November 11, 2022 and September 30, 2024, both dates inclusive (the “Class Period”), of the important December 31, 2024 lead plaintiff deadline in the securities class action first filed by the Firm. SO WHAT: If you purchased Flux Power securities during the Class Period you may be entitled to compensation without payment of ...

NEW YORK, Dec. 20, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Flux Power Holdings, Inc. ("Flux" or the "Company") (NASDAQ: FLUX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.The class action concerns whether Flux and certain of its officers ...

NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Nevada on behalf of those who acquired Flux Power Holdings, Inc. (“Flux Power” or the “Company”) (NASDAQ: FLUX) securities during the period of November 11, 2022 to September 30, 2024, inclusive (“the Class Period”). Investors have until December 31, 2024, to apply to the Court to be appointed as lead plaintiff in the lawsuit. [Cl ...

NEW YORK, Dec. 13, 2024 /PRNewswire/ --Why: Rosen Law Firm, a global investor rights law firm reminds purchasers of securities of Flux Power Holdings, Inc. (NASDAQ: FLUX) between November 11, 2022 and September 30, 2024, both dates inclusive (the "Class Period"), of the important December 31, 2024 lead plaintiff deadline in the securities class action first filed by the Firm.So what: If you purchased Flux Power securities during the Class Period you may be entitled to compensation without payment of any out ...