Revenue and Profitability - Fiscal year 2024 revenue decreased by 9% to $60.8 million compared to $66.5 million in fiscal year 2023, primarily due to delays in shipments to a large customer and double-digit declines in sales from OEM partners[23]. - Gross profit for fiscal year 2024 increased to $17.2 million, up from $15.9 million in fiscal year 2023, with gross margin improving to 28% from 24%[24]. - Adjusted EBITDA loss improved to $4.0 million in fiscal year 2024, compared to a loss of $4.7 million in fiscal year 2023, driven by improved gross margins[24]. - Net loss for fiscal year 2024 was $8.3 million, compared to a net loss of $7.7 million in fiscal year 2023, primarily due to increased sales and marketing expenses[27]. - Revenues for the year ended June 30, 2024, were $60.8 million, a decrease of 8.0% compared to $66.5 million in 2023[43]. - Net loss for the year ended June 30, 2024, was $8.3 million, compared to a net loss of $7.7 million in 2023, reflecting a 7.6% increase in losses[43]. - Adjusted EBITDA for the year ended June 30, 2024, was $(4.0) million, an improvement from $(4.7) million in 2023[35]. Expenses and Liabilities - Selling and administrative expenses increased to $18.9 million in fiscal year 2024 from $17.6 million in fiscal year 2023, driven by stock-based compensation and new hires[25]. - Research and development expenses increased to $4.9 million in fiscal year 2024 compared to $4.7 million in fiscal year 2023, mainly due to increased payroll and related benefits[26]. - Total current liabilities increased to $30.7 million as of June 30, 2024, from $24.0 million in 2023, representing a 28.5% increase[41]. - Operating expenses for the year ended June 30, 2024, totaled $23.8 million, up from $22.3 million in 2023, marking a 6.9% increase[43]. - Cash used in operating activities was $4,798,000, an increase from $3,574,000 in the previous year, reflecting a 34.3% rise in cash outflow[45]. - Interest paid increased to $1,409,000 from $1,127,000, reflecting a rise of 24.9% year-over-year[45]. Cash Flow and Financing - Cash decreased to $0.6 million on June 30, 2024, from $2.4 million on June 30, 2023, indicating changes in working capital management[28]. - The company has a line of credit with Gibraltar Business Capital of $16.0 million, with a remaining available balance of $6.3 million as of December 31, 2024[28]. - Net cash provided by financing activities was $3,915,000, down from $6,492,000 in the previous year, representing a decline of 39.5%[45]. - The company is evaluating alternative sources of funding to support growth initiatives due to ineligibility to use a Form S-3 Registration Statement[30]. - The company entered into Amendment No. 4 to Loan and Security Agreement with GBC, amending certain terms including the EBITDA Minimum financial covenant[29]. Inventory and Adjustments - The company identified approximately $5.2 million in cumulative adjustments related to excess and obsolete inventory over four years, which did not impact cash flow[4]. - The company experienced a decrease in inventories, with a reduction of $1,309,000 compared to a decrease of $2,408,000 in the prior year, showing improved inventory management[45]. - The company recorded a write-down of inventory amounting to $490,000, a decrease from $690,000 in the previous year, suggesting improved inventory valuation[45]. Product Development - New product launches include heavy-duty models and an integrated onboard charger option for M24 lithium-ion battery packs, aimed at improving warehouse operations[15]. Stock and Compensation - Stock-based compensation rose to $1,571,000, compared to $798,000 in the previous year, indicating a substantial increase of 96.7%[45]. - Depreciation expenses increased to $1,045,000 from $899,000, reflecting a rise of 16.2% year-over-year[45]. - Proceeds from the issuance of common stock in public offerings were $1,556,000, down from $1,602,000, indicating a slight decline of 2.9%[45].

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 ...

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of Flux Power Holdings, Inc. during the specified Class Period of the upcoming lead plaintiff deadline for a securities class action lawsuit [1]. Group 1: Class Action Details - Investors who purchased Flux Power securities between November 11, 2022, and September 30, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by December 31, 2024 [3]. - Investors can join the class action by visiting the provided link or contacting the law firm directly for more information [6]. Group 2: Case Background - The lawsuit alleges that Flux Power made materially false and misleading statements regarding its financial condition, including overstated inventory, gross profit, current assets, and total assets [5]. - It is claimed that Flux Power understated its cost of sales and net loss, necessitating a restatement of its financial statements from November 10, 2022, onward [5]. - The lawsuit also asserts that Flux Power misrepresented its internal control weaknesses, leading to materially false statements about its business operations and prospects [5]. Group 3: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [4]. - The firm has been consistently ranked among the top firms for securities class action settlements and has recovered hundreds of millions of dollars for investors [4]. - In 2019, the firm secured over $438 million for investors, showcasing its effectiveness in representing clients [4].

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 ...

SAN DIEGO, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a class action was filed on behalf of all persons and entities that publicly traded Flux Power Holdings, Inc. (NASDAQ: FLUX) securities between November 11, 2022 and September 30, 2024. Flux Power “designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary ene ...

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Flux Power To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $75,000 in Flux Power between November 11, 2022 and September 30, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). [You may also click here for additional information] NEW YORK, Nov. 22, 20 ...