VISTA, Calif. - Flux Power Holdings, Inc. (NASDAQ: FLUX), a prominent developer of lithium-ion energy storage solutions, has announced the release of its L36 battery pack designed for Class 1 3-Wheel Counterbalance forklifts.
The company revealed that the new battery pack, which is available in 630 Ah and 840 Ah capacity options, has received official approval from a major Original Equipment Manufacturer (OEM) in the material handling industry.
The L36 battery pack features patented SkyBMS telematics for performance monitoring and includes active cooling and heating systems to handle demanding applications. The battery is UL Listed under the 2580 standard, ensuring adherence to stringent safety and performance guidelines.
According to Ron Dutt, CEO of Flux Power, the OEM's endorsement of the L36 series battery packs is a testament to the company's dedication to providing high-quality, cost-effective lithium-ion battery solutions. Dutt emphasized the role of their in-house engineering and software teams in developing products that meet industry standards for performance and safety.
As the industry shifts from internal combustion engines to electric power, Flux Power aims to meet the growing demand for electrification with its plug-and-play battery packs. The company also mentioned an upcoming private label program with another top Forklift OEM, indicating a strategic move to expand its customer base and support the transition to lithium-ion technology.
The L36-630 Ah battery pack is engineered to maximize forklift performance by offering longer run times and reducing the frequency of recharges. This contributes to increased productivity and efficiency while also providing a longer lifespan and lower total cost of ownership compared to traditional lead-acid batteries.
Flux Power's portfolio includes advanced lithium-ion battery packs for a variety of sectors, including material handling, airport ground support equipment, and stationary energy storage. The company's solutions are designed to offer lower cost of ownership and reduced environmental impact compared to conventional power sources.
This news is based on a press release statement from Flux Power Holdings, Inc.
In other recent news, Flux Power Holdings faced a demanding third quarter for fiscal year 2024, reporting a drop in revenues to $14.5 million, down from $15.1 million in the same period last year. The company's net loss also expanded to $2.6 million, compared to a loss of $1.4 million year-over-year.
Despite these setbacks, Flux Power remains committed to strategies aimed at revenue growth, cost reduction, and the launch of new products. Among these recent developments, the company has experienced hurdles in receiving product approvals, and higher interest rates and economic uncertainty have affected the market sector.
Still, Flux Power is actively developing higher-voltage lithium batteries due to growing demand and anticipates that new sales additions will contribute to revenue in the coming months. As part of its growth strategy, the company is also exploring expansion into adjacent markets, including military and medical batteries.
InvestingPro Insights
Flux Power Holdings, Inc. (NASDAQ: FLUX) has been making strides with its innovative L36 battery pack, garnering attention from major OEMs in the material handling sector. The company's stock performance has recently shown a significant return over the last week with a 15.82% increase, and even more impressively, a strong return over the last month at 16.52%. These metrics suggest a growing investor confidence in Flux Power's market position and product offerings.
Despite the positive short-term price movements, InvestingPro Tips indicate that analysts are cautious about the company's near-term earnings, with three analysts having revised their earnings downwards for the upcoming period. Additionally, Flux Power does not pay a dividend to shareholders, which may influence investment decisions for those seeking periodic income.
From a financial perspective, Flux Power operates with a moderate level of debt and is currently trading at a high Price / Book multiple of 11.95. This valuation metric could be of interest to investors looking for growth potential in the company's assets relative to its market value. Moreover, with a market capitalization of 64.73M USD, Flux Power is a smaller player in the industry, which often comes with higher volatility, as reflected in its price movements.
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