Flux Power reported its 17th consecutive quarter of revenue growthLithium ion battery maker Flux Power is reporting its 17th consecutive quarter of revenue growth, ending 2022 with over 15,000 battery packs in the field.
CEO Ron Dutt notes that the company “learned many lessons from the global supply chain disruptions during the COVID-19 pandemic, which led to a series of strategic supply chain and profitability improvement initiatives”.
“The result of these initiatives included a reduced backlog facilitated by sourcing actions to mitigate parts shortages and to increase confidence in future supplier performance. Our strategic initiatives to accelerate backlog conversion to shipments and increase inventory turns are also driving revenue results and gross margins that we believe will lead to profitability,” he explains.
Dutt says 2022 saw an extension of Flux Power’s product range “to capture the diverse and increasing needs of customers”.
New battery packs include a high-capacity S24 (210Ah) pack for walkie pallet jacks, which previously was only available in a 105Ah version. The C48 lithium ion battery pack for automated guided vehicles (AGV) and autonomous mobile robots (AMR) was introduced in response to increasing demand. “AGVs and AMRs require a robust battery solution for high utilisation rates and improved downtime. In response to customer requests for a 36-volt option for our three-wheel forklifts, we leveraged the customer feedback from our L48 battery to develop a newly designed L36 volt offering,” Dutt adds.
He believes 2023 should be a milestone year for Flux Power “as we continue our growth trajectory, encouraged by strong purchase orders, improving backlog and continued expansion of margins through improved sourcing and supply chain management, continual process improvement, and pricing”.
Vista-based Flux Power, which is listed on the NASDAQ, designs, manufactures and sells advanced lithium ion energy storage solutions for electrification of a range of industrial and commercial sectors including materials handling, airport ground support equipment (GSE), and stationary energy storage.