FLUXNasdaqMiscellaneous Electrical Machinery, Equipment & SuppliesUS GAAP · USD

Flux Power Holdings, Inc.

Flux Power Holdings, Inc. designs and sells lithium-ion energy storage solutions for industrial equipment, with a core focus on material handling applications such as forklifts and walkie pallet jacks. The company also serves adjacent markets including airport ground support equipment, using its proprietary battery management system, modular pack designs, and telemetry-enabled SkyBMS offering.

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Revenue42.1m USD
−36.6 %y/y
Operating profit (EBIT)-6.5m USD
−28.8 %y/y
EBIT margin-15.4%
−7.8 ppy/y
Net income-7.4m USD
−11.6 %y/y
Free cash flow-6.4m USD
−14,846.5 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-20020406080m USD2021: 26 m USD2021: EBIT -13 m USD20212022: 42 m USD2022: EBIT -15 m USD20222023: 66 m USD2023: EBIT -5.4 m USD20232024: 61 m USD2024: EBIT -6.6 m USD20242025: 66 m USD2025: EBIT -5.0 m USD20252026: 42 m USD2026: EBIT -6.5 m USD202642-6.5
RevenueOperating profit (EBIT)
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Business

Share of revenue
Material handling battery packs75 %

Lithium-ion energy storage packs used in forklifts, pallet jacks, and other lift equipment.

Airport GSE solutions15 %

Battery packs and related energy storage systems for airport ground support equipment.

Battery management systems and telemetry5 %

Proprietary BMS, SkyBMS, and related monitoring and control tools.

Adjacent industrial applications5 %

Energy storage solutions for other industrial equipment and end-user applications.

Customers

Flux sells through OEMs, lift equipment dealers, battery distributors, and direct to end users, with most demand coming from North American industrial customers. Its buyers are typically fleet operators, large national accounts, and equipment channels that want lower lifetime cost, better performance, and reduced environmental impact versus lead-acid batteries.

OEMs

Buy battery packs for new lift trucks and industrial equipment to integrate into their product offerings.

Lift equipment dealers

Source replacement or bundled battery packs for forklift customers and fleet accounts.

Battery distributors

Purchase packs for resale into the replacement market and customer-specified applications.

End users and national accounts

Buy directly for fleet upgrades, replacement of lead-acid systems, and operating efficiency gains.

Airport GSE operators

Buy lithium-ion packs for ground support equipment where uptime and durability matter.

Strategy

Flux is focused on expanding its product lineup, improving battery performance and reliability, and lowering production costs through R&D and design improvements. Near term, management is prioritizing price increases, cost reduction, sourcing changes, and gross margin recovery while also seeking additional capital to support operations and growth.

Gross margin improvementShort term

Higher tariffs, lower-priced mix, and inventory costs have pressured margins.

Product development and R&DMedium term

New products and better battery management can expand addressable markets and support differentiation.

Market expansionMedium term

Adjacent applications can diversify revenue beyond core forklift demand.

Capital preservation and financingShort term

The company has relied on external funding to support operations and working capital.

Geography

The business is primarily North America-focused, with direct sales staff and service coverage across major geographies in the region. Manufacturing and assembly are centered at the company’s Vista, California headquarters and production facility, while sourcing is global and includes imported components from China and other countries, creating tariff exposure.

Risks

Flux remains exposed to customer order timing, tariff-driven input cost inflation, and the cyclicality of forklift and industrial equipment spending. The company also faces going-concern, liquidity, and Nasdaq listing risks because it has historically depended on external financing and has not consistently generated sufficient operating cash flow.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern and liquidity risk1Tariff and import cost inflation2Customer spending delays3Nasdaq Capital Market compliance4Competitive pressure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Going-concern and liquidity riskImpact: CriticalLikelihood: High

    Historical operating losses and limited cash require ongoing external funding.

    ExposureOperationsWorking capitalGrowth investment
  2. Tariff and import cost inflationImpact: HighLikelihood: High

    The company imports parts and materials, including from China, and tariffs can raise costs.

    Exposure: Gross margin and pricing competitiveness

  3. Customer spending delaysImpact: HighLikelihood: High

    Large fleet customers may defer forklift purchases during uncertain macro conditions.

    Exposure: Revenue timing and order backlog

  4. Nasdaq Capital Market complianceImpact: HighLikelihood: High

    Past non-compliance could lead to delisting and reduced access to capital.

    ExposureShare priceLiquidityFinancing flexibility
  5. Competitive pressureImpact: MediumLikelihood: High

    The market includes established battery makers and growing lithium-ion competitors.

    ExposurePricingWin ratesMargin structure
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Accounting

Judgemental items
Revenue recognition timing

Revenue is recorded when title passes, so quarter-end shipments affect reported sales.

Impact: Quarterly comparability and channel mix

Inventory valuation and obsolescence

Battery systems and subcomponents may require write-downs if demand changes or parts become obsolete.

Impact: Gross margin and inventory carrying value

Warranty reserves

Five-year warranties require estimates of future repair and replacement costs.

Impact: Accrued liabilities and operating expense

Going-concern assessment

Management and auditors must assess whether available funding supports operations for the next 12 months.

Impact: Liquidity disclosures and investor perception

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Last updated: 24/09/2026