![]() Net loss in Q1 ‘19 increased to $2.40M, or ($0.08) per basic share, from $1.45M, or ($0.06) per basic share, in Q1 ‘18, reflecting the higher operating loss and increased interest expense due to higher average borrowings. R&D expenses are expected to remain significant as Flux builds out its complete forklift and airport GSE product lines, develops solutions for other potential motive power markets, and continues to enhance features and functionality for its product lines in order to maintain its leadership position.įlux’s Q1 ‘19 operating loss increased to $2.13M from $1.31M in Q1 ‘18, principally due to higher operating expenses supporting a full product line rollout. Research & development expenses increased to $662,000 in Q1 ‘19, compared to $478,000 in Q1 ‘18, as Flux invested in completing development of its larger Class 1 and Class 2 battery solutions. ![]() Selling and administrative expenses increased to $1,483,000 in Q1 ‘19 from $671,000 in Q1 ’18 primarily due to the addition of sales and support staff, as well as a related increase in stock-based compensation and professional fees. The plan involves design, production, procurement and pricing initiatives, in addition to expected efficiency improvements through higher production volumes, that should enable Flux to achieve attractive gross margins. The gross profit improvement is the result of increased production volumes combined with initial benefits from Flux’s comprehensive margin enhancement plan. Q1 ‘19 cost of sales rose to $1,817,000 compared to $314,000 in Q1 ’18, principally due to the significant increase in LiFT Pack unit sales, yielding a Q1 ’19 gross profit of $18,000 versus a year ago gross loss of ($161,000). Q1 ‘19 revenue rose over tenfold to $1,835,000 compared to Q1 ‘18 revenue of $153,000, principally due to Walkie LiFT Pack shipments to a Fortune 100 global customer and initial shipments of airport GSE battery packs. This outlook is supported by the ongoing expansion of interest, and sales dialogues, regarding Flux’s expanding line of lithium-ion battery solutions as customers in materials handling-intensive industries recognize the many performance, efficiency and total cost of ownership benefits of lithium-ion storage versus lead-acid chemistry, which until recently was the only viable battery technology for industrial equipment. Flux anticipates at least doubling its revenue in fiscal 2019 over fiscal 2018 revenues of $4.1M.Two other major airlines are piloting our packs and we anticipate them commencing orders in CY 2019. ![]() That customer is expected to place significant additional orders in calendar 2019.
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