A state of Flux

Flux Power Holdings, a developer of advanced lithium batteries for industrial applications, including electric forklifts and airport ground service equipment, has announced financial results for its fiscal 2017 second quarter and six months ended December 31, 2016.

In the second quarter of 2017, cost of sales increased by 54% to US$311,000 compared to $202,000 in the period a year ago, reflecting higher unit sales. Starting in October 2016, Flux commenced transitioning the production of key components to lower cost vendors. This strategic sourcing initiative is expected to significantly decrease the average per unit cost of the LiFT Pack and advance Flux’s LiFT Pack production towards a positive gross profit position.

CEO, Ron Dutt, commented: “Interest in our UL listed LiFT Packs continues to build in scope, excitement and customer deployments.

“We are also working very closely with forklift OEMs in an effort to position our LiFT Packs as an option for new equipment. These dialogues have reinforced our plans to expand into the Class I and II lift equipment market. This spring, Flux plans to deliver a Class I LiFT Pack prototype to an OEM that has shown strong interest in what we are doing and specifically asked us to scale up our solutions for larger vehicles.”