Flux Power Holdings Files 2024 Annual Report

TL;DR

Flux Power Holdings filed its 2024 10-K. Check financials for the year ending 6/30/24.

AI Summary

Flux Power Holdings, Inc. filed its 10-K for the fiscal year ending June 30, 2024, on January 29, 2025. The company, incorporated in Nevada and headquartered in Vista, California, operates in the miscellaneous electrical machinery sector. This filing provides a comprehensive overview of its financial performance and business operations for the period.

Why It Matters

This 10-K filing is crucial for investors and stakeholders to understand Flux Power's financial health, operational performance, and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-K, there are inherent risks associated with financial reporting and market performance.

Key Numbers

• 2024-06-30 — Fiscal Year End (The period covered by the 10-K report.)
• 2025-01-29 — Filing Date (The date the 10-K was submitted to the SEC.)

Key Players & Entities

• Flux Power Holdings, Inc. (company) — Filer of the 10-K
• 2024-06-30 (date) — Fiscal year end
• 2025-01-29 (date) — Filing date
• 2685 S. MELROSE DRIVE, VISTA, CA 92081 (address) — Company business and mailing address
• 877-505-3589 (phone_number) — Company business phone

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share FLUX Nasdaq Capital Mark
• $1.2 million — ime became aware that (i) approximately $1.2 million of excess and obsolete inventory, prima
• $0.5 million — atement of inventories of approximately $0.5 million. In addition, promptly after learning
• $15.0 million — y (the "GBC Credit Facility") for up to $15.0 million (the "Revolving Loan Commitment"). The
• $1,000,000 — sted increase is in a minimum amount of $1,000,000, and (b) the total increases do not exc
• $5,000,000 — d (b) the total increases do not exceed $5,000,000 and no more than five (5) increases are
• $112,500 — sing fee for the GBC Credit Facility of $112,500 upon the execution of the Agreement. In

Filing Documents

• form10-k.htm (10-K) — 4688KB
• ex10-30.htm (EX-10.30) — 35KB
• ex10-31.htm (EX-10.31) — 30KB
• ex19-1.htm (EX-19.1) — 140KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex97-1.htm (EX-97.1) — 61KB
• 0001493152-25-004175.txt ( ) — 26357KB
• flux-20240630.xsd (EX-101.SCH) — 56KB
• flux-20240630_cal.xml (EX-101.CAL) — 131KB
• flux-20240630_def.xml (EX-101.DEF) — 323KB
• flux-20240630_lab.xml (EX-101.LAB) — 479KB
• flux-20240630_pre.xml (EX-101.PRE) — 503KB
• form10-k_htm.xml (XML) — 8379KB

BUSINESS

BUSINESS 5 ITEM 1A.

RISK FACTORS

RISK FACTORS 13 ITEM 1B. UNRESOLVED STAFF COMMENTS 23 ITEM 1C. CYBERSECURITY 23 ITEM 2.

PROPERTIES

PROPERTIES 24 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 24 ITEM 4. MINE SAFETY DISCLOSURES 24 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 25 ITEM 6. RESERVED 25 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 37 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 37 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 37 ITEM 9A

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 37 ITEM 9B. OTHER INFORMATION 38 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENTS INSPECTIONS 38 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 39 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 45 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 55 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 56 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 57 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 58 ITEM 16. FORM 10-K SUMMARY 60

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS F-1 1 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements. The forward-looking statements are contained principally in the sections entitled "Description of Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the factors described in the section captioned "Risk Factors" below. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "would," and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. You should read these factors and the other cautionary factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these uncertainties, you should not place undue reliance on these

forward-looking statements. These forward-looking statements include, among other things, statements relating to

forward-looking statements. These forward-looking statements include, among other things, statements relating to: our ability to continue as a going concern; our ability to comply with the terms of our agreement with Gibraltar Business Capital, LLC ("GBC") for our credit facility, which we have relied on historically and currently rely on to meet our anticipated capital resources and to fund our operations; the expense, timing and outcome of legal proceedings relating to our accounting practices, financial disclosures and employment policies and practices, which includes, but is not limited to, a pending purported federal securities class action and shareholder derivative lawsuit, certain employment lawsuits and other legal and governmental proceedings, investigations and information requests that may be initiated or that may be asserted; our ability to meet projected revenue targets and generate cash from operations as a result of delays in new orders for our energy storage solutions, reflecting corresponding deferrals of new forklift purchases caused by lower capital spending in the market sector that we serve and interest rate variability affecting selected large customer fleets; our ability to remediate material weaknesses in our controls and procedures and also those identified in our internal control over financial reporting, or to accurately or timely report our financial condition or results of operations, which may adversely affect our business and stock price; our delinquent and untimely filings with the Securities and Exchange Commission and our ability to regain compliance and continue to meet the continued listing standards of the Nasdaq Stock Market; substantial unanticipated costs for accounting, legal and consultancy fees we incurred in connection with the restatements and internal investigation, and we expect to continue to incur additional costs; our ability to secure sufficient funding to support our current and proposed operations

View Full Filing

View this 10-K filing on SEC EDGAR