Benzinga | Nov 12, 2021 11:09AM EST

Flux Power Clocks 39% Revenue Growth in Q1, Misses On Estimates

* Flux Power Holdings Inc (NASDAQ:FLUX) reported first-quarter FY22 revenue growth of 39% year-over-year to $6.27 million, missing the consensus of $6.31 million.

* The company attributed the revenue growth to sales of packs with higher selling prices and a higher unit volume of packs sold.

* EPS loss narrowed to $(0.30) from $(0.42) in 1Q21, missing the consensus of $(0.28).

* The gross profit improved by 53% Y/Y to $1.3 million, and the margin expanded to 21.3% from 19.4% a year ago.

* The operating loss widened to $(4.13) million during the quarter, compared to $(3.55) million a year ago.

* The company had a backlog of $28 million as of November 10, 2021, with less than $2 million directly related to supply chain delays.

* The company mentions supply chain disruptions continue, with delivery delays at Los Angeles and Long Beach ports. The company expects no immediate abatement to these challenges within the next several months.

* Price Action: FLUX shares are trading higher by 1.15% at $6.17 on the last check Friday.