Here are 1-3 brief analogies to describe Flux Power (FLUX):

1. Cummins for electric forklifts and industrial material handling equipment. (Analogous to Cummins providing engines as a power source for heavy industrial/commercial equipment, but for electric battery solutions.)
2. A specialized Panasonic or LG Energy Solution, but exclusively for industrial forklifts and heavy equipment. (Analogous to major battery manufacturers, but highlighting FLUX's focus on a specific industrial niche.)

• Lithium-ion Battery Packs for Material Handling Equipment: These are advanced battery solutions designed to power forklifts, pallet jacks, and other warehouse equipment, replacing traditional lead-acid batteries.
• Lithium-ion Battery Packs for Airport Ground Support Equipment (GSE): Flux Power provides specialized battery packs for various airport vehicles and equipment, enhancing efficiency and reducing emissions.
• Lithium-ion Battery Packs for Other Industrial and Commercial Applications: The company also develops custom battery solutions for a range of additional uses, including autonomous robots, commercial vehicles, and utility equipment.

• Original Equipment Manufacturers (OEMs) of Material Handling Equipment: These are manufacturers that integrate Flux Power's battery packs into their forklifts, pallet jacks, and other equipment. A significant and explicitly named partner of Flux Power in this category is Crown Equipment Corporation, a leading global manufacturer of material handling equipment. (Note: Crown Equipment Corporation is a private company and does not have a public stock symbol.)
  

  While Flux Power works with multiple OEMs, specific names of major public OEM customers are not consistently disclosed. However, companies like Hyster-Yale Materials Handling, Inc. (symbol: HY) represent major public players in the material handling OEM market that Flux Power likely targets or supplies due to their market position.

• Large Fleets of Fortune 500 Companies: These are end-users across various industries (e.g., retail, logistics, manufacturing, food & beverage, automotive, airport ground support) that operate extensive fleets of material handling equipment. Flux Power often sells directly to these large corporate fleets or through their OEM and dealer networks. While specific names are not typically disclosed by Flux Power as individual "major customers," the company consistently emphasizes its focus on serving these large enterprises.
  

  Examples of public companies representative of these large fleet customers that operate significant material handling operations (these are examples of the type of major customer and not individually confirmed direct major customers of Flux Power):

  • Walmart Inc. (symbol: WMT)
  • Amazon.com, Inc. (symbol: AMZN)
  • United Parcel Service, Inc. (symbol: UPS)
  • FedEx Corporation (symbol: FDX)
• Dealers and Distributors: These companies act as intermediaries, purchasing Flux Power battery packs and reselling them, often as part of broader equipment solutions, to a diverse range of businesses. Flux Power leverages a network of dealers across North America and parts of Latin America.

Ronald F. Dutt, Chief Executive Officer, President, and Director

Mr. Dutt currently serves as the Chairman, President, and Chief Executive Officer of Flux Power. He has an MBA in Finance from the University of Washington and an undergraduate degree in Chemistry from the University of North Carolina. Mr. Dutt served in the United States Navy and received an honorable discharge as a Lieutenant. Prior to joining Flux Power, he held various executive roles including executive vice president, chief financial officer, and treasurer for several public and private companies such as SOLA International, Directed Electronics, Fritz Companies DHL Americas, Aptera Motors, Inc., and Visa International. He has experience leading companies from early stage to over $1 billion in revenue. Mr. Dutt has served as Flux Power's Chairman and CEO for 12 years and announced his intention to retire upon the appointment of a successor.

Kevin Royal, Chief Financial Officer

Mr. Royal was appointed Chief Financial Officer of Flux Power in February 2024, succeeding Chuck Scheiwe. He is a CPA with over two decades of financial leadership experience, having served as CFO for four publicly traded companies. His background includes roles as Executive Vice President and CFO at Zovio Inc. (formerly Bridgepoint Education), Senior Vice President and CFO of Maxwell Technologies, and CFO at Blue Coat Systems and Novellus Systems. His expertise encompasses finance, accounting, IT, HR, legal, and M&A.

Paulus Geantil, Chief Technology Officer

Mr. Geantil is the Chief Technology Officer at Flux Power. He is an expert in embedded systems, electrical design, robotics, and system integration. He also holds patents across various technologies.

Tod Kilgore, Vice President of Sales

Mr. Kilgore serves as the Vice President of Sales. Previously, he led sales organizations at companies such as Samina Corporation, Accurate Solutions, Amistar Manufacturing, and Marshall Industries.

Jeff Mason, Vice President of Operations

Mr. Mason holds the position of Vice President of Operations at Flux Power.

The increasing adoption of hydrogen fuel cells as an alternative power source for industrial material handling equipment, such as forklifts, poses a clear emerging threat. Companies like Plug Power are actively deploying hydrogen fuel cell solutions that offer benefits such as rapid refueling and consistent power output, which can be particularly advantageous for multi-shift operations. This directly competes with Flux Power's core business of providing lithium-ion battery packs for these applications, as customers choosing hydrogen fuel cells would bypass lithium-ion battery purchases.

The addressable market for Flux Power's main products, which are advanced lithium-ion energy storage solutions for industrial and commercial sectors, including material handling, airport ground support equipment (GSE), and stationary energy storage, is identified as the global industrial lithium-ion battery market.

This global market was valued at approximately USD 4.8 billion in 2024 and is projected to reach USD 71.1 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 14.52% from 2024 to 2032.

Flux Power (NASDAQ: FLUX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion into New Markets and Verticals, particularly Aviation: Flux Power has recently secured significant contracts within the airline sector, including a $3.2 million airline contract for G80 lithium-ion battery packs and a $2 million+ order from a major U.S. airline for its redesigned G80-420 lithium-ion battery packs. This expansion into aviation, alongside continued growth in existing material handling and ground support equipment (GSE) markets, is a significant driver for future revenue.
2. Increased Adoption of Lithium-ion Technology and Electrification: The broader industry trend towards electrification and sustainable solutions for commercial and industrial equipment is a strong tailwind for Flux Power. The company's lithium-ion battery packs offer a more efficient, lower-cost, and environmentally friendly alternative to traditional lead-acid and propane-based solutions, helping customers reduce CO2 emissions and meet sustainability goals. This market shift is accelerating the demand for their products.
3. New Product Development and Technological Innovation: Flux Power continues to invest in developing proprietary battery packs and enhancing its technology. Recent additions include the new G2-Series of battery packs (M36-G2 and X48-G2), which offer increased power and longer run times, and the beta launch of SkyEMS 2.0, a software platform that emphasizes innovation. These new and improved products, along with their proprietary battery management system (BMS) and integrated telemetry, provide performance differentiators that are expected to drive wider industry adoption.
4. Growth in Repeat Orders and Customer Base: The company has demonstrated its ability to secure repeat purchase orders from major customers, such as recent $2.4 million orders from a global food & beverage distribution customer and an industrial equipment manufacturer. This indicates strong customer satisfaction and supports recurring revenue growth, signaling steady industry adoption of their electrification solutions. Flux Power's inclusion in the Financial Times' Fastest Growing Companies in the Americas 2025 further highlights strong customer adoption and market expansion.

Share Issuance

• From December 2020 through September 2023, Flux Power sold an aggregate of 1,524,873 shares of common stock for gross proceeds of approximately $15.9 million through an At-The-Market (ATM) program.
• In August 2020, Flux Power offered 2,695,000 shares of common stock at $4.00 per share, with certain officers and directors purchasing 190,625 shares, intending to use the net proceeds for working capital and general corporate purposes.
• In October/November 2025, the company priced an underwritten public offering of 3,840,000 common shares at $2.50 per share, expected to generate approximately $9.6 million in gross proceeds.
• In September 2025, Flux Power closed a private placement of prefunded warrants and common warrants for gross proceeds of approximately $5.0 million, with a cash impact of around $3.8 million after debt conversion and fees, intended for working capital and general corporate purposes.

Inbound Investments

• In July 2023, Flux Power secured a new $15 million credit facility from Gibraltar Business Capital (GBC) to fund working capital and refinance an existing credit facility, with the potential to expand to $20 million. As of June 30, 2025, $2.4 million remained available under this $16 million credit facility, which can expand up to $20 million.
• The company also announced a $2.0 million subordinated line of credit with Cleveland Capital in November 2023. As of June 30, 2025, $1.0 million was available under this subordinated line of credit.
• Flux Power raised $2.9 million in a Post IPO funding round on July 21, 2025.