Flux Power Holdings Inc (FLUX) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Flux Power's Fiscal first quarter 2026 earnings conference call.(Operator Instructions) As a reminder, this conference call is being recorded today, November 13, 2025. I would now like to turn the conference over to Joel Achramowicz of Shelton Group Investor Relations. Joel, thank you, and over to you.

下午好，歡迎參加 Flux Power 2026 財年第一季財報電話會議。 （操作說明）提醒各位，本次電話會議正在錄音，時間是 2025 年 11 月 13 日。現在我將會議交給 Shelton Group 投資者關係部的 Joel Achramowicz。 Joel，謝謝，請您發言。

Good afternoon, and welcome to Flux Power's Fiscal first quarter 2026 earnings conference call. I'm Joel Achramowicz, Managing Director of Shelton Group, Flux Power's Investor Relations firm. Joining me on the call today are Krishna Vanka, Flux Power's CEO; and Kevin Royal, Chief Financial Officer. Now before I turn the call over to Christian, I'd like to remind our listeners that during the course of this conference call, the company will provide financial guidance, projections, comments and other forward-looking statements regarding future market developments, the future financial performance of the company, new products or other matters. These statements are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically our 10-K and our most recent 10-Q, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.

下午好，歡迎參加 Flux Power 2026 財年第一季財報電話會議。我是 Shelton Group 的董事總經理 Joel Achramowicz，Shelton Group 是 Fl​​ux Power 的投資者關係公司。今天與我一同參加電話會議的還有 Flux Power 的執行長 Krishna Vanka 和財務長 Kevin Royal。在將電話會議交給 Christian 之前，我想提醒各位聽眾，在本次電話會議中，公司將提供財務指導、預測、評論以及其他關於未來市場發展、公司未來財務業績、新產品或其他事項的前瞻性陳述。這些陳述受到我們在提交給美國證券交易委員會 (SEC) 的文件中詳細討論的風險和不確定性的影響，特別是我們的 10-K 表格和最新的 10-Q 表格，這些表格列出了可能導致實際結果與前瞻性陳述中包含的結果存在重大差異的重要風險因素。

Also, the company's press release and management statements during this conference call will include discussions of certain adjusted or non-GAAP financial measures. These financial measures and related reconciliations are provided in the company's press release and related current report on Form 8-K which can be found in the Investor Relations section of Flux Power's website at www.fluxpower.com. For those of you unable to listen to the entire call at this time, a recording will be available via webcast on the company's website. And now it's my great pleasure to turn the call over to Flux Power's CEO, Krishna Vanka. Krishna, please go ahead.

此外，公司新聞稿和本次電話會議期間的管理層聲明將討論某些調整後的或非GAAP財務指標。這些財務指標及相關調節表可在公司新聞稿和相關的8-K表格當前報告中查閱，這些文件可在Flux Power網站www.fluxpower.com的投資者關係欄中找到。如果您目前無法收聽整個電話會議，可以透過公司網站的網路直播收聽錄音。現在，我非常榮幸地將電話會議交給Flux Power的執行長Krishna Vanka先生。 Krishna，請開始吧。

Thank you, and welcome, everyone, to our Q1 2026 conference call. As we announced in our press release earlier today, revenue in the quarter reflected a temporary pause in the customer orders. This was mainly due to the uncertainty surrounding the tariff situation during the quarter and also due to the near-term caution regarding the macroeconomic situation. With the uncertainty that tariffs had on pricing, customers held back on placing orders until there was more clarity. This dynamic also temporarily impacted our gross margins during the quarter.

感謝各位參加我們2026年第一季財報電話會議。正如我們今天早些時候在新聞稿中所述，本季營收反映了客戶訂單的暫時性停滯。這主要是由於本季關稅情勢的不確定性，以及對近期宏觀經濟情勢的謹慎態度。由於關稅對定價的不確定性，客戶在情況更加明朗之前暫緩下單。這種情況也暫時影響了我們本季的毛利率。

Lately, however, we have begun to see order activity rebound in our second fiscal quarter, and this is highlighted by multimillion dollar orders from top material handling customers totaling $2.4 million. In addition to these repeat orders, we also recently secured a large order with another major airline for ground service equipment. With this new customer, we now supply to eight major North American airlines, and this represents doubling of our airline customer base compared to last year. As I have shared with you on the prior earnings calls, the leadership here has established five strategic initiatives to guide our execution and performance. As a reminder, these initiatives include profitable growth, operational efficiencies, solution selling, building the right products and integrating value-added software across our battery portfolio to generate recurring revenue streams.

然而，最近我們在第二財季的訂單活動開始反彈，其中最引人注目的是來自頂級物料搬運客戶的數百萬美元訂單，總額達240萬美元。除了這些重複訂單外，我們最近還與另一家大型航空公司簽訂了一份地面服務設備的大訂單。加上這位新客戶，我們現在為八家北美主要航空公司供貨，這意味著我們的航空公司客戶群比去年翻了一番。正如我在之前的財報電話會議上與大家分享的那樣，公司領導層制定了五項戰略舉措來指導我們的執行和業績。再次強調，這些措施包括獲利成長、營運效率提升、解決方案銷售、打造合適的產品以及將增值軟體整合到我們的電池產品組合中，以創造持續的收入來源。

Let me provide you with update on these initiatives. During the quarter, we made additional progress on the operational efficiencies. We achieved this by implementing another limited workforce reduction. Since my arrival, we have reduced our headcount costs by a total of 20% while maintaining consistent production levels. In October, we were also pleased to receive confirmation that we retained our listing on the NASDAQ Capital Markets, so this is now behind us.

讓我向您報告這些舉措的最新進展。本季度，我們在提升營運效率方面取得了進一步進展。我們透過再次小幅裁員實現了這一目標。自從我上任以來，我們在維持穩定生產水準的同時，已累積降低了20%的人力成本。此外，我們很高興在10月確認公司繼續在納斯達克資本市場上市，因此，上市事宜已告一段落。

We remain committed to maintaining the integrity of our listing for broad access to our common stock. I'm also thrilled to announce that we have completed two capital raises totaling $13.8 million in proceeds, net of underwriter's discount fees and expense. These funds will be efficiently used for working capital needs and to accelerate our product development road map. We believe this product acceleration will create more opportunities and ultimately lead to better margins. We are excited that we recently received UL EE listing across our entire material handling portfolio of products.

我們始終致力於維護上市的完整性，以確保投資者能夠廣泛參與我們的普通股交易。同時，我很高興地宣布，我們已完成兩輪融資，淨收益達1,380萬美元（已扣除承銷商折扣費和相關費用）。這些資金將有效率地用於滿足營運資金需求，並加速我們的產品研發路線圖。我們相信，產品研發的加速將創造更多機遇，最終帶來更高的利潤率。此外，我們很高興地宣布，我們所有物料搬運產品組合近期均已獲得UL EE認證。

This will also open new market segments, representing around $1 billion in total addressable market, and these new market segments include chemical, agriculture processing, oil and gas and pharma industries. During the quarter, we also achieved UL 1973 listing for our 80-volt intelligent batteries. This marks our first global recognized certification for a mobile battery energy storage system, BESS in the GSE industry and also unlocks new opportunities in AGVs and AMRs. Overall, these key safety standards provide assurance to customers that our products are reliable and safe. Our batteries were also certified recently by a world-leading multinational industrial equipment OEM for use in their new lift truck models.

這將開拓新的市場領域，潛在市場規模約10億美元，這些新市場領域包括化學、農產品加工、石油天然氣和製藥業。本季度，我們的80伏特智慧型電池也獲得了UL 1973認證。這是我們首個獲得全球認可的行動電池儲能係統（BESS）認證，涵蓋地面支援設備（GSE）產業，同時也為自動導引車（AGV）和自主移動機器人（AMR）領域開闢了新的機會。總而言之，這些關鍵的安全標準讓客戶確信我們的產品可靠且安全。此外，我們的電池近期還獲得了世界領先的跨國工業設備原始設備製造商（OEM）的認證，可用於其新型堆高機。

This showcases our commitment to working closely with OEMs and our partners as we continue to build the right products and solutions to meet our customers' needs. Another key initiative is to expand our software offerings to improve recurring revenue. During the quarter, we graduated our SkyEMS 2.0 SaaS platform and converted a major airline from beta testing to a paying customer. We now have multiple paying customers on this software platform and continue to receive strong interest. We also started working on adding new AI-driven operational features to SkyEMS that you'll hear about on future calls.

這體現了我們致力於與原始設備製造商 (OEM) 和合作夥伴緊密合作，並不斷打造合適的產品和解決方案，以滿足客戶需求。另一項重要措施是拓展軟體產品線，提升經常性收入。本季度，我們完成了 SkyEMS 2.0 SaaS 平台的升級，並成功將大型航空公司從 Beta 測試階段轉換為付費客戶。目前，該軟體平台已擁有多家付費客戶，並持續獲得客戶的濃厚興趣。此外，我們也開始著手為 SkyEMS 增加新的 AI 驅動型營運功能，您將在未來的電話會議中了解到相關資訊。

It is our goal that every battery shipped be cloud connected, and we are working hard towards this goal. With that, let me now hand the call over to our CFO, Kevin Royal, to discuss our first quarter financial results in more detail. Kevin, please go ahead.

我們的目標是讓每一塊出廠的電池都能連接到雲端，我們正在為此目標努力奮鬥。接下來，我將把電話交給我們的財務長凱文·羅亞爾，讓他更詳細地介紹我們第一季的財務表現。凱文，請開始吧。

Good afternoon, everyone. Revenue for the fiscal first quarter of 2026 was $13.2 million compared to $16.1 million in the same quarter last year. As Krishna outlined earlier, the decrease in revenue was driven mainly due to a pause in customer orders as a result of the tariff uncertainty and macroeconomic concerns. Gross margin in the first quarter was 28.6% compared to 32.4% in the prior year period. The decrease in gross margin resulted mainly from lower sales, combined with a shift in mix to our lower energy capacity products, which have lower gross margins.

各位下午好。 2026財年第一季營收為1,320萬美元，去年同期為1,610萬美元。正如Krishna之前所述，營收下降的主要原因是關稅不確定性和宏觀經濟擔憂導致客戶訂單暫停。第一季毛利率為28.6%，去年同期為32.4%。毛利率下降的主要原因是銷售額下降，以及產品組合轉向低能耗產品，而低能耗產品的毛利率較低。

Operating expenses in the first quarter of 2026 were $5.9 million compared to $6.4 million in the first quarter of 2025. The decrease in operating expenses reflects the benefits of our cost reduction initiatives, including rightsizing the workforce to match current operating levels. The net loss for the first quarter was $2.6 million or $0.15 per share compared to a net loss of $1.7 million or $0.10 per share in the first quarter of 2025. Excluding costs associated with stock-based compensation, first quarter non-GAAP net loss was $2.4 million or $0.14 per share compared to a non-GAAP net loss of $1.1 million or $0.06 per share in the prior year period. Adjusted EBITDA for the first quarter was negative $1.7 million compared to negative $0.4 million in the same quarter a year ago, reflecting the lower revenue and margins in the quarter.

2026年第一季營運費用為590萬美元，而2025年第一季為640萬美元。營運費用的下降反映了我們成本削減措施的成效，包括調整員工規模以符合當前的營運水準。第一季淨虧損為260萬美元，即每股虧損0.15美元，而2025年第一季淨虧損為170萬美元，即每股虧損0.10美元。剔除股權激勵相關成本後，第一季非GAAP淨虧損為240萬美元，即每股虧損0.14美元，而上年同期非GAAP淨虧損為110萬美元，即每股虧損0.06美元。第一季調整後EBITDA為負170萬美元，而上年同期為負40萬美元，這反映了本季營收和利潤率的下降。

Turning to the balance sheet. We ended the quarter with cash and cash equivalents of $1.6 million compared to $0.6 million a year ago and $1.3 million in the prior quarter. Subsequent to quarter end, as Krishna highlighted earlier, we raised $9.2 million in proceeds, net of fees and underwriters discount from a secondary offering of common stock. And we also raised $4.6 million in proceeds net of fees from a private placement of pre-funded warrants and common stock warrants. Proceeds will primarily be used for working capital and to accelerate the redesign of our product portfolio in order to lower costs and improve gross profits.

接下來看一下資產負債表。本季末，我們的現金及現金等價物為160萬美元，去年同期為60萬美元，上一季為130萬美元。正如Krishna之前提到的，季度末之後，我們透過二次發行普通股籌集了920萬美元，扣除費用和承銷折扣後。此外，我們也透過私募配售預付認股權證和普通股認股權證籌集了460萬美元，扣除費用後。所得款項將主要用於營運資金，並加速產品組合的重新設計，以降低成本並提高毛利。

I will now turn the call back over to Krishna for his final remarks, and then we will open it up for questions. Krishna?

現在我將把電話轉回給克里希納，請他作最後總結發言，之後我們將開放提問環節。克里希納？

Thank you, Kevin. In closing, despite the challenges we faced during the quarter, I'm really proud of the progress we have made. This includes streamlining our cost structure, completing the capital raises that we need to support our business, regaining compliance with NASDAQ listing requirements, accelerating our product road maps, receiving key certifications with UL and an important OEM, delivering SkyEMS 2.0 with paying customers. With these actions and the new leadership in place, we are well positioned to achieve profitable growth in the coming quarters. With that, let's open the call to questions. Operator?

謝謝凱文。最後，儘管本季我們面臨諸多挑戰，但我對我們的進展感到非常自豪。這些進展包括：精簡成本結構、完成業務所需的融資、重新符合納斯達克上市要求、加快產品路線圖、獲得UL和一家重要OEM廠商的關鍵認證，以及向付費客戶交付SkyEMS 2.0。憑藉這些舉措和新領導團隊的到位，我們已做好充分準備，在未來幾季實現獲利成長。接下來，我們進入問答環節。請問哪位接線生？

(Operator Instructions)

（操作說明）

Rob Brown, Lake Street Capital Markets.

羅布布朗，湖街資本市場。

First question on kind of the order trends sort of post quarter. I think you talked about some recovery in orders, I guess, and you've announced some bigger orders. But how are the order trends coming through? And are you seeing that strength continue into the fourth quarter?

第一個問題是關於季度末的訂單趨勢。我記得您提到訂單有所回升，也宣布了一些較大的訂單。但目前的訂單趨勢如何？您認為這種強勁勢頭能否延續到第四季？

Yes. So while we are seeing some evidence of a rebound, we highlighted $2.4 million in orders from material handling industry as well as a significant airline order. We really are still seeing some headwinds, which we continue to attribute to recent tariffs as well as some impact in the quarter from the government shutdown. However, we are seeing more promising trends in the second half of the year and in particular, seeing some strengthening in our third fiscal quarter, which is the first calendar quarter of 2026.

是的。雖然我們看到了一些復甦的跡象，例如來自物料搬運行業的240萬美元訂單以及一份重要的航空訂單，但我們仍然面臨一些不利因素，這些因素主要歸因於近期關稅以及政府停擺對本季度造成的一定影響。然而，我們看到下半年的趨勢更加樂觀，尤其是在第三財季（即2026年第一季）有望實現成長。

Okay. Great. And then on the ground support equipment market, you've had good progress there in terms of adding customers and expanding penetration in the customers. How is that market sort of looking from an investment standpoint on their part in terms of rolling out product? And what sort of further penetration can you get there?

好的，太好了。在地面支援設備市場，你們在增加客戶和擴大客戶滲透率方面都取得了不錯的進展。從投資角度來看，就產品推廣而言，這個市場前景如何？你們還能進一步擴大市場滲透率嗎？

Yes. They continue to adopt the clean energy solutions in the GSE. So I'm not seeing any pushback from the overall goal and how the airlines are thinking about going lithium. So that trend is very supportive. It was really this short-term tariff that paused some of the progress.

是的。他們繼續在地面支援設備（GSE）中採用清潔能源解決方案。因此，我沒有看到對總體目標以及航空公司考慮採用鋰電方式有任何阻力。所以，這種趨勢非常有利。真正阻礙部分進展的是這項短期關稅。

But as Kevin mentioned, early next year, calendar-wise, we'll start seeing more activity. As you noticed, we doubled the airlines we now serve and some of the airlines are just getting started, like the first order literally in the case, as I mentioned on the call. So we look forward to them taking more and more orders as they start deploying lithium.

但正如凱文所提到的，從明年年初開始，我們將看到更多業務活動。正如您所看到的，我們服務的航空公司數量翻了一番，而且有些航空公司才剛起步，例如我剛才在電話會議上提到的，他們的第一份訂單就剛下單。因此，我們期待隨著他們開始部署鋰電池，他們能接到越來越多的訂單。

(Operator Instructions)

（操作說明）

As there are no further questions, I would like to hand the conference over back to Mr. Krishna for closing remarks.

由於沒有其他問題，我將把會議交還給克里希納先生，請他作閉幕致詞。

Sure. Thank you again for joining us on the call today. We look forward to reporting our continued progress throughout the quarter and on our next earnings call in mid-February.

當然。再次感謝您今天參加我們的電話會議。我們期待在本季以及二月中旬的下一次財報電話會議上向您匯報我們取得的持續進展。

Operator, you may now disconnect.

操作員，您現在可以斷開連接了。

Thank you. This brings us a close to today's conference. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

謝謝。今天的會議到此結束。您可以斷開線路了。感謝您的參與，祝您愉快。