VISTA, Calif. - Flux Power Holdings, Inc. (NASDAQ: FLUX), known for its development of advanced lithium-ion batteries for industrial use, has appointed Mark Leposky to its Board of Directors as an independent director, effective today. Leposky's extensive background in supply chain management and his experience with global consumer brands are expected to bolster the company's strategic growth initiatives.
With over three decades of leadership in consumer product and service companies, Leposky currently holds the position of Executive Vice President and Chief Supply Chain Officer at Topgolf Callaway Brands Corp. His career includes high-level roles at Fisher Scientific and TaylorMade Golf, as well as a distinguished 16-year service in the U.S. Army, retiring with the rank of Major.
"Mark brings deep and valuable business and product strategy experience with a strong track record of driving high growth revenue and profitability, and we welcome him to the Board," said Ron Dutt, CEO of Flux Power. Leposky will also contribute to the Audit Committee, Compensation Committee, and Nominating Committee within the board.
Leposky expressed enthusiasm about joining the company at a pivotal time as it embarks on strategic growth initiatives and explores new customer opportunities for its energy storage solutions.
In related news, Cheemin Bo-Linn will retire from the Board following the 2024 Annual Meeting of the Shareholders, after which the Board will consist of five members.
Flux Power's offerings include lithium-ion battery packs that are designed to be a more efficient and environmentally friendly alternative to traditional lead-acid and propane-based solutions, catering to sectors such as material handling and airport ground support equipment.
This announcement comes amid the company's efforts to achieve sustained cash flow breakeven and maintain its upward margin trajectory, aiming to enhance long-term shareholder value.
The information in this article is based on a press release statement from Flux Power Holdings, Inc.
InvestingPro Insights
As Flux Power Holdings, Inc. (NASDAQ: FLUX) welcomes Mark Leposky to its Board of Directors, the company's financial metrics and market performance provide a crucial backdrop to its strategic growth plans.
The company's market capitalization stands at a modest $70.27 million, reflecting the scale of the business in the competitive lithium-ion battery industry. Despite a challenging market environment, Flux Power has seen a significant 33.43% price uptick over the last six months, indicating a strong market belief in its growth potential and strategic initiatives.
Still, it is worth noting that the company is currently trading at a high Price / Book multiple of 9.56, suggesting that the market has high expectations for the company's asset value growth. This may put pressure on Flux Power to deliver tangible results from its strategic initiatives and new board expertise.
Moreover, an InvestingPro Tip highlights that analysts do not anticipate the company to be profitable this year, which aligns with the company's reported operating income margin of -6.78% for the last twelve months as of Q2 2024.
While the company does not pay a dividend to shareholders, which is a common characteristic of firms focused on growth and reinvestment, investors interested in Flux Power's future performance should consider the detailed analysis available on InvestingPro. There are 6 additional InvestingPro Tips for Flux Power that can provide deeper insights into the company's financial health and market position. For those looking to explore these tips and metrics further, a visit to InvestingPro is recommended. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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