VISTA, Calif. - Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion batteries for industrial use, today announced the appointment of Kelly Frey as its new Chief Revenue Officer (CRO). The announcement comes as the company's stock shows recent momentum, with a 28.48% gain over the past week, though trading at $2.03, significantly below its 52-week high of $5.86. According to InvestingPro analysis, the stock appears undervalued at current levels. Frey, with over two decades of sales and marketing leadership experience, will succeed Tod Kilgore, who is set to retire at the end of January 2025.
Frey's career spans roles in startups and Fortune 100 companies, with a focus on sales and marketing in the battery and energy storage, SaaS industrial, and IoT sectors. Prior to joining Flux Power, he held positions at Fluence Energy, Descartes Systems Group (NASDAQ:DSGX), Verizon/Telogis, and OnX. His expertise includes building global sales teams, driving revenue growth, and customer-centric strategies.
Ron Dutt, CEO of Flux Power, expressed confidence in Frey's ability to lead the company's revenue generation strategies and emphasized his role in sales, market expansion, and customer retention. With current revenue at $63.85 million and a challenging financial landscape showing negative EBITDA of $4.35 million, the company faces important strategic decisions. Dutt also thanked Kilgore for his contributions to the company's growth and for ensuring a smooth transition.
Frey's appointment comes as Flux Power focuses on advancing its business growth, with a strong pipeline of orders and new customer opportunities, as well as initiatives to improve cash profitability. Frey expressed enthusiasm for his new role and the opportunity to work with the senior leadership team to fulfill the company's strategic and financial priorities.
Flux Power specializes in lithium-ion energy storage solutions for various industrial and commercial applications, including material handling and airport ground support equipment. The company's products aim to provide a more efficient, cost-effective, and environmentally friendly alternative to traditional lead acid and propane-based solutions. For a deeper understanding of Flux Power's financial health and growth prospects, InvestingPro subscribers can access comprehensive analysis, including 12 additional ProTips and detailed financial metrics in the Pro Research Report.
This leadership change announcement is based on a press release statement from Flux Power Holdings, Inc.
In other recent news, Flux Power Holdings has faced several significant developments. The company is undergoing financial restatements due to noncash inventory write-downs and related adjustments, totaling approximately $4.9 million. This process spans multiple quarters over several years, including the fiscal year 2023 and interim periods of fiscal year 2024. In addition, Flux Power has been notified by the Nasdaq Stock Market of non-compliance with its listing rules due to delayed filing of its required quarterly and annual reports with the SEC.
Flux Power has also announced a strategic partnership with a leading forklift original equipment manufacturer (OEM) to introduce a new private label battery program, aiming to expand the reach of its S-Series batteries. On the financial front, the company reported a decrease in revenues to $14.5 million in the third quarter of fiscal year 2024, down from $15.1 million in the previous year. The company's net loss also broadened to $2.6 million, an increase from a loss of $1.4 million year-over-year. These are the recent developments for Flux Power Holdings, based on various press releases from the company.
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