Flux Power (NASDAQ:FLUX) Faces Delay in Filing Quarterly Report

On February 14, 2025, Flux Power Holdings, Inc. (the “Company”) revealed in a Form 12b-25 submitted to the Securities and Exchange Commission (SEC) that it will not be able to file its Quarterly Report on Form 10-Q for the quarter ended December 31 2025 within the stipulated timeframe without unreasonable effort or expense. This delay is primarily attributed to issues surrounding the filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, resulting from late completion of audited financial statements, restatements of financial statements for prior years, and engaging a new independent registered public accounting firm for the fiscal year ending June 30, 2025.

Despite completing the restatement process and filing the Form 10-K on January 29, 2025, incorporating restated financial statements due to errors in inventory, account reconciliation, and presentation of certain expenses, the Company faces hurdles finalizing its unaudited financial statements for the Quarterly Report on Form 10-Q ended September 30, 2024. The Company’s engagement with Haskell & White LLP as its new accounting firm also contributes to the delay, as additional time is needed for reviewing financial statements.

While the Company is actively preparing and finalizing the unaudited financial statements for the September Form 10-Q, the exact timing for filing remains uncertain. The Company foresees a noteworthy surge in administrative expenses related to the restatement process and anticipates a rise in net loss for the three and six months ended December 31, 2024. These estimates are provisional and subject to change as the unaudited financial statements are reviewed.

The Company underscores in the filing the presence of forward-looking statements related to its financial results, expected net loss, and filing timelines. Investors are advised to approach these statements cautiously as they are based on current expectations subject to financial statement review. Flux Power acknowledges various risks and uncertainties that could affect actual results compared to the projected outcomes.

As of now, the Company refrains from offering a precise estimate for additional changes in its operating results for the quarter ended December 31, 2024. It aims to file the September Form 10-Q and the subsequent December Form 10-Q as promptly as possible but remains unable to provide a definitive timeline.

The Company advises that information in this report may evolve based on the completion of financial statements and updates are expected only as required by law to keep investors informed about the situation.

Note: The statements disclosed in the filing are based on the available information at that time and are subject to change pending the completion and review of the financial statements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Flux Power’s 8K filing here.

About Flux Power

Flux Power Holdings, Inc, through its subsidiary Flux Power, Inc, designs, develops, manufactures, and sells lithium-ion energy storage solutions for lift trucks, airport ground support equipment, and other industrial and commercial applications in the North America. It offers battery management system (BMS) that provides cell balancing, charging, discharging, monitoring, and communication between the pack and the forklift.