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FLUX Flux Power Announces Financial Results for First Quarter of FY 2022 ; Revenue of $ 6.3M , an Increase of 39 % YOY November 12 , 2021 POWER Investor Conference Call on Friday at 4:30 PM ET VISTA , Calif .-- ( BUSINESS WIRE ) -- Flux Power Holdings , Inc. ( NASDAQ : FLUX ) , a developer of advanced lithium - ion battery packs for commercial and industrial equipment , today reported financial results for its first quarter of fiscal year 2022 ( Q1'22 ) . Financial Highlights : Q1'22 revenue grew 39 % to $ 6.3M compared to Q1'21 revenue of $ 4.5M . • Q1'22 gross profit margin increased to 21.3 % compared to 19.4 % in Q1'21 . Strategic Highlights : • Achieved 13th consecutive quarter of year - over - year revenue growth . • Increased customer order backlog to a record $ 28M as of November 10 , 2021 . • Closed a registered direct offering priced at - the - market for net proceeds of approximately $ 14.1M to support growth . Q1'22 Financial Results Revenue : Q1'22 revenue increased by 39 % to $ 6.3M compared to $ 4.5M in Q1'21 , driven by sales of packs with higher selling prices and a higher unit volume of packs sold . Gross Profit : Q1'22 gross profit improved by 53 % to $ 1.3M compared to a gross profit of $ 873K in Q1'21 , primarily attributable to higher unit volume of sales to both new and existing customers , and to improved overall cost of sales efficiencies . However , gross profit was impacted by higher costs for steel , electronic parts , and common off the shelf parts in Q1'22 . Selling & Administrative : Expenses increased to $ 3.5M in Q1'22 from $ 2.9M in Q1'21 , reflecting increases in outbound shipping costs , personnel related expenses , insurance premiums , and sales & marketing expenses . Research & Development : Expenses increased to $ 2.0M in Q1'22 , compared to $ 1.5M in Q1'21 , primarily due to new product development activities . Net Loss : Q1'22 net loss increased slightly to $ 4.1M from a net loss of $ 4.0M in Q1'21 , principally reflecting increased operating expenses , partially offset by a decrease in interest expense and an increase in gross profit . Balance Sheet : The balance sheet was strengthened during Q1'22 with a registered direct