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VISTA, Calif. - Flux Power Holdings, Inc. (NASDAQ: FLUX), a $23.5 million market cap company known for its advanced lithium-ion energy storage solutions, today announced the appointment of Krishna Vanka as its new Chief Executive Officer. Vanka, with a background spanning 18 years in renewable energy, electric vehicle (EV) infrastructure, and fleet management, takes over the role effective today, succeeding Ron Dutt following his retirement. According to InvestingPro data, Vanka inherits a company facing significant financial challenges, with a weak overall financial health score and substantial debt obligations.
Vanka’s extensive experience includes his recent position as CEO of Fluence Digital, part of Fluence Energy, where he led the company’s battery energy storage solutions and professional services. His career also includes key positions at InCharge Energy, MyShoperoo, Inc., and Telogis, Inc., where he honed his expertise in scaling technology companies and driving strategic growth.
Dale Robinette, Lead Director of Flux Power, expressed confidence in Vanka’s ability to propel the company into a new phase of growth and profitability, emphasizing his proven track record and industry connections. With current annual revenues of $60.8 million and a gross profit margin of 28.3%, Vanka faces the challenge of improving the company’s financial performance. Vanka himself is eager to accelerate Flux Power’s mission to deliver top-tier lithium-ion energy storage solutions, leveraging the company’s established technology, talent, and customer base.
Flux Power’s portfolio includes battery packs for material handling, airport ground support equipment, and stationary energy storage, which offer a more sustainable alternative to conventional lead acid and propane-based solutions. These products aim to reduce CO2 emissions and support sustainability efforts for large, distributed operations.
The company’s forward-looking statements highlight the usual risks and uncertainties in business projections, including those related to financial conditions, access to capital, supply chain stability, and product acceptance. Despite these potential challenges, Flux Power is poised to continue its focus on creating value for customers and shareholders under Vanka’s leadership. InvestingPro analysis reveals analyst price targets ranging from $3 to $7, suggesting potential upside opportunities. Subscribers can access 13 additional ProTips and comprehensive financial metrics in the Pro Research Report, providing deeper insights into Flux Power’s investment potential.
This announcement is based on a press release statement from Flux Power Holdings, Inc.
In other recent news, Flux Power Holdings, Inc. has faced several significant developments. The company received a notice from Nasdaq for non-compliance due to failing to submit its quarterly report for the period ending December 31, 2024. Additionally, Flux Power is dealing with a Nasdaq delisting notice for not meeting the minimum stockholders’ equity requirement, with its equity reported at $194,000, below the necessary $2.5 million. In response, the company has until March 17, 2025, to submit a compliance plan. Flux Power also amended its loan agreement with Gibraltar Business Capital, modifying the EBITDA covenant, and agreed to a $50,000 amendment fee. Furthermore, the company has changed its independent accounting firm, appointing Haskell & White LLP after Baker Tilly US, LLP decided not to seek re-election. On the leadership front, Kelly Frey was named as the new Chief Revenue Officer, succeeding Tod Kilgore, who will retire at the end of January 2025. These developments indicate ongoing efforts by Flux Power to address financial challenges and strengthen its management team.
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