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Flux Power Holdings ( (FLUX) ) has provided an announcement.
Flux Power Holdings, Inc. has announced a $1.7 million write-down of obsolete inventory and the consequential restatement of financials for fiscal 2023 and parts of fiscal 2024. The write-down, which stems from product design changes during a growth phase, is a non-cash charge and will not affect cash flow. Despite the restatements, which are to be completed as soon as possible, the company’s $16 million credit facility remains accessible and the overall outlook for the company’s future is positive, driven by innovation, cost discipline, and organic growth.
For detailed information about FLUX stock, go to TipRanks’ Stock Analysis page.
