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.
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