By Sabela Ojea
Flux Power said it is in the process of restating its financial statement for fiscal 2023 and the interim periods of fiscal 2024 to reflect changes to the value of its inventory.
The developer of advanced lithium-ion energy storage solutions on Friday said the decision follows a detailed review of the identification of about $1.7 million of excess and absolute inventory, mainly related to product innovations and product design, which led to a noncash inventory write-downs of about $4.4 million and related noncash warranty related items of about $500,000.
"This impact is not a one-time adjustment, but impacting multiple quarters over multiple years," the company warned.
Flux Power said the restated financial statements will be reflected in its annual report filing for the year ended June 30, 2024 with the Securities and Exchange Commission.
"Our outlook remains positive as we diligently follow our roadmap to achieve profitability by focusing on continued innovation, maintaining a disciplined cost structure and driving organic growth," Chief Executive Ron Dutt said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 15, 2024 16:43 ET (21:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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