Filing Analysis
Flux Power Holdings, Inc. announced its fiscal third quarter 2026 financial results and operational updates for the period ended March 31, 2026. The filing includes forward-looking performance estimates and a scheduled conference call to discuss the results.
Key Facts
- The report covers the fiscal third quarter ended March 31, 2026.
- A press release was issued on May 7, 2026, containing limited financial and operational information.
- The company provided forward-looking performance estimates for future periods.
- A conference call was scheduled for May 7, 2026, to discuss the results.
- The filing was signed by CEO Krishna Vanka.
Flux Power Holdings reported an Event of Default under its Loan and Security Agreement with Gibraltar Business Capital after failing to meet a minimum EBITDA financial covenant for the quarter ended March 31, 2026. The company is currently negotiating a waiver or amendment for the $6.5 million outstanding balance while maintaining temporary access to the credit line.
Red Flags
- Event of Default on a primary secured credit facility.
- Failure to meet performance-based financial covenants (EBITDA).
- Lender has the authority to terminate the line of credit or accelerate debt repayment at any time.
- No assurance that a waiver or amendment will be granted on favorable terms or at all.
Key Facts
- Failed to comply with the minimum EBITDA financial covenant for the trailing three-month period ended March 31, 2026.
- The breach resulted in an 'Event of Default' under the Loan and Security Agreement with Gibraltar Business Capital, LLC (GBC).
- As of March 31, 2026, the outstanding balance under the Loan Agreement was approximately $6.5 million.
- GBC has the right to declare all obligations immediately due and payable and terminate further commitments.
- The company is currently in negotiations with GBC for an amendment or waiver.
Flux Power Holdings, Inc. reported the results of its Annual Meeting of Stockholders held on March 26, 2026. Shareholders elected five directors and ratified the appointment of Haskell & White LLP as the independent auditor for the fiscal year ending June 30, 2026.
Key Facts
- Annual Meeting held on March 26, 2026
- 21,340,135 shares of common stock were outstanding as of the February 2, 2026 record date
- A quorum was established with 14,117,593 shares (approximately 66.2% of outstanding shares) present
- Five directors (Krishna Vanka, Dale T. Robinette, Michael Johnson, Lisa Walters-Hoffert, and Mark F. Leposky) were elected to serve until the 2027 annual meeting
- Haskell & White LLP was ratified as the independent auditor for the fiscal year ending June 30, 2026, with 14,083,259 votes in favor