Flux Power makes lithium-ion battery packs for industrial equipment, primarily forklifts and airport ground support equipment (GSE). Flux Power's pitch is that lithium-ion is superior to the lead acid and propane-based power systems that dominate these markets, offering longer run times, faster charging, longer battery life, less maintenance, and lower total cost of ownership. The company sells to forklift OEMs like Toyota, Crown, and Raymond, as well as equipment dealers, battery distributors, and large end-user fleets, and has shipped over 28,000 battery packs primarily across North America. Three customers account for roughly 73% of revenue, reflecting meaningful customer concentration. Flux Power's core business model is a one-time hardware sale, with revenue driven by units sold and average selling prices. GSE products carry higher average selling prices than material handling packs, and a favorable mix shift toward GSE has helped lift gross margins. Flux Power assembles its packs at a single facility in Vista, California, sourcing battery cells primarily from a single Chinese supplier. The company is also building a recurring software revenue stream through SkyEMS, a telematics and energy management platform that provides real-time battery health, charging optimization, and fleet management data. SkyEMS is in beta as of mid-2025, and Flux Power's strategy is to bundle it with new sales and upsell expanded capabilities to its existing installed base. Flux Power is pre-profitability and carries meaningful financial risk, including a stockholders' equity deficit that triggered Nasdaq compliance proceedings, which the company is working to resolve.