Flux Power designs and manufactures lithium-ion battery packs for industrial equipment, primarily forklifts and airport ground support equipment. The company’s battery packs serve as direct replacements for traditional lead-acid batteries and propane power, offering faster charging and reduced maintenance for electric lift trucks and airport tugs. Flux Power operates through two segments: Material Handling, which generates the majority of revenue, and Ground Support Equipment, which serves North American airlines. The company sells products through multiple channels, including direct sales to end-users, partnerships with forklift manufacturers, equipment dealers, and specialized distributors, though it maintains high customer concentration. The business model relies on per-unit hardware sales alongside a growing stream of recurring revenue from its SkyEMS fleet intelligence software. Flux Power assembles its products at its California facility using cells sourced from a single supplier in China. The company’s growth strategy focuses on expanding partnerships with manufacturers, reducing production costs, and upselling software to its installed base of battery packs. Recent safety certifications allow Flux Power to target new industrial markets, including the chemical, agricultural, and pharmaceutical sectors. The company aims to transition from a hardware provider to an integrated energy management solution provider by pairing its battery packs with telematics and battery management software.