Rankings Grid & electrical equipment Flux Power
Flux Power
43
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Defaulted credit line and going concern−11
- Margin−7
- Quality of growth−7
Strengths
- Sequential improvement+1
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 2
- Price
- 2.97 DKK
- Market value
- DKK 64m
- Cash runway
- 1 months
- Cash / debt
- 0.3 / 8.5m USD
- Dilution, 12 months
- +19%
Bull case
The lender grants a waiver, an issue of USD 4-5m closes, and revenue returns toward USD 55-65m with 30% gross margin, so EBITDA turns positive. At EV/Sales 0.8, equity becomes about USD 40m - about 3-4 times today, but after at least 30-50% dilution more like 2 times. A competing bid above the price is an alternative upside.
Bear case
Gibraltar closes the credit line, the issue fails to materialise, and the company must sell below market (Solidion's bid) or enter insolvency; shareholders get little or nothing. Delisting to OTC in 2027 is also possible.
Catalysts
- 30 Sep 2026Solidion Technology's open letter and cash offer for Flux (price not disclosed, according to Solidion below the share price on 28/9); the board has not acceptedbinary webdisclosure.com
- 2026-11-12 (approx.)Q1 FY2027 results: revenue, gross margin and liquiditygradual stockanalysis.com
- Q4 2026Waiver/amendment of the Gibraltar credit line and requirement of USD 4m in new equitybinary investing.com
- 2027-01-20 (approx.)Nasdaq's deadline to regain USD 1binary nasdaq.com
Risk of going to zerohigh – going concern, USD 0.3m in cash, defaulted credit line, requirement for new equity and an equity facility that cannot be used below USD 0.50.
Next financingAcute. Cash was USD 0.3m at 30/6-2026, and operations run on a defaulted credit line at Gibraltar Business Capital (about 6.3–6.5m drawn of 16m), which the lender can close. According to Solidion, the lender demands USD 4m in new equity within 50 days; the Roth facility cannot be used below USD 0.50. Expect a directed issue with warrants or a sale of the company in Q4 2026.
Warrants & convertiblesCommitted equity facility with Roth Principal Investments (15/5-2026): up to USD 40m, 38,461,538 shares registered for resale, price VWAP minus 3.0% (5.25% outside opening hours), only when the price is above USD 0.50. No warrants in the prospectus; Cleveland Capital debt converted into shares in September 2025.
Insiders, last 12 monthsNot examined in detail; no insider purchases found in the sources read. Insiders own c. 21% according to stockanalysis.
Largest ownersInsiders approx. 21.2% and institutions approx. 24.7% according to stockanalysis (Cleveland Capital is among the largest after the debt conversion); names and stakes not verified.
Circio check(1) Small market cap: yes – approx. USD 10m. (2) Hot theme: no – battery packs for forklifts are not a hot theme. (3) Upcoming milestones: partial – waiver, issue and takeover bid, but no inflection-point data. (4) Major partner: no. (5) Funding for 2+ years: no – runway under one month without the credit line. (6) Price near the bottom: yes – −90% in a year.
Why this asymmetryThere is a real business with USD 42m in revenue and 30% gross margin, and the company is a takeover target, but the only known bid is below the share price. The liquidity crisis makes an expensive issue or a distress sale more likely than a turnaround.
How the score is built
From 100 to 43, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.45 USD
- Median analyst target
- 4.00 USD
- Upside to median
- +781.3%
- Analysts
- 3
- Target range
- 1.60 – 8.00 USD
- 52-week change
- −81%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−23 of −30
- −7MarginThe gross margin fell to 30.2% (32.7% a year earlier) and 27.4% in Q4; operating result −USD 6.5m (−15%), adjusted EBITDA −4.5m and net loss 7.4m in FY2026. The company has never made money (accumulated deficit USD 113.8m).
- −7Quality of growthRevenue fell 37% to USD 42.1m in FY2026 and 51% year over year in Q4 (8.2m). Analysts expect a further decline of 13% in FY2027 to 36.8m. No order backlog or numerical guidance disclosed.
- −4MoatBattery packs for forklifts and GSE are a competitive market where the truck makers and Asian suppliers themselves offer lithium solutions; SkyEMS software is not yet a measurable advantage. A falling gross margin points to weak pricing ability.
- −5Capital allocationThe share count rose 18.6% over a year (debt to Cleveland Capital converted to shares in September 2025), and 38.5m shares – 178% of the current ones – are registered for an equity facility of USD 40m. Capex and operations are financed by a credit line in default.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own historyP/S 0.23 and EV/Sales 0.43 vs 0.38–1.06 and 0.58–1.25 in FY2022–FY2026, so the stock is cheap on sales; but P/B is 3.8 on equity of only approx. USD 2.6m, and revenue is still falling.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−25 of −35
- −11Defaulted credit line and going concernThe breach of the minimum EBITDA covenant to Gibraltar Business Capital (about USD 6.5m drawn) is a default; the lender can close the line or demand repayment, and according to Solidion has demanded USD 4m of new equity within 50 days. Cash was USD 0.3m on 30/6-2026, and the auditor has a going concern qualification.
- −7Dilution via equity facilityCEF with Roth Principal Investments (May 2026) of up to USD 40m at VWAP minus 3–5.25%; 38.5m shares registered for resale. The facility's minimum price is USD 0.50, so with the share at USD 0.45 it cannot be used now – which increases the risk of a more expensive emergency issue.
- −4Listing riskNasdaq notice 24/7-2026 for price below USD 1; deadline approx. 20/1-2027 with possible extension. The company is at the same time under one year of monitoring after an earlier equity shortfall, so new breaches could lead more quickly to delisting to OTC, which Nordnet does not trade.
- −3Earnings qualityFlux has been through a multi-year restatement of earlier financial statements with 2.9 m USD in costs in FY2025, which weakens confidence in the figures and has cost management focus.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Sequential improvementQ4 revenue rose 25% from Q3 (8.2 vs 6.6m USD), and operating costs were cut from 26.8 to 19.2m USD in FY2026.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3 – USA). Lithium-ion battery packs for forklifts (material handling) and airport vehicles (GSE); fiscal year July–June, so TTM = fiscal year 2026 (to 30/6-2026). Placed in 'Grid & electrical equipment' as the closest category (battery systems); not cyclical. Figures from the Q4 FY2026 announcement, 10-K/10-Q, 424B3 (CEF with Roth) and stockanalysis. Quarterly burn (USD 1.6m) is FY2026 FCF (−6.43m) divided by four. Solidion Technology's open letter (30/9-2026) describes a cash bid 'below the closing price of 28/9-2026' with no stated price; the bid is not confirmed by Flux. The date of the lender's requirement for USD 4m in new equity within 50 days has not been found precisely. Insider trades have not been investigated in detail. Analysts' price targets (USD 1.60–8.00) have not been updated after the price fall.
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