Fluence Energy(FLNC)2024-08-07 20:09Financial Performance - Record quarterly order intake of 565 million for the same quarter last year[4] - Revenue of approximately 15.6 million, improved from approximately negative 1.1 million, improved from a net loss of approximately 64.3 million in the first nine months of fiscal year 2024, compared to approximately negative 2.7 billion to 55 million to 100 million by the end of fiscal year 2024[7] - Total revenue for the nine months ended June 30, 2024, was 1,544,997 thousand for the same period in 2023[23] - Net loss attributable to Fluence Energy, Inc. for the nine months ended June 30, 2024, was 72,888 thousand for the same period in 2023[23] - Net loss for the nine months ended June 30, 2024, improved to 109.64 million in the same period in 2023, reflecting a significant reduction in losses[25] - Net income improved significantly to 35.045 million in Q2 2023, a 103% increase[41] - Adjusted EBITDA increased by 157% to 27.483 million in Q2 2023[41] - Total revenue decreased by 10% to 536.351 million in Q2 2023[43] - Gross profit margin improved to 17.2% in Q2 2024 from 4.1% in Q2 2023, a significant increase of 281%[43] - Adjusted Gross Profit increased by 258% to 23.627 million in Q2 2023[43] - Free Cash Flow turned positive at 162.364 million in the same period in 2023, a 140% improvement[44] - Net cash provided by operating activities improved to 160.487 million in the same period in 2023, a 143% increase[44] Backlog and Order Intake - Backlog increased to approximately 3.7 billion as of March 31, 2024[4] - Contracted backlog for energy storage products and solutions grew by 43% to 6.6 GW and pipeline increased by 99% to 24.3 GW as of June 30, 2024[30] - Order intake for energy storage products and solutions for the nine months ended June 30, 2024, increased by 131% to 3.7 GW compared to the same period in 2023[31] - Service contracts order intake for the nine months ended June 30, 2024, grew by 67% to 2.0 GW compared to the same period in 2023[31] - Digital contracts order intake for the nine months ended June 30, 2024, decreased by 9% to 4.0 GW compared to the same period in 2023[31] Operational Metrics - U.S. battery module production on track to start in September 2024, enabling products to meet U.S. domestic content incentives under the Inflation Reduction Act[7] - Energy storage products and solutions deployed increased by 50% to 4.5 GW and by 61% to 11.6 GWh as of June 30, 2024, compared to September 30, 2023[30] - Service contracts assets under management increased by 32% to 3.7 GW, and contracted backlog grew by 24% to 3.6 GW as of June 30, 2024[30] - Digital contracts assets under management rose by 18% to 18.3 GW, while pipeline increased by 23% to 30.1 GW as of June 30, 2024[30] Balance Sheet and Cash Flow - Cash and cash equivalents increased to 345,896 thousand as of September 30, 2023[21] - Inventory, net increased significantly to 224,903 thousand as of September 30, 2023[21] - Total current liabilities increased to 745,663 thousand as of September 30, 2023[21] - Deferred revenue increased to 273,164 thousand as of September 30, 2023[21] - Total assets increased to 1,352,149 thousand as of September 30, 2023[21] - The company's cash, cash equivalents, and restricted cash increased to 416.10 million as of June 30, 2023[25] Expenses and Costs - Research and development expenses for the nine months ended June 30, 2024, were 51,631 thousand for the same period in 2023[23] - Gross profit for the nine months ended June 30, 2024, was 64,673 thousand for the same period in 2023[23] - Total comprehensive loss attributable to Fluence Energy, Inc. for the nine months ended June 30, 2024, was 72,850 thousand for the same period in 2023[24] - Stock-based compensation decreased by 32% to 1.208 million in Q2 2023[43] - Amortization expenses increased by 57% to 491 thousand in Q2 2023[43] - Cost of goods and services decreased by 22% to 514.531 million in Q2 2023[43]