Fluence Energy(FLNC) - 2024 Q3 - Quarterly Results

Financial Performance - Record quarterly order intake of $1.3 billion, compared to approximately $565 million for the same quarter last year[4] - Revenue of approximately $483.3 million, representing a decrease of approximately 10% from the same quarter last year[2] - GAAP gross profit margin improved to approximately 17.2%, compared to approximately 4.1% for the same quarter last year[2] - Adjusted EBITDA of approximately $15.6 million, improved from approximately negative $27.5 million for the same quarter last year[6] - Net income of approximately $1.1 million, improved from a net loss of approximately $35.0 million for the same quarter last year[6] - Free cash flow was approximately $64.3 million in the first nine months of fiscal year 2024, compared to approximately negative $162.4 million in the same period last year[4] - Updated fiscal year 2024 total revenue guidance narrowed to $2.7 billion to $2.8 billion, with Adjusted EBITDA range of $55 million to $65 million[9] - Annual Recurring Revenue (ARR) guidance increased to approximately $100 million by the end of fiscal year 2024[7] - Total revenue for the nine months ended June 30, 2024, was $1,470,414 thousand, compared to $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 $25,127 thousand, compared to a net loss of $72,888 thousand for the same period in 2023[23] - Net loss for the nine months ended June 30, 2024, improved to $37.36 million from $109.64 million in the same period in 2023, reflecting a significant reduction in losses[25] - Net income improved significantly to $1.075 million in Q2 2024 from a loss of $35.045 million in Q2 2023, a 103% increase[41] - Adjusted EBITDA increased by 157% to $15.6 million in Q2 2024 compared to a loss of $27.483 million in Q2 2023[41] - Total revenue decreased by 10% to $483.317 million in Q2 2024 from $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 $84.639 million in Q2 2024 from $23.627 million in Q2 2023[43] - Free Cash Flow turned positive at $64.318 million in the nine months ended June 2024, compared to a negative $162.364 million in the same period in 2023, a 140% improvement[44] - Net cash provided by operating activities improved to $69.156 million in the nine months ended June 2024 from a negative $160.487 million in the same period in 2023, a 143% increase[44] Backlog and Order Intake - Backlog increased to approximately $4.5 billion as of June 30, 2024, compared 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 $388,242 thousand as of June 30, 2024, from $345,896 thousand as of September 30, 2023[21] - Inventory, net increased significantly to $469,934 thousand as of June 30, 2024, from $224,903 thousand as of September 30, 2023[21] - Total current liabilities increased to $1,124,706 thousand as of June 30, 2024, from $745,663 thousand as of September 30, 2023[21] - Deferred revenue increased to $409,612 thousand as of June 30, 2024, from $273,164 thousand as of September 30, 2023[21] - Total assets increased to $1,689,953 thousand as of June 30, 2024, from $1,352,149 thousand as of September 30, 2023[21] - The company's cash, cash equivalents, and restricted cash increased to $513.31 million as of June 30, 2024, from $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 $47,843 thousand, compared to $51,631 thousand for the same period in 2023[23] - Gross profit for the nine months ended June 30, 2024, was $183,611 thousand, compared to $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 $26,757 thousand, compared to $72,850 thousand for the same period in 2023[24] - Stock-based compensation decreased by 32% to $824 thousand in Q2 2024 from $1.208 million in Q2 2023[43] - Amortization expenses increased by 57% to $770 thousand in Q2 2024 from $491 thousand in Q2 2023[43] - Cost of goods and services decreased by 22% to $400.272 million in Q2 2024 from $514.531 million in Q2 2023[43]