Fluence Energy(US:FLNC)2025-02-10 21:07Revenue Performance - Revenue for the fiscal quarter ended December 31, 2024, was approximately $186.8 million, a decrease of approximately 49% compared to the same quarter last year[3] - Total revenue for Q4 2024 was $186.8 million, a decrease of 48.6% compared to $364.0 million in Q4 2023[28] - Total revenue decreased by 49% to $186,788,000 in Q4 2024 from $363,956,000 in Q4 2023, with a gross profit margin of 11.4%[51] Financial Guidance - The company has lowered its fiscal year 2025 total revenue guidance range to $3.1 billion to $3.7 billion, down from a prior range of $3.6 billion to $4.4 billion[3] - Adjusted EBITDA for the fiscal year 2025 is now projected to be in the range of $70 million to $100 million, significantly reduced from the previous guidance of $160 million to $200 million[3] - The fiscal year 2025 annual recurring revenue (ARR) guidance remains at approximately $145 million[3] Net Loss and Profitability - The company reported a net loss of approximately $57.0 million, an increase from a net loss of approximately $25.6 million for the same quarter last year[3] - Net loss for Q4 2024 was $57.0 million, compared to a net loss of $25.6 million in Q4 2023, resulting in a loss per share of $0.32[28] - Net loss for the three months ended December 31, 2024, was $57,013,000, compared to a net loss of $25,556,000 in the same period of 2023, representing a 123% increase in losses[49] - Adjusted EBITDA for Q4 2024 was $(49,676,000), a decline of 172% compared to $(18,287,000) in Q4 2023[49] - Free cash flow for the three months ended December 31, 2024, was $(213,341,000), a significant decrease from $17,895,000 in the same period of 2023[53] Cash and Liquidity - Total cash as of December 31, 2024, was approximately $654.4 million, reflecting an increase of approximately $135.7 million from September 30, 2024[3] - Cash and cash equivalents increased to $607.4 million as of December 31, 2024, up from $448.7 million at the end of September 2024[24] - Cash, cash equivalents, and restricted cash increased to $654,409,000 as of December 31, 2024, from $476,557,000 at the end of Q4 2023[1] - The company experienced a net cash used in operating activities of $(211,232,000) for the three months ended December 31, 2024, compared to $19,363,000 in the same period of 2023[53] Backlog and Orders - Quarterly order intake reached $778.0 million, contributing to a record backlog of approximately $5.1 billion as of December 31, 2024[3] - Contracted backlog for energy storage products rose by 4% to 7.8 GW as of December 31, 2024, compared to 7.5 GW as of September 30, 2024[37] - The pipeline of potential contracts increased by 17% to 30.3 GW as of December 31, 2024, from 25.8 GW as of September 30, 2024[37] Inventory and Assets - The company reported a significant increase in inventory, which rose to $543.4 million as of December 31, 2024, compared to $182.6 million at the end of September 2024[24] - Total assets rose to $2.21 billion as of December 31, 2024, compared to $1.90 billion at the end of September 2024[24] - Total liabilities increased to $1.68 billion as of December 31, 2024, up from $1.30 billion at the end of September 2024[24] Research and Development - Research and development expenses for Q4 2024 were $17.2 million, an increase of 11.4% from $15.4 million in Q4 2023[28] Currency and Translation - The company experienced a loss on foreign currency translation of $5.3 million in Q4 2024, compared to a gain of $1.8 million in Q4 2023[30] Strategic Initiatives - The company aims to maintain its leadership position in the utility-scale battery storage market and optimize its cost structure for improved financial performance in fiscal year 2026 and beyond[4] - The company issued $400.0 million of 2.25% Convertible Senior Notes due 2030 to enhance financial flexibility and support growth initiatives[5] Digital Contracts - The company reported a significant increase in digital contracts, with contracted intake rising by 700% to 3.2 GW in Q4 2024 compared to 0.4 GW in Q4 2023[37] Energy Storage Products - Deployed energy storage products increased by 16% to 5.8 GW as of December 31, 2024, up from 5.0 GW as of September 30, 2024[37]