Fluence Energy, Inc. Reports Record Performance in 2024 and Initiates 2025 Guidance

Core Insights - Fluence Energy, Inc. reported record revenue of approximately $2.7 billion for fiscal year 2024, marking a 22% increase from fiscal year 2023, and approximately $1.2 billion for the fourth quarter, representing an 82% increase year-over-year [3][7] - The company achieved a net income of approximately $30.4 million for fiscal year 2024, a significant turnaround from a net loss of approximately $104.8 million in fiscal year 2023 [3][25] - Fluence's backlog increased to approximately $4.5 billion as of September 30, 2024, compared to approximately $2.9 billion a year earlier, indicating strong market confidence in its energy storage solutions [3][7] Fiscal Year 2024 Financial Highlights - Revenue for fiscal year 2024 was approximately $2.7 billion, with a gross profit margin of approximately 12.6% [3] - Adjusted EBITDA for fiscal year 2024 was approximately $78.1 million, a significant improvement from approximately negative $61.4 million in fiscal year 2023 [3] - Quarterly order intake reached approximately $1.2 billion, up from approximately $737 million in the same quarter last year [3] Financial Position - Total cash as of September 30, 2024, was approximately $518.7 million, an increase of approximately $56.0 million from the previous year [4] - Net cash provided by operating activities was approximately $79.7 million, compared to a negative $111.9 million for fiscal year 2023 [4] - Free cash flow for fiscal year 2024 was approximately $71.6 million, a recovery from a negative $114.9 million in fiscal year 2023 [4] Fiscal Year 2025 Outlook - The company projects revenue for fiscal year 2025 to be between approximately $3.6 billion and $4.4 billion, with a midpoint of $4.0 billion [5] - Adjusted EBITDA is expected to be between approximately $160 million and $200 million, with a midpoint of $180 million [5] - Annual recurring revenue (ARR) is anticipated to reach about $145 million by the end of fiscal year 2025 [5] Operational Metrics - Energy storage products deployed increased to 5.0 GW in fiscal year 2024, a 66.7% increase from 3.0 GW in fiscal year 2023 [31] - Contracted backlog grew to 7.5 GW, up 63.0% from 4.6 GW in the previous year [31] - The pipeline expanded significantly to 25.8 GW, representing a 111.5% increase from 12.2 GW in fiscal year 2023 [31]