Core Insights - Fluence Energy, Inc. reported strong revenue growth of approximately 24.7% year-over-year, reaching approximately $602.5 million for the fiscal quarter ended June 30, 2025, driven by a significantly weighted second half compared to the revenue distribution seen in full year 2024 [5] - The company anticipates recovering lower-than-expected revenue due to delays in scaling new manufacturing facilities in the U.S., with a robust backlog of approximately $4.9 billion expected to convert to revenue in fiscal 2026 [4][5] - Fluence reaffirmed its fiscal year 2025 revenue guidance range of $2.6 billion to $2.8 billion, now expecting to be at the lower end of the range due to production ramp-up delays [5] Financial Highlights - Revenue for the quarter was approximately $602.5 million, a 24.7% increase from the same quarter last year [5] - GAAP gross profit margin was approximately 14.8%, down from 17.2% year-over-year, while adjusted gross profit margin was approximately 15.4%, down from 17.5% [5] - Net income for the quarter was approximately $6.9 million, compared to $1.1 million for the same quarter last year [5] - Adjusted EBITDA was approximately $27.4 million, up from $15.6 million year-over-year [5] Operational Metrics - The company signed approximately $508.8 million in order intake during the third fiscal quarter, bringing the backlog to approximately $4.9 billion as of June 30, 2025 [5] - In July and August, Fluence signed approximately $1.1 billion in contracts, including two contracts in Australia [5] - Total cash as of June 30, 2025, was approximately $459.9 million, with total liquidity of approximately $903 million [5] Manufacturing and Production - Fluence began ramping production and delivered its first domestic content products from U.S.-based manufacturing facilities [4] - The company expects its new manufacturing facilities to reach targeted production levels by the end of the calendar year, which will strengthen its domestic content position [5] Market Position and Strategy - Fluence's operating model and execution have shown strength, as reflected in the strong margins delivered this quarter [4] - The company secured its first unsecured, low-cost supply chain financing facility of $150 million, indicating market confidence in its energy storage business [4]

Core Viewpoint - The company has successfully signed an independent energy storage project order with a total capacity of 2.8 GWh, marking a significant milestone in the commercialization of solid-state battery technology [2][3][9]. Group 1: Project Details - The order consists of three independent energy storage projects with a total capacity of 2.8 GWh, including a 1.2 GWh project in Shenzhen and two 800 MWh projects in Shanwei [3]. - Upon completion, the projects are expected to consume over 1 billion kWh of renewable energy annually, significantly enhancing the region's ability to accept renewable energy and reducing carbon emissions by approximately 1 million tons each year [3]. Group 2: Technological Breakthroughs - The core technology supporting this major energy storage project is the company's self-developed 3 1 4Ah semi-solid-state battery, which addresses safety and performance challenges through key innovations [6][8]. - The battery utilizes "oxide solid-liquid mixed technology" and "high melting point polymer separator" to achieve significant improvements in safety and performance [6][8]. Group 3: Industry Impact - This project represents the first commercial application of solid-state battery technology in a gigawatt-level energy storage project globally, reflecting industry recognition of the company's solid-state technology and engineering capabilities [9][11]. - The large-scale commercialization of solid-state batteries is expected to drive the maturity and cost reduction of the solid-state battery supply chain, injecting strong momentum into technological upgrades in the industry [11]. Group 4: Future Developments - The company has been engaged in forward-looking research since 2017, being one of the earliest enterprises in China to focus on solid-state battery development [11]. - By the end of 2024, the company is set to complete a key research project in Zhejiang Province, successfully developing a 30 Ah all-solid-state battery that addresses the "solid-solid interface" challenge [13].

Core Viewpoint - A class action lawsuit has been filed against Tesla, Inc. and certain officers for alleged violations of federal securities laws during the Class Period from April 19, 2023, to June 22, 2025, seeking damages for misleading statements regarding the company's business and operations [1][4]. Group 1: Lawsuit Details - The lawsuit is filed in the United States District Court for the Western District of Texas, seeking to recover damages for all persons and entities that purchased Tesla securities during the Class Period [1]. - Investors have until October 4, 2025, to request to be appointed as Lead Plaintiff for the class [2]. Group 2: Allegations Against Tesla - The Complaint alleges that Tesla made materially false and misleading statements about its autonomous driving technology, overstating its effectiveness and the safety of its vehicles [4]. - Specific allegations include that Tesla's autonomous driving vehicles, including the Robotaxi, posed significant risks of operating dangerously and violating traffic laws, which could lead to increased regulatory scrutiny [4]. Group 3: Robotaxi Launch and Incidents - Tesla launched its Robotaxi service on June 22, 2025, with a public event in Austin, Texas, featuring autonomous vehicles with safety monitors [5]. - Following the launch, reports emerged of the Robotaxis violating traffic laws, prompting scrutiny from the U.S. National Highway Traffic Safety Administration (NHTSA) [6][7]. - Tesla's stock price fell by $21.13 per share, or 6.05%, over two trading sessions following the negative reports about the Robotaxi incidents [7]. Group 4: Legal and Financial Implications - After the Class Period, a jury found Tesla partly liable for a fatal 2019 Autopilot crash, ordering the company to pay $329 million in damages [8].

Core Viewpoint - The company has decided to change the use of unutilized fundraising of 366 million yuan from the "Energy Storage Lithium Battery System R&D and Industrialization Project" to the "Green Low-Carbon Technology Transformation Project for Data Centers," pending approval from the shareholders' meeting [1][4]. Group 1: Project Details - The original plan for the "Energy Storage Lithium Battery System R&D and Industrialization Project" included purchasing production and R&D equipment to expand the production capacity of energy storage lithium batteries, aiming to enhance the company's competitiveness in the electrochemical energy storage industry [3]. - The total investment for the project is 540 million yuan, with a construction period of 24 months. The company plans to use 440 million yuan of the raised funds, with the adjusted total investment amounting to 361 million yuan [3]. - The project is expected to add 2 GWh of energy storage lithium battery cell and system assembly production lines upon completion, with the expected operational date set for January 8, 2026 [3]. Group 2: Reasons for Change - The company cited significant changes in the market environment and increased competition in the energy storage industry as reasons for the change in the original fundraising project, leading to increased investment uncertainty [4]. - The company has conducted detailed research and decided to redirect the funds to the "Green Low-Carbon Technology Transformation Project for Data Centers," which has already undergone pilot testing and market validation [4]. - The company is gradually adjusting its product strategy in the energy storage business, focusing on high-integration and high-value-added system-level energy storage products, while opting for a more cost-effective external procurement model for basic cells and modules [4].

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $38.4 million, representing a 13% year-over-year increase [5][24] - Total Annual Recurring Revenue (ARR) grew 3% sequentially and 22% year-over-year to $59 million [5][29] - Positive adjusted EBITDA of $4 million for the quarter, a $15 million year-over-year improvement [9][26] - GAAP gross margins were 33%, while non-GAAP gross margins reached a record 49% [25] - Cash operating expenses decreased by nearly 40% year-over-year [9][25] Business Line Data and Key Metrics Changes - Solar software revenue grew 20% year-over-year, while storage software and managed service revenue increased by 53% year-over-year [24] - Professional services expanded with new consulting engagements, including the Green River Energy Center project [7] - PowerTrack software engagements were established with Norbert Solar Farms and Avangrid [6] Market Data and Key Metrics Changes - The largest share of revenue comes from the U.S. Commercial and Industrial (C&I) solar market, which is expected to grow in 2026 [19][20] - The company anticipates a shift towards utility-scale solar, supported by the new PowerTrack EMS offering [40] Company Strategy and Development Direction - The company is focusing on a software-centric strategy, with a new business unit structure to enhance operational efficiency [11][12] - A strategic reduction in force was implemented, resulting in a 35% reduction in personnel costs [9][25] - The introduction of AI-enabled products like PowerTrack EMS and PowerTrack Sage is part of the company's strategy to enhance software offerings [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macro challenges, citing a diversified software-centric model [17][20] - The company is tracking towards the high end of guidance for most metrics, despite uncertainties in the policy environment [20][30] - Future technology roadmaps and a cleaner balance sheet are expected to support sustainable profitable growth [31] Other Important Information - A significant debt exchange transaction was completed, reducing overall debt burden by approximately $200 million [10][28] - The company is now in compliance with New York Stock Exchange listing standards following a reverse stock split [30] Q&A Session Summary Question: How should we think about hardware sales moving forward? - The company aims to achieve up to $35 million in hardware sales but is pivoting towards a more software-centric focus [37] Question: What is the progress on growing into utility-scale solar? - The company is excited about the PowerTrack EMS offering, which integrates solar and storage management, allowing entry into the utility-scale market [40] Question: What are the expectations for operating expenses at the end of the year? - Operating expenses are expected to continue declining, with a focus on non-personnel related savings [42][44] Question: Can you elaborate on the recent debt deal? - The debt exchange significantly improved the balance sheet by reducing outstanding debt and extending maturity dates [48][50] Question: How does the cash position reconcile with the operating cash flow guidance? - The decrease in cash was primarily due to working capital fluctuations and one-time payments related to the reduction in force [51][53]

Financial Data and Key Metrics Changes - The contract revenue backlog increased by 47% quarter over quarter to $954 million, and up 120% year to date, driven by new third-party project and service agreements, as well as long-term off-take agreements in the US and Australia [11][15] - Revenue for Q2 was $8.5 million, representing a 126% increase year over year, attributed to activity across the Australian project portfolio and the commencement of the Cross Trails battery energy storage system in Texas [16][12] - GAAP gross profit rose by 140% year over year to $2.5 million, with a gross margin of 29.6% [12][16] - Adjusted EBITDA improved by 11% year over year, narrowing the loss to $13.7 million from a loss of $15.4 million in Q2 2024 [12][17] - Cash improved by 23% sequentially to $58.1 million at June 30, finishing at the high end of previous guidance [13][17] Business Line Data and Key Metrics Changes - The company has successfully placed its first two owned projects in Texas and California into service, which are expected to generate nearly $10 million in recurring annual EBITDA [20] - The recently acquired Stoney Creek project is expected to generate approximately $20 million in annual recurring EBITDA once operational, further accelerating the path to a $100 million recurring EBITDA goal over the next three to four years [20] Market Data and Key Metrics Changes - The total developed pipeline for advanced projects is around $2.4 billion, or roughly 6 gigawatt hours, expected to be strengthened by the launch of AssetVault [16] - The company anticipates full-year 2025 revenue between $200 million and $250 million, maintaining prior guidance [18] Company Strategy and Development Direction - The company is focusing on leveraging its technology and operational expertise to develop, own, and operate energy storage systems, aiming for more predictable and profitable revenue streams supported by long-term off-take agreements [4][5] - A $300 million preferred equity investment has been announced to fund the development, construction, and operation of storage projects, enabling over $1 billion in CapEx spending [19] - The Asset Vault subsidiary will contract with Energy Vault for product design, construction, commissioning, and long-term service agreements, providing additional cash flow streams [7][19] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of execution and maintaining a strong reputation in the market, highlighting successful project delivery and operational reliability [10] - The company expects to see benefits from the new capital investment as it focuses on executing its development portfolio without being involved in capital raise processes [68] Other Important Information - The company completed the Cross Trails project financing of $17.8 million in July and anticipates another $27 million in net investment tax credit proceeds in September [13][18] - The Stoney Creek project is expected to achieve ready-to-build status by Q1 2026, with construction commencing thereafter [63] Q&A Session Summary Question: Can you share more details on the preferred equity transaction? - Management stated that details regarding the return structure and preferred dividend yield will be discussed in a virtual investor call post-transaction close [24][25] Question: What is the financing strategy for the $1 billion CapEx? - Management indicated that approximately half of the project costs would be covered through project financing, with 30% to 40% from investment tax credits, and the remaining 20% would involve a split between common and preferred equity [27][29] Question: Can you provide updates on the development status of projects planned for 2027? - Management confirmed that several projects are in mid to later development stages, with Stoney Creek being a significant one expected to be operational by early 2027 [34][36] Question: What does the exclusivity of the preferred financing arrangement imply? - Management clarified that the exclusivity pertains specifically to the Asset Vault and the preferred equity for funding these projects [40][41] Question: How does the Asset Vault business relate to the current business? - Management explained that the $100 million EBITDA from the Asset Vault is complementary to the existing energy storage solutions business, with additional cash flow streams expected to flow back to the parent company [56][58]

Financial Performance - Revenue increased to $38 million, a 13% year-over-year increase[6] - Adjusted EBITDA was $4 million, a $15 million year-over-year improvement[6] - GAAP gross margin was 33%, a 5 percentage point increase year-over-year, while non-GAAP gross margin was 49%, a 9 percentage point increase year-over-year[6] - Annual Recurring Revenue (ARR) reached $59 million, a 3% quarter-over-quarter increase and a 22% year-over-year increase[6] Operating Metrics - Contracted Annual Recurring Revenue (CARR) was $692 million in 2Q25[12] - Storage Operating Assets Under Management (AUM) increased to 17 GWh[13] - Solar Operating AUM reached 327 GW[13] Strategic Debt Exchange - Stem completed a strategic debt exchange, reducing outstanding debt by nearly $200 million[21] - The debt exchange decreased the 2028 principal amount by nearly $230 million[21] - The company exchanged $350 million in aggregate principal amount of 2028 and 2030 Convertible Senior Notes for $155 million in new First Lien Notes due 2030 and $10 million in cash[18] Guidance - Stem reaffirmed its 2025 guidance, with expectations of tracking towards the high end on nearly all metrics[7, 30]

SECOND QUARTER 2025 FINANCIAL RESULTS © 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Official Use Only) © 2024 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Official Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 1 Disclaimer Forward-Looking Statements This press release includes forward-looking statements that reflect the Company's current views with respect to, among other things, the Company's operations and financial performance. Forward-looking statements inclu ...

Core Viewpoint - The increasing share of solar power in Brazil's energy grid is driving the demand for energy storage solutions, leading to a comprehensive deployment of battery storage projects from residential to grid-scale [2][3]. Group 1: Solar Power Growth and Investment - According to the Brazilian National Electric System Operator (ONS), the share of photovoltaic power is expected to rise from 22.2% in December 2024 to 32.9% by the end of 2029, with installed capacity increasing from 51.7 GW to 88.2 GW, a net increase of 36.5 GW [2]. - The Brazilian Solar Energy Association (ABSAE) projects that by 2030, the solar energy storage sector could attract investments of 44 billion Brazilian Reais (approximately 8.46 billion USD), distributed across off-grid systems, grid-scale projects, and commercial applications [2]. Group 2: Battery Storage Demand and Reliability - Greener Consulting reports a surge in demand for battery storage system components in Brazil, with an expected increase of 89% in 2024, and many systems anticipated to be operational by 2025 [3]. - By the end of 2024, Brazil's total installed storage capacity is projected to reach 685 MWh, with 70% being off-grid systems, and a 29% increase in new installations compared to the previous year [3]. Group 3: Agricultural Sector and Storage Solutions - The agricultural sector is becoming a major beneficiary of battery storage, as solar plus storage can replace diesel generators, reducing costs and aiding decarbonization efforts [5]. - In the western region of Bahia, the number of irrigation hubs has increased by 43% over the past two years, but the local substations are at full capacity, necessitating reliance on storage solutions for agricultural expansion [5]. Group 4: Emerging Business Models - Companies like Matrix Energia and Brasol are developing commercial projects through a "storage as a service" model, with Matrix planning to deploy 750 MWh of storage systems by 2027 [6]. - A fast-charging system integrating 4.5 MWh of battery storage can charge up to 29 buses simultaneously, significantly enhancing charging capabilities for electric public transport in São Paulo [6]. Group 5: Residential Energy Autonomy - The demand for energy storage has extended to the residential sector, with studies indicating that a household equipped with a 4.8 kWh LiFePO₄ lithium battery can maintain essential functions during prolonged power outages [7]. - Despite challenges such as high capital costs and policy gaps, Brazil is expected to become a regional leader in energy storage by 2030, emphasizing the need for technology dissemination and optimized business models [7]. Group 6: Regulatory Developments - Brazil's first storage regulatory rules are set to be released this year, which will include mechanisms for storage revenue [8].

Core Insights - Ormat Technologies reported record financial results for Q2 2025, with a 9.9% increase in total revenues and a 26.1% rise in net income compared to the previous year [4][5][10] - The growth was driven by strong performance in the Product and Energy Storage segments, despite challenges in the Electricity segment due to planned maintenance and curtailments [4][10] Financial Performance - Total revenues for Q2 2025 reached $234.0 million, up from $213.0 million in Q2 2024, marking a 9.9% increase [2] - Net income attributable to the Company's stockholders was $28.0 million, a 26.1% increase from $22.2 million in the same quarter last year [2][10] - Adjusted EBITDA for Q2 2025 was $134.6 million, reflecting a 6.7% increase from $126.1 million in Q2 2024 [2][10] Segment Performance - Electricity segment revenues decreased by 3.8% to $159.9 million due to well-field maintenance and curtailments, impacting revenue by approximately $13 million [2][10] - Product segment revenues surged by 57.6% to $59.6 million, driven by improved revenue recognition and better margin contracts [2][10] - Energy Storage segment revenues increased by 62.7% to $14.5 million, benefiting from new assets and higher merchant prices in the PJM market [2][10] Strategic Developments - The Company completed the acquisition of the 20MW Blue Mountain geothermal power plant and secured $300 million in funding for future development projects [5][6] - Ormat released for construction 50 MW of new projects, including geothermal and solar projects, and expects to benefit from recent federal permitting reforms [6][10] - The Company anticipates strong growth in its geothermal and storage business driven by favorable regulatory developments and rising demand for renewable energy [7][10] Guidance and Future Outlook - Ormat reiterated its full-year revenue guidance of between $935 million and $975 million and adjusted EBITDA guidance of between $563 million and $593 million [11][12] - The Company expects continued growth in the Energy Storage segment and plans to leverage its expertise to drive long-term value for shareholders [7][10] Dividend Announcement - The Board of Directors declared a quarterly dividend of $0.12 per share, to be paid on September 3, 2025, with expectations for similar dividends in the next two quarters [13]