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Fluence Energy, Inc. Reports First Quarter Fiscal 2023 Results
Stronger Demand and Increased Supply Chain Assurance Drives Higher Fiscal Year 2023 Guidance ARLINGTON, Va., Feb. 08, 2023 (GLOBE NEWSWIRE) -- Fluence Energy,
About this update from Fluence Energy, Inc.
[{"type":"text","content":"Stronger Demand and Increased Supply Chain Assurance Drives Higher Fiscal Year 2023 Guidance\nARLINGTON, Va., Feb. 08, 2023 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a leading global pure-play provider of energy storage products and services as well as digital applications for renewables and storage, today announced its results for the three months ended December 31, 2022. Financial Highlights for First Fiscal Quarter of 2023 Revenue of $310.5 million which represents an increase of 78% year-over-year.GAAP gross profit margin improved to approximately 3.9% including previously disclosed settlement of liquidated damages recovered from a supplier during the quarter, compared to negative 30.4% for the same quarter in the prior year. The significant year over year improvement is due to the absence of an adjustment for the first quarter 2023 that was made during the first quarter 2022 related to impacts from Covid-19. The impacts of Covid-19 are well understood and largely behind us.Adjusted gross profit margin1 improved to approximately 4.7% including previously disclosed settlement of liquidated damages recovered from a supplier during the quarter, compared to negative 4.8% for the same quarter last year.Net loss of $37.2 million, compared to net loss of $111.5 million for the same quarter last year.Adjusted EBITDA1 of negative $25.5 million including previously disclosed settlement of liquidated damages recovered from a supplier during the quarter, compared to negative $42.8 million for the same quarter last year.Total backlog2 of $2.7 billion as of December 31, 2022, an increase from $2.2 billion as of September 30, 2022. Executive Summary Commenting on the quarter, Julian Nebreda, the Company’s President and Chief Executive Officer, said “We delivered a strong quarter highlighted by our robust order intake complemented by our improvements in gross margin. We continue to see growing demand for our solutions and have improved our visibility in our supply chain that gives us the confidence necessary to raise our financial guidance for fiscal 2023. Furthermore, we are seeing early signs of incremental activity from our customers in the United States as a result of the Inflation Reduction Act that we believe will start to materialize in the second half of the year.\" Mr. Nebreda continued, ...