Business
Fluence Energy, Inc. Reports Fourth Quarter and Full Fiscal Year 2022 Financial Results
Delivered Highest Revenue in Company History & Positive Gross Margin Introduces Management's Strategic Objectives Initiates Fiscal 2023 Financial Guidance
About this update from Fluence Energy, Inc.
[{"type":"text","content":"Delivered Highest Revenue in Company History & Positive Gross Margin Introduces Management's Strategic Objectives Initiates Fiscal 2023 Financial Guidance ARLINGTON, Va., Dec. 12, 2022 (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 and fiscal year ended September 30, 2022. Highlights for fourth quarter and fiscal year ended September 30, 2022 Record revenue of $1.2 billion and $442 million for the full year and fourth quarter, respectively, representing an increase of approximately 76% from the prior full year and an increase of approximately 85% from the third quarter.GAAP gross margin improved to approximately (5%) for the year and 2% for the fourth quarter compared to (10%) for fiscal 2021 and (2%) in the third quarter.Adjusted gross margin1 of approximately (0.2%) for the year and 3% for the fourth quarter compared to 2.2% for fiscal 2021 and 1% for the third quarter.Strong quarterly order intake of $560 million driven by contract for the world's largest storage-as-transmission project in Germany with TransnetBW.Total Backlog2 of $2.2 billion as of September 30, 2022, an increase from total Backlog as of June 30, 2022 of $2.1 billion. Commenting on the financial results and developments of the quarter, Julian Nebreda, the Company’s President and Chief Executive Officer, said, “We delivered a strong quarter highlighted by a record level of quarterly revenue and, more importantly, achieving positive gross profit. Demand for our offerings remains robust and is expected to be amplified by the incentives under the Inflation Reduction Act of 2022 (the \"IRA\") in the United States, which supports the adoption of energy storage products. In addition, the current energy crisis in Europe further demonstrates the need for energy security and independence, which provides additional opportunities for energy storage. We believe that we have positioned the Company to capitalize on these opportunities and cement Fluence as an industry leader over the coming years.\" Strategic Objectives Mr. Nebreda continued, \"Our management team is keenly focused on providing increased value to our shareholders. We will achieve this t...