Business
Fluence Energy, Inc. Reports Fourth Quarter and Full Fiscal Year 2023 Financial Results
Achieved Record Annual Revenue and Quarterly Profitability Milestone Initiates Fiscal 2024 Financial Guidance ARLINGTON, Va., Nov. 28, 2023 (GLOBE NEWSWIRE)
About this update from Fluence Energy, Inc.
[{"type":"text","content":"Achieved Record Annual Revenue and Quarterly Profitability Milestone Initiates Fiscal 2024 Financial Guidance ARLINGTON, Va., Nov. 28, 2023 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a leading global provider of energy storage products and services, and optimization software for renewables and storage, today announced its results for the three months and fiscal year ended September 30, 2023. Financial Highlights for fourth quarter and fiscal year ended September 30, 2023 Record revenue for fiscal year 2023 of $2.2 billion and revenue for the fourth quarter of $673 million, representing an increase of approximately 85% from fiscal year 2022 and an increase of approximately 25% from the third quarter.GAAP gross margin improved to approximately 6.4% for fiscal year 2023 and 11.3% for the fourth quarter compared to (5.2)% for fiscal year 2022 and 4.1% in the third quarter.Net loss of approximately $(105) million for fiscal year 2023 and net income of $4.8 million for the fourth quarter compared to net loss of approximately $(289) million for fiscal year 2022 and net loss of approximately $(35) million for the third quarter.Adjusted EBITDA1 of approximately $(61) million for fiscal year 2023 and $20 million for the fourth quarter compared to $(235) million for fiscal year 2022 and $(27) million for the third quarter.Strong quarterly order intake of $737 million representing an increase of 30% from the third quarter and resulting in a total backlog2 of $2.9 billion as of September 30, 2023.Total Cash4 of $463 million representing an increase of 11% from the third quarter. Commenting on the quarter, Julian Nebreda, the Company’s President and Chief Executive Officer, said, “I'm pleased to report that we reached a transformative milestone in the fourth quarter, achieving profitability for the first time. This momentous achievement is a testament to our unwavering commitment to operational excellence, and to our team's relentless dedication. Our strong execution reaffirms our position as a leader in the energy storage industry. It demonstrates our ability to navigate challenges, drive towards success, and deliver solutions to our customers. As we look ahead, our market outlook3 is more robust than ever. We see a world hungry for sustainable energy solutions, and we believe that Fluence is at the...