Business
Fluence Energy, Inc. Reports Record $1.3 Billion Quarterly Order Intake and Record $4.5 Billion Backlog; Updates Fiscal Year 2024 Guidance
ARLINGTON, Va., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a leading global provider of energy
About this update from Fluence Energy, Inc.
[{"type":"text","content":"ARLINGTON, Va., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a leading global provider of energy storage products and services as well as digital applications for renewables and storage, today announced its results for the three and nine months ended June 30, 2024. Financial Highlights for Third Fiscal Quarter ended June 30, 2024 Revenue of approximately $483.3 million, which represents a decrease of approximately 10% from the same quarter last year, primarily driven by timing of product deliveries.GAAP gross profit margin improved to approximately 17.2%, compared to approximately 4.1% for the same quarter last year, reflecting Company's continued focus on ongoing profit improvement strategies.Adjusted gross profit margin1 improved to approximately 17.5%, compared to approximately 4.4% for the same quarter last year.Net income of approximately $1.1 million, improved from a net loss of approximately $35 million for the same quarter last year.Adjusted EBITDA1 of approximately $15.6 million, improved from approximately negative $27.5 million for the same quarter last year.Record quarterly order intake of $1.3 billion, compared to approximately $565 million for the same quarter last year.Backlog2 increased to approximately $4.5 billion as of June 30, 2024, compared to approximately $3.7 billion as of March 31, 2024.Total Cash3 of approximately $513.3 million as of June 30, 2024, representing an increase of approximately $50.6 million from September 30, 2023.Net cash provided by operating activities was approximately $69.2 million in the first nine months of the fiscal year 2024, compared to approximately negative $160.5 million in the same period last year.Free cash flow1 was approximately $64.3 million in the first nine months of fiscal year 2024, compared to approximately negative $162.4 million in the same period last year.In August 2024, converted our existing $400 million ABL facility into a revolving credit facility, providing us $500 million of additional available liquidity to support our ongoing growth. Executive Summary \"We delivered a tremendous quarter highlighted by achieving approximately $15.6 million Adjusted EBITDA1, our highest order intake, and a record backlog of $4.5 billion,\" said Julian Nebreda, the Company’s President and Chief Executive Officer. \"I am...