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Fluence Energy, Inc. Reports Second Quarter 2022 Results
Robust top-line performance and order intake highlight strong demand for energy storage ARLINGTON, Va., May 11, 2022 (GLOBE NEWSWIRE) -- Fluence Energy, Inc.
About this update from Fluence Energy, Inc.
[{"type":"text","content":"Robust top-line performance and order intake highlight strong demand for energy storage\nARLINGTON, Va., May 11, 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 ended March 31, 2022. Strategic and Operational Highlights Second Fiscal Quarter Ended March 31, 2022 Robust demand trends driving project wins across the organization: Entered into 582 MW of energy storage product contracts during the quarter, illustrating strong demand during a historically low order intake quarter due to seasonality;Entered into 343 MW of energy service contracts during the quarter; andEntered into record 2,791 MW of Fluence IQ digital contracts during the quarter; Achieved substantial completion on four Gen 6 products totaling 191 MW during the quarter.Signed first contract to optimize pumped hydroelectricity storage solutions for 1,200 MW, expanding the Fluence IQ bidding technology to a new and growing asset class. Recent Developments Entered into an agreement to acquire Nispera AG, an AI-Enabled Software-as-a-service (SaaS) company, enhancing Fluence’s digital leadership position with a combined digital portfolio of 15,000 MW contracted or under management.Completed the first-ever pilot program with Google to deploy an emissions-free battery backup solution for its Belgium data center, laying the groundwork to build on future opportunities for Fluence.Finalized agreement with U.S. based contract manufacturer that is expecting initial production of Fluence products in early FY 2023. Financial Highlights Second quarter financial results showcase strong order intake and backlog conversion. Record revenue of $343 million in the second fiscal quarter, up 249% from the same quarter last year.Net loss for the second fiscal quarter was $(61) million, compared to net loss of $(24) million for the same quarter last year.Adjusted EBITDA* for the second fiscal quarter was $(53) million, compared to $(21) million for the same quarter last year.Total cash and cash equivalents and restricted cash increased by approximately $44 million compared to December 31, 2021, to a total of approximately $723 million as of March 31, 2022. Total backl...