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Fluence Energy, Inc. Reports Second Quarter Fiscal 2023 Results
Raising Full Fiscal Year 2023 Guidance on Record Quarterly Performance ARLINGTON, Va., May 10, 2023 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC)
About this update from Fluence Energy, Inc.
[{"type":"text","content":"Raising Full Fiscal Year 2023 Guidance on Record Quarterly Performance\nARLINGTON, Va., May 10, 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 March 31, 2023. Financial Highlights for Second Fiscal Quarter of 2023 Record quarterly revenue of approximately $698 million which represents an increase of 104% year-over-year.GAAP gross profit margin improved to approximately 4.4%, compared to approximately negative 4.3% for the same quarter last year.Adjusted gross profit margin1 improved to approximately 4.6%, compared to approximately negative 3.3% for the same quarter last year.Net loss of $37.4 million, compared to net loss of $60.7 million for the same quarter last year.Adjusted EBITDA1 of negative $24.8 million, compared to negative $53.2 million for the same quarter last year.Total backlog2 of $2.8 billion as of March 31, 2023, compared to $2.7 billion as of December 31, 2022. Executive Summary Commenting on the quarter, Julian Nebreda, the Company’s President and Chief Executive Officer, said “We delivered a record quarter highlighted by our highest quarterly revenue. Our financial results reflect our success in accelerating project execution ahead of schedule. As a result of our exceptional performance, we are now closer to reaching profitability on an Adjusted EBITDA basis. We continue to experience strong demand for our offerings across several markets.\" \"Furthermore, we are pleased to see the recent release of some of the Inflation Reduction Act guidelines by the U.S. Department of the Treasury. We await further details relating to domestic content however, we are on schedule with our U.S. module manufacturing which we believe will enable our customers to qualify for the additional incentives.\" Mr. Nebreda continued, \"Additionally, I am pleased to report that we are making substantial progress on each of our strategic objectives detailed below.\" Strategic Objectives Deliver Profitable Growth We are raising our Fiscal Year 2023 guidance range to $1.85-$2.0B for revenue and $110-$135M for adjusted gross profit3 guidance due to select project timing acceleration.We are pulling forward our p...