Business
Fluence Energy, Inc. Reports Strong Financial Performance Highlighted By Cash Generation; Reaffirms Fiscal Year 2024 Guidance Ranges
ARLINGTON, Va., May 08, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a leading global provider of energy storage
About this update from Fluence Energy, Inc.
[{"type":"text","content":"ARLINGTON, Va., May 08, 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 six months ended March 31, 2024. Financial Highlights for Second Fiscal Quarter ended March 31, 2024 Revenue of approximately $623.1 million, which represents a decrease of approximately 11% from the same quarter last year, primarily driven by timing of product deliveries.GAAP gross profit margin improved to approximately 10.3%, compared to approximately 4.4% for the same quarter last year.Adjusted gross profit margin1 improved to approximately 10.6%, compared to approximately 4.6% for the same quarter last year.Net loss of approximately $12.9 million, improved from net loss of approximately $37.4 million for the same quarter last year.Adjusted EBITDA1 of approximately negative $6.1 million, improved from approximately negative $27.7 million for the same quarter last year.Backlog2 of approximately $3.7 billion as of March 31, 2024, compared to approximately $3.7 billion as of December 31, 2023.Total Cash3 of approximately $541.5 million, representing an increase of approximately $79 million from September 30, 2023.Net cash provided by operating activities was approximately $90.2 million in the first half of the fiscal year 2024, compared to approximately negative $163.4 million in the same period last year.Free cash flow1 was approximately $87.8 million in the first half of fiscal year 2024, compared to approximately negative $164.5 million in the same period last year. Executive Summary \"I am pleased to report that in the second quarter, Fluence delivered more than $620 million of revenue and increased its total cash position to more than $540 million. We continued to demonstrate consistent profitability with our third consecutive quarter of double-digit gross margins. This strong financial performance reflects our commitment to strong execution and continuous focus on our customers to deliver competitive, reliable, and safe solutions,\" said Julian Nebreda, the Company’s President and Chief Executive Officer. \"We made significant progress this quarter in offering products that provide greater value to our customers and we are seeing growing in...