Business
Fluence Energy, Inc. Reports Third Quarter Fiscal 2023 Results
Raising Full Fiscal Year 2023 Guidance on Strong Quarterly Execution Secured US Battery Cells to Support Domestic Content Requirements Under Inflation
About this update from Fluence Energy, Inc.
[{"type":"text","content":"Raising Full Fiscal Year 2023 Guidance on Strong Quarterly Execution Secured US Battery Cells to Support Domestic Content Requirements Under Inflation Reduction Act ARLINGTON, Va., Aug. 09, 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 June 30, 2023. Financial Highlights for Third Fiscal Quarter of 2023 Quarterly revenue of approximately $536.4 million which represents an increase of 124% year-over-year.GAAP gross profit margin improved to approximately 4.1%, compared to approximately negative 2.2% for the same quarter last year.Adjusted gross profit margin1 improved to approximately 4.4%, compared to approximately negative 1.1% for the same quarter last year.Net loss of approximately $35.0 million, compared to net loss of approximately $60.8 million for the same quarter last year.Adjusted EBITDA2 of approximately negative $26.2 million, compared to approximately negative $52.7 million for the same quarter last year.Total backlog3 of approximately $2.9 billion as of June 30, 2023, compared to approximately $2.8 billion as of March 31, 2023. Executive Summary “We delivered a strong quarter of timely project execution,\" said Julian Nebreda, the Company’s President and Chief Executive Officer. \"Additionally, I am pleased with the job our team has done to strengthen our supply chains through our agreement to purchase US manufactured battery cells from AESC. We believe this agreement will enable both our shareholders and our customers to capture the benefits of the Inflation Reduction Act. Moreover, we successfully increased our pipeline by over $1 billion on a quarter-to-quarter basis, and we bolstered our Total Cash4 position by more than $30 million.\" Mr. Nebreda continued, \"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 revenue guidance to a range of $2.0 billion to $2.1 billion and our fiscal year 2023 Adjusted gross profit5 guidance to a range of $117 million to $132 million. Develop Products and Solutions That Our Customers Need We received ...