Fluence Energy, Inc. · NASDAQ:FLNC
Fluence Energy — Q1 2024 Earnings Presentation
21 slides from Fluence Energy's earnings presentation, Feb 8, 2024
Slide 1: 1Q FY2024 Earnings Presentation
February 8, 2024 1Q FY2024 Earnings Presentation
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities L
Slide 3: Today's Agenda
Today’s Agenda 1 Strategy Update Julian Nebreda, President & CEO 2 3 © Fluence Energy, Inc. All rights reserved. | 3
Slide 4: Q1'24 Performance
Q1’24 Performance Q1’24 Order Intake Q1’24 Revenue Recognized • Record order intake of more than $1.1 billion $1.1B $364M • Record contracted backlog of 2.7 GWh Solutions2, 2.3 GWh Services, ~1.0 GWh Energy ~0.4 GW Digital Storage Solutions3 $3.7 billion • Total Cash1 increased to $477 million as of
Slide 5: On Track to Deliver on FY'24 Commitments; Focused on Execution
On Track to Deliver on FY’24 Commitments; Focused on Execution DELIVER PROFITABLE GROWTH USE FLUENCE DIGITAL AS A COMPETITIVE DIFFERENTIATOR AND MARGIN DRIVER • Reaffirm FY’24 guidance of $2.7 – 3.3 billion for revenue; $50-80 million for Adjusted EBITDA1. Reaffirm FY’24 ARR2 • Strong digital custom
Slide 6: Robust Utility Scale Market Outlook Driving Strong Demand
Robust Utility Scale Market Outlook Driving Strong Demand Strong Order Intake Expected 35-40% Year Over Year revenue growth Nine consecutive quarters of order From FY’24 to FY'25 intake outpacing revenue recognized showcasing robust growth in utility $ in Billions scale energy storage ~$13.4 Backlog
Slide 7: Sustainable Supply Chain Strategy
Sustainable Supply Diversity of Component and Battery Suppliers • Five battery suppliers: China, South Korea, Sweden, USA. Chain Strategy Capacity Agreements • Multi-year capacity agreements in place to ensure adequate supply and timely deliveries. • Capacity agreement prices subject to market adjus
Slide 8: IRA Offers Material Tax Incentives For Energy Storage
IRA Offers Material Tax Incentives For Energy Storage Section 48: Investment Tax Credit (ITC) Section 45X: Production Tax Credit (PTC) Directly Benefits Customers; Directly Benefits Fluence Indirectly Benefits Fluence $10 per kWh of Battery Modules Up to 50% of Project Cost in Credits Produced at ou
Slide 9: FLNC an Official Signatory Member of UN Global Compact
FLNC an Official Signatory Member of As a signatory, FLNC will complete an annual Communication on Progress UN Global Compact submission, demonstrating progress in working towards the Ten Principles of the In November 2023, FLNC became Global Compact. an official signatory member of the UN Global Co
Slide 10: Today's Agenda
Today’s Agenda 1 2 Financial Update Ahmed Pasha, SVP & CFO 3 © Fluence Energy, Inc. All rights reserved. | 10
Slide 11: First Quarter 2024 Financial Performance
First Quarter 2024 Financial Performance HIGHLIGHTS Continued Improvement in Financial Performance 1. 17% YoY revenue growth, reflecting strong All figures in $ million, unless specified3 Q1’23 Q1’24 demand, and improved Revenue 310 364 execution Adjusted Gross Profit1 13 38 2. Second consecutive Ad
Slide 12: Continuing to Maintain Strong Liquidity
HIGHLIGHTS Continuing to Maintain Strong Liquidity • Access to more than $600 All figures in $ million, unless specified3 million of liquidity as of Dec 31, 2023 As of December 31, 2023 • Ample liquidity to meet business needs under $75 $606 current plan $54 • 3 consecutive quarters of $463 $477 Tot
Slide 13: Reaffirm FY'24 Guidance
Reaffirm FY’24 Guidance HIGHLIGHTS 1. Approximately 80% of FY’24 revenue guidance midpoint secured in backlog + Q1 revenue recognized. FY 2024 All figures in $ million, unless specified FY 2023 Guidance 2. Continue to expect FY’24 adjusted gross profit margin at $2,218 Revenue $2,700 - $3,300 ~10-12
Slide 14: Key Takeaways
Key Takeaways 1 Record order intake of $1.1 billion leading to a record backlog of $3.7 billion, with FY’24 backlog prices and battery costs locked in. 2 We have a sustainable and resilient supply chain strategy that is a key component of our competitiveness. 3 We are on track to begin our module ma
Slide 15: Today's Agenda: Q&A
Today’s Agenda 1 2 3 Q&A © Fluence Energy, Inc. All rights reserved. | 15
Slide 16: Appendix
Appendix © Fluence Energy, Inc. All rights reserved. | 16
Slide 17: FLNC is the Preferred Choice for Utility Scale BESS Integration
FLNC is the Preferred Choice for Utility Scale BESS Integration Services Digital Global BESS capacity by top 10 integrators (MW) software Installed Contracted 8000 7000 Power electronic 6000 Safety & engineering and 5000 Cybersecurity innovation 4000 3000 2000 1000 Bankability Scale and supply 0 cha
Slide 18: Definitions
Definitions ITEM DEFINITION Pipeline Represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Contracted Backlog For our energy storage products and s
Slide 19: Non-GAAP Financial Measures & Reconciliations
Non-GAAP Financial Measures & Reconciliations1 ($ in millions) Q1'23 Q4’23 Q1’24 ($ in millions) Q1'23 Q4’23 Q1’24 GROSS PROFIT 12.0 76.3 36.4 NET INCOME (LOSS) (37.2) 4.8 (25.6) ADD: ADD: STOCK-BASED COMPENSATION 0.9 0.8 1.2 INTEREST INCOME, NET (0.7) (1.1) (2.0) AMORTIZATION (a) - 0.3 0.4 INCOME T
Slide 20: Fluence Battery Pack
Fluence Battery Pack Enables easier implementation of integrated solutions while commoditizing battery cells Fluence Mosaic Battery Cell FROM AESC DCPM Cell Supplier 2 The "brains" of the Pack System, the Cell Supplier 3 Battery Module DCPM collects battery data for Fluence OS Cell Supplier 4 commun
Slide 21: Upcoming Events Investor Relations Contact
Upcoming Events Investor Relations Contact February 8, 2024 Q1 Earnings Call Lexington May March 5, 2024 BofA Conference NYC Vice President, Finance & Investor Relations Lexington.May@fluenceenergy.com March 18-22, 2024 S&P Global CERAweek Houston May 2024 Q2 Earnings Call © Fluence Energy, Inc. All