February 10, 2022
Very strong order intake drives backlog and future growth showcasing strategy execution
ARLINGTON, Va., Feb. 09, 2022 (GLOBE NEWSWIRE) — Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a leading global pure-play provider of energy storage products, services, as well as digital applications for renewables and storage, today announced its results for the three months ended December 31, 2021.
Strategic and Operational Highlights
First Fiscal Quarter Ended December 31, 2021
Significant growth across the organization
Awarded a 200 MW transmission and distribution enhancement contract following a successful 1 MW pilot with Litgrid AB.
Awarded a 320 MW Fluence IQ contract in Australia for Fluence IQ to optimize the portfolio of renewable assets for a major telecommunication company.
Added 139 full-time employees during the quarter, including two new executives for software controls and software engineering.
Executed supply chain improvements focused on targeting long term value creation.
Increased supply chain and manufacturing organization by 57% since September 30, 2021. Selected contract manufacturers for new locations in North America and Europe.
January and February 2022
Signed a 1.1GW Fluence IQ contract with AES for the optimization of solar and energy storage portfolio in the Western United States.
Signed a term sheet with ReNew Power to enter into a 50:50 joint venture in India.
Entered into a partnership with Pexapark to provide innovative energy sales advisory services and roll out digital applications to the Fluence IQ ecosystem. This is the first partnership between Fluence and a third-party developer to further strengthen and amplify the capabilities of the Fluence IQ ecosystem.
Entered into a strategic agreement to collaborate with QuantumScape, a leader in solid-state battery technology, setting the stage for a possible large-scale supply agreement in the future.
Financial Highlights
First quarter financial results showcase strong order intake and delayed revenue recognition.
Total revenues for the first fiscal quarter were $175 million, up 50% from the same quarter last year.
Net loss for the first fiscal quarter was $(111) million, compared to $(12) million for the same quarter last year. Adjusted EBITDA* for the first fiscal quarter was $(43) million, compared to $(11) million for the same quarter last year.
Reaffirm our fiscal year 2022 total revenue guidance of $1.1 to $1.3 billion.
Total backlog of $1.9 billion as of December 31, 2021; comprised of approximately $1.6 billion from energy storage products, and approximately $0.3 billion from recurring revenues (energy storage services and Fluence IQ). This is compared to our September 30, 2021 Total backlog of $1.7 billion.
*Non-GAAP Financial Metric. See the section below titled “Non-GAAP Financial Measures” for details, as well as a reconciliation to the most directly comparable financials measure stated in accordance with GAAP.
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