Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a
global market leader delivering intelligent energy storage,
operational services, and asset optimization software, today
announced its results for the three months and full fiscal year
ended September 30, 2024.
Fiscal Year 2024 Financial
Highlights
- Record revenue for fiscal year 2024
of approximately $2.7 billion and revenue for the fourth quarter of
approximately $1.2 billion, representing an increase of
approximately 22% from fiscal year 2023 and an increase of
approximately 82% from the same quarter last year,
respectively.
- GAAP gross profit margin improved
to approximately 12.6% and 12.8% for fiscal year 2024 and the
fourth quarter, respectively, compared to approximately 6.4% and
11.3% for fiscal year 2023 and the same quarter last year,
respectively, reflecting the Company's continued focus on ongoing
profit improvement strategies.
- Net income of approximately $30.4
million and $67.7 million for fiscal year 2024 and the fourth
quarter, respectively, improved from a net loss of approximately
$104.8 million and net income of approximately $4.8 million,
for fiscal year 2023 and the same quarter last year,
respectively.
- Adjusted EBITDA1 of approximately
$78.1 million and $86.9 million for fiscal year 2024 and the fourth
quarter, respectively, improved from approximately negative $61.4
million and $19.8 million for fiscal year 2023 and the same quarter
last year, respectively.
- Quarterly order intake of
approximately $1.2 billion, compared to approximately $737 million
for the same quarter last year.
- Backlog2 increased to approximately
$4.5 billion as of September 30, 2024, compared to
approximately $2.9 billion as of September 30, 2023.
Financial Position
- Total Cash3 of approximately $518.7
million as of September 30, 2024, representing an increase of
approximately $56.0 million from September 30, 2023.
- Net cash provided by operating
activities was approximately $79.7 million, compared to
approximately negative $111.9 million for fiscal year
2023.
- Free cash flow1 was approximately
$71.6 million, compared to approximately negative $114.9
million for fiscal year 2023.
Fiscal Year 2025 Outlook
The Company is initiating fiscal year 2025
guidance as follows:
- Revenue of approximately $3.6
billion to $4.4 billion with a midpoint of $4.0 billion. Presently,
approximately 65% of the midpoint of the Company's revenue guidance
is covered by the Company's current backlog, in line with our
fiscal 2024 revenue coverage at the same time period last
year.
- Adjusted EBITDA4 of approximately
$160 million to $200 million with a midpoint of $180 million.
- Annual recurring revenue ("ARR") of
about $145 million by the end of fiscal year 2025.
The foregoing Fiscal Year 2025 Outlook
statements represent management's current best estimate as of the
date of this release. Actual results may differ materially
depending on a number of factors. Investors are urged to read the
Cautionary Note Regarding Forward-Looking Statements included in
this release. Management does not assume any obligation to update
these estimates.
"Our record financial results for 2024 are a
testament to our team's dedication, operational efficiency, and
commitment to delivering value to our stakeholders as we achieved
our highest ever revenue and profitability, marking a significant
milestone in the Company's growth trajectory. Furthermore, we had
our second consecutive quarter of signing more than $1 billion of
new orders, which brought our backlog to $4.5 billion, underscoring
the market's strong confidence in our energy storage solutions,"
said Julian Nebreda, the Company’s President and Chief Executive
Officer. "As we look forward, we see unprecedented demand for
battery energy storage solutions across the world, driven
principally by the U.S. market. We believe we are well positioned
to continue capturing this market with our best-in-class domestic
content offering which utilizes U.S. manufactured battery
cells."
"We are pleased with our strong fiscal year-end
performance, achieving record revenue growth, robust margin
expansion and free cash flow. We also generated positive net income
for the first time," said Ahmed Pasha, Chief Financial Officer.
"With backlog and development pipeline at record levels, we enter
fiscal 2025 poised for sustained profitable growth."
Share Count
The shares of the Company’s common stock as of
September 30, 2024 are presented below:
|
|
Common Shares |
|
Class B-1 common stock held by AES Grid Stability, LLC |
51,499,195 |
|
Class A common stock held by Siemens AG |
39,738,064 |
|
Class A common stock held by SPT Invest Management, Sarl |
11,761,131 |
|
Class A common stock held by Qatar Holding LLC |
14,668,275 |
|
Class A common stock held by public |
63,254,327 |
|
Total Class A and Class B-1 common stock outstanding |
180,920,992 |
| |
|
Conference Call Information
The Company will conduct a teleconference
starting at 8:30 a.m. EST on Tuesday, November 26, 2024, to discuss
the fourth quarter and full fiscal year 2024 financial results. To
participate, analysts are required to register by clicking Fluence
Energy Inc. Q4 Earnings Call Registration Link. Once registered,
analysts will be issued a unique PIN number and dial-in number.
Analysts are encouraged to register at least 15 minutes before the
scheduled start time.
General audience participants, and non-analysts
are encouraged to join the teleconference in a listen-only mode at:
Fluence Energy Inc. Q4 Listen Only - Webcast, or on
http://fluenceenergy.com by selecting Investors, News & Events,
and Events & Presentations. Supplemental materials that may be
referenced during the teleconference will be available at:
http://fluenceenergy.com, by selecting Investors, News &
Events, and Events & Presentations.
A replay of the conference call will be
available after 1:00 p.m. EST on Tuesday, November 26, 2024. The
replay will be available on the Company’s website at
http://fluenceenergy.com by selecting Investors, News & Events,
and Events & Presentations.
Non-GAAP Financial Measures
We present our operating results in accordance
with accounting principles generally accepted in the U.S. (“GAAP”).
We believe certain financial measures, such as Adjusted EBITDA,
Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash
Flow, which are non-GAAP measures, provide users of our financial
statements with supplemental information that may be useful in
evaluating our operating performance. We believe that such non-GAAP
measures, when read in conjunction with our operating results
presented under GAAP, can be used to better assess our performance
from period to period and relative to performance of other
companies in our industry, without regard to financing methods,
historical cost basis or capital structure. Such non-GAAP measures
should be considered as a supplement to, and not as a substitute
for, financial measures prepared in accordance with GAAP. These
measures have limitations as analytical tools, including that other
companies, including companies in our industry, may calculate these
measures differently, reducing their usefulness as comparative
measures.
Adjusted EBITDA is calculated from the
consolidated statements of operations using net income (loss)
adjusted for (i) interest income, net, (ii) income taxes,
(iii) depreciation and amortization, (iv) stock-based
compensation, and (v) other non-recurring income or expenses.
Adjusted EBITDA also includes amounts impacting net income related
to estimated payments due to related parties pursuant to the Tax
Receivable Agreement, dated October 27, 2021, by and among Fluence
Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES
Grid Stability, LLC (the “Tax Receivable Agreement”).
Adjusted Gross Profit is calculated using gross
profit, adjusted to exclude (i) stock-based compensation expenses,
(ii) amortization, and (iii) other non-recurring income or
expenses. Adjusted Gross Profit Margin is calculated using Adjusted
Gross Profit divided by total revenue.
Free Cash Flow is calculated from the
consolidated statements of cash flows and is defined as net cash
provided by (used in) operating activities, less purchase of
property and equipment made in the period. We expect our Free Cash
Flow to fluctuate in future periods as we invest in our business to
support our plans for growth. Limitations on the use of Free Cash
Flow include (i) it should not be inferred that the entire Free
Cash Flow amount is available for discretionary expenditures (for
example, cash is still required to satisfy other working capital
needs, including short-term investment policy, restricted cash, and
intangible assets); (ii) Free Cash Flow has limitations as an
analytical tool, and it should not be considered in isolation or as
a substitute for analysis of other GAAP financial measures, such as
net cash provided by operating activities; and (iii) this metric
does not reflect our future contractual commitments.
Please refer to the reconciliations of the
non-GAAP financial measures to their most directly comparable GAAP
financial measures included in this press release and the
accompanying tables contained at the end of this release.
The Company is not able to provide a
quantitative reconciliation of full fiscal year 2025 Adjusted
EBITDA to GAAP Net Income (Loss) on a forward-looking basis within
this press release because of the uncertainty around certain items
that may impact Adjusted EBITDA, including stock compensation and
restructuring expenses, that are not within our control or cannot
be reasonably predicted without unreasonable effort.
About Fluence
Fluence Energy, Inc. (Nasdaq: FLNC) is a global
market leader delivering intelligent energy storage and
optimization software for renewables and storage. The Company's
solutions and operational services are helping to create a more
resilient grid and unlock the full potential of renewable
portfolios. With gigawatts of projects successfully contracted,
deployed and under management across nearly 50 markets, the Company
is transforming the way we power our world for a more sustainable
future.
For more information, visit our website, or
follow us on LinkedIn or X. To stay up to date on the latest
industry insights, sign up for Fluence's Full Potential Blog.
Cautionary Note Regarding Forward-Looking
Statements
The statements contained in this press release
and statements that are made on our earnings call 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 Litigation Reform Act of 1995. These
forward-looking statements include, without limitation, statements
set forth above under “Fiscal Year 2025 Outlook,” and other
statements regarding the Company's future financial and operational
performance, future market and industry growth and related
opportunities for the Company, anticipated Company growth and
business strategy, including future incremental working capital and
capital opportunities, liquidity and access to capital and cash
flows, demand for electricity and impact to energy storage, demand
for the Company's energy storage solutions, services, and digital
applications offerings, our positioning to capture market share
with domestic content offering and future offerings, expected
impact and benefits from the Inflation Reduction Act of 2022 and
U.S. Treasury domestic content guidelines on us and on our
customers, anticipated timeline of U.S. battery module production
and timing of our domestic content offering, expectations relating
to our contracting manufacturing capacity, potential impact to
tariffs, related policies, and regulations from the change in
political administration, new products and solutions and product
innovation, relationships with new and existing customers and
suppliers, expectations relating to backlog, pipeline, and
contracted backlog, future revenue recognition, future results of
operations, future capital expenditures and debt service
obligations, and projected costs, beliefs, assumptions, prospects,
plans and objectives of management. Such statements can be
identified by the fact that they do not relate strictly to
historical or current facts. When used in this press release, words
such as “may,” “possible,” “will,” “should,” “expects,” “plans,”
“anticipates,” “could,” “intends,” “targets,” “projects,”
“contemplates,” "commits", “believes,” “estimates,” “predicts,”
“potential” or “continue” or the negative of these terms or other
similar expressions and variations thereof and similar words and
expressions are intended to identify such forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking.
The forward-looking statements contained in this
press release are based on our current expectations and beliefs
concerning future developments, as well as a number of assumptions
concerning future events, and their potential effects on our
business. These forward-looking statements are not guarantees of
performance, and there can be no assurance that future developments
affecting our business will be those that we have anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond our control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements, which include, but are not limited to,
our relatively limited operating and revenue history as an
independent entity and the nascent clean energy industry;
anticipated increasing expenses in the future and our ability to
maintain prolonged profitability; fluctuations of our order intake
and results of operations across fiscal periods; potential
difficulties in maintaining manufacturing capacity and establishing
expected mass manufacturing capacity in the future; risks relating
to delays, disruptions, and quality control problems in our
manufacturing operations; risks relating to quality and quantity of
components provided by suppliers; risks relating to our status as a
relatively low-volume purchaser as well as from supplier
concentration and limited supplier capacity; risks relating to
operating as a global company with a global supply chain; changes
in the global trade environment; changes in the cost and
availability of raw materials and underlying components; failure by
manufacturers, vendors, and suppliers to use ethical business
practices and comply with applicable laws and regulations;
significant reduction in pricing or order volume or loss of one or
more of our significant customers or their inability to perform
under their contracts; risks relating to competition for our
offerings and our ability to attract new customers and retain
existing customers; ability to maintain and enhance our reputation
and brand recognition; ability to effectively manage our recent and
future growth and expansion of our business and operations; our
growth depends in part on the success of our relationships with
third parties; ability to attract and retain highly qualified
personnel; risks associated with engineering and construction,
utility interconnection, commissioning and installation of our
energy storage solutions and products, cost overruns, and delays;
risks relating to lengthy sales and installation cycle for our
energy storage solutions; risks related to defects, errors,
vulnerabilities and/or bugs in our products and technology; risks
relating to estimation uncertainty related to our product
warranties; fluctuations in currency exchange rates; risks related
to our current and planned foreign operations; amounts included in
our pipeline and contracted backlog may not result in actual
revenue or translate into profits; risks related to acquisitions we
have made or that we may pursue; events and incidents relating to
storage, delivery, installation, operation, maintenance and
shutdowns of our products; risks relating to our impacts to our
customer relationships due to events and incidents during the
project lifecycle of an energy storage solution; actual or
threatened health epidemics, pandemics or similar public health
threats; ability to obtain financial assurances for our projects;
risks relating to whether renewable energy technologies are
suitable for widespread adoption or if sufficient demand for our
offerings do not develop or takes longer to develop than we
anticipate; estimates on size of our total addressable market;
risks relating to the cost of electricity available from
alternative sources; macroeconomic uncertainty and market
conditions; risk relating to interest rates or a reduction in the
availability of tax equity or project debt capital in the global
financial markets and corresponding effects on customers’ ability
to finance energy storage systems and demand for our energy storage
solutions; decline in public acceptance of renewable energy, or
delay, prevent, or increase in the cost of customer projects;
severe weather events; increased attention to ESG matters;
restrictions set forth in our current credit agreement and future
debt agreements; uncertain ability to raise additional capital to
execute on business opportunities; ability to obtain, maintain and
enforce proper protection for our intellectual property, including
our technology; threat of lawsuits by third parties alleging
intellectual property violations; adequate protection for our
trademarks and trade names; ability to enforce our intellectual
property rights; risks relating to our patent portfolio; ability to
effectively protect data integrity of our technology infrastructure
and other business systems; use of open-source software; failure to
comply with third party license or technology agreements; inability
to license rights to use technologies on reasonable terms; risks
relating to compromises, interruptions, or shutdowns of our
systems; barriers arising from current electric utility industry
policies and regulations and any subsequent changes; reduction,
elimination, or expiration of government incentives or regulations
regarding renewable energy; potential changes in tax laws or
regulations; risks relating to environmental, health, and safety
laws and potential obligations, liabilities and costs thereunder;
failure to comply with data privacy and data security laws,
regulations and industry standards; risks relating to potential
future legal proceedings, regulatory disputes, and governmental
inquiries; risks related to ownership of our Class A common stock;
risks related to us being a “controlled company” within the meaning
of the NASDAQ rules; risks relating to the terms of our amended and
restated certificate of incorporation and amended and restated
bylaws; risks relating to our relationship with our Founders and
Continuing Equity Owners; risks relating to conflicts of interest
by our officers and directors due to positions with Continuing
Equity Owners; risks related to short-seller activists; we depend
on distributions from Fluence Energy, LLC to pay our taxes and
expenses and Fluence Energy, LLC’s ability to make such
distributions may be limited or restricted in certain scenarios;
risks arising out of the Tax Receivable Agreement; unanticipated
changes in effective tax rates or adverse outcomes resulting from
examination of tax returns; risks relating to improper and
ineffective internal control over reporting to comply with
Sarbanes-Oxley Act; risks relating to changes in accounting
principles or their applicability to us; risks relating to
estimates or judgments relating to our critical accounting
policies; and other factors set forth under Item 1A.“Risk Factors”
in our Annual Report on Form 10-K for the fiscal year ended
September 30, 2024, to be filed with the Securities and Exchange
Commission (“SEC”), and in other filings we make with the SEC from
time to time. New risks and uncertainties emerge from time to time
and it is not possible for us to predict all such risk factors, nor
can we assess the effect of all such risk factors on our business
or the extent to which any factor or combination of factors may
cause actual results to differ materially from those contained in
any forward-looking statements. Should one or more of these risks
or uncertainties materialize, or should any of the assumptions
prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. You are
cautioned not to place undue reliance on any forward-looking
statements made in this press release. Each forward-looking
statement speaks only as of the date of the particular statement,
and we undertake no obligation to publicly update or revise any
forward-looking statements to reflect events or circumstances that
occur, or which we become aware of, after the date hereof, except
as otherwise may be required by law.
|
|
|
|
FLUENCE ENERGY, INC. CONSOLIDATED BALANCE
SHEETS (U.S. Dollars in Thousands, except share
and per share amounts) |
|
|
|
|
|
September 30, |
|
|
2024 |
|
2023 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
448,685 |
|
|
$ |
345,896 |
|
|
Restricted cash |
|
46,089 |
|
|
|
106,835 |
|
|
Trade receivables, net |
|
216,458 |
|
|
|
103,397 |
|
|
Unbilled receivables |
|
172,115 |
|
|
|
192,064 |
|
|
Receivables from related parties |
|
362,523 |
|
|
|
58,514 |
|
|
Advances to suppliers |
|
174,532 |
|
|
|
107,947 |
|
|
Inventory, net |
|
182,601 |
|
|
|
224,903 |
|
|
Current portion of notes receivable - pledged as collateral |
|
30,921 |
|
|
|
24,330 |
|
|
Other current assets |
|
46,519 |
|
|
|
31,074 |
|
|
Total current assets |
|
1,680,443 |
|
|
|
1,194,960 |
|
|
Non-current assets: |
|
|
|
|
Property and equipment, net |
|
15,350 |
|
|
|
12,771 |
|
|
Intangible assets, net |
|
60,002 |
|
|
|
55,752 |
|
|
Goodwill |
|
27,482 |
|
|
|
26,020 |
|
|
Deferred income tax asset, net |
|
8,880 |
|
|
|
86 |
|
|
Note receivable - pledged as collateral |
|
— |
|
|
|
30,921 |
|
|
Other non-current assets |
|
110,031 |
|
|
|
31,639 |
|
|
Total non-current assets |
|
221,745 |
|
|
|
157,189 |
|
|
Total assets |
$ |
1,902,188 |
|
|
$ |
1,352,149 |
|
|
Liabilities, and stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
436,744 |
|
|
$ |
65,376 |
|
|
Deferred revenue |
|
274,499 |
|
|
|
273,164 |
|
|
Deferred revenue with related parties |
|
38,162 |
|
|
|
110,274 |
|
|
Current portion of borrowings against note receivable - pledged as
collateral |
|
30,360 |
|
|
|
22,539 |
|
|
Personnel related liabilities |
|
58,584 |
|
|
|
52,174 |
|
|
Accruals and provisions |
|
338,311 |
|
|
|
175,960 |
|
|
Taxes payable |
|
57,929 |
|
|
|
29,465 |
|
|
Other current liabilities |
|
24,246 |
|
|
|
16,711 |
|
|
Total current liabilities |
|
1,258,835 |
|
|
|
745,663 |
|
|
Non-current liabilities: |
|
|
|
|
Deferred income tax liability |
|
7,114 |
|
|
|
4,794 |
|
|
Borrowings against note receivable - pledged as collateral |
|
— |
|
|
|
28,024 |
|
|
Other non-current liabilities |
|
29,100 |
|
|
|
17,338 |
|
|
Total non-current liabilities |
|
36,214 |
|
|
|
50,156 |
|
|
Total liabilities |
|
1,295,049 |
|
|
|
795,819 |
|
|
Commitments and Contingencies (Note 14) |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.00001 per share, 10,000,000 share authorized;
no shares issued and outstanding as of September 30, 2024 and
2023 |
|
— |
|
|
|
— |
|
|
Class A common stock, $0.00001 par value per share, 1,200,000,000
shares authorized; 130,207,845 shares issued and 129,421,797 shares
outstanding as of September 30, 2024; 119,593,409 shares
issued and 118,903,435 shares outstanding as of September 30,
2023 |
|
1 |
|
|
|
1 |
|
|
Class B-1 common stock, $0.00001 par value per share, 134,325,805
shares authorized; 51,499,195 shares issued and outstanding as of
September 30, 2024; $0.00001 par value per share, 200,000,000
shares authorized; 58,586,695 shares issued and outstanding as of
September 30, 2023 |
|
— |
|
|
|
— |
|
|
Class B-2 common stock, $0.00001 par value per share, 200,000,000
shares authorized; no shares issued and outstanding as of
September 30, 2024 and 2023 |
|
— |
|
|
|
— |
|
|
Treasury stock, at cost |
|
(9,460 |
) |
|
|
(7,797 |
) |
|
Additional paid-in capital |
|
634,851 |
|
|
|
581,104 |
|
|
Accumulated other comprehensive (loss) income |
|
(1,840 |
) |
|
|
3,202 |
|
|
Accumulated deficit |
|
(151,448 |
) |
|
|
(174,164 |
) |
|
Total stockholders’ equity attributable to Fluence Energy,
Inc. |
|
472,104 |
|
|
|
402,346 |
|
|
Non-controlling interest |
|
135,035 |
|
|
|
153,984 |
|
|
Total stockholders’ equity |
|
607,139 |
|
|
|
556,330 |
|
|
Total liabilities, stockholders’ equity |
$ |
1,902,188 |
|
|
$ |
1,352,149 |
|
| |
|
|
|
|
|
|
|
|
FLUENCE ENERGY, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS (U.S. Dollars in
Thousands, except share and per share amounts) |
|
|
|
|
|
Fiscal Year Ended September 30, |
|
|
2024 |
|
2023 |
|
2022 |
|
Revenue |
$ |
1,601,563 |
|
|
$ |
1,564,169 |
|
|
$ |
552,271 |
|
|
Revenue from related parties |
|
1,096,999 |
|
|
|
653,809 |
|
|
|
646,332 |
|
|
Total revenue |
|
2,698,562 |
|
|
|
2,217,978 |
|
|
|
1,198,603 |
|
|
Cost of goods and services |
|
2,357,482 |
|
|
|
2,077,023 |
|
|
|
1,260,957 |
|
|
Gross profit (loss) |
|
341,080 |
|
|
|
140,955 |
|
|
|
(62,354 |
) |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
66,195 |
|
|
|
66,307 |
|
|
|
60,142 |
|
|
Sales and marketing |
|
63,842 |
|
|
|
41,114 |
|
|
|
37,207 |
|
|
General and administrative |
|
172,996 |
|
|
|
136,308 |
|
|
|
116,710 |
|
|
Depreciation and amortization |
|
11,426 |
|
|
|
9,835 |
|
|
|
7,108 |
|
|
Interest income, net |
|
(5,676 |
) |
|
|
(5,388 |
) |
|
|
(326 |
) |
|
Other (income) expense, net |
|
(7,276 |
) |
|
|
(6,952 |
) |
|
|
4,625 |
|
|
Income (loss) before income taxes |
|
39,573 |
|
|
|
(100,269 |
) |
|
|
(287,820 |
) |
|
Income tax expense |
|
9,206 |
|
|
|
4,549 |
|
|
|
1,357 |
|
|
Net income (loss) |
$ |
30,367 |
|
|
$ |
(104,818 |
) |
|
$ |
(289,177 |
) |
|
Net income (loss) attributable to non-controlling interest |
$ |
7,651 |
|
|
$ |
(35,198 |
) |
|
$ |
(184,692 |
) |
|
Net income (loss) attributable to Fluence Energy, Inc. |
$ |
22,716 |
|
|
$ |
(69,620 |
) |
|
$ |
(104,485 |
) |
|
|
|
|
|
|
|
|
Weighted average number of Class A common shares outstanding |
|
|
|
|
|
|
Basic |
|
126,180,011 |
|
|
|
116,448,602 |
|
|
|
69,714,054 |
|
|
Diluted |
|
184,034,832 |
|
|
|
116,448,602 |
|
|
|
69,714,054 |
|
|
Income (loss) per share of Class A common stock |
|
|
|
|
|
|
Basic |
$ |
0.18 |
|
|
$ |
(0.60 |
) |
|
$ |
(1.50 |
) |
|
Diluted |
$ |
0.13 |
|
|
$ |
(0.60 |
) |
|
$ |
(1.50 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
FLUENCE ENERGY, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS (U.S. Dollars in
Thousands, except share and per share amounts)
(UNAUDITED) |
|
|
|
|
|
Three Months Ended September 30 |
|
|
2024 |
|
2023 |
|
2022 |
|
Revenue |
$ |
745,438 |
|
|
$ |
521,802 |
|
|
$ |
293,420 |
|
|
Revenue from related parties |
|
482,710 |
|
|
|
151,180 |
|
|
|
148,562 |
|
|
Total revenue |
|
1,228,148 |
|
|
|
672,982 |
|
|
|
441,982 |
|
|
Cost of goods and services |
|
1,070,679 |
|
|
|
596,699 |
|
|
|
431,242 |
|
|
Gross profit |
|
157,469 |
|
|
|
76,283 |
|
|
|
10,740 |
|
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
18,352 |
|
|
|
14,676 |
|
|
|
17,915 |
|
|
Sales and marketing |
|
22,571 |
|
|
|
11,815 |
|
|
|
9,559 |
|
|
General and administrative |
|
46,094 |
|
|
|
35,118 |
|
|
|
32,938 |
|
|
Depreciation and amortization |
|
2,837 |
|
|
|
2,475 |
|
|
|
2,216 |
|
|
Interest income, net |
|
(1,122 |
) |
|
|
(1,137 |
) |
|
|
(1,175 |
) |
|
Other (income) expense, net |
|
(6,865 |
) |
|
|
1,912 |
|
|
|
3,622 |
|
|
Income (loss) before income taxes |
|
75,602 |
|
|
|
11,424 |
|
|
|
(54,335 |
) |
|
Income tax expense |
|
7,878 |
|
|
|
6,607 |
|
|
|
1,850 |
|
|
Net income (loss) |
$ |
67,724 |
|
|
$ |
4,817 |
|
|
$ |
(56,185 |
) |
|
Net income (loss) attributable to non-controlling interest |
|
19,881 |
|
|
|
1,588 |
|
|
|
(19,036 |
) |
|
Net income (loss) attributable to Fluence Energy, Inc. |
$ |
47,843 |
|
|
$ |
3,229 |
|
|
$ |
(37,149 |
) |
|
|
|
|
|
|
|
|
Weighted average number of Class A common shares outstanding |
|
|
|
|
|
|
Basic |
|
128,879,394 |
|
|
|
118,599,185 |
|
|
|
114,452,470 |
|
|
Diluted |
|
184,492,220 |
|
|
|
183,693,827 |
|
|
|
114,452,470 |
|
|
Income (loss) per share of Class A common stock |
|
|
|
|
|
|
Basic |
$ |
0.37 |
|
|
$ |
0.03 |
|
|
$ |
(0.32 |
) |
|
Diluted |
$ |
0.34 |
|
|
$ |
0.02 |
|
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUENCE ENERGY, INC. CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (U.S.
Dollars in Thousands, except share and per share
amounts) |
|
|
|
|
|
Fiscal Year Ended September 30, |
|
|
2024 |
|
2023 |
|
2022 |
|
Net income (loss) |
$ |
30,367 |
|
|
$ |
(104,818 |
) |
|
$ |
(289,177 |
) |
|
|
|
|
|
|
|
|
(Loss) gain on foreign currency translation, net of tax |
|
(598 |
) |
|
|
586 |
|
|
|
5,091 |
|
|
Loss on cash flow hedges, net of tax |
|
(6,276 |
) |
|
|
— |
|
|
|
— |
|
|
Actuarial (loss) gain on pension liabilities, net of tax |
|
(211 |
) |
|
|
15 |
|
|
|
251 |
|
|
Total other comprehensive (loss) income |
|
(7,085 |
) |
|
|
601 |
|
|
|
5,342 |
|
|
Total comprehensive income (loss) |
$ |
23,282 |
|
|
$ |
(104,217 |
) |
|
$ |
(283,835 |
) |
|
Comprehensive income (loss) attributable to non-controlling
interest |
$ |
5,608 |
|
|
$ |
(35,015 |
) |
|
$ |
(182,345 |
) |
|
Total comprehensive income (loss) attributable to Fluence Energy,
Inc. |
$ |
17,674 |
|
|
$ |
(69,202 |
) |
|
$ |
(101,490 |
) |
| |
Three Months Ended September
30, |
| |
2024 |
|
2023 |
|
2022 |
|
Net income (loss) |
$ |
67,724 |
|
|
$ |
4,817 |
|
|
$ |
(56,185 |
) |
| |
|
|
|
|
|
|
|
| (Loss) gain
on foreign currency translation, net of tax |
(170 |
) |
|
|
562 |
|
|
3,181 |
|
| Loss on cash
flow hedges, net of tax |
(4,393 |
) |
|
|
— |
|
|
— |
|
| Actuarial
(loss) gain on pension liabilities, net of tax |
(211 |
) |
|
|
15 |
|
|
251 |
|
| Total other
comprehensive (loss) income |
(4,774 |
) |
|
|
577 |
|
|
3,432 |
|
| Total
comprehensive income (loss) |
$ |
62,950 |
|
|
$ |
5,394 |
|
|
$ |
(52,753 |
) |
|
Comprehensive income (loss) attributable to non-controlling
interest |
$ |
18,519 |
|
|
$ |
1,778 |
|
|
$ |
(17,875 |
) |
| Total
comprehensive income (loss) attributable to Fluence Energy,
Inc. |
$ |
44,431 |
|
|
$ |
3,616 |
|
|
$ |
(34,878 |
) |
| |
|
|
|
|
|
|
|
|
FLUENCE ENERGY, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS (U.S. Dollars in
Thousands) |
|
|
|
|
|
Fiscal Year Ended September 30, |
|
|
2024 |
|
2023 |
|
2022 |
|
Operating activities |
|
|
|
|
|
|
Net income (loss) |
$ |
30,367 |
|
|
$ |
(104,818 |
) |
|
$ |
(289,177 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
14,482 |
|
|
|
10,665 |
|
|
|
7,108 |
|
|
Amortization of debt issuance costs |
|
3,091 |
|
|
|
914 |
|
|
|
778 |
|
|
Inventory provision (recovery) |
|
23,972 |
|
|
|
(1,029 |
) |
|
|
2,529 |
|
|
Stock-based compensation |
|
23,855 |
|
|
|
26,920 |
|
|
|
44,131 |
|
|
Deferred income taxes |
|
(6,719 |
) |
|
|
2,542 |
|
|
|
516 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Trade receivables |
|
(114,577 |
) |
|
|
(13,397 |
) |
|
|
(29,161 |
) |
|
Unbilled receivables |
|
24,747 |
|
|
|
(50,503 |
) |
|
|
(36,550 |
) |
|
Receivables from related parties |
|
(303,963 |
) |
|
|
53,611 |
|
|
|
(78,666 |
) |
|
Advances to suppliers |
|
(64,258 |
) |
|
|
(36,490 |
) |
|
|
(45,024 |
) |
|
Inventory |
|
21,731 |
|
|
|
432,767 |
|
|
|
(265,477 |
) |
|
Other current assets |
|
(10,986 |
) |
|
|
(36,828 |
) |
|
|
1,364 |
|
|
Other non-current assets |
|
(28,100 |
) |
|
|
(16,632 |
) |
|
|
(35,208 |
) |
|
Accounts payable |
|
370,124 |
|
|
|
(242,268 |
) |
|
|
150,507 |
|
|
Deferred revenue with related parties |
|
(72,201 |
) |
|
|
(191,431 |
) |
|
|
80,575 |
|
|
Deferred revenue |
|
(9,796 |
) |
|
|
(6,934 |
) |
|
|
201,028 |
|
|
Current accruals and provisions |
|
160,206 |
|
|
|
(12,360 |
) |
|
|
(2,522 |
) |
|
Taxes payable |
|
22,799 |
|
|
|
15,753 |
|
|
|
(1,779 |
) |
|
Other current liabilities |
|
18,185 |
|
|
|
39,467 |
|
|
|
6,362 |
|
|
Other non-current liabilities |
|
(23,274 |
) |
|
|
18,124 |
|
|
|
(3,719 |
) |
|
Insurance proceeds received |
|
— |
|
|
|
— |
|
|
|
10,000 |
|
|
Net cash provided by (used in) operating activities |
|
79,685 |
|
|
|
(111,927 |
) |
|
|
(282,385 |
) |
|
Investing activities |
|
|
|
|
|
|
Purchase of equity securities |
|
— |
|
|
|
— |
|
|
|
(1,124 |
) |
|
Proceeds from maturities of short-term investments |
|
— |
|
|
|
111,674 |
|
|
|
— |
|
|
Purchases of short-term investments |
|
— |
|
|
|
— |
|
|
|
(110,144 |
) |
|
Payments for purchase of investment in joint venture |
|
— |
|
|
|
(5,013 |
) |
|
|
— |
|
|
Capital expenditures on software |
|
(10,860 |
) |
|
|
(9,235 |
) |
|
|
— |
|
|
Payments for acquisition of businesses, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(29,215 |
) |
|
Purchase of property and equipment |
|
(8,115 |
) |
|
|
(2,989 |
) |
|
|
(7,934 |
) |
|
Net cash (used in) provided by investing activities |
|
(18,975 |
) |
|
|
94,437 |
|
|
|
(148,417 |
) |
|
Financing activities |
|
|
|
|
|
|
Repayment of promissory notes – related parties |
|
— |
|
|
|
— |
|
|
|
(50,000 |
) |
|
Repayment of line of credit |
|
— |
|
|
|
— |
|
|
|
(50,000 |
) |
|
Proceeds from borrowing against note receivable - pledged as
collateral |
|
— |
|
|
|
48,176 |
|
|
|
— |
|
|
Class A common stock withheld related to settlement of employee
taxes for stock-based compensation awards |
|
(1,663 |
) |
|
|
(2,784 |
) |
|
|
(5,013 |
) |
|
Proceeds from exercise of stock options |
|
5,335 |
|
|
|
7,203 |
|
|
|
3,103 |
|
|
Payment of transaction costs related to issuance of Class B
membership units |
|
— |
|
|
|
— |
|
|
|
(6,320 |
) |
|
Payments of debt issuance costs |
|
(8,456 |
) |
|
|
— |
|
|
|
(3,375 |
) |
|
Proceeds from issuance of Class A common stock sold in an IPO, net
of underwriting discounts and commissions |
|
— |
|
|
|
— |
|
|
|
935,761 |
|
|
Payments of deferred equity issuance cost |
|
— |
|
|
|
— |
|
|
|
(7,103 |
) |
|
Payments for acquisitions |
|
(3,892 |
) |
|
|
— |
|
|
|
— |
|
|
Net cash (used in) provided by financing activities |
|
(8,676 |
) |
|
|
52,595 |
|
|
|
817,053 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
3,941 |
|
|
|
(2,095 |
) |
|
|
5,401 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
55,975 |
|
|
|
33,010 |
|
|
|
391,652 |
|
|
Cash, cash equivalents, and restricted cash as of the beginning of
the period |
|
462,731 |
|
|
|
429,721 |
|
|
|
38,069 |
|
|
Cash, cash equivalents, and restricted cash as of the end of the
period |
$ |
518,706 |
|
|
$ |
462,731 |
|
|
$ |
429,721 |
|
|
Supplemental disclosure of cash flow
information |
|
|
|
|
|
|
Interest paid |
$ |
3,022 |
|
|
$ |
2,336 |
|
|
$ |
1,127 |
|
|
Cash paid for income taxes |
$ |
2,661 |
|
|
$ |
1,240 |
|
|
$ |
2,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassifications
Certain prior period amounts have been
reclassified to conform to the current period presentation.
Accounts payable with related parties of
$2.5 million and Accruals with related parties of
$3.7 million as of September 30, 2023, were reclassified
from Deferred revenue and payables with related parties to Accounts
payable and Accruals and provisions, respectively, on the
consolidated balance sheet. The reclassification had no impact on
the total current liabilities for any period presented.
Corresponding reclassifications were also reflected on the
consolidated statement of cash flows for the fiscal year ended
September 30, 2023 and 2022. The reclassifications had no
impact on cash provided by (used in) operations for the period
presented.
Provision on loss contracts, net of
$6.1 million and $30.0 million for the fiscal years ended
September 30, 2023 and 2022, respectively, was reclassified to
current accruals and provisions on the consolidated statement of
cash flows. The reclassification had no impact on cash provided by
(used in) operations for the period presented.
|
FLUENCE ENERGY, INC. KEY OPERATING METRICS
(UNAUDITED) |
|
|
The following tables present our key operating
metrics for the fiscal years ended September 30, 2024 and
2023. The tables below present the metrics in either Gigawatts (GW)
or Gigawatt hours (GWh). Our key operating metrics focus on project
milestones to measure our performance and designate each project as
either “deployed”, “assets under management”, “contracted backlog”,
or “pipeline”.
|
|
Fiscal Year Ended September 30, |
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
Change |
|
Change % |
|
Energy Storage Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deployed (GW) |
|
5.0 |
|
|
|
3.0 |
|
|
|
2.0 |
|
|
|
66.7 |
% |
| Deployed (GWh) |
|
12.8 |
|
|
|
7.2 |
|
|
|
5.6 |
|
|
|
77.8 |
% |
| Contracted backlog (GW) |
|
7.5 |
|
|
|
4.6 |
|
|
|
2.9 |
|
|
|
63.0 |
% |
| Pipeline (GW) |
|
25.8 |
|
|
|
12.2 |
|
|
|
13.6 |
|
|
|
111.5 |
% |
|
Pipeline (GWh) |
|
80.5 |
|
|
|
34.2 |
|
|
|
46.3 |
|
|
|
135.4 |
% |
|
|
Fiscal Year Ended September 30, |
|
|
|
|
|
|
|
|
|
(amounts in GW) |
2024 |
|
2023 |
|
Change |
|
Change % |
|
Service Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets under management |
|
4.3 |
|
|
|
2.8 |
|
|
|
1.5 |
|
|
|
53.6 |
% |
| Contracted backlog |
|
4.1 |
|
|
|
2.9 |
|
|
|
1.2 |
|
|
|
41.4 |
% |
|
Pipeline |
|
25.6 |
|
|
|
13.7 |
|
|
|
11.9 |
|
|
|
86.9 |
% |
|
|
Fiscal Year Ended September 30, |
|
|
|
|
|
|
|
|
|
(amounts in GW) |
2024 |
|
2023 |
|
Change |
|
Change % |
|
Digital Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets under management |
|
18.3 |
|
|
|
15.5 |
|
|
|
2.8 |
|
|
|
18.1 |
% |
| Contracted backlog |
|
10.6 |
|
|
|
6.8 |
|
|
|
3.8 |
|
|
|
55.9 |
% |
|
Pipeline |
|
64.5 |
|
|
|
24.4 |
|
|
|
40.1 |
|
|
|
164.3 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents our order intake for
the three months and fiscal years ended September 30, 2024 and
2023. The table is presented in Gigawatts (GW):
|
|
|
Three Months Ended September |
|
|
|
|
|
|
|
|
|
Fiscal Year Ended September |
|
|
|
|
|
|
|
|
| (amounts in GW) |
|
2024 |
|
2023 |
|
Change |
|
Change % |
|
2024 |
|
2023 |
|
Change |
|
Change % |
|
Energy Storage Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted |
|
|
1.4 |
|
|
|
0.6 |
|
|
|
0.8 |
|
|
|
133 |
% |
|
|
5.2 |
|
|
|
2.2 |
|
|
|
3.0 |
|
|
|
136.4 |
% |
|
Service Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted |
|
|
1.0 |
|
|
|
0.6 |
|
|
|
0.4 |
|
|
|
67 |
% |
|
|
3.0 |
|
|
|
1.8 |
|
|
|
1.2 |
|
|
|
66.7 |
% |
|
Digital Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted |
|
|
4.5 |
|
|
|
1.8 |
|
|
|
2.7 |
|
|
|
150 |
% |
|
|
8.6 |
|
|
|
6.2 |
|
|
|
2.4 |
|
|
|
38.7 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deployed
Deployed represents cumulative energy storage
products and solutions that have achieved substantial completion
and are not decommissioned. Deployed is monitored by management to
measure our performance towards achieving project milestones.
Assets Under Management
Assets under management for service contracts
represents our long-term service contracts with customers
associated with our completed energy storage system products and
solutions. We start providing maintenance, monitoring, or other
operational services after the storage product projects are
completed. In some cases, services may be commenced for energy
storage solutions prior to achievement of substantial completion.
This is not limited to energy storage solutions delivered by
Fluence. Assets under management for digital software represents
contracts signed and active (post go live). Assets under management
serves as an indicator of expected revenue from our customers and
assists management in forecasting our expected financial
performance.
Contracted Backlog
For our energy storage products and solutions
contracts, contracted backlog includes signed customer orders or
contracts under execution prior to when substantial completion is
achieved. For service contracts, contracted backlog includes signed
service agreements associated with our storage product projects
that have not been completed and the associated service has not
started. For digital applications contracts, contracted backlog
includes signed agreements where the associated subscription has
not started.
We cannot guarantee that our contracted backlog
will result in actual revenue in the originally anticipated period
or at all. Contracted backlog may not generate margins equal to our
historical operating results. We have only recently begun to track
our contracted backlog on a consistent basis as performance
measures, and as a result, we do not have significant experience in
determining the level of realization that we will achieve on these
contracts. Our customers may experience project delays or cancel
orders as a result of external market factors and economic or other
factors beyond our control. If our contracted backlog fails to
result in revenue as anticipated or in a timely manner, we could
experience a reduction in revenue, profitability, and
liquidity.
Contracted/Order Intake
Contracted, which we use interchangeably with
“order intake”, represents new energy storage product and solutions
contracts, new service contracts and new digital contracts signed
during each period presented. We define “Contracted” as a firm and
binding purchase order, letter of award, change order or other
signed contract (in each case an “Order”) from the customer that is
received and accepted by Fluence. Our order intake is intended to
convey the dollar amount and gigawatts (operating measure)
contracted in the period presented. We believe that order intake
provides useful information to investors and management because the
order intake provides visibility into future revenue and enables
evaluation of the effectiveness of the Company’s sales activity and
the attractiveness of its offerings in the market.
Pipeline
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. Pipeline is an internal
management metric that we construct from market information
reported by our global sales force. Pipeline is monitored by
management to understand the anticipated growth of our Company and
our estimated future revenue related to customer contracts for our
battery-based energy storage products and solutions, services and
digital software.
We cannot guarantee that our pipeline will
result in actual revenue in the originally anticipated period or at
all. Pipeline may not generate margins equal to our historical
operating results. We have only recently begun to track our
pipeline on a consistent basis as performance measures, and as a
result, we do not have significant experience in determining the
level of realization that we will achieve on these contracts. Our
customers may experience project delays or cancel orders as a
result of external market factors and economic or other factors
beyond our control. If our pipeline fails to result in revenue as
anticipated or in a timely manner, we could experience a reduction
in revenue, profitability, and liquidity.
Annual Recurring Revenue
(ARR)
ARR represents the net annualized contracted
value including software subscriptions including initial trial,
licensing, long term service agreements, and extended warranty
agreements as of the reporting period. ARR excludes one-time fees,
revenue share or other revenue that is non-recurring and variable.
The Company believes ARR is an important operating metric as it
provides visibility to future revenue. It is important to
management to increase this visibility as we continue to expand.
ARR is not a forecast of future revenue and should be viewed
independently of revenue and deferred revenue as ARR is an
operating metric and is not intended to replace these items.
|
FLUENCE ENERGY, INC.RECONCILIATION OF GAAP
TO NON-GAAP MEASURES (UNAUDITED) |
|
|
The following tables present our non-GAAP
measures for the periods indicated.
|
|
Three Months Ended September 30, |
|
|
|
|
Change |
|
Fiscal Year Ended September 30, |
|
|
|
|
Change |
|
($ in thousands) |
2024 |
|
2023 |
|
Change |
|
% |
|
2024 |
|
2023 |
|
Change |
|
% |
|
Net income (loss) |
$ |
67,724 |
|
|
$ |
4,817 |
|
|
$ |
62,907 |
|
|
|
1306 |
% |
|
$ |
30,367 |
|
|
$ |
(104,818 |
) |
|
$ |
135,185 |
|
|
|
129 |
% |
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income, net |
(1,122 |
) |
|
(1,137 |
) |
|
15 |
|
|
|
(1 |
)% |
|
(5,676 |
) |
|
(5,388 |
) |
|
(288 |
) |
|
|
5 |
% |
| Income tax expense |
7,878 |
|
|
6,607 |
|
|
1,271 |
|
|
|
19 |
% |
|
9,206 |
|
|
4,549 |
|
|
4,657 |
|
|
|
102 |
% |
| Depreciation and
amortization |
4,088 |
|
|
2,814 |
|
|
1,274 |
|
|
|
45 |
% |
|
14,482 |
|
|
10,665 |
|
|
3,817 |
|
|
|
36 |
% |
| Stock-based
compensation(a) |
5,469 |
|
|
5,503 |
|
|
(34 |
) |
|
|
(1 |
)% |
|
23,875 |
|
|
26,920 |
|
|
(3,045 |
) |
|
|
(11 |
)% |
| Other
non-recurring expenses(b) |
2,835 |
|
|
1,245 |
|
|
1,590 |
|
|
|
128 |
% |
|
5,852 |
|
|
6,684 |
|
|
(832 |
) |
|
|
(12 |
)% |
|
Adjusted EBITDA |
$ |
86,872 |
|
|
$ |
19,849 |
|
|
$ |
67,023 |
|
|
|
338 |
% |
|
$ |
78,106 |
|
|
$ |
(61,388 |
) |
|
$ |
139,494 |
|
|
|
227 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes incentive awards that will be settled in shares and
incentive awards that will be settled in cash. (b) Amount for the
three months ended September 30, 2024 includes approximately $1.3
million in costs related to Amendment No. 3 to the ABL Credit
Agreement and $1.5 million in expenses related to the Tax
Receivable Agreement. Amount for the fiscal year ended September
30, 2024 includes approximately $2.5 million in costs related to
the termination of the Revolver and Amendment No. 3 to the ABL
Credit Agreement, $1.5 million in expenses related to the Tax
Receivable Agreement, $1.0 million in severance costs related to
restructuring and $0.8 million in costs related to the secondary
offering completed in December 2023. Amount for the three months
and the fiscal year ended September 30, 2023 includes
approximately $1.2 million and $6.7 million, respectively, in
severance costs and consulting fees related to the restructuring
plan from November 2022. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
Change |
|
Fiscal Year Ended September 30, |
|
|
|
|
Change |
| ($ in
thousands) |
2024 |
|
2023 |
|
Change |
|
% |
|
2024 |
|
2023 |
|
Change |
|
% |
|
Total revenue |
$ |
1,228,148 |
|
|
$ |
672,982 |
|
|
$ |
555,166 |
|
|
|
82 |
% |
|
$ |
2,698,562 |
|
|
$ |
2,217,978 |
|
|
$ |
480,584 |
|
|
|
22 |
% |
| Cost of
goods and services |
1,070,679 |
|
|
596,699 |
|
|
473,980 |
|
|
|
79 |
% |
|
2,357,482 |
|
|
2,077,023 |
|
|
280,459 |
|
|
|
14 |
% |
| Gross profit |
157,469 |
|
|
76,283 |
|
|
81,186 |
|
|
|
106 |
% |
|
341,080 |
|
|
140,955 |
|
|
200,125 |
|
|
|
142 |
% |
| Gross profit margin % |
12.8 |
% |
|
11.3 |
% |
|
|
|
|
|
|
|
|
12.6 |
% |
|
6.4 |
% |
|
|
|
|
|
|
|
| Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock-based
compensation(a) |
876 |
|
|
800 |
|
|
76 |
|
|
|
10 |
% |
|
4,080 |
|
|
4,164 |
|
|
(84 |
) |
|
|
(2 |
)% |
| Amortization(b) |
920 |
|
|
339 |
|
|
581 |
|
|
|
171 |
% |
|
2,696 |
|
|
830 |
|
|
1,866 |
|
|
|
225 |
% |
| Other
non-recurring expenses(c) |
— |
|
|
510 |
|
|
(510 |
) |
|
|
(100 |
)% |
|
— |
|
|
946 |
|
|
(946 |
) |
|
|
(100 |
)% |
|
Adjusted Gross Profit |
$ |
159,265 |
|
|
$ |
77,932 |
|
|
$ |
81,333 |
|
|
|
104 |
% |
|
$ |
347,856 |
|
|
$ |
146,895 |
|
|
$ |
200,961 |
|
|
|
137 |
% |
|
Adjusted Gross Profit Margin % |
13.0 |
% |
|
11.6 |
% |
|
|
|
|
|
|
|
|
12.9 |
% |
|
6.6 |
% |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes incentive awards that will be settled in shares and
incentive awards that will be settled in cash. (b) Amount related
to amortization of capitalized software included in cost of goods
and services. (c) Amount for the three months and the fiscal year
ended September 30, 2023 includes $0.5 million and $0.9
million, respectively, in severance costs related to the
restructuring plan from November 2022. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended September 30, |
|
|
|
|
|
($ in thousands) |
2024 |
|
2023 |
|
Change |
|
Change % |
| Net cash provided by (used in)
operating activities |
$79,685 |
|
$(111,927) |
|
$191,612 |
|
171% |
| Less:
Purchase of property and equipment |
(8,115) |
|
(2,989) |
|
(5,126) |
|
171% |
|
Free Cash Flow |
$71,570 |
|
$(114,916) |
|
$186,486 |
|
162% |
| |
|
|
|
|
|
|
|
____________________________ 1 Non-GAAP Financial Metric. See
the section below titled “Non-GAAP Financial Measures” for more
information regarding the Company's use of non-GAAP financial
measures, as well as a reconciliation to the most directly
comparable financials measure stated in accordance with GAAP.2
Backlog represents the unrecognized revenue value of our
contractual commitments, which include deferred revenue and amounts
that will be billed and recognized as revenue in future periods.
The Company’s backlog may vary significantly each reporting period
based on the timing of major new contractual commitments and the
backlog may fluctuate with currency movements. In addition, under
certain circumstances, the Company’s customers have the right to
terminate contracts or defer the timing of its services and their
payments to the Company.3 Total cash includes Cash and cash
equivalents + Restricted Cash + Short term investments.
Contacts
Analyst
Lexington May, Vice President, Finance & Investor Relations
+1 713-909-5629
Email : InvestorRelations@fluenceenergy.com
Media
Email: media.na@fluenceenergy.com
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