Fluence Energy, Inc., 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 EBITDA 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.
- Backlog 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 Cash 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 flow 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 EBITDA 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 |
