Fluence Energy, Inc., a global market leader delivering intelligent energy storage, operational services, and asset optimization software, has announced its results for the three months ended December 31, 2024.
Financial Highlights for Fiscal Quarter ended December 31, 2024
- Revenue of approximately $186.8 million, which represents a decrease of approximately 49% from the same quarter last year, primarily driven by the pronounced backend nature of expected revenue for full year 2025 compared to the revenue distribution seen in full year 2024.
- GAAP gross profit margin improved to approximately 11.4%, compared to approximately 10.0% for the same quarter last year.
- Adjusted gross profit margin improved to approximately 12.5%, compared to approximately 10.5% for the same quarter last year.
- Net loss of approximately $57.0 million, increased from net loss of approximately $25.6 million for the same quarter last year.
- Adjusted EBITDA of approximately negative $49.7 million, compared to approximately negative $18.3 million for the same quarter last year.
- Quarterly order intake of $778.0 million, bringing backlog to approximately $5.1 billion as of December 31, 2024.
Financial Position
- Total Cash of approximately $654.4 million as of December 31, 2024, representing an increase of approximately $135.7 million from September 30, 2024.
- In December 2024, the Company issued $400.0 million of 2.25% Convertible Senior Notes due 2030 that provide the Company with additional liquidity to support its ongoing growth.
Fiscal Year 2025 Outlook
Fluence Energy has revised its fiscal year 2025 outlook, lowering total revenue guidance to $3.1 billion–$3.7 billion (midpoint $3.4 billion) from the previous $3.6 billion–$4.4 billion (midpoint $4.0 billion). The $600 million reduction is primarily due to delays in contract signings in Australia. Despite this, approximately 85% of the midpoint revenue target is covered by the current backlog and recognized revenue.
The company also adjusted its fiscal year 2025 Adjusted EBITDA guidance to $70 million–$100 million (midpoint $85 million), down from the prior range of $160 million–$200 million (midpoint $180 million), citing lower expected revenue and reduced gross margins on recent contracts. However, Fluence reaffirmed its annual recurring revenue (ARR) guidance of approximately $145 million.
CEO Julian Nebreda acknowledged the impact of customer-driven contract delays and competitive pressures but emphasized the strong global demand for utility-scale battery storage and U.S. domestic content products, supported by a record $5.1 billion backlog. He stated that strategic initiatives will drive improved financial performance in fiscal year 2026 and beyond.
CFO Ahmed Pasha highlighted the successful issuance of $400 million in 2.25% Convertible Senior Notes due 2030, enhancing the company’s financial flexibility. The capital infusion supports key milestones and Fluence’s domestic content strategy, seen as a competitive advantage.
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.
Share Count
The shares of the Company’s common stock as of December 31, 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 | 63,761,553 |
| Total Class A and Class B-1 common stock outstanding | 181,428,218 |
