Fluence Energy Reports Record $1.1 Billion Quarterly Order Intake

Fluence Energy Reports Record $1.1 Billion Quarterly Order Intake. Photo: Pexels

Energy provider and storage products company Fluence Energy, which also deals with services as well as digital applications for renewables and storage, announced its results for the three months ending December 31, 2023. The firm recorded a quarterly revenue of approximately $364.0 million, which represents an increase of 17% from the same quarter last year. with that, the company also stated in its press release about the order intake amounting to $1.1 billion in the present quarter based on its solution business amassing 2.7 GWh contracts, service business adding 2.3 GWh, and digital business getting 400 MW contracts.

Further, the firm’s GAAP gross profit margin improved to approximately 10.0%, compared to approximately 3.9% for the same quarter last year while adjusted gross profit margin improved to approximately 10.5%, compared to approximately 4.2% for the same quarter last year. Along with that Fluence Energy also reported that the net loss has been also reduced to $25.6 million, compared to approximately $37.2 million for the same quarter last year.

The adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) stood at negative $18.3 million, compared to approximately negative $26.1 million for the same quarter last year.

“We are off to a strong start for 2024 with a record quarterly order intake,” said Julian Nebreda, the Company’s President and Chief Executive Officer, adding, “We continue to see a very robust market for energy storage, which is enabling the global energy transition to a clean energy grid. Additionally, we expect to start our battery module production at our Utah manufacturing facility in the summer of this year, and we expect a gradual ramp-up of production over the subsequent quarters. By manufacturing our own battery modules with domestic content, we expect this will further improve our competitive position and allow us and our customers to benefit from incentives under the Inflation Reduction Act of 2022.”

The Contracted backlog stood roughly at $3.7 billion as of December 31, 2023, compared to approximately $2.9 billion as of September 30, 2023. The total cash so far stood at approximately $477 million, representing an increase of approximately $14 million from September 30, 2023.