Fluence Energy(FLNC)2024-05-08 20:09Revenue Performance - Revenue for the second fiscal quarter was approximately $623.1 million, a decrease of about 11% year-over-year, primarily due to timing of product deliveries [5] - Total revenue for the three months ended March 31, 2024, was $623,141, a decrease of $75,045 or 11% compared to $698,186 in the same period of 2023 [56] Profitability Metrics - GAAP gross profit margin improved to approximately 10.3%, compared to approximately 4.4% for the same quarter last year [5] - Gross profit for the three months ended March 31, 2024, increased to $64,180, representing a 108% increase from $30,813 in the prior year [56] - Adjusted Gross Profit Margin for the three months ended March 31, 2024, was 10.6%, up from 4.6% in the same period of 2023 [56] - Net loss narrowed to approximately $12.9 million, an improvement from a net loss of approximately $37.4 million for the same quarter last year [5] - Net loss attributable to Fluence Energy, Inc. for the three months ended March 31, 2024, was $9.2 million, compared to a net loss of $24.9 million for the same period in 2023, indicating improved performance [34] - Net loss for the six months ended March 31, 2024, was $38,432,000, a 48% improvement from a net loss of $74,590,000 in the same period of 2023 [35] Cash Flow and Liquidity - Total cash increased to approximately $541.5 million, up by approximately $79 million from September 30, 2023 [5] - Cash provided by operating activities for the six months ended March 31, 2024, was $90,248,000, compared to cash used in operating activities of $163,411,000 in the prior year [35] - Free Cash Flow for the six months ended March 31, 2024, was $87,775, improving by $252,273 from $(164,498) in the previous year [59] - Total cash, cash equivalents, and restricted cash increased to $541,482,000 as of March 31, 2024, up from $312,581,000 at the end of the previous year [35] Backlog and Contracts - Backlog remained stable at approximately $3.7 billion as of March 31, 2024 [5] - Digital backlog increased by approximately 75% compared to the same quarter last year [9] - The company reaffirmed its fiscal year 2024 total revenue guidance range of $2.7 billion to $3.3 billion, with approximately 90% of the midpoint covered by current backlog [11] - Contracted backlog for energy storage products grew to 5.3 GW, a 15% increase from 4.6 GW as of September 30, 2023 [40] - The pipeline of potential contracts expanded to 18.4 GW, reflecting a 51% increase from 12.2 GW as of September 30, 2023 [40] - Digital contracts' pipeline grew to 35.6 GW, a 46% increase from 24.4 GW as of September 30, 2023 [40] Operational Metrics - Deployed energy storage products increased to 4.1 GW as of March 31, 2024, representing a 37% increase from 3.0 GW as of September 30, 2023 [40] - Order intake for energy storage products and solutions for the six months ended March 31, 2024, was 2.1 GW, a 75% increase from 1.2 GW in the prior year [40] - Assets under management for service contracts increased to 3.3 GW, an 18% rise from 2.8 GW as of September 30, 2023 [40] Expenses and Future Outlook - Research and development expenses for the three months ended March 31, 2024, were $17.4 million, down from $22.6 million for the same period in 2023 [34] - The company anticipates increasing expenses in the future, which may impact its ability to maintain prolonged profitability [26] - Adjusted EBITDA improved to approximately negative $6.1 million, compared to approximately negative $27.7 million for the same quarter last year [5] - Adjusted EBITDA for the six months ended March 31, 2024, improved to $(24,366,000), a 55% increase compared to $(53,731,000) in the same period of 2023 [52] Asset and Equity Position - Total assets as of March 31, 2024, were $1.53 billion, an increase from $1.35 billion as of September 30, 2023 [32] - Total stockholders' equity attributable to Fluence Energy, Inc. increased to $413.1 million as of March 31, 2024, from $402.3 million as of September 30, 2023 [32]