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Dec 31, 2021
Fluence Q1 2022 Earnings Report
Fluence reported strong order intake and backlog growth, driven by strategy execution, but experienced a net loss due to delayed revenue recognition and COVID-19 impacts.
Key Takeaways
Fluence Energy, Inc. reported a 50% increase in total revenues compared to the same quarter last year, driven by strong order intake. However, the company experienced a significant net loss and adjusted EBITDA loss due to delayed revenue recognition and supply chain disruptions. The company reaffirmed its fiscal year 2022 total revenue guidance of $1.1 to $1.3 billion.
Total revenues increased by 50% year-over-year to $175 million.
Net loss was $(111) million, compared to $(12) million in the same quarter last year.
Adjusted EBITDA was $(43) million, compared to $(11) million in the same quarter last year.
Total backlog reached $1.9 billion as of December 31, 2021.
Forward Guidance
The Company reaffirmed its fiscal year 2022 total revenue guidance of $1.1 billion to $1.3 billion, assuming resolution of ongoing energy storage product shipping delays and temporary closures of customer construction sites during 2022.
Positive Outlook
- Strong order intake and growing backlog provide visibility to future cash flow.
- Growth in the digital business confirms strategy and execution effectiveness.
- Signed a 1.1 GW Fluence IQ contract with AES, meeting the 2022 annual recurring revenue target for Fluence IQ ahead of schedule.
- Strategic partnership with ReNew Power to enter the Indian market.
- Expanded digital ecosystem by adding Pexapark to the Fluence IQ platform.
Challenges Ahead
- Supply chain disruptions from COVID-19 are causing project delays.
- Project cost overruns from first Gen 6 product installations and commissioning.
- Product-related revenues being delayed due to the recent COVID-19 surge.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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