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Dec 31, 2023
Fluence Q1 2024 Earnings Report
Fluence reported a strong start to 2024 with record quarterly order intake, resulting in highest ever backlog and reaffirmed fiscal year 2024 guidance.
Key Takeaways
Fluence Energy, Inc. reported a 17% increase in quarterly revenue to $364.0 million, with GAAP gross profit margin improving to 10.0%. The company's contracted backlog reached approximately $3.7 billion. They are reaffirming fiscal year 2024 guidance.
Achieved double-digit GAAP gross profit margin and adjusted gross profit margin for the second consecutive quarter.
Reaffirmed fiscal year 2024 guidance metrics.
Total cash increased by $14 million to $477 million from September 30, 2023.
Battery module production at Utah manufacturing facility is on schedule for initial start of production in summer of calendar year 2024.
Fluence
Fluence
Forward Guidance
The Company is reaffirming its fiscal year 2024 total revenue guidance range of $2.7 billion to $3.3 billion. Furthermore, the Company is reaffirming its fiscal year 2024 Adjusted EBITDA guidance range of $50 million to $80 million. Finally, the Company is reaffirming its fiscal year 2024 annual recurring revenue (ARR) guidance of approximately $80 million by the end of fiscal year 2024.
Positive Outlook
- Reaffirming fiscal year 2024 total revenue guidance range of $2.7 billion to $3.3 billion.
- Reaffirming fiscal year 2024 Adjusted EBITDA guidance range of $50 million to $80 million.
- Reaffirming fiscal year 2024 annual recurring revenue (ARR) guidance of approximately $80 million by the end of fiscal year 2024.
- Expect GAAP gross profit margin and adjusted gross profit margin of 10% to 12% for the full fiscal year.
- Making substantial progress on each of our strategic objectives.
Challenges Ahead
- Actual results may differ materially depending on a number of factors.
- Customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control.
- Contracted backlog and pipeline may not generate margins equal to our historical operating results.
- If our contracted backlog and pipeline fail to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity.
- New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors