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Jun 30, 2022
Fluence Q3 2022 Earnings Report
Fluence's Q3 2022 financial performance was reported, showing a decrease in revenue year-over-year but progress in mitigating margin headwinds and bolstering liquidity.
Key Takeaways
Fluence Energy, Inc. reported its third quarter 2022 results, with revenue of $239 million, a gross profit margin of approximately negative 2%, and a net loss of $61 million. The company's total cash and cash equivalents were approximately $762 million as of June 30, 2022. Despite a revenue decrease, the company is focused on improving gross profit and maintaining a strong liquidity position.
Entered into 311 MW of energy storage product contracts, 81 MW of energy service contracts and 804 MW of Fluence IQ digital contracts during the quarter.
First nine months of fiscal year 2022 energy storage product order intake surpassed all of prior fiscal year order intake.
Opened India technology center and entered into a binding agreement to form a partnership with ReNew Power in India.
Cash position increased over the quarter to more than $760 million.
Forward Guidance
The Company reaffirms fiscal year 2022 total revenue guidance of approximately $1.1 billion.
Positive Outlook
- Guidance is predicated on the on-time arrival of products which are currently in transit.
- Handover to customers to recognize the related revenue in the remaining 45 days of the quarter.
- Headwinds related to ongoing COVID-19 related energy storage product shipping delays are expected to lessen.
- Resulting shifting of project-related revenue into the next fiscal year will continue to lessen during the fourth quarter.
- Incremental benefits are seen from the Inflation Reduction Act.
Challenges Ahead
- Ongoing COVID-19 related energy storage product shipping delays.
- Resulting shifting of project-related revenue into the next fiscal year.
- Tight battery and inverter market in 2023.
- Remain under force majeure with many of our battery suppliers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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