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Jun 30, 2024
Fluence Q3 2024 Earnings Report
Fluence reported record order intake and backlog, with improved profitability and narrowed revenue guidance for fiscal year 2024.
Key Takeaways
Fluence Energy, Inc. announced its Q3 2024 results, featuring a record $1.3 billion in quarterly order intake and a record $4.5 billion backlog. The company reported revenue of $483.3 million, a net income of $1.1 million, and an adjusted EBITDA of $15.6 million. The fiscal year 2024 revenue guidance was narrowed to $2.7 billion to $2.8 billion, and the adjusted EBITDA range was narrowed to $55 million to $65 million.
Achieved record quarterly order intake of $1.3 billion and a record backlog of $4.5 billion.
Reported net income of $1.1 million, a significant improvement from the previous year's net loss of $35.0 million.
Adjusted EBITDA improved to $15.6 million, compared to negative $27.5 million in the same quarter last year.
Narrowed fiscal year 2024 revenue guidance to $2.7 billion - $2.8 billion and Adjusted EBITDA guidance to $55 million - $65 million.
Forward Guidance
Fluence narrowed its fiscal year 2024 total revenue guidance range to $2.7 billion to $2.8 billion. Additionally, the Company narrowed its fiscal year 2024 Adjusted EBITDA range of $55 million to $65 million and raised its fiscal year 2024 ARR guidance to approximately $100 million.
Positive Outlook
- Expect to achieve gross profit margins at the higher end of our previous 10% to 12% target range for this fiscal year.
- Strong Adjusted EBITDA result expected.
- Committed $500 million under our revolving credit facility, which provides us additional flexibility to support our industry-leading growth.
- Seeing robust demand globally, highlighted by our U.S. domestic content offering which we will begin delivering at the beginning of 2025, ahead of our competition.
- Confident in our ability to deliver on our fourth quarter customer obligations, which are projected to be the largest in the Company's history.
Challenges Ahead
- Lowered the midpoint of our revenue guidance for fiscal 2024.
- Signed contracts for which the majority of the associated revenue is now expected to be realized in fiscal 2025.
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