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Sep 30, 2023
Fluence Q4 2023 Earnings Report
Fluence achieved record annual revenue and quarterly profitability.
Key Takeaways
Fluence Energy, Inc. reported a successful fourth quarter and fiscal year 2023, marked by record annual revenue of $2.2 billion and achieving profitability for the first time. The company's strong order intake and total cash position indicate a positive outlook for fiscal year 2024.
Record revenue for fiscal year 2023 of $2.2 billion and revenue for the fourth quarter of $673 million.
GAAP gross margin improved to 11.3% for the fourth quarter.
Net income of $4.8 million for the fourth quarter, a significant improvement from the previous year.
Strong quarterly order intake of $737 million, resulting in a total backlog of $2.9 billion.
Forward Guidance
Fluence Energy, Inc. is initiating fiscal year 2024 revenue guidance of approximately $2.7 billion to $3.3 billion and Adjusted EBITDA guidance of approximately $50 million to $80 million.
Positive Outlook
- Initiating fiscal year 2024 revenue guidance of $2.7 billion to $3.3 billion.
- Initiating fiscal year 2024 Adjusted EBITDA guidance of $50 million to $80 million.
- Targeting around $80 million of combined annual recurring revenue (ARR) from services and digital businesses by the end of fiscal 2024.
- Secured all battery needs for fiscal 2024 and 2025.
- Launched Gridstack Pro, our larger battery pack enclosure providing higher density, faster installation, enhanced performance, and industry-leading safety.
Challenges Ahead
- Approximately 30% of annual revenue expected in the first half of fiscal 2024.
- Approximately 70% of annual revenue expected in the second half of fiscal 2024, mostly due to the expected timing of certain contracts.
- Actual results may differ materially depending on a number of factors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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