Fluence Energy, Inc. (NASDAQ: FLNC) experienced an upward trajectory during the preceding session, witnessing a notable 6.13% surge and concluding trading at $20.27. This positive movement in Fluence’s stock was spurred by the disclosure of its financial results on the day.
In its recent announcement, Fluence (FLNC) unveiled the financial outcomes for both the three months and the fiscal year concluding on September 30, 2023. The company achieved a noteworthy revenue of $2.2 billion for fiscal year 2023, marking an impressive 85% increase. Additionally, the revenue for the fourth quarter reached $673 million, signifying a substantial 25% upturn from the preceding quarter.
Fluence reported a net loss of approximately $(105) million for fiscal year 2023, a significant improvement from the net loss of approximately $(289) million recorded in fiscal year 2022. Notably, FLNC accomplished a quarterly net income of $4.8 million, a stark contrast to the Q3 net loss of approximately $(289) million, thereby attaining profitability for the first time.
The robust quarterly order intake at Fluence reached $737 million, showcasing a 30% increase from the third quarter and contributing to a total backlog of $2.9 billion as of September 30, 2023. The company’s total cash on hand also experienced a surge, reaching $463 million and witnessing an 11% increase from the third quarter.
This strong execution underscores Fluence’s prominent position as a leader in the energy storage industry, showcasing FLNC’s adeptness in overcoming challenges, striving for success, and delivering effective solutions to its clientele. Given the escalating global demand for sustainable energy solutions, Fluence stands poised at the forefront, prepared to meet this demand, exemplified by its recently launched product, Gridstack Pro.
In addition to its financial achievements, Fluence (FLNC) recently entered into a new four-year $400 million Asset Backed Lending (“ABL”) credit facility set to mature in November 2027. Secured by FLNC’s eligible inventory and other assets, this facility supersedes the company’s existing $200 million Revolving Credit Facility (“RCF”), which was officially terminated.
The transition from RCF to the larger ABL facility is anticipated to enhance Fluence’s working capital management capabilities, thereby augmenting the company’s already robust liquidity position. The ABL facility offers a more flexible solution for bolstering control over inventory-related financing.
