ARLINGTON, Va., Dec. 08, 2021 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a leading global pure-play provider of energy storage products, services, as well as digital applications for renewables and storage, today announced its financial results, including record revenue and contracting, for the fiscal year ended September 30, 2021.
Strategic Highlights
- Major achievements in all areas of the Fluence Ecosystem
- Signed the largest energy storage portfolio contract in Europe at 105 total MW (across two different locations);
- Deployed our Fluence IQ platform to optimize the trading of the largest solar farm in the southern hemisphere at 333 MW; and
- Awarded the largest privately funded energy storage systems in Australia at 150 MW; accompanied by two cross selling awards for Fluence IQ optimization as well as a 20 year service contract;
- Strengthened balance sheet for continued growth and solidified market leading position
Completed initial public offering (“IPO”) that resulted in gross proceeds of $998 million and commenced trading on the NASDAQ Global Select Market on October 28, 2021;
- Paid down all outstanding loans and currently debt free following the IPO; and
- Entered into $190 million revolving credit facility.
- Fourth Quarter Financial Highlights
- Delivered total revenues of $188 million for the fourth fiscal quarter, compared to $239 million for the same quarter last year, in-line with our prior disclosures;
- Delivered a gross loss of $59 million for the fourth fiscal quarter, compared to a gross profit of $12 million for the same quarter last year;
- Delivered adjusted gross profit* of $8 million for the fourth fiscal quarter, compared to $12 million for the same quarter last year;
- Delivered a net loss of $87 million for the fourth fiscal quarter, compared to a net loss of $1 million for the same quarter last year; and
Fiscal Year 2021 Financial Highlights
Delivered record total revenues of approximately $681 million for fiscal year 2021, an increase of 21% from the prior year;
- Delivered a gross loss of $69 million for fiscal year 2021, compared to a gross profit of $8 million in the prior year;
- Delivered fiscal year adjusted gross profit* of $15 million, compared to $9 million for the prior year;
- Delivered a net loss of $162 million for fiscal year 2021, compared to a net loss of $47 million in the prior year;
- Adjusted EBITDA* for the fiscal year 2021 was $(65) million, compared to $(36) million for the prior year, in-line with expectations;
- Basic and diluted earnings per share of $(1.38), compared to $(0.40) for the prior year, in-line with expectations; and
- Industry leading backlog of $1.7 billion as of September 30, 2021.
“I would like to thank the entire Fluence team for their dedication to delivering our products, services and digital applications to our customers,” said President and Chief Executive Officer, Manuel Perez Dubuc. “We achieved numerous milestones this past year that culminated in the initial public offering of our company which successfully placed 35,650,000 class A shares and resulted in almost one billion dollars in proceeds. These funds will provide us the ability to continue to grow and expand our products and services as we look to further establish ourselves as a market leader.”
“Fluence is in an exceptional position with its strong balance sheet that is now debt free and primed to enable the execution of our strategic objectives to further increase shareholder value,” said Chief Financial Officer, Dennis Fehr.
Dubuc concluded, “As we begin a new fiscal year, we will remain focused on providing innovative solutions for our customers while looking to expand our offerings. We are excited by our current and future prospects, and we are gaining improved visibility to additional opportunities as evident by our growing pipeline. We envision 2022 to be a year of substantial growth for our company as the need for energy storage and digital applications continues to expand. We are also extremely encouraged by the recent announcements from both foreign and domestic governments regarding the need to expand emission reduction targets to mitigate climate change as well as polices enhancing the development of renewables and energy storage, these announcements are the first of many steps towards a more sustainable future and provides further upside for our business.”
Fiscal year 2021 achieved many milestones and company records as a result of the tremendous growth experienced throughout the year. Among them, total revenue increased year over year by approximately 21% to a record of approximately $681 million driven mostly by revenue from sales of energy storage products including our proprietary sixth-generation technology stack, which is the foundation of our energy storage products. The technology stack is comprised of our modular, factory-built hardware, Fluence Cube, our proprietary operating system, Fluence OS, and our AI-enabled digital platform, Fluence IQ.
This record setting performance even includes the previously disclosed fourth quarter revenue delays resulting from the COVID-19 global pandemic, such as delays in shipping of our energy storage products and temporary closures of customer construction sites. We expect many of these delayed projects to be resolved in fiscal year 2022 and thus the Company expects revenue recognition related thereto will coincide with the project resolutions in fiscal year 2022 and bolster our results during that time period.
We delivered a net loss of $162 million in fiscal year 2021, an increase from the net loss of $47 million in the prior fiscal year. The increase in net loss was mainly driven by (i) capacity constraints within the shipping industry and increased shipping costs, both of which are caused primarily as a result of the COVID-19 pandemic, (ii) cost overruns and delays experienced in some projects currently under construction, (iii) the previously disclosed Cargo Loss Incident, and (iv) increased expenses in general and administrative, sales and marketing and research and development due to the growth and expansion of our business and the build out of our corporate functions.
Fiscal Year 2022 Total Revenue Guidance and Annual Seasonality
The Company expects its fiscal year 2022 total revenue to be approximately $1.1 billion to approximately $1.3 billion. This guidance is based on our expectation that the aforementioned delays in shipping of our energy storage products and temporary closures of customer constructions sites are resolved as we currently anticipate during fiscal year 2022. However, there is no guarantee that we will achieve these results.
Fluence’s business has historically been subject to seasonality due to the timing of many projects coming online around the northern hemisphere summer peak season. As a result, revenue recognition as a percentage of annual revenue has historically been approximately 15% during Q1, approximately 15% during Q2, approximately 40% during Q3, and approximately 30% during Q4 of the Company’s fiscal year ending September 30.
Source: Fluence News Release
https://ir.fluenceenergy.com/news-releases/news-release-details/fluence-energy-inc-reports-fourth-quarter-and-fiscal-year-2021
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