Fluence Energy Inc (FLNC) Q3 2024 Earnings Call Highlights: Record Backlog and Strong Financial ...

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Revenue: $483 million for Q3 2024. Adjusted Gross Margin: 17.5% for Q3 2024. Adjusted EBITDA: $15.6 million for Q3 2024. Backlog: Reached an all-time high of $4.5 billion. Annual Recurring Revenue: $...

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GuruFocus has detected 5 Warning Signs with CADNF.\n\nRelease Date: August 08, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nFluence Energy Inc (NASDAQ:FLNC) reported strong financial performance with $483 million in revenue and a 17.5% adjusted gross margin for Q3 2024.\nThe company achieved a record backlog of $4.5 billion, indicating strong demand and future revenue potential.\nFluence Energy Inc (NASDAQ:FLNC) reached $80 million in annual recurring revenue for its services and digital business, ahead of schedule.\nThe company generated $64 million in free cash flow for the first nine months of the fiscal year, ending the quarter with $513 million in cash.\nFluence Energy Inc (NASDAQ:FLNC) has a robust $20 billion pipeline, reflecting a 65% increase from the previous year, showcasing strong growth prospects in energy storage globally.\n\n Negative Points \n\nThe company lowered its full-year 2024 revenue guidance by $250 million due to project delays and customer postponements.\nFluence Energy Inc (NASDAQ:FLNC) is under investigation by the SEC regarding certain matters, including revenue recognition policies, following a short seller report.\nThe company faces potential challenges from increased competition in the international market, particularly in Europe and the UK.\nThere are regulatory hurdles in the US for using batteries in transmission applications, which could impact future growth in this area.\nFluence Energy Inc (NASDAQ:FLNC) anticipates continued price reductions in the market, which could pressure margins despite their confidence in maintaining a 10% to 15% gross margin.\n\n Q & A Highlights \nQ: Over 60% of your revenues this quarter were from international markets, which coincided with high ASPs and margins. Can you provide more color on the geographic breakdown and how it correlates with margins? A: Julian Nebreda, CEO: Our international markets tend to have more EPCs and broader solutions, leading to higher ASPs. Currently, our backlog is about two-thirds US and one-third international, which contributes to the variability in margins and ASPs.\nQ: How much of your current US backlog requires US cells, and how have customer conversations evolved since the Section 301 update? A: Julian Nebreda, CEO: Interest in US cells has increased significantly. While I can't disclose specific pricing, I can say that the costs are competitive and attractive, even with the additional costs of US production.\nQ: With the updated guidance, did anything shift out of your prior 2025 outlook? A: Julian Nebreda, CEO: We are working on the 2025 budget and will provide more details in our next earnings call. We can confirm a 35% to 40% growth from our original target.\nQ: Can you discuss the scope of the board investigation related to the short seller report? A: Julian Nebreda, CEO: An independent law firm and forensic accountants reviewed all allegations and found them to be without merit. We have a clean bill of health from this investigation.\nQ: How do you feel about the capacity from AESC for domestic content, and have pricing conversations shifted? A: Julian Nebreda, CEO: We have ample capacity with AESC to meet demand, and our agreement includes firm pricing. We are confident in our first-mover advantage in domestic content.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2474788605"}