Energy storage technology and solutions provider Fluence Energy recorded a net income of $4.82 million for the fourth quarter (Q4) of the fiscal year (FY) 2022-23, a year-over-year (YoY) increase of 91.4%, achieving profitability for the first time.

During the quarter from July to September, Fluence recorded a revenue of $673 million, a YoY increase of 52.2%

The company witnessed a strong order intake in the quarter, reaching $737 million, resulting in a total backlog of $2.9 billion as of September 30, 2023.

Fluence Energy provides energy storage products, services, and cloud-based software for renewable energy companies.

In October 2023, the company launched Gridstack Pro, a larger battery pack with enhanced density, faster installation, improved performance, and safety. Simultaneously, Fluence OS7, the latest operating system, was introduced and integrated with the Fluence battery management system.

To strengthen the supply chain, all battery requirements for fiscal years 2024 and 2025 were secured, turning the supply chain into a competitive advantage.

The company secured a $400 million Asset-Backed Lending facility backed by inventory to provide additional tools for effective working capital management during continued growth and to enhance operational capabilities.

Full Fiscal 2023

For the full fiscal year, the company recorded a net loss of $104.82 million, a YoY improvement of 63.7%.

The company’s revenue was recorded at $2.22 billion, a YoY increase of 85% from $1.2 billion.

The original annual revenue guidance was surpassed by over $600 million, attributed to enhanced execution, streamlined supply chains, and accelerated project timelines. Substantially reducing the legacy lower margin backlog, the company also diversified its supply chain, securing US-made battery cells with AESC.

Furthering technological capabilities, India’s technology center was expanded.

Fluence said by fast-tracking specific projects, substantial gains in revenue and margins were achieved during this period.

A major focus has been on enhancing organizational speed with the aim of shortening these project cycle times from 18 to 12 months.

The company said the momentum continues in its services and digital businesses, constituting a recurring revenue stream. In the digital business sector, a robust quarter is evidenced by contracting 1.8 GW and increasing digital assets under management. The total stands at 15.5 GW as of September 30.

The company’s net loss narrowed to $35.05 million in the third quarter of the fiscal year 2022-23, a 42% YoY improvement from $60.83 million.

Earlier this year, Julian Nebreda, the company’s president and CEO, discussed the battery manufacturing process in an exclusive interview with Mercom. He outlined plans to localize their products in India by the end of 2024, though the process in the country might extend further.

Jan Teichmann, Fluence’s SVP and president for APAC, shared insights into the company’s collaboration with ReNew and its plans in India.