Fluence Energy, a utility-scale energy storage firm, reported a revenue of $483.31 million in the third quarter (Q3) of the financial year (FY) 2023-24, a 10% year-over-year (YoY) decrease from $536.35 million primarily due to the timing of product deliveries.

The company’s quarterly net loss narrowed to $1.07 million, a 103% improvement from a net loss of $35.04 million for the same quarter last year.

The adjusted Earnings Before Interest, Tax, depreciation, and Amortization (EBITDA) improved 157% YoY to $15.6 million from an EBITDA loss of $27.48 million.

“We delivered a tremendous quarter highlighted by achieving approximately $15.6 million Adjusted EBITDA, our highest order intake, and a record backlog of $4.5 billion,” said Julian Nebreda, the Company’s President and Chief Executive Officer. “I am pleased to report that we are seeing robust demand globally, highlighted by our U.S. domestic content offering, which we will begin delivering at the beginning of 2025, ahead of our competition.”

9M 2024

Fluence Energy’s revenue for the first nine months of 2024 was $1.47 billion, a 20% YoY decrease from $1.54 billion.

The company’s net loss narrowed to $37.35 million, a 66% improvement from a net loss of $109.63 million for the same quarter last year.

The adjusted EBITDA improved 89% YoY to $8.76 million from an EBITDA loss of $81.23 million.

As of June 30, 2024, the company deployed 11.6 GWh and has a pipeline capacity of 77.5 GWh.

“Recent U.S. regulatory developments, particularly the Treasury’s guidance on the 40% domestic content requirement under the Inflation Reduction Act, put us in a unique position to capitalize on substantial growth opportunities. Our strategy of securing U.S.-manufactured battery cells is favored by the Treasury’s safe harbor table, which sets a 38% value for domestic battery cells. Additionally, the Biden administration’s move to increase Section 301 tariffs on batteries imported from China, set to rise from 7.5% to 25% by 2026, further supports our U.S. business model,” said Nebreda during the earnings call.

Nebreda noted that the growing demand for energy storage in the U.S. utility-scale market, driven by the rise of GenAI and the associated need for new data centers, is also fueling significant growth. “Approximately 40% of our U.S. pipeline is indirectly tied to data centers,” he said.

Fluence Energy reported a 66% narrower net loss of $12.9 million in the second quarter of FY 2023-24 from $37.4 million last year as it reigned in operating expenses.

In an exclusive interview with Mercom last year, Nebreda revealed the company’s plans to step up manufacturing in India to add value to the ambitions of transition economies like India, which are committed to clean energy.