Energy storage technology and solutions provider Fluence Energy’s net loss narrowed to $35.05 million in the third quarter (Q3) of the fiscal year (FY) 2022-23, a 42% year-over-year (YoY) improvement from $60.83 million.

The improvement was attributed to the increased energy storage solution deployments and higher order backlog.

The company’s revenue grew 124.41% YoY to $536.35 million as select projects were deployed before their scheduled timeline.

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

The company’s order intake was recorded at $565 million, and the order backlog stood at a cumulative $2.9 billion as of June 30, 2023.

Fluence deployed a total of 1.4 GWh of solutions which include 0.4 GW of energy storage and production solutions and digital contracts of 1 GW during the quarter.

The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q3 FY 2023 witnessed an improvement of 50.25% to a loss of $26.2 million from $52.67 million reported during the same period last year.

The company reported the total cash availability at $416 million, with no recourse debt at the end of the quarter.

In April, the company announced the completion of a 570 MW battery-based energy storage portfolio supplied to SMC Global Power Holdings Corporation in the Philippines.

In June, the company collaborated with ENGIE and Eku Energy to commission a 150 MW/ 150 MWh battery energy storage system at the former Hazelwood Power Station site in the Latrobe Valley of Victoria in Australia.

Julian Nebreda, Fluence Energy’s President and Chief Executive Officer, said, “The demand for energy storage continues to accelerate. Our pipeline now sits at $12.4 billion, which is an increase of more than $1 billion from last quarter. Additionally, we saw our backlog increase to approximately $2.9 billion. We expect to see some initial project awards in the second half of this calendar year that are directly attributed to the Inflation Reduction Act.”

9M FY 2023

Fluence Energy reported a net loss of $109.64 million during the first nine months (9M) of FY 2023, a 52% YoY improvement from a loss of $233 million.

The company’s revenue grew by 104.2% to 1.55 billion from 756.62 million during the same period last year.

The improvement in revenue and net loss was attributed to the increased deployments and execution of the legacy backlog.

The company deployed 7.2 GWh of solutions, comprising 1.6 GW of energy storage products and solutions, 1.2 GW of service contracts, and 4.4 GW of digital contracts.

The company’s adjusted EBITDA in 9M FY 2023 improved by 59% to 78.96 million from 192.74 million in 9M FY 2022.

In April, the company was selected by Macquarie Asset Management’s Green Investment Group and Shell Energy Operations to deliver the 200 MW/400 MWh Rangebank Battery-based Energy Storage System in Cranbourne, Melbourne, Australia. The project will be developed by GIG and Shell Energy Australia, and it will be built, serviced, and maintained by Fluence. Construction will commence later this year and is expected to be completed in late 2024.

In Q2 FY 2023, Fluence’s net loss narrowed to $37.4 million from a loss of $60.7 million in Q2 FY 2022 on the back of increased deployments of energy storage solutions.