Fluence, a provider of energy storage products and services, has announced the results for the first quarter (Q1) of the fiscal year (FY) 2022. The company reported total revenue of $175 million in Q1 FY 2022, up 50% year-over-year (YoY) from $116 million during Q1 FY 2021.

The company registered a net loss of $111 million in Q1 FY 2022, compared to $12 million in the same period last year.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $43 million, increasing by 291% compared to $11 million during Q1 FY2021.

The company reported a contracted backlog of $1.9 billion as of December 31, 2021, comprising nearly $1.6 billion from energy storage products and $300 million from recurring revenues. Contracted backlog represents signed purchase orders or minimum contractual purchase commitments with take-or-pay provisions.

The net loss was attributed to the supply chain disruptions due to COVID-19 and the project cost overruns from the company’s first Gen 6 product installations and commissioning.

However, the company witnessed some growth with the award of a 200 MW transmission and distribution enhancement contract following a successful 1 MW pilot with Litgrid AB.

Speaking on the performance, Manuel Perez Dubuc, the company’s President and CEO, said, “I’m pleased to report that we exceeded expectations for new customer orders of our energy storage products during the first fiscal quarter despite short-term headwinds. We take comfort in our $1.9 billion backlog that continues to grow and provide additional visibility to future cash flow. We also positioned ourselves for continued long-term success through several key initiatives executed in January 2022.”

“First, we signed a term sheet with ReNew Power, India’s leading renewable company, to form a 50:50 joint venture in India. By partnering with ReNew, a well-respected, established, and pure renewables player in India, Fluence has the first-mover advantage to capture Indian market share quickly. This independent joint venture will license and sell our products and services to anyone in India, including ReNew,” added Dubuc.

The company hopes to implement corrective measures to resolve the pandemic-caused disruptions and deliver against their backlog in the upcoming quarter.

Last month, Indian renewable energy developer ReNew Power announced that it had entered into an agreement with Fluence to form a joint venture to meet customers’ demands across India. The new joint venture will cater to the market and expects to reach 27 GW/108GWh by 2030. The new enterprise will be managed and operated by an independent management team and board. The joint venture aims to bring market-leading energy storage solutions to customers by localizing and integrating Fluence’s energy storage products and packages in India.

Last October, Fluence had filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of its Class A common stock. Fluence Energy had applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ‘FLNC.’