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					</table>Utility-scale energy storage firm <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence Energy</a> recorded a revenue of $1.2 billion in the fourth quarter (Q4) of fiscal year (FY) 2024, up 82% year-over-year (YoY), on the back of an uptick in order intake and expanding market presence.
A strong order intake added approximately $1.2 billion during the quarter, increasing the company&#8217;s total backlog to $4.5 billion—a 55% YoY increase. Demand for energy storage solutions resulted in Fluence&#8217;s order intake doubling from 6.3 GWh in 2023 to 14.6 GWh in 2024.
The company also benefited from an expanding market presence, with its project pipeline reaching $21 billion, a 60% YoY growth signaling robust future potential.
Fluence Energy reported a net income of $67.7 million in Q4 FY 2024, a 1,310% YoY increase from $4.8 million.
Adjusted EBITDA for the fourth quarter surged to $86.9 million, a 339% YoY increase from $19.8 million in the same period last year.
The gross profit margin for the quarter rose to 12.8% YoY, compared to 11.3% in the fourth quarter of fiscal year 2023.
<img loading="lazy" decoding="async" class="aligncenter wp-image-73069 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture1-2.png" alt="" width="903" height="615" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture1-2.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture1-2-300x204.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture1-2-768x523.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture1-2-650x443.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture1-2-624x425.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture1-2-600x409.png 600w" sizes="(max-width: 903px) 100vw, 903px" />
Higher gross profit margins underpinned profitability improvements, marking the fifth consecutive quarter of double-digit performance, with Q4 2024 GAAP gross profit margin at 12.8%.
Operating expenses as a percentage of revenue fell from 8.8% in the previous year&#8217;s Q4 to 6.9% in Q4 2024. Better project execution further enhanced profitability, with several projects delivered under budget.
Additionally, economies of scale, driven by an 82%YoY increase in Q4 revenue, allowed for better cost management and margin expansion. The company&#8217;s focus on higher-margin offerings, such as services and digital applications, also boosted overall profitability.
Full Year 2024 
The company reported record-breaking revenue of approximately $2.7 billion for fiscal year 2024, marking a 22% YoY increase from the previous year. The company&#8217;s gross profit margin improved significantly to 12.6%, up from 6.4% in fiscal year 2023.
In a turnaround, Fluence achieved a net income of $30.4 million, reversing a net loss of $104.8 million from the previous year.
Adjusted EBITDA also reflected this positive shift, climbing to $78.1 million compared to a negative $61.4 million in fiscal year 2023.
Fluence deployed 5 GW (12.8 GWh) of energy storage products in FY 2024, a 66.7% growth compared to 3 GW (7.2 GWh) in FY 2023. The contracted backlog (including signed customer orders and contracts under execution) surged to 7.5 GW, a 63% increase from 4.6 GW in FY 2023. The pipeline more than doubled to 25.8 GW (80.5 GWh) from 12.2 GW (34.2 GWh) in the previous year.
<img loading="lazy" decoding="async" class="aligncenter wp-image-73070 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture2-1.png" alt="" width="903" height="162" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture2-1.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture2-1-300x54.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture2-1-768x138.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture2-1-650x117.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture2-1-624x112.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Picture2-1-600x108.png 600w" sizes="(max-width: 903px) 100vw, 903px" />
Fluence said pairing renewables with battery energy storage systems (BESS) is proving to be the most economical and efficient solution for meeting electricity demand in most markets.
Its international presence remains robust, with nearly half its $21 billion project pipeline in the U.S. and the remainder in markets like Germany, Australia, Canada, and Chile.
The company has also benefited from a significant reduction in lithium carbonate prices, which fell by 50% year-over-year, driving a 40% decline in battery system costs.
These favorable market dynamics led to a 140% surge in customer orders over the past year.
Despite challenges such as high interest rates and rising tariffs on imported batteries, Fluence has doubled its project backlog to a record $4.5 billion since 2022.
As of September 30, 2024, the company&#8217;s backlog grew to approximately $4.5 billion, up from $2.9 billion a year earlier.
The company reported total cash reserves of $518.7 million, marking a $56 million increase from the prior year.
Net cash generated from operating activities reached $79.7 million, a shift from the negative $111.9 million recorded in fiscal year 2023.
Free cash flow improved substantially to $71.6 million, compared to a negative $114.9 million in the previous year.
Julian Nebreda, President and Chief Executive Officer, said, &#8220;As we look forward, we see unprecedented demand for battery energy storage solutions across the world, driven principally by the U.S. market. We believe we are well positioned to continue capturing this market with our best-in-class domestic content offering, which utilizes U.S. manufactured battery cells.&#8221;
Outlook
Looking ahead, Fluence has outlined its guidance for fiscal year 2025, forecasting revenue from $3.6 billion to $4.4 billion. The company expects adjusted EBITDA to fall between $160 million and $200 million, reflecting strong operational performance. Additionally, annual recurring revenue is projected to reach approximately $145 million by the close of the fiscal year.
Fluence plans to scale its U.S. supply chain to ensure 100% of U.S. demand qualifies for domestic content, including upgrading AESC Line 2 to 530 Ah cell.
The company <a href="https://www.mercomindia.com/fluence-loss-q3-fy-2024" target="_blank" rel="noopener">reported</a> a revenue of $483.31 million in the third quarter, a 10% YoY decrease from $536.35 million primarily due to the timing of product deliveries.
Fluence Energy <a href="https://www.mercomindia.com/fluence-energy-q2-net-loss-narrows/" target="_blank" rel="noopener">reported</a> a 66% narrower net loss of $12.9 million in the second quarter from $37.4 million last year as it reigned in operating expenses.

Fluence Energy’s Q4 Revenue Up 82% YoY, Driven by Energy Storage Deployments

<a href="https://www.vestas.com/" target="_blank" rel="noopener noreferrer">Vestas Wind System</a>, a wind turbine manufacturer, revealed that in the first quarter of 2020, the company generated a revenue of €2.235 billion (~$2.42 billion), showing a year-over-year increase of 29% compared to €1.73 billion (~$1.88 billion).
The increase in revenue was mainly driven by wind turbine deliveries in the United States, Australia, Brazil, and Russia.  The revenue grew despite the negative impact of approximately  €75 million ($81.3 million) from foreign exchange rate fluctuations.
However, the Denmark-based company stated that its earnings before interest and tax (EBIT) decreased before special items to €54 million (~$58.50 million). Special items comprise income and costs related to significant organizational restructuring and adjustments to production capacity.
The company reported that 3,311 MW of new wind turbine orders were received in the first quarter compared to the 3,004 MW in Q1 2019. Vestas added that the value of the wind turbine order backlog was €15.9 billion (~$17.22 billion) as on March 31, 2020.
The average price per MW was €720,000 ($781,063) in Q1 2020, compared to €810,00 ($878,696) in Q1 2019 and €770,000 ($835,303) for full-year 2019. The lower average pricing was mainly due to a huge rise in supply-only orders in China. Excluding the order intake in China, the average price per MW was  €770,000 ($835,303), according to the company’s financial statement.
In addition to the wind turbine order backlog, at the end of March 2020, Vestas had service agreements with expected contractual future revenue of €18.2 billion (~$19.72 billion).
“The value of combined backlog of wind turbine orders and service agreements stood at €34.1 billion (~$36.94 billion), an increase of €5.8 billion (~$6.28 billion) compared to the year-earlier period,” the company stated.
It also highlights that as the focus is on cost savings, the total investments are currently assessed to be below €700 million (~$758.31 million).
Henrik Andersen, group president, and CEO said, “In the first quarter of 2020, the global demand for wind energy remained strong despite the COVID-19 pandemic’s continuing impact on societies and operations across all continents. In this environment, Vestas delivered increased revenue and order intake year-on-year, continued strong service performance, and a record-high order backlog of more than €34 billion (~$36.83 billion) that provides us with stability in the current period of high uncertainty.”
He stated that the company’s EBIT margin in the first quarter of 2020 was negatively impacted due to low-margin projects. The company also witnessed an increase in the execution of costs from logistical challenges and supply chain bottlenecks, which were further aggravated by the pandemic.
Recently, Mercom reported that Siemens Gamesa Renewable Energy (<a href="https://www.siemensgamesa.com/en-int" target="_blank" rel="noopener noreferrer">SGRE</a>), a wind turbine maker, <a href="https://mercomindia.com/siemens-gamesa-revenue-slips/" target="_blank" rel="noopener noreferrer">witnessed</a> a 7.7% fall in revenue in the January-March period as a result of the ongoing pandemic on its operations and commercial activity.
The wind energy supply chain is globally interconnected. According to the International Energy Agency’s (IEA) recently released report, in March 2020, some production facilities in Europe, India, and various parts of the U.S. were either <a href="https://mercomindia.com/share-of-solar-and-wind-rose/" target="_blank" rel="noopener noreferrer">closed or reduced</a> their activities.
Previously, the Global Wind Energy Council (<a href="https://gwec.net/" target="_blank" rel="noopener noreferrer">GWEC</a>) had <a href="https://mercomindia.com/indias-lockdown-hurts-wind-supply-globally/" target="_blank" rel="noopener noreferrer">released</a> a report which analyzed how COVID-19 impacted the global wind industry, including India. The report stated that when the COVID-19 crisis was first reported in China, disrupting China’s wind supply chain, large western turbine producers began shifting their supply chain by using their Indian facilities as a solution to mitigate the expected damages caused by COVID-19 at their production facilities in China. But when India called for a countrywide lockdown, western turbine original equipment manufacturers (OEMs) also started facing the supply chain disruption challenge in Europe.

Wind Turbine Maker Vestas’ Revenue Surges 29% YoY in Q1 2020 Amid COVID-19

<a href="http://www.azurepower.com/" target="_blank" rel="noopener">Azure Power (NYSE: AZRE)</a>, an independent solar power producer, has announced its consolidated financial results for the third quarter of 2017-18, ending December 31, 2017. The company declared a revenue of ₹5,441.6 million ($ 85.3 million), a solid increase of over 90 percent from the ₹2,865.4 million generated during the same period in 2016. The increase in revenue was primarily driven by the commissioning of new projects.
Azure’s generated revenue for Q3 stood at ₹1,739.9 million ($27.3 million), an increase of approximately 83 percent over the quarter that ended on December 31, 2016. The company also announced its adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) of ₹1,226.9 million ($19.2 million), an increase of 76 percent over the same period.
<a href="https://mercomindia.com/wp-content/uploads/2018/02/b1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-9044 size-full" src="https://mercomindia.com/wp-content/uploads/2018/02/b1.png" alt="Azure Power Reports 83% Increase in Revenues for Q3 of FY 2017-18" width="1054" height="602" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/02/b1.png 1054w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b1-600x343.png 600w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b1-300x171.png 300w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b1-768x439.png 768w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b1-1024x585.png 1024w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b1-650x371.png 650w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b1-624x356.png 624w" sizes="(max-width: 1054px) 100vw, 1054px" /></a>
&nbsp;
<a href="https://mercomindia.com/wp-content/uploads/2018/02/b2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-9045 size-full" src="https://mercomindia.com/wp-content/uploads/2018/02/b2.png" alt="Azure Power Reports 83% Increase in Revenues for Q3 of FY 2017-18" width="1191" height="637" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/02/b2.png 1191w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b2-600x321.png 600w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b2-300x160.png 300w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b2-768x411.png 768w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b2-1024x548.png 1024w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b2-650x348.png 650w, https://cms.mercomindia.com/wp-content/uploads/2018/02/b2-624x334.png 624w" sizes="(max-width: 1191px) 100vw, 1191px" /></a>
Electricity generation during the nine months increased by 438 million kWh, or 105%, to 855 million kWh, compared to the same period in 2016. The increase in electricity generation was principally a result of additional capacity operating during the period.
Azure’s portfolio run-rate increased by ₹2,958.7 million ($ 46.4 million) to ₹14,007.9 million ($ 219.5 million) between the years 2016 and 17, due to an increase in its operational and committed capacity.
The cost of operations in the quarter increased by 90 percent to ₹158.4 million ($ 2.5 million) from ₹83.2 million in the same period in 2016. The increase was primarily due to plant maintenance costs for the newly commissioned projects. However, these costs were partially offset by the implementation of improved operation and maintenance methods which improved the plant productivity. This includes ₹8.7 million ($ 0.1 million) of non-cash expense, pertaining to the amortization of lease expense.
The company had declared a revenue generation of ₹3,701.7 million (~$56.7 million) for the six months ending <a href="https://mercomindia.com/azure-power-records-revenue-first-half-fy-2017-18/" target="_blank" rel="noopener">September 30, 2017</a>.
2017 has evidently been a good year for Azure Power. In <a href="https://mercomindia.com/azure-roof-power-develop-1-3-mw-rooftop-solar/" target="_blank" rel="noopener">October 2017</a>, Azure Power won a bid to develop 1.3 MW of rooftop solar for the <a href="http://mohfw.nic.in/" target="_blank" rel="noopener">Ministry of Health and Family Welfare</a>.
Recently, the company won a contract to develop a total of <a href="https://mercomindia.com/azure-power-rooftop-solar-schools/" target="_blank" rel="noopener">11.35 MW</a> of grid-connected rooftop solar photovoltaic (PV) projects for various schools across the country. The company has also won the contract to develop <a href="https://mercomindia.com/azure-power-rooftop-solar-udaipur/" target="_blank" rel="noopener">2 MW</a> of grid-connected rooftop solar photovoltaic (PV) project for the Udaipur Smart City Limited (<a href="http://udaipursmartcity.in/" target="_blank" rel="noopener">USCL</a>). The company recently commissioned a <a href="https://mercomindia.com/azure-commissions-100mw-solar-telangana/" target="_blank" rel="noopener">100 MW</a> grid-connected solar photovoltaic (PV) project in Telangana.
Azure Power has also emerged as the winner at major auctions held in the country in the recent months. In the <a href="https://mercomindia.com/azure-renew-winners-bhadla-auction/" target="_blank" rel="noopener">250 MW</a> Bhadla Solar Park auction, Azure Power won the bid to develop 200 MWs by quoting the lowest tariff of ₹2.48 (~$0.0388)/kWh.
The company has also been awarded a contract by Jharkhand Renewable Energy Development Agency (<a href="https://mercomindia.com/azure-power-electrify-jharkhand-mini-micro-grids/" target="_blank" rel="noopener">JREDA</a>) to electrify 320 households across 11 villages through the development of mini and micro grids in Jharkhand.
According to Mercom&#8217;s <a href="https://mercomindia.com/guvnl-500mw-solar-tender/" target="_blank" rel="noopener">India Solar Project Tracker</a>, Azure has an installed capacity of ~880 MW of utility-scale solar projects and a development pipeline of 550 MW.
Image credit: Azure Power

Azure Power Reports 83% Increase in Revenues for Q3 of FY 2017-18

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