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					</table><p>Utility-scale energy storage firm <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence Energy</a> recorded a revenue of $186.8 million in the first quarter (Q1) of the fiscal year (FY) 2025, a 49% year-over-year (YoY) decrease, well below the analysts’ estimate of $362 million. The company expects significant portion of its revenue for the fiscal year 2025 to be recognized later in the year, leading to a lower-than-expected revenue figure in Q1.</p>
<p>The company’s earnings per share also missed expectations, with a loss of $0.32 per share against per-share loss estimates of $0.19.</p>
<p>Its adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at negative $49.7 million, <a href="https://www.mercomindia.com/fluence-energy-reports-record-billion-in-fy24" target="_blank" rel="noopener">compared</a> to negative $18.3 million for the same quarter last year.</p>
<p>The company’s net loss during the quarter was $57 million, a 123% YoY increase from $25.6 million.</p>
<p>Fluence Energy&#8217;s gross profit margin grew to 12.5%, signifying operational improvements. The company also added $778 million in bookings and increased its backlog to a record $5.1 billion.</p>
<p>It deployed 5.8 GW/14.8 GWh of energy storage products during the quarter.</p>
<p>The company has a contracted backlog of 7.8 GW and a 30.3 GW/ 94.2 GWh pipeline. The pipeline increased by $500 million to reach $21.4 billion at the end of the previous quarter. Most of this pipeline is concentrated in the U.S., with Germany, Australia, Canada, and Chile representing the bulk of the international market.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Fluence-Energys-Revenue-EPS-Fall-Short-in-Q1-2025.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-76744 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Fluence-Energys-Revenue-EPS-Fall-Short-in-Q1-2025.png" alt="Fluence Energy's Revenue, EPS Fall Short in Q1 2025" width="903" height="629" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Fluence-Energys-Revenue-EPS-Fall-Short-in-Q1-2025.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Fluence-Energys-Revenue-EPS-Fall-Short-in-Q1-2025-300x209.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Fluence-Energys-Revenue-EPS-Fall-Short-in-Q1-2025-768x535.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Fluence-Energys-Revenue-EPS-Fall-Short-in-Q1-2025-650x453.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Fluence-Energys-Revenue-EPS-Fall-Short-in-Q1-2025-624x435.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Fluence-Energys-Revenue-EPS-Fall-Short-in-Q1-2025-600x418.png 600w" sizes="(max-width: 903px) 100vw, 903px" /></a></p>
<p>Fluence Energy said it faces increasing competition, particularly from Chinese companies aggressively expanding into international markets. Despite this competition, Fluence Energy&#8217;s diversified supply chains and U.S. domestic content strategy helped mitigate geopolitical uncertainties, limiting exposure to less than 15% of its backlog.</p>
<p>The company expects U.S. power demand to grow to over 5,000 TWh by 2030, driven by data center expansion, domestic manufacturing growth, and sector-wide electrification. Battery storage is becoming increasingly mainstream in the Americas, with storage installations rising 83% YoY to more than 45 GWh in 2024.</p>
<p>The recent 10% tariff on Chinese imports into the U.S. is expected to impact Fluence&#8217;s FY 2025 gross profit by approximately $10 million. However, potential product-specific tariffs, including those on Chinese battery storage systems, could enhance the company’s competitiveness in the U.S. domestic market.</p>
<p>The company is optimistic about the continuation of the Section 48 investment tax credit for energy storage, and the Section 45X tax credits. It also advocates for cybersecurity measures to prevent foreign control over battery storage systems, emphasizing the importance of secure grid infrastructure.</p>
<p><strong>Outlook</strong></p>
<p>Fluence Energy is lowering its FY 2025 total revenue guidance range to between $3.1 billion and $3.7 billion (midpoint $3.4 billion) from its prior guidance of $3.6 billion to $4.4 billion (midpoint $4.0 billion). The $600 million reduction in revenue from the previous midpoint is primarily due to the timing of certain contracts in Australia that the company expects to sign later this year. The $3.4 billion midpoint of the revenue guidance range is approximately 85% covered by the current backlog plus revenue recognized year-to-date.</p>
<p>The company is also lowering its FY 2025 adjusted EBITDA range to between $70 million and $100 million (midpoint $85 million) from its prior guidance of $160 million to $200 million (midpoint $180 million). The decrease in adjusted EBITDA is primarily driven by lower expected revenue and gross margins on recently signed contracts. Fluence Energy reaffirmed its FY 2025 annual recurring revenue guidance of approximately $145 million.</p>
<p>The company <a href="https://www.mercomindia.com/fluence-revenue-by-energy-storage-deployments" target="_blank" rel="noopener">recorded</a> a revenue of $1.2 billion in Q4 FY 2024, up 82% YoY, on the back of an uptick in order intake and expanding market presence.</p>


Fluence Energy’s Revenue Drops in Q1, Lowers Guidance for FY 2025


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					</table><p>Battery manufacturer <a href="https://www.amararaja.com/" target="_blank" rel="noopener">Amara Raja Energy &amp; Mobility </a>recorded a profit after tax of ₹2.98 billion (~$34.3 million) during the third quarter (Q3) of the financial year (FY) 2025, an 11.4% year-over-year (YoY) increase. Significant growth in battery sale volumes in the automotive and industrial sectors helped drive the profit.</p>
<p>The company’s revenue from lead-acid batteries was ₹31.55 billion (~$363.2 million), an 8.9% YoY increase from ₹28.97 billion (~$333.5 million).</p>
<p>During the quarter, the company&#8217;s revenue from operations grew to ₹31.64 billion (~$364.5 million), a 10% YoY increase.</p>
<p>Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) came in at ₹4.06 billion (~$46.7 million), a 10.9% YoY decrease from ₹4.55 billion (~$52.3 million).</p>
<p>The company’s earnings per share (EPS) for Q3 stood at ₹17.04 (~$0.2) compared to ₹13.81 (~$0.1) during the corresponding quarter of the previous year.</p>
<p>Jayadev Galla, Chairman and Managing Director, Amara Raja, said the company’s lead acid battery business was delivering positive results in India and abroad. He said the company is progressing in the Li-ion battery and charger segment.</p>
<p><strong>9M 2024 </strong></p>
<p>Amara Raja recorded a profit after tax of ₹7.83 billion (~$90.1 million) in the first nine months (9M) of FY 2025, an 11.1% YoY increase over ₹7.05 billion (~$81.3 million).</p>
<p>The company attributed the profit growth to increased business in the automotive and industrial segments. The battery business comprised 96% of the revenue, and the new energy business comprised 4%.</p>
<p>It reported a revenue of ₹ 94.31 billion (~$1.1 billion), an 11.4% YoY increase.</p>
<p>Exports, automotive after-markets, and the UPS segment drove the revenue for the nine months.</p>
<p>The company’s EBITA came in at ₹12.76 billion (~$146.8 million), a 2.2% YoY increase.</p>
<p>It reported an EPS at ₹42.79 (~$0.49) compared to ₹38.50 (~$0.44) during the corresponding period of the previous year.</p>
<p><strong>Operational Highlights</strong></p>
<p>Amara Raja’s Phase I of 50,000 MTPA refinery capacity commenced commercial production in December 2024. The refinery targets achieving a capacity of 100,000 MTPA. Commercial production of the company’s tubular battery plant at ARGC, Chittoor, is expected to commence in Q4 FY 2025.</p>
<p>The company witnessed a performance decline in lead-acid battery volumes in the telecom sector compared to the previous year because of a segment shift towards lithium chemistry.</p>
<p>The company sourced 23% of their energy from renewable sources.</p>
<p>It plans to expand its operations in Europe and has introduced Amaron in seven new countries.</p>
<p>Recently, Amara Raja Infra, an Amara Raja subsidiary, <a href="https://www.mercomindia.com/amara-raja-wins-secis-bos-auction-for-300-mw-solar-project" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s auction to supply a balance of systems for a 300 MW grid-connected solar power project at Ramagiri, Andhra Pradesh.</p>
<p>Last year, Amara Raja <a href="https://www.mercomindia.com/amara-raja-invests-e20-million-in-inobat-ups-stake-by-4-5" target="_blank" rel="noopener">invested</a> an additional €20 million (~$21.4 million) in electric vehicle battery firm InoBat, Norway, for a 4.5% equity stake. Amara Raja’s stake in the Slovakia-headquartered InoBat stood at 9.32%.</p>


Increase in Battery Sales Drives Amara Raja’s Profits Up by 11%


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					</table><p>Solar module manufacturer <a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a>&#8216;s third quarter (Q3) 2024 revenue and earnings fell short of analyst expectations as average selling prices for solar modules dropped.</p>
<p>Revenue for the quarter came in at $1.51 billion, an 18.34% year-over-year (YoY) decline, missing estimates by $204.42 million. The company posted a net loss of $14 million or &#8211; $0.31 per share, missing consensus estimates by $0.19.</p>
<p>The revenue shortfall was also due to reduced project sales and weaker third-party battery energy storage sales. These declines outweighed gains from increased shipment volumes in both solar modules and battery energy storage systems.</p>
<p>Gross profit stood at $247 million, a 20% drop as gross margin dropped to 16.4% from 16.7% in Q3 2023. Operating expenses rose to $247 million, driven by higher shipping and handling costs. Compounding by increased depreciation and net interest expenses, total operating losses led to a challenging quarter.</p>
<p>Total module shipments recognized as revenues in Q3 2024 were 8.4 GW, up 2% quarter-over-quarter and 1% year-over-year. Of the total, 31 MW were shipped to the company&#8217;s utility-scale solar power projects. The top five markets ranked by shipments were the U.S., China, Pakistan, Germany, and Brazil.</p>
<p>As of September 30, 2024, Recurrent Energy, which is Canadian Solar&#8217;s clean energy project development platform, had a total solar project development pipeline of 26.4 GW, including 1.7 under construction, 4.8 GW of backlog, and 19.9 GW of projects in advanced and early-stage pipelines.</p>
<p>Recurrent Energy&#8217;s total battery energy storage project development pipeline was 66.1 GWh, including 9.8 GWh under construction and in backlog and 56.3 GWh of projects in advanced and early-stage pipelines.</p>
<p>CSI Solar shipped 8.4 GW of solar modules and solar system kits to more than 70 countries in the third quarter of 2024.</p>
<p>For the next quarter, Canadian Solar projects revenue between $1.5 billion and $1.7 billion, with gross margins improving to 16-18%. Expected module shipments range from 8 GW to 8.5 GW, including 500 MW directed to in-house projects. Battery energy storage shipments are forecasted at 2 GWh to 2.4 GWh, highlighting continued expansion in the energy storage sector.</p>
<p>For the full year of 2025, the company expects total module shipments to be in the range of 30 GW to 35 GW and CSI Solar&#8217;s total battery energy storage shipments in the range of 11 GWh to 13 GWh, including approximately 1 GW and 1 GWh respectively to its own projects.</p>
<p>CEO Shawn Qu emphasized the company&#8217;s robust technological foundation and focus on innovation despite industry-wide challenges, noting, &#8220;We remain well-positioned to grow in energy storage and renewable markets while navigating complex global conditions.&#8221;</p>
<p>The solar market continues to face intense competition, geopolitical pressures, trade barriers, and patent disputes, creating a cyclical low. However, these downturns test our resilience and enhance the economics of solar and Energy storage, driving long-term growth opportunities.&#8221;</p>
<p>Canadian Solar highlighted advancements in TOPCon cell technology, which achieved mass production efficiencies of 26.7%, solidifying its position in a competitive market. Meanwhile, U.S. shipments accounted for over 30% of total volumes, underlining its strategic emphasis on North America.</p>
<p>Canadian Solar detailed its expanding U.S. manufacturing footprint with its Texas solar module facility, which has been operational since late 2023, ramping production to reach full capacity by mid-2025.</p>
<p>The company also has a solar cell facility in Indiana, which is set to open by late 2025, and a new battery manufacturing plant in Kentucky, through its subsidiary e-STORAGE, will see an investment of over $300 million in Phase 1, targeting a capacity of 3 GWh annually.</p>
<p>In August this year, the company <a href="https://mercomcapital.com/canadian-solar-announces-200m-private-placement-secured-convertible-notes/" target="_blank" rel="noopener">raised</a> $200 million from PAG in a private placement of secured convertible notes.</p>
<p>Canadian Solar <a href="https://www.mercomindia.com/canadian-solar-posts-47-98-million-loss-in-q2-2024/" target="_blank" rel="noopener">ran up</a> a loss of $47.98 million in the second quarter of 2024 from a profit of $124.73 million in the same quarter last year.</p>


Canadian Solar Misses Revenue Expectations as Module Prices Fall


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					</table><p>U.S.-based solar tracker systems provider <a href="https://www.ftcsolar.com/" target="_blank" rel="noopener">FTC Solar</a> posted revenue of $10.14 million in the third quarter (Q3) of 2024, exceeding analyst expectations by $240,680. However, it represented a 66.8% year-over-year (YoY) decrease compared to the same quarter in 2023. This decline was primarily due to lower product volumes.</p>
<p>The drop in product (solar trackers) revenue YoY in Q3 was primarily due to a decrease of 82% in the amount of MW produced, adversely impacted by customer project delays. This was partially offset by an increase in the average selling price (ASP)during the quarter, which resulted in better pricing and project mix changes compared to Q3 2023.</p>
<p>The company also provides engineering and software solutions for project design. The revenue from these services dropped 39.8% YoY as ASP fell 29% YoY and lower engineering consulting revenues. This was partially offset by an increase of 18% in the amount of MW delivered as a result of the timing of project deliveries.</p>
<p>The company reported earnings per share (EPS) of -$0.10, missing the analyst consensus by $0.01. Despite the revenue shortfall, FTC Solar&#8217;s net loss for Q3 was $15.4 million, slightly improving over the $16.9 million loss from Q3 2023.</p>
<p>Adjusted EBITDA loss stood at $12.2 million, widening from $9.7 million in the same period last year.</p>
<p>FTC is working at high direct margins by significantly reducing steel content (&gt;20%) and manufacturing costs.</p>
<p>FTC Solar secured a $15 million, five-year promissory note from an institutional investor to bolster its balance sheet. The note bears an interest rate of 11% if paid in cash or 13% if paid in kind. Additionally, the agreement includes warrants to purchase 17.5 million shares of FTC Solar stock at an exercise price of $0.01 per share, with a ten-year maturity period. The investor gains the right to nominate a board member as part of the deal.</p>
<p>The company also received a $4.7 million earn-out payment for its previous stake in Dimension Energy, a community solar developer. Since selling its investment, FTC Solar has collected over $9 million from this venture. It remains eligible for up to $5 million in earn-out payments by the end of 2024.</p>
<p><strong>Q4 2024 and 2025 Outlook</strong></p>
<p>Looking ahead, FTC Solar expects Q4 revenue to remain stable or increase by as much as 39%, projecting revenue between $10 million and $14 million. The company anticipates a non-GAAP gross profit loss between $4.2 million and $1.5 million and non-GAAP operating expenses ranging from $8.2 million to $9 million. Adjusted EBITDA loss is projected between $13.7 million and $9.9 million.</p>
<p>CEO Yann Brandt cited robust U.S. growth—particularly in the Northeast and Southeast markets where new high-wind-resistant products are gaining traction. &#8220;Solar remains resilient, with bipartisan political support and ongoing momentum in the renewable energy space,&#8221; Brandt said, referencing the industry&#8217;s near 100% growth from 2017 to 2020. &#8220;Whether through tariffs, ITC extensions, or tax credits, we&#8217;ve seen solar continue to thrive, regardless of political shifts.&#8221;</p>
<p>As FTC Solar moves into 2025, the company holds a strong backlog of purchase orders, with approximately 60% of signed contracts expected to begin generating revenue next year. Brandt emphasized the potential for further expansion of this backlog, fueled by longstanding commercial relationships and new customer additions.</p>
<p>FTC Solar&#8217;s <a href="https://www.mercomindia.com/project-delays-hit-ftc-solar-2024-loss-widens/" target="_blank" rel="noopener">net loss</a> for the second quarter was $12.2 million, up 17.3% from a net loss of $10.4 million in Q2 2023.</p>


FTC Solar Posts 67% YoY Drop in Q3 Revenue Due to Lower Product Volumes


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a>&#8216; total revenue dropped 45% year-over-year (YoY) to $14.8 million in the third quarter (Q3) of 2024, impacted by softening customer demand with the adoption curve for hydrogen and proton exchange membrane (PEM) fuel cells lengthening.</p>
<p>Within the heavy-duty mobility segment, revenue fell 38% YoY to $12.8 million due to reduced sales in the rail, truck, and marine verticals. However, bus revenue surged by 33% YoY to reach $11.2 million, offering a partial offset to the overall decline.</p>
<p>In other segments, stationary revenue dropped sharply by 82% YoY to $500,000, while emerging and other markets recorded a 60% reduction to $1.4 million.</p>
<p>Operating expenses for the quarter rose 58% to $54.9 million, driven by a $16.1 million restructuring charge and a $7.9 million impairment related to specific trade receivables.</p>
<p>Net loss from continuing operations stood at $204.5 million, an increase of 489.3% YoY. The loss includes $40.3 million in goodwill impairment charges and $106.8 million in impairments on property, plant, and equipment.</p>
<p>Excluding these impairments, the net loss was $57.5 million, compared to $34.7 million in Q3 2023.</p>
<p>The company reported a negative earnings per share (EPS) of $0.19, missing analyst estimates by $0.06.</p>
<p>Adjusted EBITDA went up to a loss of $60.1 million from $34.9 million, largely due to reduced revenue, a weaker gross margin, and the restructuring charge.</p>
<p><strong>Order intake</strong></p>
<p>New order intake for the quarter reached $7.1 million, offset by the removal of $39.2 million in previously booked orders from high-risk markets and customers, including China.</p>
<p>Orders delivered during Q3 were valued at $14.8 million, bringing the order backlog to approximately $122.7 million, a 28% decrease from the previous quarter.</p>
<p>The 12-month order book also dropped to $58.2 million at the end of Q3, impacted by the delivery of orders in the quarter, lower new order intake, and the removal of high-risk orders.</p>
<p>During the earnings call, Ballard&#8217;s CEO, Randy MacEwen highlighted the challenging landscape faced by the company and the broader sector. He noted that the current macroeconomic conditions and geopolitical uncertainties have created a difficult environment for growth and investment in hydrogen technologies.</p>
<p>Despite these challenges, Ballard said it remains committed to its strategic initiatives and is actively working on expanding its product offerings and enhancing its technological capabilities to better position itself for future opportunities in a rapidly evolving market.</p>
<p>The management team urged stakeholders to consider hydrogen&#8217;s potential as a clean energy solution, particularly as global policies increasingly favor sustainable energy sources.</p>
<p>The company&#8217;s Q2 2024 revenue <a href="https://mercomindia.com/ballard-powers-on-higher-fuel-cell-product-sales/" target="_blank" rel="noopener">reached</a> $16 million, a 4% YoY increase, aided by a 48% YoY increase in fuel cell product sales, which constituted 84% of total revenue, up from 59% in Q2 2023.</p>
<p>The company <a href="https://www.mercomindia.com/fuel-cell-firm-ballard-proposes-new-3-gw-facility" target="_blank" rel="noopener">recorded</a> a net loss from continuing operations of $41.1 million in the first quarter of 2024, an increase of 26.8% YoY from a net loss of $32.4 million.</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck with Ballard Power.</p>


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