Fluence (FLC) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and introductions of board members, senior executives, company secretary, and auditors.

• Notice of meeting and explanatory statement taken as read, with participation and voting procedures explained for shareholders.

• Annual General Meeting held on May 28, 2025, focused on sustainable water solutions.

Financial performance review

• FY2024 revenue was $51.5 million, down 26.5% from FY2023, mainly due to delays in the Ivory Coast project and market weakness in China.

• Recurring revenue grew by 30.5% in FY2024, with gross margins improving to 30.1%.

• Q4 2024 revenue reached $21.2 million, with positive EBITDA of $1 million, showing profitability at higher revenue levels.

• Fixed costs reduced by 11% from FY2023 and 25% since FY2022; SG&A and R&D savings totaled $2.6 million in FY2024.

• Q1 2025 revenue was $16.6 million, up 64.5% over Q1 2024, with breakeven EBITDA and a cash balance of $8.5 million plus $3.7 million in security deposits as of March 31, 2025.

Strategic initiatives and plans

• Divested non-core Aeromix business for $2 million, paid off Upwell loan, and shifted focus to recurring revenue and higher-margin projects.

• Strategic focus on expanding in North America and increasing higher-margin SPS and recurring revenue segments.

• Sales pipeline grew by $283 million (+35%) since Q4 2023, with a backlog of $83.5 million as of March 31, 2025.

• Early FY2025 contract wins in the US, Italy, Argentina, and China, with additional verbal orders of $9 million expected.

• New manufacturing strategy includes a membrane facility in Tennessee to address tariff challenges.