Fluence (FLC) H2 2024 earnings summary

Executive summary

• FY2024 revenue was $51.5 million, down $18.5 million from FY2023, mainly due to delays in the Ivory Coast Addendum project and weakness in China, despite growth in core Smart Product Solutions (SPS) and Recurring Revenue (RR) units.

• Net loss after tax was $21.7 million, compared to a $16.0 million loss in FY2023; EBITDA loss was $4.0 million, within revised guidance.

• Gross margin improved to 30.1% (up 2.0% vs. FY2023), driven by the shift to higher-margin SPS and RR products.

• SG&A and R&D costs were reduced by $2.6 million (11.4%) year-over-year, with cumulative savings of $6.7 million (25.2%) since FY2022.

• Q4 2024 revenue of $21.2 million was the highest quarterly result of the year, supporting strong EBITDA profitability.

Financial highlights

• Revenue from continuing operations: $51.5 million (FY2023: $70.0 million).

• Loss from continuing operations before tax: $21.9 million (FY2023: $16.3 million).

• Net assets turned to net liabilities: $(7.5) million at year-end 2024 (2023: $12.2 million net assets).

• Cash and cash equivalents: $8.9 million at year-end (2023: $24.6 million).

• Operating cash outflow: $20.1 million (2023: $19.0 million).

• Basic loss per share: $(0.0198) (2023: $(0.0227)).

Outlook and guidance

• FY2025 revenue forecast: $80–95 million (55–84% growth), with nearly $60 million of backlog expected to be recognized.

• FY2025 EBITDA guidance: $3–5 million.

• Management expects improved profitability due to backlog, operational discipline, and cost reductions.