Global battery storage system integrator Fluence has released its Q4 and full-year results for the 2023 financial year, which included the “transformative milestone” of achieving a positive net profit for the first time, CEO Julian Nebreda said.
Fluence saw a net income of US$4.8 million in the three months to 30 September, 2023 – the end of its financial year – its first positive net profit figure in any quarter to-date, following a US$35 million net loss in the previous quarter.
Revenue for the quarter was US$673, million meaning it finished the year with a total revenue of US$2.2 billion. The quarterly figure was up 85% year-on-year and up 25% quarter-on-quarter.
GAAP gross margin was 6.4% for the full-year and 11.3% in Q4 while adjusted EBITDA was a US$61 million loss for the full-year and positive US$20 million for Q4.
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Commenting on the results Nebreda said: “I’m pleased to report that we reached a transformative milestone in the fourth quarter, achieving profitability for the first time. This momentous achievement is a testament to our unwavering commitment to operational excellence, and to our team’s relentless dedication.”
He added: “We see a world hungry for sustainable energy solutions, and we believe that Fluence is at the forefront, ready to meet that demand head-on as evidenced by our recently launched Gridstack Pro product.”
When Nebreda took over the helm in September last year, the company told Energy-Storage.news that he would aim to deliver “profitable growth”. That looks to have been borne out with the achievement of profitability, but comes with less ambitious targets for growth.
The company is forecasting US$2.7-3.3 billion in revenue in fiscal 2024, which would equate to 22-50% growth versus the c.83% increase seen in 2023, compared to US$1.2 billion in 2022. It has secured all its “battery needs” for 2024 and 2025, it said.
Fluence is the second-largest battery storage system integrator by deployed projects after Sungrow, according to both Wood Mackenzie and S&P Global, while S&P Global places it as the largest when counting both deployed and future contracted projects.
The firm won a number of orders for battery storage projects in September, including a 4-hour duration project in Ireland for global independent power producer (IPP) Statkraft, two separate 2-hour systems for Varco Energy in the UK, and a project in Australia for Tilt Renewables that Fluence said was the first to combine its full suite of hardware, software and service products.
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