Fluence Energy, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Fluence Energy, Inc. has submitted its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

Fluence Energy, Inc. (FLNC) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Fluence Energy, Inc. filed its 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on February 8, 2024. The company's business address is 4601 Fairfax Drive, Suite 600, Arlington, VA 22203.

Why It Matters

For investors and stakeholders tracking Fluence Energy, Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on Fluence Energy's financial performance and operational status for the first quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the energy storage and renewables sector.

Risk Assessment

Risk Level: medium — Fluence Energy, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to the inherent risks and uncertainties of the rapidly evolving energy sector, including market competition, technological advancements, and regulatory changes, as detailed in their filings.

Analyst Insight

Monitor future filings for updates on revenue growth, profitability, and market share in the competitive energy storage sector.

Key Numbers

• 2023-12-31 — Period End Date (Quarterly Report)
• 2024-02-08 — Filing Date (10-Q Submission)
• 09/30 — Fiscal Year End (Company Fiscal Calendar)

Key Players & Entities

• Fluence Energy, Inc. (company) — Filer
• FLNC (company) — Ticker Symbol
• 10-Q (filing) — Form Type
• 2023-12-31 (date) — Period of Report
• 2024-02-08 (date) — Filing Date
• 4601 Fairfax Drive, Suite 600, Arlington, VA 22203 (address) — Business Address

FAQ

Industry Context

Fluence Energy operates in the rapidly growing energy storage and renewables sector, a critical area for grid modernization and the transition to cleaner energy sources.

Regulatory Implications

As a publicly traded company, Fluence Energy is subject to SEC regulations and reporting requirements, including the timely filing of 10-Q quarterly reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze any disclosed changes in revenue, expenses, and cash flow compared to previous periods.
3. Assess the company's stated strategies and outlook for the upcoming quarters.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the 10-Q for the first quarter of fiscal year 2024, following previous filings such as 10-K annual reports and prior 10-Q reports.

Key Financial Figures

• $0.00001 — which registered Class A common stock, $0.00001 par value FLNC The Nasdaq Global Select
• $0.7 million — (as defined therein), the Company paid $0.7 million in certain expenses of the Selling Stoc
• $250,000 — old cash in excess of the FDIC limit of $250,000. As a result, we are subject to concent

Filing Documents

• flnc-20231231.htm (10-Q) — 1222KB
• exhibit101-fluencexmastera.htm (EX-10.1) — 50KB
• exhibit102-kvankatransitio.htm (EX-10.2) — 44KB
• exhibit103-carolcouch_offe.htm (EX-10.3) — 17KB
• exhibit104-separationlette.htm (EX-10.4) — 55KB
• exhibit105-fluenceenergyxa.htm (EX-10.5) — 17KB
• exhibit106-sptimxxrrajoind.htm (EX-10.6) — 7KB
• exhibit107-sptimxxshajoind.htm (EX-10.7) — 11KB
• a1q10-q2024ex311.htm (EX-31.1) — 10KB
• a1q10-q2024ex312.htm (EX-31.2) — 10KB
• a1q10-q2024ex321.htm (EX-32.1) — 5KB
• a1q10-q2024ex322.htm (EX-32.2) — 5KB
• 0001868941-24-000014.txt (&nbsp;) — 7970KB
• flnc-20231231.xsd (EX-101.SCH) — 57KB
• flnc-20231231_cal.xml (EX-101.CAL) — 85KB
• flnc-20231231_def.xml (EX-101.DEF) — 356KB
• flnc-20231231_lab.xml (EX-101.LAB) — 765KB
• flnc-20231231_pre.xml (EX-101.PRE) — 521KB
• flnc-20231231_htm.xml (XML) — 943KB

- Financial Information

Part I - Financial Information 4 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations and Comprehensive Loss 5 Condensed Consolidated Statements of Changes in Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 49

- Other Information

Part II - Other Information 50 Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 51

Signatures

Signatures 53 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q for the three months ended December 31, 2023 (this "Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements regarding our future results of operations and financial position, financial and operational performance, growth and business strategy, future revenue recognition and estimated revenues, future capital expenditures and debt service obligations, projected costs, prospects, plans, and objectives of management for future operations, including, among others, statements regarding expected growth and demand for our energy storage products and services, relationships with new and existing suppliers, introduction of new products, services, and digital application offerings and adoption of such offerings by customers, expectations regarding material weakness remediation, presumptions relating to the Company's tax receivable agreement, and potential impact from the Inflation Reduction Act of 2022 or any other proposed legislation, are forward-looking statements. In some cases, you may identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "seeks," "intends," "targets," "projects," "contemplates," "grows," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are diffic

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements FLUENCE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollars in Thousands, except share and per share amounts) Unaudited December 31, 2023 September 30, 2023 Assets Current assets: Cash and cash equivalents $ 317,614 $ 345,896 Restricted cash 135,864 106,835 Trade receivables, net 172,021 103,397 Unbilled receivables 182,232 192,064 Receivables from related parties 75,427 58,514 Advances to suppliers 112,570 107,947 Inventory, net 564,466 224,903 Current portion of notes receivable - pledged as collateral 55,251 24,330 Other current assets 50,054 31,074 Total current assets 1,665,499 1,194,960 Non-current assets: Property and equipment, net $ 13,427 $ 12,771 Intangible assets, net 56,780 55,752 Goodwill 27,535 26,020 Deferred income tax asset 86 86 Note receivable - pledged as collateral — 30,921 Other non-current assets 52,167 31,639 Total non-current assets 149,995 157,189 Total assets $ 1,815,494 $ 1,352,149 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 318,548 $ 62,899 Deferred revenue 382,832 273,164 Current portion of borrowings against note receivable - pledged as collateral 51,621 22,539 Personnel related liabilities 18,783 52,174 Accruals and provisions 172,009 172,223 Payables and deferred revenue with related parties 265,048 116,488 Taxes payable 30,994 29,465 Other current liabilities 12,087 16,711 Total current liabilities 1,251,922 745,663 Non-current liabilities: Deferred income tax liability 5,370 4,794 Borrowings against note receivable - pledged as collateral — 28,024 Other non-current liabilities 19,047 17,338 Total non-current liabilities 24,417 50,156 Total liabilities 1,276,339 795,819 Stockholders' Equity: Preferred stock, $ 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2023 and September 30, 2023 — — Class A common stock, $ 0.00001 par value per share, 1,200,000,000 sh

View Full Filing

View this 10-Q filing on SEC EDGAR