Fluence Energy, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Fluence Energy, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Fluence Energy, Inc. (FLNC) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Fluence Energy, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the fiscal second quarter of 2024. The company's fiscal year ends on September 30th. The filing was made on May 9, 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 second quarter of fiscal year 2024. The detailed financial information within the report is crucial for understanding the company's current financial health, profitability, and any significant changes since the last filing.

Risk Assessment

Risk Level: low — Fluence Energy, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with public companies in this sector.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess Fluence Energy's performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (The end date of the reporting period for the 10-Q filing.)
• 2024-05-09 — Filing Date (The date the 10-Q report was filed with the SEC.)
• 0930 — Fiscal Year End (The month and day Fluence Energy's fiscal year ends.)

Key Players & Entities

• Fluence Energy, Inc. (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — Conformed period of report.
• 2024-05-09 (date) — Filed as of date.
• 4601 Fairfax Drive, Suite 600, Arlington, VA 22203 (address) — Business and mailing address of Fluence Energy, Inc.

FAQ

Industry Context

Fluence Energy operates in the energy storage and technology sector, providing solutions for grid-scale battery storage and software for energy management.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 31, 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and challenges.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-09: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the quarter ended March 31, 2024, providing updated financial information since the last periodic filing.

Key Financial Figures

• $0.00001 — which registered Class A common stock, $0.00001 par value FLNC The Nasdaq Global Select

Filing Documents

• flnc-20240331.htm (10-Q) — 1580KB
• exhibit101-masterreceivabl.htm (EX-10.1) — 363KB
• exhibit102-barclays_fluenc.htm (EX-10.2) — 68KB
• exhibit103-amendmentno2tot.htm (EX-10.3) — 1588KB
• a2q10-q2024ex311.htm (EX-31.1) — 10KB
• a2q10-q2024ex312.htm (EX-31.2) — 10KB
• a1q10-q2024ex3211.htm (EX-32.1) — 5KB
• a2q10-q2024ex322.htm (EX-32.2) — 5KB
• 0001868941-24-000045.txt (&nbsp;) — 10917KB
• flnc-20240331.xsd (EX-101.SCH) — 60KB
• flnc-20240331_cal.xml (EX-101.CAL) — 83KB
• flnc-20240331_def.xml (EX-101.DEF) — 372KB
• flnc-20240331_lab.xml (EX-101.LAB) — 705KB
• flnc-20240331_pre.xml (EX-101.PRE) — 543KB
• flnc-20240331_htm.xml (XML) — 1149KB

- Financial Information

Part I - Financial Information 5 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations and Comprehensive Loss 6 Condensed Consolidated Statements of Changes in Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 11 Notes to Condensed Consolidated Financial Statements 12 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 37 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 4.

Controls and Procedures

Controls and Procedures 56

- Other Information

Part II - Other Information 58 Item 1.

Legal Proceedings

Legal Proceedings 58 Item 1A.

Risk Factors

Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3. Defaults Upon Senior Securities 59 Item 4. Mine Safety Disclosures 59 Item 5. Other Information 59 Item 6. Exhibits 61

Signatures

Signatures 63 2 Table of Cont ents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q for the period ended March 31, 2024 (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"). All statements other than statements of historical facts contained in this Report are forward-looking statements. In particular, 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 solutions, services, and digital application offerings, relationships with new and existing customers and suppliers, introduction of new energy storage solutions, services, and digital application offerings and adoption of such offerings by customers, presumptions relating to the Company's tax receivable agreement, expectations relating to backlog, pipeline, and contracted backlog, and anticipated impact and benefits from the Inflation Reduction Act of 2022 on us and our customers, contained in this Report 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

- 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 March 31, 2024 September 30, 2023 Assets Current assets: Cash and cash equivalents $ 411,798 $ 345,896 Restricted cash 106,605 106,835 Trade receivables, net 86,798 103,397 Unbilled receivables 132,955 192,064 Receivables from related parties 63,639 58,514 Advances to suppliers 110,759 107,947 Inventory, net 309,059 224,903 Current portion of notes receivable - pledged as collateral 55,251 24,330 Other current assets 45,867 31,074 Total current assets 1,322,731 1,194,960 Non-current assets: Property and equipment, net $ 13,512 $ 12,771 Intangible assets, net 57,172 55,752 Goodwill 26,266 26,020 Deferred income tax asset 85 86 Note receivable - pledged as collateral — 30,921 Other non-current assets 110,077 31,639 Total non-current assets 207,112 157,189 Total assets $ 1,529,843 $ 1,352,149 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 244,191 $ 62,899 Deferred revenue 398,639 273,164 Deferred revenue and payables with related parties 59,046 116,488 Current portion of borrowings against note receivable - pledged as collateral 52,667 22,539 Personnel related liabilities 25,784 52,174 Accruals and provisions 159,613 172,223 Taxes payable 22,023 29,465 Other current liabilities 11,150 16,711 Total current liabilities 973,113 745,663 Non-current liabilities: Deferred income tax liability $ 5,159 $ 4,794 Borrowings against note receivable - pledged as collateral — 28,024 Other non-current liabilities 19,835 17,338 Total non-current liabilities 24,994 50,156 Total liabilities 998,107 795,819 Stockholders' Equity: Preferred stock, $ 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2024 and September 30, 2023 — — Class A common stock, $ 0.00001 par value per share, 1,200,000,000 shares au

View Full Filing

View this 10-Q filing on SEC EDGAR