Fluence Energy Files Q3 2024 10-Q
Ticker: FLNC · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1868941
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Fluence Energy's Q3 2024 10-Q is in. Check financials and biz updates.
AI Summary
Fluence Energy, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial figures and business segments are presented, alongside disclosures regarding related and non-related party transactions.
Why It Matters
This filing provides investors with the latest financial results and operational status of Fluence Energy, Inc., crucial for understanding the company's performance in the energy storage sector.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health or operational risks.
Key Players & Entities
- Fluence Energy, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240807 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 7, 2024.
What is the company's fiscal year end?
The company's fiscal year ends on September 30.
What is the company's primary business classification?
The company is classified under MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690].
What are the different classes of common stock mentioned?
The filing mentions Common Class A, Common Class B1, and Common Class B2 members.
Filing Stats: 4,711 words · 19 min read · ~16 pages · Grade level 19.4 · Accepted 2024-08-07 16:12:26
Key Financial Figures
- $0.00001 — which registered Class A common stock, $0.00001 par value FLNC The Nasdaq Global Select
Filing Documents
- flnc-20240630.htm (10-Q) — 1638KB
- exhibit41-descriptionofcap.htm (EX-4.1) — 38KB
- exhibit101-nonxemployeeind.htm (EX-10.1) — 22KB
- exhibit102-amendmentno3tot.htm (EX-10.2) — 1807KB
- a3q10-q2024ex311.htm (EX-31.1) — 10KB
- a3q10-q2024ex312.htm (EX-31.2) — 10KB
- a3q10-q2024ex321.htm (EX-32.1) — 5KB
- a3q10-q2024ex322.htm (EX-32.2) — 5KB
- image_0a.jpg (GRAPHIC) — 2KB
- 0001868941-24-000059.txt ( ) — 11313KB
- flnc-20240630.xsd (EX-101.SCH) — 61KB
- flnc-20240630_cal.xml (EX-101.CAL) — 79KB
- flnc-20240630_def.xml (EX-101.DEF) — 417KB
- flnc-20240630_lab.xml (EX-101.LAB) — 748KB
- flnc-20240630_pre.xml (EX-101.PRE) — 572KB
- flnc-20240630_htm.xml (XML) — 1255KB
- 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 40 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 60 Item 4.
Controls and Procedures
Controls and Procedures 60
- Other Information
Part II - Other Information 62 Item 1.
Legal Proceedings
Legal Proceedings 62 Item 1A.
Risk Factors
Risk Factors 62 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63 Item 3. Defaults Upon Senior Securities 63 Item 4. Mine Safety Disclosures 63 Item 5. Other Information 63 Item 6. Exhibits 65
Signatures
Signatures 68 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q for the period ended June 30, 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, operational performance, anticipated 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, assumptions relating to the Company's tax receivable agreement, expectations relating to backlog, pipeline, and contracted backlog, current expectations relating to legal contingencies, and anticipated impact and benefits from the Inflation Reduction Act of 2022 and related U.S. Treasury domestic content guidelines 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,"
- 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 June 30, 2024 September 30, 2023 Assets Current assets: Cash and cash equivalents $ 388,242 $ 345,896 Restricted cash 101,988 106,835 Trade receivables, net 93,497 103,397 Unbilled receivables 96,002 192,064 Receivables from related parties 100,945 58,514 Advances to suppliers 155,648 107,947 Inventory, net 469,934 224,903 Current portion of notes receivable - pledged as collateral 55,251 24,330 Other current assets 42,453 31,074 Total current assets 1,503,960 1,194,960 Non-current assets: Property and equipment, net $ 13,586 $ 12,771 Intangible assets, net 58,628 55,752 Goodwill 26,337 26,020 Deferred income tax asset 85 86 Note receivable - pledged as collateral — 30,921 Other non-current assets 87,357 31,639 Total non-current assets 185,993 157,189 Total assets $ 1,689,953 $ 1,352,149 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 321,880 $ 65,376 Deferred revenue 409,612 273,164 Deferred revenue with related parties 36,742 110,274 Current portion of borrowings against note receivable - pledged as collateral 53,714 22,539 Personnel related liabilities 41,435 52,174 Accruals and provisions 213,339 175,960 Taxes payable 32,619 29,465 Other current liabilities 15,365 16,711 Total current liabilities 1,124,706 745,663 Non-current liabilities: Deferred income tax liability $ 5,143 $ 4,794 Borrowings against note receivable - pledged as collateral — 28,024 Other non-current liabilities 21,927 17,338 Total non-current liabilities 27,070 50,156 Total liabilities 1,151,776 795,819 Stockholders' Equity: Preferred stock, $ 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and September 30, 2023 — — Class A common stock, $ 0.00001 par value per share, 1,200,000,000 shares authorized; 12