Fluence Energy Files 2024 Annual Report

TL;DR

Fluence Energy's 2024 10-K is in. Full year financials out now.

AI Summary

Fluence Energy, Inc. filed its 10-K for the fiscal year ending September 30, 2024. The company, headquartered in Arlington, VA, reported its financial performance and business operations. Key financial data and disclosures are included in this annual report, which provides a comprehensive overview of the company's status as of November 29, 2024.

Why It Matters

This filing provides investors and stakeholders with a detailed look at Fluence Energy's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-K filings are standard annual reports, but the specific financial details and disclosures within can reveal varying levels of risk for the company.

Key Numbers

• 09/30/2024 — Fiscal Year End (End date of the reporting period)
• 2024-11-29 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• Fluence Energy, Inc. (company) — Filer of the 10-K
• 2024-09-30 (date) — Fiscal year end
• 2024-11-29 (date) — Filing date
• Arlington, VA (location) — Company headquarters and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• flnc-20240930.htm (10-K) — 2830KB
• exhibit-johnzahurancik_off.htm (EX-10.31) — 29KB
• exhibit191-insidertradingp.htm (EX-19.1) — 108KB
• a2024ex211subsidiariesoffl.htm (EX-21.1) — 11KB
• a10-k2024ex231xeyconsent.htm (EX-23.1) — 4KB
• exhibit241-poaxform10k2024.htm (EX-24.1) — 13KB
• a10-k2024ex311.htm (EX-31.1) — 10KB
• a10-k2024ex312.htm (EX-31.2) — 10KB
• a10-k2024ex321.htm (EX-32.1) — 5KB
• a10-k2024ex322.htm (EX-32.2) — 5KB
• flnc-20240930_g1.gif (GRAPHIC) — 277KB
• 0001868941-24-000070.txt ( ) — 15687KB
• flnc-20240930.xsd (EX-101.SCH) — 90KB
• flnc-20240930_cal.xml (EX-101.CAL) — 146KB
• flnc-20240930_def.xml (EX-101.DEF) — 614KB
• flnc-20240930_lab.xml (EX-101.LAB) — 1081KB
• flnc-20240930_pre.xml (EX-101.PRE) — 898KB
• flnc-20240930_htm.xml (XML) — 2179KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 57

C

Item 1 C . Cybersecurity 57 Item 2.

Properties

Properties 58 Item 3.

Legal Proceedings

Legal Proceedings 58 Item 4. Mine Safety Disclosures 58 Part II 59 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59 Item 6.

Selected Financial Data

Selected Financial Data 60 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 76 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 78 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 127 Item 9A.

Controls and Procedures

Controls and Procedures 127 Item 9B. Other Information 128 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspection 128 Part III 129 Item 10. Directors, Executive Officers and Corporate Governance 129 Item 11.

Executive Compensation

Executive Compensation 129 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129 Item 13. Certain Relationships and Related Transactions, and Director Independence 129 Item 14. Principal Accountant Fees and Service s 129 PART IV 130 Item 15. Exhibit and Financial Statement Schedules 130 Item 16. Form 10-K Summary 135

Signatures

Signatures 136 1 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain statements in this Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (this "Annual Report"), excluding historical information, contain or may contain forward-looking statements. 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"). 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 proceedings, and anticipated impact and benefits from the Inflation Reduction Act of 2022 (the "IRA") and related domestic content guidelines on us and our customers as well as any other proposed or recently enacted 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", "commits", or "

BUSINESS

ITEM 1. BUSINESS Inception and Organization Fluence Energy, Inc., a Delaware corporation (the "Company"), was initially formed on June 21, 2021 and on November 1, 2021, Fluence Energy, Inc. completed its initial public offering (the "IPO"). We conduct our business operations through Fluence Energy, LLC and its direct and indirect subsidiaries. Fluence Energy, LLC was formed on June 30, 2017 as a joint venture between Siemens Industry, Inc. ("Siemens Industry"), an indirect subsidiary of Siemens AG ("Siemens"), and AES Grid Stability, LLC ("AES Grid Stability"), an indirect subsidiary of The AES Corporation ("AES"), and commenced operations on January 1, 2018. We refer to Siemens Industry and AES Grid Stability as the "Founders" in this Annual Report and together with Qatar Holding LLC ("QHL"), an affiliate of the Qatar Investment Authority ("QIA"), they are collectively referred to as the "Continuing Equity Owners". As the sole managing member of Fluence Energy, LLC, Fluence Energy, Inc. operates and controls all the business and affairs of Fluence Energy, LLC and its direct and indirect subsidiaries. As a result, Fluence Energy, Inc. consolidates Fluence Energy, LLC and records a non-controlling interest in its consolidated financial statements for the economic interest in Fluence Energy, LLC held by the Founders. Except where the content clearly indicates otherwise, any reference in this Annual Report to "Fluence," "we," "us," "our" or "the Company" refers to Fluence Energy, Inc. and all of its direct and indirect subsidiaries, including Fluence Energy, LLC. Overview Fluence is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. Our energy storage solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, we believe we

View Full Filing

View this 10-K filing on SEC EDGAR