(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File formatted in iXBRL |
FLUENCE ENERGY, INC. | ||||||||
Date: February 7, 2024 | By: | /s/ Francis A. Fuselier | ||||||
Francis A. Fuselier | ||||||||
Senior Vice President, General Counsel and Secretary |
Common Shares | |||||
Class B-1 common stock held by AES Grid Stability, LLC | 51,499,195 | ||||
Class A common stock held by Siemens AG | 39,738,064 | ||||
Class A common stock held by SPT Invest Management, Sarl (a) | 11,761,131 | ||||
Class A common stock held by Qatar Holding LLC | 14,668,275 | ||||
Class A common stock held by public | 60,800,472 | ||||
Total Class A and Class B-1 common stock outstanding | 178,467,137 |
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 shares authorized; 127,657,916 shares issued and 126,967,942 shares outstanding as of December 31, 2023; 119,593,409 shares issued and 118,903,435 shares outstanding as of September 30, 2023, respectively | 1 | 1 | |||||||||
Class B-1 common stock, $0.00001 par value per share, 200,000,000 shares authorized; 51,499,195 shares issued and outstanding as of December 31, 2023; 58,586,695 shares issued and outstanding as of September 30, 2023, respectively | — | — | |||||||||
Class B-2 common stock, $0.00001 par value per share, 200,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2023 and September 30, 2023 | — | — | |||||||||
Treasury stock, at cost | (7,797) | (7,797) | |||||||||
Additional paid-in capital | 610,230 | 581,104 |
Accumulated other comprehensive income | 4,382 | 3,202 | |||||||||
Accumulated deficit | (190,907) | (174,164) | |||||||||
Total stockholders’ equity attributable to Fluence Energy, Inc. | 415,909 | 402,346 | |||||||||
Non-Controlling interests | 123,246 | 153,984 | |||||||||
Total stockholders’ equity | 539,155 | 556,330 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,815,494 | $ | 1,352,149 |
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Revenue | $ | 247,382 | $ | 209,454 | |||||||
Revenue from related parties | 116,574 | 101,006 | |||||||||
Total revenue | 363,956 | 310,460 | |||||||||
Cost of goods and services | 327,570 | 298,420 | |||||||||
Gross profit | 36,386 | 12,040 | |||||||||
Operating expenses: | |||||||||||
Research and development | 15,440 | 19,162 | |||||||||
Sales and marketing | 10,706 | 8,792 | |||||||||
General and administrative | 37,728 | 31,267 | |||||||||
Depreciation and amortization | 2,483 | 2,424 | |||||||||
Interest income, net | (1,993) | (656) | |||||||||
Other income, net | (1,187) | (11,142) | |||||||||
Loss before income taxes | (26,791) | (37,807) | |||||||||
Income tax benefit | (1,235) | (614) | |||||||||
Net loss | $ | (25,556) | $ | (37,193) | |||||||
Net loss attributable to non-controlling interest | $ | (8,813) | $ | (12,551) | |||||||
Net loss attributable to Fluence Energy, Inc. | $ | (16,743) | $ | (24,642) | |||||||
Weighted average number of Class A common shares outstanding | |||||||||||
Basic and diluted | 121,113,282 | 115,393,437 | |||||||||
Loss per share of Class A common stock | |||||||||||
Basic and diluted | $ | (0.14) | $ | (0.21) | |||||||
Foreign currency translation gain (loss), net of income tax expense of $0.3 million in 2023 and 2022, respectively | 1,635 | (3,585) | |||||||||
Total other comprehensive income (loss) | $ | 1,635 | $ | (3,585) | |||||||
Total comprehensive loss | $ | (23,921) | $ | (40,778) | |||||||
Comprehensive loss attributable to non-controlling interest | $ | (8,358) | $ | (13,761) | |||||||
Total comprehensive loss attributable to Fluence Energy, Inc. | $ | (15,563) | $ | (27,017) |
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (25,556) | $ | (37,193) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 2,883 | 2,424 | |||||||||
Amortization of debt issuance costs | 682 | 229 | |||||||||
Inventory (benefit) provision | 298 | (330) | |||||||||
Stock-based compensation expense | 5,630 | 8,477 | |||||||||
Deferred income taxes | 295 | (951) | |||||||||
Provision on loss contracts, net | (524) | (2,720) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade receivables | (70,550) | (21,821) | |||||||||
Unbilled receivables | 11,895 | (85,959) | |||||||||
Receivables from related parties | (16,882) | 55,349 | |||||||||
Advances to suppliers | 3,216 | 8,033 | |||||||||
Inventory | (336,408) | (430,541) | |||||||||
Other current assets | (48,709) | (3,507) | |||||||||
Other non-current assets | 26,459 | 375 | |||||||||
Accounts payable | 255,347 | 200,722 | |||||||||
Payables and deferred revenue with related parties | 148,417 | 51,716 | |||||||||
Deferred revenue | 99,051 | 196,026 | |||||||||
Current accruals and provisions | (455) | (20,907) | |||||||||
Taxes payable | (1,438) | (3,216) | |||||||||
Other current liabilities | (5,496) | (4,806) | |||||||||
Other non-current liabilities | (28,792) | (298) | |||||||||
Net cash provided by (used in) operating activities | 19,363 | (88,898) | |||||||||
Investing activities | |||||||||||
Proceeds from maturities of short-term investments | — | 1,178 | |||||||||
Payments for purchase of investment in joint venture | — | (5,013) | |||||||||
Capital expenditures on software | (1,128) | — | |||||||||
Purchase of property and equipment | (1,468) | (2,496) | |||||||||
Net cash used in investing activities | (2,596) | (6,331) | |||||||||
Financing activities | |||||||||||
Repurchase of Class A common stock placed into treasury | — | (288) | |||||||||
Payment of debt issuance costs | (3,583) | — | |||||||||
Payments for acquisitions | (3,892) | — | |||||||||
Proceeds from exercise of stock options | 1,116 | 2,398 | |||||||||
Proceeds from borrowing against note receivable - pledged as collateral | — | 21,142 | |||||||||
Net cash (used in) provided by financing activities | (6,359) | 23,252 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 3,418 | (5,776) | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 13,826 | (77,753) | |||||||||
Cash, cash equivalents, and restricted cash as of the beginning of the period | 462,731 | 429,721 | |||||||||
Cash, cash equivalents, and restricted cash as of the end of the period | $ | 476,557 | $ | 351,968 | |||||||
Supplemental Cash Flows Information | |||||||||||
Interest paid | $ | 722 | $ | 274 | |||||||
Cash paid for income taxes | $ | 916 | $ | 284 | |||||||
December 31, 2023 | September 30, 2023 | Change | Change % | |||||||||||||||||||||||
Energy Storage Products and Solutions | ||||||||||||||||||||||||||
Deployed (GW) | 3.6 | 3.0 | 0.6 | 20% | ||||||||||||||||||||||
Deployed (GWh) | 8.7 | 7.2 | 1.5 | 21% | ||||||||||||||||||||||
Contracted Backlog (GW) | 5.1 | 4.6 | 0.5 | 11% | ||||||||||||||||||||||
Pipeline (GW) | 13.2 | 12.2 | 1.0 | 8% | ||||||||||||||||||||||
Pipeline (GWh) | 37.8 | 34.2 | 3.6 | 11% |
(amounts in GW) | December 31, 2023 | September 30, 2023 | Change | Change % | ||||||||||||||||||||||
Service Contracts | ||||||||||||||||||||||||||
Assets under Management | 3.3 | 2.8 | 0.5 | 18% | ||||||||||||||||||||||
Contracted Backlog | 3.5 | 2.9 | 0.6 | 21% | ||||||||||||||||||||||
Pipeline | 14.7 | 13.7 | 1.0 | 7% |
(amounts in GW) | December 31, 2023 | September 30, 2023 | Change | Change % | ||||||||||||||||||||||
Digital Contracts | ||||||||||||||||||||||||||
Assets under Management | 17.0 | 15.5 | 1.5 | 10% | ||||||||||||||||||||||
Contracted Backlog | 5.7 | 6.8 | (1.1) | (16%) | ||||||||||||||||||||||
Pipeline | 31.7 | 24.4 | 7.3 | 30% |
(amounts in GW) | Three Months Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | Change | Change % | |||||||||||||||||||||||
Energy Storage Products and Solutions | ||||||||||||||||||||||||||
Contracted | 1.2 | 0.6 | 0.6 | 100% | ||||||||||||||||||||||
Service Contracts | ||||||||||||||||||||||||||
Contracted | 1.1 | 0.1 | 1.0 | 1000% | ||||||||||||||||||||||
Digital Contracts | ||||||||||||||||||||||||||
Contracted | 0.4 | 0.8 | (0.4) | (50)% |
($ in thousands) | Three Months Ended December 31, | Change | Change % | ||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net loss | $ | (25,556) | $ | (37,193) | $ | 11,637 | 31 | % | |||||||||||||||
Add: | |||||||||||||||||||||||
Interest income, net | (1,993) | (656) | (1,337) | 204 | % | ||||||||||||||||||
Income tax benefit | (1,235) | (614) | (621) | 101 | % | ||||||||||||||||||
Depreciation and amortization | 2,883 | 2,424 | 459 | 19 | % | ||||||||||||||||||
Stock-based compensation(a) | 5,630 | 8,477 | (2,847) | (34) | % | ||||||||||||||||||
Other expenses(b) | 1,984 | 1,507 | 477 | 32 | % | ||||||||||||||||||
Adjusted EBITDA | $ | (18,287) | $ | (26,055) | $ | 7,768 | 30 | % |
($ in thousands) | Three Months Ended December 31, | Change | Change % | |||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Total revenue | $ | 363,956 | $ | 310,460 | $ | 53,496 | 17 | % | ||||||||||||||||||
Cost of goods and services | 327,570 | 298,420 | 29,150 | 10 | % | |||||||||||||||||||||
Gross profit | 36,386 | 12,040 | 24,346 | 202 | % | |||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Stock-based compensation(a) | 1,259 | 900 | 359 | 40 | % | |||||||||||||||||||||
Amortization (b) | 400 | — | 400 | 100 | % | |||||||||||||||||||||
Other expenses(c) | — | 189 | (189) | (100) | % | |||||||||||||||||||||
Adjusted Gross Profit | $ | 38,045 | $ | 13,129 | $ | 24,916 | 190 | % | ||||||||||||||||||
Adjusted Gross Profit Margin % | 10.5 | % | 4.2% |
($ in thousands) | Three Months Ended December 31, | Change | Change % | |||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $19,363 | $(88,898) | $ | 108,261 | 122 | % | ||||||||||||||||||||
Less: Purchase of property and equipment | (1,468) | (2,496) | 1,028 | 41 | % | |||||||||||||||||||||
Free Cash Flow | $17,895 | $(91,394) | $ | 109,289 | 120 | % |
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Cover |
Feb. 07, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 07, 2024 |
Entity Registrant Name | FLUENCE ENERGY, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40978 |
Entity Tax Identification Number | 87-1304612 |
Entity Address, Address Line One | 4601 Fairfax Drive |
Entity Address, Address Line Two | Suite 600 |
Entity Address, City or Town | Arlington, |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 22203 |
City Area Code | (833) |
Local Phone Number | 358-3623 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.00001 par value per share |
Trading Symbol | FLNC |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001868941 |
Amendment Flag | false |
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