Fluence Corporation Reports $21.4 Million FY Loss, Revenue at $51.5 Million

Fluence Corporation has reported a FY loss from ordinary activities of $21.4 million, a 33.7% increase from the previous year. The company's revenue for ordinary activities was $51.5 million.

Introduction:
Fluence Corporation (ASX: FLC), a leading industrial energy and water solutions provider, reported a larger-than-expected loss from ordinary activities for the fiscal year ended June 30, 2023. The company's financial performance was affected by increased costs and higher interest expenses. Despite the loss, Fluence reported a slight increase in revenue compared to the previous year.

Financial Highlights:
Fluence reported a loss from ordinary activities of $21.4 million, a 33.7% increase from the previous year. The company's revenue for ordinary activities was $51.5 million, up from $50.1 million in the previous year. The increase in revenue was driven by higher operating revenue and other revenue.

Operational Performance:
Fluence's operating revenue increased by 11.2% to $59.58 million compared to the previous year. The company reported an upgrade in other revenue from $0.01 to $0.33. Fluence's gross profit increased by 42.2% to $18.37 million, driven by higher selling prices and a more favorable product mix.

Cost Structure:
Fluence's cost of revenue increased by 83.5% to $41.22 million due to higher raw material and labor costs. The company's selling, general, and administrative expenses increased by 13.8% to $22.22 million. Research and development expenses increased by 141.1% to $2.44 million.

Financial Position:
Fluence reported a net loss of $24.9 million, compared to a net loss of $20.8 million in the previous year. The company's cash flow from operating activities was negative $14.7 million, compared to negative $10.5 million in the previous year. Fluence's cash and cash equivalents at the end of the fiscal year were $10.7 million, compared to $12.2 million at the end of the previous year.

Conclusion:
Fluence Corporation reported a larger-than-expected loss from ordinary activities for the fiscal year ended June 30, 2023. The company's financial performance was affected by increased costs and higher interest expenses. Despite the loss, Fluence reported a slight increase in revenue compared to the previous year. The company's financial position remains challenging, with negative cash flow from operating activities and a decline in cash and cash equivalents.

[1] Fluence Corporation IR: https://ir.fluenceenergy.com/financial-information
[2] StockAnalysis: https://stockanalysis.com/quote/asx/FLC/financials/