Fluence Energy Reports Significant Financial Growth in 2024
Intellectia.AI
Fluence Energy, Inc. has reported significant financial improvements for the fiscal year ending September 30, 2024. The company's net income surged to $67,724,000 from $4,817,000 in the same period last year, marking a 1306% increase. For the fiscal year, net income reached $30,367,000, a substantial improvement from a loss of $104,818,000 in 2023.
The company's total revenue for the three months ending September 30, 2024, was $1,228,148,000, an 82% increase from the previous year's $672,982,000. For the fiscal year, revenue increased by 22% to $2,698,562,000 from $2,217,978,000 in 2023. The cost of goods and services rose by 79% in the quarter and 14% for the fiscal year. Consequently, the gross profit for the quarter doubled to $157,469,000, and for the year, it increased by 142% to $341,080,000.
Adjusted EBITDA for the quarter was $86,872,000, a 338% increase from $19,849,000 in the same period last year. For the fiscal year, adjusted EBITDA was $78,106,000, compared to a loss of $61,388,000 in 2023, representing a 227% improvement.
Fluence Energy also reported a significant increase in free cash flow, which reached $71,570,000 for the fiscal year, compared to a negative $114,916,000 in 2023. This improvement was driven by net cash provided by operating activities, which increased to $79,685,000 from a negative $111,927,000 the previous year.
These financial results indicate a strong recovery and growth trajectory for Fluence Energy, as the company continues to enhance its financial performance and operational efficiency.
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