What happened
Shares of Fluence Energy (NASDAQ: FLNC) had jumped more than 11% by 1:15 p.m. ET on Thursday. Powering the surge in the energy storage company’s stock price was its fiscal first-quarter results and updated outlook.
So what
Fluence’s revenue surged 78% year over year to $310.5 million. That helped narrow the company’s net loss from $111.5 million to $37.2 million.
While it posted a loss of $0.21 per share, that was an improvement from a $0.53 loss in the year-ago period and beat analysts’ consensus estimate by $0.08 per share.
CEO Julian Nebreda said: “We delivered a strong quarter highlighted by our robust order intake complemented by our improvements in gross margin. We continue to see growing demand for our solutions and have improved our visibility in our supply chain that gives us the confidence necessary to raise our financial guidance for fiscal 2023.”
Fluence Energy now sees revenue of $1.6 billion to $1.8 billion this year. Meanwhile, it also increased its forecast for gross profit to between $85 million and $115 million.
Now what
Nebreda also said that “we are seeing early signs of incremental activity from our customers in the United States as a result of the Inflation Reduction Act that we believe will start to materialize in the second half of the year.”
That additional demand catalyst and an improving supply chain are giving the company high confidence it can produce positive adjusted earnings before interest, taxes, depreciation, and amortization in its 2024 fiscal year. Fluence Energy’s ability to continue growing rapidly and achieve profitability could give its stock the power to continue rising.
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