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Fluence Energy, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing details Fluence's financial performance, with total revenue increasing to $2,698,562,000, up from $2,217,978,000 in the previous year. This growth is attributed to increased sales of battery-based energy storage solutions and services.
Cost of goods and services rose to $2,357,482,000 from $2,077,023,000, reflecting higher volumes of Gridstack cubes fulfilled and increased services costs.
The company reported a gross profit of $341,080,000, compared to $140,955,000 in the previous year, with a gross profit margin of 12.6%, up from 6.4%.
Research and development expenses remained stable at $66,195,000, while sales and marketing expenses increased by 55.3% to $63,842,000 due to higher headcount and factoring discounts.
General and administrative expenses rose by 26.9% to $172,996,000, driven by increased salaries and personnel-related expenses.
Net income for the year was $30,367,000, a significant improvement from a net loss of $104,818,000 in the previous year.
Fluence had a working capital of $1,680,443,000 as of September 30, 2024. The company continues to focus on expanding its market presence and enhancing its product offerings.
The filing also discusses the company's strategic initiatives, including the development of its Fluence-designed Battery Packs and the expansion of its manufacturing capabilities in Utah.
Fluence is actively managing its supply chain and exploring opportunities to diversify its supplier base to mitigate risks associated with global trade conditions.
The company acknowledges various risks, including competition, regulatory changes, and supply chain disruptions, which could impact its future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fluence Energy Inc. annual 10-K report dated November 29, 2024. To report an error, please email earnings@qz.com.