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Fluence Energy Inc. (FLNC-41.38%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a decrease in total revenue to $186.8 million from $364.0 million in the same quarter of the previous year, primarily due to decreased volumes of Gridstack cubes fulfilled.
Cost of goods and services decreased to $165.6 million from $327.6 million, in line with the reduced sales volume.
Gross profit for the quarter was $21.2 million, down from $36.4 million in the previous year, with the gross profit margin slightly increasing to 11.4% from 10.0%.
Research and development expenses increased by 11% to $17.2 million, driven by increased expenditures for materials and supplies.
Sales and marketing expenses rose by 70% to $18.2 million, primarily due to increased salaries and personnel-related expenses.
General and administrative expenses were relatively flat at $36.7 million compared to $37.7 million in the previous year.
Net loss for the quarter increased to $57.0 million from $25.6 million in the previous year, primarily due to decreased gross profit and increased sales and marketing expenses.
Fluence Energy reported an increase in its deployed energy storage solutions to 5.8 GW, with a contracted backlog of 7.8 GW.
The company issued $400 million in convertible senior notes due 2030, with net proceeds of $389 million, to support its liquidity and capital needs.
Fluence Energy continues to focus on expanding its market presence and developing new energy storage solutions, despite challenges in the current economic environment.
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. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.