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Fluence Energy (NASDAQ:FLNC) on Tuesday surged as much as 36% to a 10-month high, a day after the energy-storage company said its quarterly revenue hit a record high, more than doubling from the prior year.
The company’s stock has lost 38% of value this year, but has posted strong gains since hitting a low of less than $5 a share in May.
Fluence (FLNC) reported a loss per share of $0.32 a share for its fiscal Q4, compared with a loss of $0.74 a share a year earlier. The company missed the consensus estimate by $0.02.
Revenue more than doubled to a company record $442 million from $188.2 million a year earlier, beating estimates by about $82 million.
Fluence (FLNC) in the past year has faced significant supply-chain bottlenecks that impaired revenue growth.
“As we turn the page to 2023, we are confident the impact of the headwinds experienced during 2022 is largely behind us as a result of the improvements made to our supply strategy and overall project execution,” Manavendra Sial, CFO of Fluence, said in prepared remarks.
The company estimated fiscal 2023 revenue will be between $1.4 billion and $1.7 billion, compared with $1.2 billion for fiscal 2022.
The Inflation Reduction Act of 2022, which provides incentives in the United States to buy energy-storage products, and rising energy prices in Europe will support demand, CEO Julian Nebreda said in its quarterly announcement.
Fluence (FLNC) today announced plans to build its own battery packs in the United States in early 2024.
Seeking Alpha columnist Keith Williams has a Buy rating on Fluence (FLNC) on demand for renewable energy. Contributor Innovation Sustainability Growth rates Fluence (FLNC) as a Strong Buy on the need for energy storage.
Photo source: Fluence Energy
