Fluence Corp Ltd (FRA:4SVE)
€ 0.036 -0.0155 (-30.1%) Market Cap: 46.64 Mil Enterprise Value: 50.61 Mil PE Ratio: 0 PB Ratio: 10.29 GF Score: 0/100
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Q1 2023 Fluence Corporation Ltd Earnings Call Transcript

Apr 26, 2023 / 11:30PM GMT
Release Date Price: €0.089139 (+2.59%)
Ben Fash
Fluence Corporation Limited - CFO

Yes. Thank you, Melanie, and thank you for everyone. Good morning. Appreciate everyone joining the call this morning. I would like to please note that all discussions regarding the financial results are on an unaudited basis. But what I did want to highlight for the fiscal quarter ending March 31, 2023, Fluence finished the quarter with $14 million of revenue, which was down 49% from Q1 of 2022, mainly due to the reduction in Ivory Coast revenue and several SPS project delays.

With that said, there were several bright spots like SPS revenues in our Southeast Asia and China business being up 50% from Q1 2022 due to growth in other key Southeast Asian markets like Cambodia, Vietnam, and Taiwan, as well as the reopening in China, that is picking up speed.

Also, new orders in recurring revenue are up 100% in Q1 2023 over the same time period in 2022, leading to 35% growth in recurring revenue backlog, while backlog in SPS plus recurring revenue remained flat over Q4 2022.

Lastly, we are having significant visibility on large near-term

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