Fluence CEO says energy storage leader has record backlog that will push it to profitability this year
Publishing timestamp: 2024-02-09 17:50:10
Summary
Fluence, a leader in the energy storage market, is experiencing strong demand and expects to become profitable this year. Despite reporting a net loss for its most recent quarter, Fluence's stock has increased by 13% this week. The company has a record quarterly intake of $1.1 billion in orders, resulting in a contracted backlog of $3.7 billion. CEO Julian Nebreda stated that Fluence is preparing for "hypergrowth" as wind and solar energy play a growing role in the U.S. power grid. The company's technology helps balance supply and demand by storing energy for later use. Fluence expects to achieve profitability for the full year and forecasts earnings before interest, taxes, depreciation, and amortization of $50 million to $80 million in 2024. Wall Street analysts are bullish on Fluence, with a majority rating the stock as a buy and an average price target implying a 43% upside. The industry demand for energy storage is projected to grow at a compound annual rate of 27% over the next six years.
Sentiment: POSITIVE
Tickers: FLNC,
Keywords: energy, fluence energy inc, breaking news: markets, markets, business news, alternative and sustainable energy,