Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a
leading global provider of energy storage products and services,
and optimization software for renewables and storage, today
announced that Ahmed Pasha will succeed Manavendra Sial (Manu) as
Senior Vice President and Chief Financial Officer of the Company,
effective January 1, 2024.
Mr. Pasha has most recently served as Chief
Financial Officer of the US Utilities and Conventional Generation
business for The AES Corporation (NYSE: AES) from 2022 to the
present. Prior to that role, Mr. Pasha served as Vice President,
Global Treasurer and Head of Investor Relations for AES, during a
period when AES undertook a significant transformation into a
renewables-focused growth story. Over the course of his nearly
30-year career with AES, he served in numerous management positions
in finance, treasury, investor relations and business development
in the United States, Asia and Europe.
Mr. Pasha commented, “I am thrilled to join
Fluence at a time when the energy transition is achieving critical
momentum, which presents so much opportunity for the Company and
for energy storage in general. I look forward to helping Fluence
achieve its ambitious growth and profitability goals, increase
shareholder value, and deliver on its mission to transform the way
we power our world.”
Julian Nebreda, Fluence’s President and Chief
Executive Officer said, “I am delighted to welcome Ahmed to Fluence
as he is a successful, deeply experienced leader in the energy
industry. He has a proven track record of leading complex
businesses, developing and executing on strategic initiatives to
create value, and has significant experience in developing teams
and building the necessary infrastructure and systems to support
growth. Ahmed knows the Fluence story well through his treasury and
investor relations role at AES, where he cultivated strong
relationships with investors and financial institutions. He will be
a powerful asset for Fluence as we drive growth and achieve our
path to profitability.”
Mr. Nebreda continued, “On behalf of the entire
team at Fluence, I would like to thank Manu for his contribution to
Fluence. He has played a valuable role in building out the
company’s finance, IT and risk management programs, and we wish him
all the best in the next chapter of his career.”
Mr. Sial departs Fluence to become Chief
Financial Officer for a large automotive components and systems
manufacturer with over 70,000 employees at more than 200 sites
worldwide. Mr. Sial commented, “I appreciate the opportunity
provided by Julian and the Fluence Board of Directors to contribute
to Fluence's leadership. Though the decision to journey into a
different sector was tough, I am confident that I am leaving
Fluence with a strong balance sheet and in excellent financial
standing.”
Fiscal Year 2023 Guidance, Q4 Earnings
Release and Conference Call
Fluence expects to meet or exceed its fiscal
year 2023 guidance for revenues of $2.0 billion to $2.1 billion and
for Adjusted gross profit1 of $117 million to $132 million.
Mr. Nebreda commented, “We continue to see a
strong utility scale energy storage market as evident by our
ability to meet or exceed our 2023 guidance. More importantly, we
are encouraged by the increasing number of opportunities we see for
2024 and beyond.”
Conference Call Information
The Company also announced today that it will
report earnings for the fourth quarter and fiscal year ended
September 30, 2023 on Tuesday, November 28, 2023, after market
close.
The Company will conduct a teleconference
starting at 8:30 a.m. EST on Wednesday, November 29, 2023, to
discuss the results. To participate, analysts are required to
register by clicking Fluence Energy Q4 Earnings Call Registration
Link. Once registered, analysts will be issued a unique PIN number
and dial-in number. Analysts are encouraged to register at least 15
minutes before the scheduled start time.
General audience participants, and non-analysts
are encouraged to join the teleconference in a listen-only mode at:
Listen-Only Webcast Link, or on http://Fluenceenergy.com by
selecting Investors, News & Events, and Events &
Presentations. Supplemental materials that may be referenced during
the teleconference will be available at: www.fluenceenergy.com, by
selecting Investors, News & Events, and Events &
Presentations.
A replay of the conference call will be
available after 1 p.m. on Wednesday, November 29, 2023. The replay
will be available on the company’s website at
http://Fluenceenergy.com by selecting Investors, News & Events,
and Events & Presentations.
Non-GAAP Financial Measures
We present our operating results in accordance
with accounting principles generally accepted in the U.S. (“GAAP”).
We believe certain non-GAAP financial measures, such as Adjusted
Gross Profit, provide users of our financial statements with
supplemental information that may be useful in evaluating our
operating performance. We believe that such non-GAAP measures, when
read in conjunction with our operating results presented under
GAAP, can be used to better assess our performance from period to
period and relative to performance of other companies in our
industry, without regard to financing methods, historical cost
basis or capital structure. Such non-GAAP measures should be
considered as a supplement to, and not as a substitute for,
financial measures prepared in accordance with GAAP. These measures
have limitations as analytical tools, including that other
companies, may calculate these measures differently, reducing their
usefulness as comparative measures.
Adjusted Gross Profit (Loss) is calculated using
gross profit (loss), adjusted to exclude (i) stock-based
compensation expenses, (ii) amortization (iii) certain other income
or expenses and (iv) non-recurring income or expenses.
The Company is not able to provide a
quantitative reconciliation of fiscal year 2023 Adjusted Gross
Profit guidance on a forward-looking basis within this press
release because of the uncertainty around certain items that may
impact forward-looking Adjusted Gross Profit which are not within
our control or cannot be reasonably predicted without unreasonable
effort.
About Fluence
Fluence Energy, Inc. (Nasdaq: FLNC) is a global
market leader in energy storage products and services, and
optimization software for renewables and storage. With a presence
in over 47 markets globally, Fluence provides an ecosystem of
offerings to drive the clean energy transition, including modular,
scalable energy storage products, comprehensive service offerings,
and the Fluence IQ Platform, which delivers AI-enabled SaaS
products for managing and optimizing renewables and storage from
any provider. Fluence is transforming the way we power our world by
helping customers create more resilient and sustainable electric
grids.
For more information, visit our website, or
follow us on LinkedIn or Twitter. To stay up to date on the latest
industry insights, sign up for Fluence's Full Potential Blog.
Forward-Looking
Statements
The statements described herein that are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, Section
21E of the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, without limitation, statements
regarding expectations regarding fiscal year 2023 guidance for
revenues and Adjusted gross profit, timing of the leadership
transition, expectations as to the priorities management will
pursue and the impact of management changes on our business,
operations and financial results. Such statements can be identified
by the fact that they do not relate strictly to historical or
current facts. When used in this presentation, words such as such
as “may,” “possible,” “will,” “should,” “expects,” “plans,”
“anticipates,” “could,” “intends,” “targets,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential” or
“continue” or the negative of these terms or other similar
expressions. and variations thereof and similar words and
expressions are intended to identify such forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking.
The forward-looking statements contained in this
press release are based on our current expectations and beliefs
concerning future developments, as well as a number of assumptions
concerning future events, and their potential effects on our
business. These forward-looking statements are not guarantees of
performance, and there can be no assurance that future developments
affecting our business will be those that we have anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond our control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements, which include, but are not limited
to, factors set forth under Part I, Item 1A.“Risk Factors” in
our Annual Report on Form 10-K for the fiscal year ended September
30, 2022, filed with the Securities and Exchange Commission (“SEC”)
on December 14, 2022 and in other filings we make with the SEC from
time to time. New risks and uncertainties emerge from time to time
and it is not possible for us to predict all such risk factors, nor
can we assess the effect of all such risk factors on our business
or the extent to which any factor or combination of factors may
cause actual results to differ materially from those contained in
any forward-looking statements. Should one or more of these risks
or uncertainties materialize, or should any of the assumptions
prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. You are
cautioned not to place undue reliance on any forward-looking
statements made in this press release. Each forward-looking
statement speaks only as of the date of the particular statement,
and we undertake no obligation to publicly update or revise any
forward-looking statements to reflect events or circumstances that
occur, or which we become aware of, after the date hereof, except
as otherwise may be required by law.
1 Non-GAAP Financial Metric. See “Non-GAAP
Financial Measures” for explanation why we cannot provide a
quantitative reconciliation of Adjusted Gross Profit on a
forward-looking basis within this press release.
Media Contact
Shayla Ebsen, Director of Communications
Email: media.na@fluenceenergy.com
Phone: +1 (605) 645-7486
Analyst Contact
Lexington May, Vice President, Finance & Investor Relations
Email:investorrelations@fluenceenergy.com
Phone: +1 (713) 909-5629
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