bullish
Fluence Corp Ltd - Legacy issues continue to impact
SUMMARY
- RaaS has published an update report on environmental services company Fluence Corporation (ASX:FLC) following its Q3 quarterly and financial and operating update, which was impacted by the ongoing delay in the Ivory Coast project.
- The IVC delays together with continued weakness in the Southeast Asia and China region, has resulted in management reducing guidance for FY24 (31 December year-end) from revenue of US$70-75m to US$50-60m and EBITDA from “break even” to a loss of US$3.5m-4.5m.
- The 18-month ~US$50m IVC Addendum project was projected to begin in Q1FY24, but administrative and finance delays have stalled its progress and Fluence now expects to receive the Notice to Proceed in the current quarter.
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