bullish
Fluence Corp Ltd - Timing delays mask growth progress
SUMMARY
- RaaS Research Group has published an update report on water and wastewater treatment and solutions company Fluence Corporation (ASX:FLC) following its Q2 FY24 result and progress for H1 FY24 in which it reduced full year guidance for revenue of US$70-75m (previously US$90-100m) and EBITDA at breakeven (previously US$3.5-4.0m).The conversion of the pipeline remains key and management communicated its confidence on new contract wins, suggesting H2 FY24 and FY25 will be a “real proving ground” for the business.
- Likewise, after a weak cashflow performance in Q2 FY24, with an operating cash outflow of $6.3m, the company has guided to a positive performance in H2 FY24.
- We believe the balance sheet remains in a solid position to execute growth initiatives without the material debt burdens of the past.
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