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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Q1 saw revenue substantially beat our estimates and EBITDA turn positive. Some regions and products have been affected by COVID-19, but FY20 sales guidance remains intact and we leave our numbers unchanged. The company is on track to receive a cash payment of over $34m from its Ivory Coast contract in Q2. Receipt of this payment is not explicitly factored into our forecast and should address balance sheet concerns.
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Q1 saw revenue substantially beat our estimates and EBITDA turn positive. Some regions and products have been affected by COVID-19, but FY20 sales guidance remains intact and we leave our numbers unchanged. The company is on track to receive a cash payment of over $34m from its Ivory Coast contract in Q2. Receipt of this payment is not explicitly factored into our forecast and should address balance sheet concerns.


Fluence Corporation  - Good progress and guidance unchanged