welcome to employees our on extend a are Lex. participating call. like I’d warm today's who and investors, you, Thank to analysts
CFO. I would already significant Manu like a Welcome, and I new has provide of objectives, in Sial, impact us these our already short organization period a update joined as Additionally, on the taken in strategic September to review well and as the business on welcome then goals. time. of Manu examples our our some actions Today, Manu. brief will we’ve a made towards
recognized Following highlights the Starting our remarks, ‘XX. with financial in the as team highest of energy as quarter, and outlook hour X quarterly on fourth discuss Manu during will performance, of well solutions. of than deploying X key our our our million fiscal that $XXX for revenue Slide gigawatt pleased I'm the report storage delivering my revenue to Fluence’s history quarter, year more
and on adjusted GAAP More quarter, margins achieved for the gross we both an importantly, basis. positive
our three demand contract strong of increase September signed all our Our approximately Furthermore, was new XX and business backlog of year-to-year $X.X billion, lines orders was million. around XX%. of a were across $XXX as
attachment businesses and service which rate our strong line Notably, during our was we in in the of growth Lastly, earnings quarter. revenue consists contracting, services of previous call. anticipated recurring for in businesses, up quarter the digital our illustrating services our fourth catch XXX% the our expectations, experienced with
visibility nearly the added us X Our revenue. providing digital future quarter, assets to business gigawatt since management of third under
Turning to Slide X.
the deep dive days, conducted have our senior team management business. a Over the and of past I XX
known the increased as Inflation desire Europe the and energy United also but significant upside aspects deep areas potential that the dive, we need that identified During has working globe, solution We business this the across Reduction for reaffirmed independence. States, security is tailwinds business in tremendous confirmed and that work. Energy have some of Fluence’s and well are from IRA, storage including Act several those growing
potential, Although, and the storage and tighter business. business have with integration business from benefit our our that simplification solutions has they model digital strong would platform determined
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of chain. infrastructure any us and gives the energy to customers providers integrate world opportunities largest ecosystem it in Our importantly, the provides the at further our value to access point with
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anywhere chain. value them the access can we along So
business on invested capital. an high growth returns high We model with multiyear have operate to visibility lite revenue with rates. We asset
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we cost have rapidly believe also per We improving and up we a with have model set employee. business a for success. of And high ultimately, strategy revenue structure
objectives Turning five the the the taking to Slide to will framework few will next over we discuss actions X. strategic for years. that I provide the would like be
First, we will essential value. deliver and profitable maximizing are profitability growth. growth to Both shareholder
those We and to maximize complex segment market where continuous growth our that will solutions profitability. provide focus on allow us
the behind customers’ the Understanding Second, products advancement. our continuous solutions force our needs. our that customers’ and technological challenges driving is we will develop
our in provide the to sought-after expect leading rooted customers solutions experience. industry with We most
solutions, we and stream. incentives a efficiently optimizing of maximize overall ownership. competitive times that Third, work for the better. objective convert chain from supply spending finally, increase and integrated we drive our with performance profitable capabilities, and IRA chain solutions, with starts corporate customers. shareholders. learning best-in-class all into establishing recurring We're and for delivery revenue around and improving into provide a our customers using centered management costs underwriting, ultimately margin And a to the risk contract our supply machine their for controlling our will with our competitive can This the a fifth Harnessing our our power our being which growing and ability advantage. and suppliers, to increase strong is Fluence will diversifying differentiator capital maximizing intelligence use will financial a margins cost our our and and is Digital we our will visibility capturing the and This is artificial value Fourth, our resources and uniquely lower as both revenues our driver. of their disciplined
taken which I some would already of have like highlight. objectives, We to towards these actions
energy Slide announce, to launching pleased Turning I'm towards we're geared new solution, the X. storage a to segment. transmission
by features, market is to transmission We Ultrastack. which congestion is highly complex resulting Furthermore, highest distributed requires to of and performance barrier from segment The to in thus are XXX reduce driven bast a our entry that energy the calling need expect product are market proprietary. creating a be some customers' resources. currently the and gigawatts this for segment the transmission safety in XX megawatts, transmission grow sits growth at growing XXXX.We will demand the it Fluence we will expect by which
complexity margins. commands higher a higher higher products and premium our in services importantly, often for results More and
transmission to continue develop profitable lean as growth and needs. deliver will new and customer that solutions We our products the into we segment
Slide million gigawatt in Gridstack complete supply under value X.X increasing our Turning facility $XXX will able hour Gen States scale, with more our Orsted, we with our I'm from we’ve recently to solution. By storage to contract better pleased for than to further X signed a X. the chain. be deliver report which we'll energy capture United
complex with Orsted strong trusted us that selected partner as they looking note also were We for delivering a experience, solutions.
scale, provider, complex industry-leading solutions project a highly comprehensive and among outpace our we to mega the We're our experience a leader our ability establishing due problems. solve to competition quickly As ourselves as to continue segment.
at uncertainty $X.X Slide the of to billion. fiscal subsequent we're XX. seeing greater Turning Including was demand sits is with signed that contract, This now our funnel, us to top than which the at the Orsted respect more highlights multiyear to up. our providing now our year-end, backlog revenue strong our to
you today our IRA, X we're a parties our important nearly current a and at that customer also is chart, to that can is as It majority times note from with even our sales segment. of impacts nonX-related the before pipeline to any we Looking result, is expanding backlog the this that backlog. a see have
to Slide now Turning XX.
to Inflation That earlier, pricing is accrue storage BNEF mentioned The power or the also 'XX $XX in increased improves see that by our three We has note margin a expected for around Fluence more own is tailwinds in as project benefit potential. breakeven we us IRA. a TAM Furthermore, upside energy It's associated Fluence thus target tax the benefits important IRA impacting currently EBITDA achieving increased through year fiscal manufacturing credit represent are or necessary adjusted uplift from the for capturing improved for the customer, to with expected overall significant. that areas. benefits from our and battery. experiencing gigawatt estimated through for volumes. tremendous As hours provides we to the production than not Act. are IRA ITC returns the result XXX this Reduction of billion
first for it standalone the The accrues were to our storage. ITC previously green This projects other we move will incentivize projects economic to expect our forward benefit customers. for not that is light and and customers to more
year the mid-calendar year in year. per As XX% to these a We 'XX. enter anticipate would attributable growth our ’XX. expect result, to Based on to impact we the with from U.S. contracts to of the to see to half customers, results financial we the first expect around XX% increase into second conversations of the about XX% market on per our IRA
significant tax credit module under as discuss I'll we're manufacturing, our IRA which provides opportunities the production battery shortly. XXX Fluence, further launching own the of Second, for Section
hour qualify for that incentive option. to a to As $XX an and the expect kilowatt uncapped from carriers the incentive is a important note IRA. pay per direct we this It's result,
hours expected As year ’XX. output an have which a per our facility nearly reminder, September, by production gigawatt we cube X of Utah in will opened
gross And we'll the PTC expect able for module starting our facilities in thus third, reimbursement XXC mid-teens summer supports $XX in be the per target. hour or qualifying ‘XX, incentive. further provides Section establishing begin We capturing the to onetime kilowatt production U.S. battery manufacturing of The onshoring for margin the
the U.S. expanding additional As with operations in possibility of our the an we're facility. a at currently result, looking
under module battery us Slide greater XX. that the announce at This and own gives us global launching to IRA. control on capitalize pleased manufacturing Turning incentive battery to allows facility. we're our pack and over new supply Utah chain the to the I'm our
diversifying incorporate the Battery at that of cell a cells the to key benefit level. competition our cells it easier to base One supplier and Fluence creating is new Pack
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during facility battery of our initial coming see to module expect out summer of the Utah We production 'XX.
performing a purchase on Looking chain pack BMS. Thus, manufacturers. commoditized a with take our the battery fit then XX. system them for is of solutions battery and extent and from Starting system. supply cloud-based cells integrate battery battery continue into and This to the modules useless further battery solutions, qualify turning incentive Battery put We we is modules a own make DCPM themselves battery for capable our cells together at which into our providing those customer. great for will our illustrate with to system or We collects with combined batteries a of left-hand in $XX integration will under operating complete pack the together. side, value-added battery by digital that per cells We point demand. several modules communication a how tasks brain battery module DCPM, our are the to our Slide we're the and commodity. These contact Fluence battery cells battery taking the those kilowatt it's and them management for a data of and battery multiple our IRA. the battery pack smart
to Slide XX. Turning now
go-to-market have As our digital and and assessed mentioned strategy. earlier, refocused the I have business we briefly model
Now what and Fluence we're going. where I'd this means like to for discuss Digital
integrated through end-to-end bundled channel. to First, an our we we're customers holistic and one ensure offering solution sales
is prior for I As efforts. sales a this mentioned, change major our
out at based improve Fluence with cost energy not Mosaic battery existing build digital and additional plan will of for to focusing a the integrate applications By any next U.S. we out focused complexity and time We to years to storage roll of the ability application. taking reduce approach, simplify three Nispera by time. two We four suite system. we to market the applications, over on Second, to our additional Nispera. offerings our expect more and plan these markets to this do Mosaic
to be attachment annual the energy What to of deployed our churn bundled already recurring result services churn our these we end platforms Nispera solutions by enabling this to note of low. through increased rate digital or rates more and for with new actions? that low storage a integrated of be and ability accelerating our of though do batteries. customer we're approach, revenue is business; very a services digital the would Third, achieve rate onto Improved year. our Thus a systems expect ARR I bundled battery
Going by forward, report this in we starting XXXX, relevant later fiscal will the disclosing year our progress initiatives KPIs. these
will of million. have We retooling that million $XX investment expect a relative to $X this small
'XX. As it business expect do business, for 'XX contributions meaningful or relates digital to our not the digital we financial our in from outlook
'XX We at/or year positive fiscal expect in be in have expect to EBITDA and to adjusted onwards year fiscal gross breakeven near 'XX. and margin
This our the grow Manu Moving operating will to than segment, benefit optimization numbers, expenses at Slide to revenue onshore with growth our through to our XXXX we're in India overhead. in Technology explain operating the less that XX, of expected a to half rate contributes workforce of India will which augment further. enhancing increasing utilization our roles
summary Turning action. to recent of a Slide XX for
we're As our shareholder a management the executing strategic that committed to I plan. and and have five value delivering team, to of objectives discussed the foundation as increased
see price and backlog towards Overall, transform We we expected to demand that will adding to our core strong in build will progress continue amplifying way the the updates we we mid-‘XX. provide is drive quarterly with objectives you returns. sustainable operate start IRA be strategic as our by on that our to
committed project margin and committed execution enter on to to the as there higher management. into our early risk still be of basis results to with contracts. efforts, 'XX fiscal pleased I'm our even breaking EBITDA work our adjusted in improving overall are we We're We an year is but done.
being our will over we a As and to forward, vehicle Fluence capital-light we now business investment the move sector. focus executing solution call in model to high optimal That to will turn on Manu. expect the continue I make said, growth,
