• Revenue down 26.5% to $51.5 million
• Loss up 33.7% to $21.4 million
• Recurring revenue grew 30.5% to $12.6 million

Fluence Corporation Limited reported its preliminary final results for the year ended 31 December 2024. Revenue from continuing operations was down 26.5% to $51.495 million, primarily due to delays in the Ivory Coast Addendum project and market weakness in China. However, when adjusting for the impact of Ivory Coast and SEA & China, revenue grew by $6.5 million or 18.8% compared to FY 2023. Recurring revenue also continued to grow, increasing by $2.9 million or 30.5% compared to FY 2023. The shift in focus toward SPS and Recurring Revenue products and services improved gross margins to 29.4% in FY 2024, up 2.2% from FY 2023. The company continued to reduce research and development, general and administrative, and sales expenses collectively by $2.6 million in 2024. The consolidated loss from continuing operations after income tax for the reporting period was $21.4 million, up 33.7% from the prior year. Cash and cash equivalents at 31 December 2024 amounted to $8.9 million, with net debt of $11.1 million.

The company met revised guidance with FY 2024 revenue of $51.5 million and EBITDA loss of $4.0 million.