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Q4 and FY2021 Update
Fluence Corporation (ASX:FLC)
28 January 2022
Q4 and FY2021 Highlights
All numbers are subject to audit
§ | Strong revenue growth and backlog in Smart Product Solutions (SPS) leads | Revenue Growth1 | ||||||
to 2nd year in a row of positive underlying EBITDA, meeting guidance. | $103.2M | |||||||
§ | Q4 2021 revenues1 of $43.5M up 117% on Q3 2021 and 113% on Q4 2020 | |||||||
$87.8M | ||||||||
§ | FY2021 revenue1 of $103.2M grew by 18% over FY2020 | |||||||
only§ | Fluence meets guidance for SPS revenue and positive underlying EBITDA - | growth | ||||||
18%SPS | growth | |||||||
use | FY 2021 SPS revenues $39.6M (including Italy) up 23% from FY 2020; | |||||||
underlying EBITDA2 positive $1.0M in FY2021 | 20% | |||||||
§ | SPS backlog entering 2022 is up 65% versus 2021 | |||||||
§ | MABR sold capacity increased 56% - 313 plants sold to date with capacity | |||||||
for almost 1 million people | ||||||||
§ | MABR capacity sold in FY2021 ex-China exceeded in-China for first time | |||||||
§ | 8 Nirobox units (6 plants) sold in FY2021, up from only 1 Nirobox sold in | |||||||
personalr | FY2020 | FY2020 | FY2021 | |||||
§ | Cost Out Improvement - full year operating expenses down 8% versus 2020. | |||||||
§ | Cashflow positive $5.2M in Q4 2021 and negative $4.8M for FY 2021 | Smart Products Solutions (SPS) | ||||||
§ | Net Cash Position - $41.4M + $23.0M in short and long-term liquid | Recurring Revenue (RR) | ||||||
investments. | Custom Engineered Solutions | |||||||
FY2022 guidance: SPS sales from continuing businesses +23% to $45M, EBITDA $3M | ||||||||
(assumes continued COVID-19 headwinds throughout FY2022) | ||||||||
1From continuing operations | ||||||||
2 Underlying EBITDA = Statutory EBITDA excluding one-off items | 2 | |||||||
All numbers in presentation are USD unless otherwise stated. | ||||||||
Strong Growth in Sales of MABR Capacity
All numbers are subject to audit finalization
MABR Capacity Sold | MABR Plants Sold To Date | |||||||
only | ||||||||
(People served) | 957,000 | 313 | ||||||
56% | ||||||||
Growth | 246 +67 | |||||||
613,000 | ||||||||
use | 2020 | 2021 | 2020 | 2021 | ||||
personalr | Installed | Added | ||||||
Above left: commissioned plants next to | China | SE Asia | Rest of World | |||||
homes and hotel, Cambodia | ||||||||
Competition: | On right from top: buried Aspiral plant | |||||||
in China; Aspiral, Texas; Niroboxes in | 16% | |||||||
15 | Philippines and Taiwan |
Fluence: | MABR Capacity Sold | |
313 | To Date By Region | 53% |
Ex-China Sales Passed in-China in 2021 | 31% | |
Fluence has 95% MABR market share | ||
47% of capacity now ex-China |
by plant count
3
Progress on Strategic Priorities
only | Priority | Progress | |||
Build in-China revenue | § | Key orders and development work with BEWG, China Three Gorges, | |||
China Rail, one new and three existing regional partners | |||||
use | Diversify MABR revenue: SE Asia, N America, | § | Commissioned 2 large plants in Cambodia and sold largest MABR | ||
Middle East | plant in the world (160,000 people capacity) | ||||
§ Sold first MABR in Dubai, important reference sale in region | |||||
§ Sold 2 MABR plants in Caribbean | |||||
Develop water as a service business in North | § | Hired Chief Strategy Officer with strong record building recurring | |||
personalr | America | revenue | |||
§ | 7 plants sold in Caribbean brings total to date to 14 and provides key | ||||
local references for both MABR and Nirobox | |||||
Execute Ivory Coast project | § | Overall cash flow positive, timely revenue collection continues | |||
Meet or exceed guidance | § | SPS sales $40M versus guidance of $35-50M | |||
§ EBITDA positive per guidance | |||||
Deliver Ivory Coast while securing transformation to high margin Smart Product Solutions | |||||
4 |
Fluence: Fast To Deploy, Profitable Water
Solutions
only | Transition To Higher Margin Revenue | ||||||||||
Revenue Mix Has Shifted To SPS ex-Ivory Coast | Illustrative | ||||||||||
3% | |||||||||||
2% | 8% | 10% | Increasing | ||||||||
12% | |||||||||||
16% | 25% | Gross | |||||||||
65% | Margin | ||||||||||
use | 82% | ||||||||||
80% | |||||||||||
2017* | 2021 excl | Future Target | |||||||||
Ivory Coast | |||||||||||
Smart Products Solutions (SPS) | |||||||||||
Recurring Revenue (RR) | Large | Smart | Proprietary | Proprietary | Recurring | ||||||
personalr | Custom Engineered Solutions | Projects | Products | Smart Products | Smart | Revenue | |||||
Solutions | Solutions | Products | |||||||||
* 12 months pro-forma | |||||||||||
~$190M NIROBOX™ Aspiral™ | SUBRE | BOOT, | |||||||||
Strategic Focus | Examples: Ivory Coast | O&M | |||||||||
Project | |||||||||||
§ | Sell MABR in China and SE Asia | ü | Only global, pure play water and wastewater treatment | ||||||||
§ | Sell Nirobox in Middle East and SE Asia | company delivering standardized solutions to a growing, | |||||||||
global, decentralised market | |||||||||||
§ | Seek more recurring revenue via water | ü | Fast to deploy, lower cost, lower risk way to meet tightening | ||||||||
as a service in US and Caribbean | regulatory standards | ||||||||||
§ | Timely execution of Ivory Coast project | ü | Maximize profitable growth by targeting highest growth | ||||||||
markets | |||||||||||
Improve operating efficiencies | |||||||||||
§ | ü | Strong team and balance sheet | 5 | ||||||||
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Fluence Corporation Limited published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 21:49:10 UTC.