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Despite lower-than-expected revenue and a net loss of approximately $29 million in the first three months of the year, Fluence Energy executives touted master supply agreements with two “major” hyperscalers on a May 7 earnings call.
The agreements signaled strong demand for the Arlington, Virginia-based company’s energy storage and inverter products after rising lithium prices “temporarily slowed some customer decisions” earlier this year, said Julian Nebreda, company’s president and CEO.
Fluence reported a total contracted backlog of 10.1 GW in the latest quarter, up 11% from the previous one, the company said in an SEC filing.
Nebreda said the master supply agreements positioned Fluence as a “qualified supplier” for the two hyperscalers, which he did not name. The company will still have to compete with others for actual orders, but Nebreda said he expects positive news on that front soon, adding that the company is in talks with other hyperscalers as well.
