FLNC - Why Fluence Energy Stock Is Skyrocketing Today
Shares of Fluence Energy (NASDAQ: FLNC) rocketed nearly 29% by 10:30 a.m. ET on Tuesday. Powering the energy storage company's stock surge was its fourth-quarter report.
Fluence Energy delivered the highest revenue in its history during the fourth quarter. The energy storage company recorded $442 million of revenue in the quarter, up 85% from the third quarter. That pushed its full-year revenue to a record $1.2 billion, up 76% from the prior full-year period. The company also achieved a positive gross profit in the fourth quarter.
The company also saw strong order intake in the quarter at $560 million, driven by the world's largest storage-as-transmission project in Germany. That boosted its total order backlog to $2.2 billion.
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Why Fluence Energy Stock Is Skyrocketing Today