Ann: Fluence Presentation at Market Eye Virtual Conference, page-16

bridog: "I can’t see any holders or ex holders who are not pissed off firstly with the SP, but also with the achingly slow development of this company"

I can understand your sentiment, bridog. It does appear "achingly slow" if you look at total revenue and statutory EBITDA. In the 2 years since FY17, total revenue grew from $58M to $60.9M, and statutory EBITDA improved from -$37.7M to -$27.4M.

However, these figures hide the commendable growth in the higher margin Smart Products Solutions (SPS) and the growth of China as a customer for SPS. SPS revenue has grown from $11M to $26.5M in the two years from FY17, and is guided to be > $32M for FY20 (growth of 191% in 3 years, if met). These growth figures do not even include the rapidly growing recurring revenues.

I am a very recent new investor in FLC, and I have done this because of the "very rapid growth" in the SPS, and the likely future growth given the very significant unmet needs for low energy and high quality solutions to drinking water shortages and waste water pollution. I have not entered because of the past success, but limited growth in the lower margin Custom Engineered Solutions.

It is always a mistake to only look at a company and its bottom line overall, and not any improvements in its business model, product and service offering, and its growth outlook.