Ann: Fluence Business Update for Q1 2021, page-55

I was discussing whether new bookings is part of backlog before with someone here before, and that person said backlog include new bookings. I tend to agree with him, because for q1 2021 (which they did publish the backlog btw, not sure why you mentioned they didn't?) the contracted backlog was stated to be $191m, I assume this is the figure as at 31 March 2021. As such, this figure should include the previous backlog + new bookings - revenue for Q1, I'm not sure RR would fall in the definition of backlog as backlog is supposed to be work that is contracted but not started yet? Do you have any thoughts on the hypothetical ROIC (Return on Invested Capital) for FLC, a bit off topic but this is something I been tinkering lately with, I noticed share price directly collate with ROIC.

Anyhow, your research is excellent, not sure how you did all this research by yourself or whether you know this much about all the companies you invest in, but thanks for sharing. Rarely have I come across a company with so many active and well knowledge individual holders. As for your estimate of $75m to $100m SPS revenue from one line, I came across an article somewhere from 2016 or 2017 where FLC mentioned they can manufacture 7,500 MABR modules a year from one line lol I guess someone's expectations was a bit too high.