Ann: Fluence Business Update for Q1 2021, page-51

If we look at the latest update, total bookings at $13.3m with $7.5m on SPS. I would assume RR does not have backlog and the scope of IC added another $1m to the backlog, so the remainder $4.8m bookings would be for CES ex IC. CES will continue as part of the business by 2023. The target for revenue contribution would still be 10% according to the page 5 of the latest Quarterly Activities Report. Ie. SPS 65%; RR 25% and CES 10%.

(This would be an unrealistic assumption but just to use it to demonstrate an argument) If we annualize the $4.8m booking of non-IC CES, we would get around $19.5m of contribution from CES post IC. It would be a nice dream to see our revenue gets to $195m with $126m contribution from SPS.
(That will require opening a second production line at Changzhou).

In my opinion, the all important target we need to achieve these 2 years is to grow SPS and 20% annually is just not enough. We need to see the impetus from the national SOE giving us meaningful bulk orders. 3 Gorges and China Rail are the 2 named ones. I would hope the other 2 not named are the likes of CECEP (China Energy Conservation and Environmental Protection Group) to adopt MABR as part of their tech suit in wastewater treatment. As for provincial level SOE, I am watching out for Zhejiang Tiandi on Hangzhou's Lin An next stage after pilot project; more orders from iTest in Hubei and wishing the other 21 or so partners would hurry up. South East Asia, in particular Cambodia and the Philippines, Middle East etc to gain some speed as our reference sites get increased. I am hoping it is the next couple of years to see that S curve happening on the adoption of the new MABR tech by the world.