Summary:
Ivory Coast Project – Conditions Precedent Met 30 September 2020 (Q3 2020) Quarterly Activities Report
- Ivory Coast Project achieved all conditions precedent for the €165 million (approx. US$190 million) water treatment plant with notice-to-proceed formally issued and construction commencing
- €23.1 million (approx. US$26.9M) Advance Payment for Ivory Coast project received on 29 October 2020 (post Q3 2020)
- Further payments from the Project are expected in Q4 2020 and will see Fluence operating cashflow positive in that quarter
- Total Cash flow in Q3 2020 was positive US$11.1 million, after a net operating cash outflow of US$6.4 million and drawdown of US$20 million from the finance facility with Upwell Water LLC
- Cash balance of US$31.2 million at 30 September 2020 ($20.1 million at 30 June 2020)
- Revenue of US$15.6 million in the quarter, up 13% on Q3 2019 and up 50% on Q2 2020
- Overhead cost reductions (SG&A) continue, falling 16% in the September quarter on the prior
corresponding period and down 22% year to date on the same period to September 2019
- EBITDA positive year to date
- FY 2020 guidance reaffirmed of: positive EBITDA, US$32 million in SPS revenue and US$9 million in
recurring revenue
- Current backlog of US$215 million, of which US$156 million is related to the Ivory Coast Projec
