Ann: Fluence Business Update for Q1 2021, page-12

Big cash inflow last quarter, market rallied slightly and then fell back to support recognising it was cash coming in that was largely going to go back out again.

Big cash outflow this quarter and the expected drop in share price, but I expect the market to again revert back to support.

Next quarter is likely going to include yet another large IC progress payment, which will inevitably largely go out again. Richard’s said it many times, large cash inflows and outflows are to expected with IC. Net cash inflows over the course of the project is the key.

SPS revenue guidance of US$35-US$50m maintained, which means they expect a ramp up in sales in the next few quarters.

let’s wait and see, but keep in mind the cash on hand doesn’t include the restricted cash which will be released over the next 18months.

don’t see a need for a cap raise given ample debt and IC inflows due, but the exception would be if sales do ramp up significantly and they need cash to scale up, which would mean SP would be much higher than where it is now.

goodluck all