"Post completion of the Ivory Coast project in two years, we are positioning Fluence to be a SPS based business with targeted gross margins of approximately35%, operating expense to revenues ratios of approximately 20% and EBITDA margins in the15%range. The Ivory Coastproject provides a valuable reference for complex water treatment and is an important source of profitand cash flow. However,its lower margin will impactour overall reportedgross margin until 2023, so we do not anticipate achieving these targetsuntilat least 2023"
Based on the guidance for SPS of between 35m and 50m, are we to read minimal increase over the next 12 months?
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