Not quite right. Fluence sold the largest Nirobox Mega (1st sale...

Not quite right. Fluence sold the largest Nirobox Mega (1st sale of this size unit) in January in Vietnam. Previous sales of Nirobox were for the medium version (1000 m3/d).



As you well know, sales are lumpy. There can be no sales for 4 months, then suddenly a $7.6 million USD multiple Nirobox order can eventuate from a previously unmentioned region (eg Egypt). That is the nature of the market.

It is no secret that Fluence are not yet profitable. Aside from growth in SPS and building custom engineered plants, one of the biggest factors this year for a reduction in cash usage is finishing the PDVSA Agricola project in Venezuela. As it was prepaid, and those funds were on hand since 2016, during this project we have seen a large amount of revenue booked, however we have not seen any quarterly receipts (due to the prepayment). As a result, quarterly cashflows were all impacted negatively for the duration of this project. Getting this off the books will mean a better balance between quarterly revenue and receipts.

Compare to De.mem Limited (ASX.DEM) which has much lower revenue, lower losses and lower growth prospects. I prefer the potential growth in Fluence, as well as the future revenue bookings related to MABR/SUBRE/Nirobox and custom engineered projects in the Ivory Coast and Mexico.