Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe. The company has released its H1 FY25 full year result (December year-end) which is in-line with pre-released data points and commentary. The Q2 cashflow statement and financial and operating update was released in July 2025 and included significant detail on group and divisional performance and guidance for the FY25 year. A link to our comprehensive research report in response to that release is available here. No new material information was contained in the recently released Appendix 4E, other than new contracts secured post period end in July have increased from US$m to US$10m. The company delivered H1 FY25 revenue of US$33.1m (+64.7% YoY) and an underlying EBITDA profit of US$0.1m (a US$3.6m improvement over the previous corresponding period). FLC has provided a strong outlook for the second half in maintaining FY25 guidance for revenue of US$80-95m and EBITDA of US$3.0-5.0m. The backlog of the contracted order book sits at US$79.5m, and the proportion forecast to be recognised in H2 FY25 plus H1 FY25 revenue equates to US$74.6m, or 85% of forecast revenue at the guidance mid-point (note this doesn’t include the new contracts won in July so if 50% of those are delivered in CY25 then the number increases to 91%). This provides us with confidence that the previously delayed IVC project is being executed well and the solid forward order book is progressing to contract delivery. Our FY25 forecasts remain unchanged and in-line with the mid-point of the guidance range with revenue at US$87.4m and EBITDA at US$4.1m. Our DCF valuation also remains unchanged at A$0.18/share, representing potential upside of 200% from the current share price.