Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe. The company released an update on its fourth quarter (Q4) performance (note December year-end), its quarterly 4C cash-flow statement and data points for the FY25 upcoming full-year result. Q4 was the strongest quarter to date this year with revenue of US$26.0m and adjusted EBITDA of US$2.7m. This follows a strong third quarter performance and results in FY25 revenue of US$78.4m and adjusted EBITDA of US$4.0m (at the midpoint of the guidance range but strongly ahead of RaaS’s estimate of US$3.1m). The continued successful delivery of the IVC Addendum project was the most material financial driver of the turnaround, complemented by ongoing success in the strategically important and higher-margin SPS revenue segment which grew 15.2% in FY25. Gross margin of 29.9% was in-line with FY24, but impressive given the materially higher contribution from the lower-margin IVC project. The outlook for FY26 and beyond looks encouraging, with the order backlog standing at US$75m (of which US$54.0m is expected to be recognised in FY26). No numerical FY26 guidance was provided but management guided to double-digit revenue growth, expansion in growth margins and strong growth in EBITDA. This commentary supports current RaasS forecasts, which remain unchanged for FY26 and FY27. We continue to believe the business is very well positioned to deliver ongoing growth in Europe, South America and the Middle East, and expect increasing traction in the North American market. Our DCF valuation of $0.18/share remains unchanged, representing potential share price upside of 100%.