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 FY25 full year result which is in line with previously released data points from the Q4 cashflow statement and financial and operating update released. In our detailed report on 11th February, we wrote “Q4 was the strongest quarter [of FY25] with revenue of US$26.0m and adjusted EBITDA of US$2.7m. This follows a strong third quarter performance, resulting in FY25 revenue of US$78.4m [+53% over FY24] 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”. No new material information was contained in the Appendix 4E, other than some clarity around significant and one-off items (most notably provisions around receivables, restructuring and inventory plus currency impact). The company is well positioned to deliver further growth in FY26, and although no numerical guidance was provided, management spoke to the expectation of “double-digit revenue growth, expansion in growth margins and strong growth in EBITDA”. The backlog of the contracted order book sits at US$75.0m, US~$54.0m of which is expected to be recognised in FY26. This provides confidence around delivery to our current forecasts (with no material changes over the forecast period) which see double digit FY26 revenue growth complemented by gross margin expansion from 29.5% to 31.5% resulting in 55% EBITDA growth to $6.2m. Our DCF valuation remains unchanged at A$0.18 per share, representing potential upside of 131% from the current share price.