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fluence 29 April 2021 Fluence Corporation Q1 2021 Quarterly Business Update Fluence Corporation Limited ( ASX : FLC ; the " Company " ) presents its Quarterly Activities Report and accompanying ASX Appendix 4C ( the " Quarterly Cashflow Report " ) for the quarter ended 31 March 2021 ( “ Q1 2021 ” ) . All financial numbers herein are in US dollars . Q1 2021 Summary ■ New orders of $ 13.3M - an 11 % increase on Q4 2020 and a 6 % increase on Q1 2020 " ■ ■ " ■ - Smart Product Solutions ( " SPS " ) new orders of $ 7.5M - up 36 % on Q4 2020 inc . $ 5.0M in China bookings Strong Revenue Growth in Key Areas Revenue of $ 18.2M with SPS revenue up 28 % on Q1 2020 and China up 38 % on Q1 2020 showing strong China momentum Backlog Strong - $ 191M contracted backlog of which SPS backlog is $ 23M , showing strong SPS momentum Cost Out Improvement - Continued operating efficiency gains - operating expenses down 10 % on Q4 2020 . Cashflow Consistent With Plan - Operating cash outflow of $ 21M , $ 13M of which was due to anticipated Ivory Coast project expenses , after receiving $ 60M in payments for this project in Q4 2020 . Net Cash Position - Cash balance of $ 14.9M plus $ 27.4M in short and long - term liquid investments provides adequate operating reserves . Smart Products Solutions ( SPS ) and Business Development Strong sales growth and partner engagement in China and South East Asia including key wins in China and Taiwan , with continued project execution and partner and pipeline development in the Middle East . Ivory Coast Progress Continued on time execution of the Ivory Coast Water Treatment Project , including completion of all items allowed invoicing on 2 April 2021 of the next milestone payment . Cash outflows in Q1 were as scheduled and the project remains cash flow positive overall as a result of payments received in 2020 . Strategic Focus Key target segments now include USA : " MABR wastewater solutions in China and South East Asia " " NIROBOX ™ desalination solutions in the Middle East and South East Asia Recurring revenue opportunities in USA & Caribbean targeting water as a service to commercial customers The Ivory Coast Water Treatment Project FY2021 Outlook Strongly positioned for growth with reiterated guidance for SPS sales in the range of $ 35 - 50M and positive 1