Fluence Corporation Limited (AU:FLC)
ASX:FLC
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Fluence Corporation Limited
(Sydney:FLC)
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Rating:44Neutral
Price Target:
AU$0.09
▼(-10.00% Downside)
Action:Reiterated
Date:03/01/26
The score is held down primarily by weak financial quality—continued net losses and a pressured balance sheet with negative equity—despite a meaningful 2025 operational and cash-flow rebound. Technicals remain soft with the stock trading below key short- and mid-term moving averages and negative MACD, while valuation is difficult to assess due to negative earnings and no dividend support.
Positive Factors
Cash-flow turnaround
The company generated positive operating cash flow and free cash flow in 2025, marking a durable improvement in liquidity and internal funding ability. Sustained FCF supports reinvestment, deleveraging or working-capital needs and reduces near-term reliance on external financing if maintained.
Negative Factors
Stressed balance sheet / negative equity
Persistent negative equity and rising debt materially weaken financial flexibility and raise refinancing and covenant risk. Negative equity complicates leverage metrics and limits the company's ability to absorb shocks, increasing the chance of dilution or costly financing if performance slips.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash-flow turnaround
The company generated positive operating cash flow and free cash flow in 2025, marking a durable improvement in liquidity and internal funding ability. Sustained FCF supports reinvestment, deleveraging or working-capital needs and reduces near-term reliance on external financing if maintained.
Read all positive factors
Fluence Corporation Limited (FLC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$100.70M
Dividend YieldN/A
Average Volume (3M)471.39K
Price to Earnings (P/E)―
Beta (1Y)1.05
Revenue Growth64.76%
EPS Growth61.79%
CountryAU
Employees1,500
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)-0.02
Shares Outstanding1,144,279,300
10 Day Avg. Volume337,312
30 Day Avg. Volume471,390
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)-11.80
Price to Sales (P/S)1.35
P/FCF Ratio10.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.11Price Target Upside10.00% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)<0.01
Revenue Forecast (FY)AU$86.77M
Fluence Corporation Limited Business Overview & Revenue Model
Company Description
Fluence Corporation Limited provides water and wastewater treatment, and reuse solutions for the municipal, commercial, and industrial markets worldwide. The company offers NIROBOX for desalination of seawater and brackish water, as well as for th...
How the Company Makes Money
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Fluence Corporation Limited Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
Earnings Call Sentiment Positive
The call highlights a clear operational turnaround: strong revenue growth (+52% y/y), an EBITDA swing to positive ($4.0M vs -$4.0M prior year), record SPS and Recurring Revenue orders, backlog growth, margin improvements since 2022, and improved cash generation and debt repayment. Key challenges include a $4.5M receivable reserve in Egypt, near-term cash timing risk in Q1 2026, concentration of incremental revenue in the Ivory Coast Addendum (a lower-margin project), and limited numerical guidance for FY2026. On balance the positive financial momentum, order strength and structural shift to recurring higher-margin revenue outweigh the noted risks.Positive Updates
Significant Revenue Growth
Fiscal 2025 revenue of $78.4M, up $26.9M or 52% versus fiscal 2024; Q4 revenue of $26.0M, +22% year-over-year.
Negative Updates
Egypt (IWS) Accounts Receivable Reserve
Fluence will take a $4.5M reserve for IWS accounts receivable (New Mansoura and other accounts) due to prolonged collection issues; recorded as an extraordinary other loss (not expected to impact cash flow).
Read all updates
Q4-2025 Updates
Positive
Negative
Significant Revenue Growth
Fiscal 2025 revenue of $78.4M, up $26.9M or 52% versus fiscal 2024; Q4 revenue of $26.0M, +22% year-over-year.
Read all positive updates
Company Guidance
Fluence said it will not issue discrete fiscal 2026 guidance but expects double‑digit revenue growth off FY2025 revenue of $78.4M and believes that continued SPS and Recurring Revenue momentum (now 65% of revenue vs 38% in FY2022), a backlog just under $75M (approximately $53M forecast to be recognized in FY2026) and record Q4 new orders of $24.5M (FY2025 new orders $64.2M, +28.5% YoY) provide a strong foundation for growth; management also expects continued gross margin expansion (FY2025 gross margin 29.9%), strong growth in EBITDA and EBITDA margins (FY2025 EBITDA $4.0M), and progress toward medium‑term targets (noted at ~10% EBITDA margin), while flagging a short negative operating cash flow in Q1 2026 before returning to positive cash flow in Q2–Q4 (company closed FY2025 with $16.6M cash, $4.1M security deposits, operating cash flow $10.9M for the year, repaid $2.5M debt, and collected EUR 35.4M or ~73% of Ivory Coast payments).Fluence Corporation Limited Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
24
Negative
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 81.15M | 51.49M | 70.04M | 119.09M | 103.19M |
| Gross Profit | 23.94M | 15.16M | 19.08M | 28.02M | 21.38M |
| EBITDA | 18.21M | -17.05M | -8.87M | -10.37M | -4.07M |
| Net Income | -9.64M | -21.40M | -16.01M | -16.19M | -14.70M |
Balance Sheet | |||||
| Total Assets | 66.12M | 74.11M | 93.13M | 123.62M | 149.14M |
| Cash, Cash Equivalents and Short-Term Investments | 16.65M | 8.97M | 28.28M | 35.06M | 52.35M |
| Total Debt | 19.97M | 21.45M | 19.31M | 35.30M | 41.36M |
| Total Liabilities | 77.45M | 81.60M | 80.91M | 120.70M | 133.15M |
| Stockholders Equity | -9.25M | -5.27M | 14.18M | 4.91M | 17.89M |
Cash Flow | |||||
| Free Cash Flow | 9.99M | -35.24M | -20.80M | -14.10M | -6.26M |
| Operating Cash Flow | 11.26M | -32.50M | -19.02M | -13.65M | -4.84M |
| Investing Cash Flow | -1.02M | 6.20M | 4.42M | 15.39M | 7.35M |
| Financing Cash Flow | -2.91M | 1.97M | 10.07M | 2.54M | 8.89M |
Fluence Corporation Limited Technical Analysis
Positive
0.10
Price Trends
0.08
Positive
0.09
Positive
0.09
Positive
Market Momentum
<0.01
Negative
57.18
Neutral
80.56
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FLC, the sentiment is Positive. The current price of 0.1 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.08, and above the 200-day MA of 0.09, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.18 is Neutral, neither overbought nor oversold. The STOCH value of 80.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:FLC.
Fluence Corporation Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | AU$179.42M | 20.95 | 5.98% | 2.95% | -2.87% | -18.36% | |
52 Neutral | AU$109.37M | -705.11 | -6.88% | ― | -9.36% | 54.49% | |
51 Neutral | AU$37.67M | 12.43 | 6.56% | ― | 9.57% | -21.00% | |
48 Neutral | AU$21.58M | -10.36 | -15.66% | ― | 20.05% | 33.33% | |
44 Neutral | AU$100.70M | -6.22 | 138.60% | ― | 64.76% | 61.79% | |
42 Neutral | AU$5.00M | -1.54 | -41.16% | ― | 308.85% | -44.44% |
* Industrials Sector Average
AU:FLC
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Fluence Corporation Limited Corporate Events
Fluence to Hold Virtual AGM as 2025 Annual Report Goes Online
Apr 24, 2026
Fluence Corporation Limited has scheduled its Annual General Meeting of shareholders for 29 May 2026, to be held virtually via an internet webinar conferencing facility. The company has also made its Annual Report for the year ended 31 December 20...
Fluence outlines Board roles and governance alignment with ASX standards
Mar 31, 2026
Fluence Corporation has released its Corporate Governance Statement for the year to 31 December 2025, outlining how it aligns with the ASX Corporate Governance Council’s fourth edition principles and recommendations. The Board states it seek...
Fluence Files Updated ASX Corporate Governance Statement for 2025
Mar 31, 2026
Fluence Corporation Limited has lodged its updated corporate governance statement and accompanying Appendix 4G with the ASX for the financial year ended 31 December 2025. The statement, current as of 31 March 2026 and approved by the board, is ava...
Fluence Corporation Releases Comprehensive 2025 Annual Report
Mar 31, 2026
Fluence Corporation Limited has released its Annual Report for the year ended 31 December 2025, outlining detailed financial statements, directors’ commentary, and disclosures on its global water treatment operations. The report covers segme...
Fluence Surges Revenue and Orders as High-Margin Water Solutions Gain Traction
Feb 27, 2026
Fluence Corporation reported a 52.3% jump in 2025 revenue to $78.4 million, driven by strong growth in Smart Product Solutions and recurring revenue offerings, as well as a substantial contribution from the Ivory Coast Addendum project. The compan...
Fluence Issues Shares to Non-Executive Directors in Lieu of Fees
Feb 4, 2026
Fluence Corporation has issued 1,113,564 fully paid ordinary shares to its non-executive directors in lieu of accrued director fees for the October to December 2025 period, a move previously approved by shareholders at the company’s May 2025...
Fluence Seeks ASX Quotation for Over 1.1 Million New Shares
Feb 4, 2026
Fluence Corporation Limited has applied to the Australian Securities Exchange for quotation of 1,113,564 new fully paid ordinary shares issued on 2 February 2026 under an employee incentive scheme. The move modestly increases the company’s q...
Fluence Options Lapse Tightens Capital Structure
Feb 4, 2026
The company reported the lapse of 214,050 options across three series on 29 January 2026 after performance conditions proved unattainable, trimming the pool of potential dilutionary securities. The cessations suggest more disciplined equity manage...
Fluence Releases Q4 and FY 2025 Investor Presentation with Strong Caution on Forward-Looking Data
Jan 29, 2026
Fluence Corporation has released an investor presentation outlining its unaudited Q4 and full-year 2025 results, emphasizing that all financial data for 2025 are preliminary and that prior years’ figures are audited under IFRS. The company u...
Fluence Delivers Strong 2025 Growth on SPS, Recurring Revenue and Ivory Coast Project
Jan 29, 2026
Fluence Corporation reported strong revenue and earnings growth for the fourth quarter and full year 2025, with annual revenue rising 52.3% to US$78.4 million and EBITDA improving by US$8.0 million to US$4.0 million, driven by healthy double-digit...
Fluence Corporation Posts Positive Operating Cash Flow and Builds Cash Reserves in Q4 2025
Jan 29, 2026
Fluence Corporation Limited reported positive operating cash flow for the quarter ended 31 December 2025, generating US$3.8 million from operations and US$10.9 million for the 12‑month period, supported by US$22.3 million in customer receipt...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.