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Fluence Corporation Limited
(Sydney:FLC)
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Rating:42Neutral
Price Target:
AU$0.07
â–¼(-11.25% Downside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by high financial risk from negative equity and continued net losses, despite a meaningful 2025 operational and cash flow rebound. Technicals add further caution as the stock trades below key moving averages with negative MACD, while valuation is only modestly supportive given the negative P/E and lack of dividend data.
Positive Factors
Revenue rebound & margin stability
Sharp revenue rebound to about $121.6M in 2025, with gross margin holding near 29% and EBITDA turning positive, signals improving market traction and initial operating leverage. If sustained, this trend supports reinvestment capacity and a durable pathway toward profitability.
Negative Factors
Weak balance sheet / negative equity
Negative shareholders' equity in 2024–25 combined with rising debt materially weakens financial flexibility. A negative equity base complicates leverage metrics, raises refinancing and covenant risk, and increases the likelihood of dilutive capital raises or constrained investment if operating momentum falters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound & margin stability
Sharp revenue rebound to about $121.6M in 2025, with gross margin holding near 29% and EBITDA turning positive, signals improving market traction and initial operating leverage. If sustained, this trend supports reinvestment capacity and a durable pathway toward profitability.
Read all positive factors
Fluence Corporation Limited (FLC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$89.25M
Dividend YieldN/A
Average Volume (3M)471.39K
Price to Earnings (P/E)―
Beta (1Y)0.90
Revenue Growth64.76%
EPS Growth61.79%
CountryAU
EmployeesN/A
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,144,279,300
10 Day Avg. Volume337,312
30 Day Avg. Volume471,390
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)-7.88
Price to Sales (P/S)0.90
P/FCF Ratio7.30
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 Upside37.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)<0.01
Revenue Forecast (FY)AU$88.25M
Fluence Corporation Limited Business Overview & Revenue Model
Company Description
Fluence Corporation Limited, together with its subsidiaries, provides smart water and wastewater treatment solutions for the municipal, commercial, and industrial markets worldwide. The company offers water treatment solutions, such as reverse-osm...
How the Company Makes Money
null...
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 | 74.80M |
| Gross Profit | 23.94M | 15.16M | 19.08M | 28.02M | 15.49M |
| EBITDA | 18.21M | -17.05M | -8.87M | -10.37M | ― |
| Net Income | -9.64M | -21.40M | -16.01M | -16.19M | -10.66M |
Balance Sheet | |||||
| Total Assets | 66.12M | 74.11M | 93.13M | 123.62M | 108.10M |
| Cash, Cash Equivalents and Short-Term Investments | 16.65M | 8.97M | 28.28M | 35.06M | 37.95M |
| Total Debt | 19.97M | 21.45M | 19.31M | 35.30M | 29.98M |
| Total Liabilities | 77.45M | 81.60M | 80.91M | 120.70M | 96.51M |
| Stockholders Equity | -9.25M | -5.27M | 14.18M | 4.91M | 12.96M |
Cash Flow | |||||
| Free Cash Flow | 9.99M | -21.81M | -20.80M | -14.10M | -4.54M |
| Operating Cash Flow | 11.26M | -20.12M | -19.02M | -13.65M | -3.51M |
| Investing Cash Flow | -1.02M | 4.09M | 4.42M | 10.67M | 5.33M |
| Financing Cash Flow | -2.91M | 1.22M | 10.07M | 1.76M | 6.45M |
Fluence Corporation Limited Technical Analysis
Negative
0.08
Price Trends
0.08
Negative
0.08
Negative
0.09
Negative
Market Momentum
>-0.01
Positive
43.06
Neutral
22.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FLC, the sentiment is Negative. The current price of 0.08 is above the 20-day moving average (MA) of 0.08, below the 50-day MA of 0.08, and below the 200-day MA of 0.09, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.06 is Neutral, neither overbought nor oversold. The STOCH value of 22.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$188.48M | 22.19 | 5.98% | 2.95% | -2.87% | -18.36% | |
55 Neutral | AU$38.05M | 10.75 | 6.56% | ― | 9.57% | -21.00% | |
53 Neutral | AU$31.38M | -14.33 | -15.66% | ― | 20.05% | 33.33% | |
45 Neutral | AU$3.75M | -1.15 | -41.16% | ― | 308.85% | -44.44% | |
42 Neutral | AU$89.25M | -6.37 | 115.72% | ― | 64.76% | 61.79% | |
39 Underperform | AU$61.11M | -13.51 | -6.88% | ― | -9.36% | 54.49% |
* Industrials Sector Average
AU:FLC
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Phoslock Environmental Technologies Limited
0.01
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5.46
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AU:DEM
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>-0.01
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Fluence Corporation Limited Corporate Events
Fluence Names New Company Secretary to Oversee ASX Compliance
Jul 31, 2026
Fluence Corporation Limited, listed on the ASX as FLC, is a global provider of wastewater treatment and reuse, high‑strength wastewater, wastewater‑to‑energy, and industrial and drinking water solutions. Its Smart Products Soluti...
Fluence outlines Q2 2026 results in investor presentation
Jul 30, 2026
Fluence Corporation has released an investor presentation outlining its Q2 2026 results and related financial information, noting that figures for 2026 and any outlook are unaudited and subject to various risks and uncertainties. The company empha...
Fluence lifts margins and EBITDA as backlog grows amid geopolitical risks
Jul 30, 2026
Fluence reported H1 2026 revenue of $37.6 million, up 14.7% year on year, driven by a 34.7% increase in Smart Product Solutions and recurring revenue, which lifted gross margins to 35.5% and produced its strongest half-year EBITDA in more than fiv...
Fluence Boosts Quarterly Cash and Turns Operating Cash Flow Positive
Jul 30, 2026
Fluence Corporation reported customer receipts of US$21.3 million for the June 2026 quarter, supporting a positive net operating cash flow of US$1.8 million despite sizable outlays on manufacturing, staffing, and corporate costs. This marks a nota...
Fluence Issues 16 Million Unquoted Options, Expanding Equity Incentive Pool
Jul 28, 2026
Fluence Corporation Limited has notified the market of the issue of 16,000,000 unquoted options under ASX code FLCAI, with various expiry dates and exercise prices. The options were issued on July 28, 2026, expanding the company’s pool of un...
Fluence Wins US$3.7m Vietnam Desalination Contracts to Boost Southeast Asia Footprint
Jul 5, 2026
Fluence Corporation has secured two contracts worth about US$3.7 million to design and supply seawater desalination plants in Vietnam for a major infrastructure investor, working with regional partner Swater Kankyo Corporation. The plants, using m...
Fluence Options Lapse, Simplifying Capital Structure
Jul 1, 2026
Fluence Corporation Limited has reported the expiry of two series of listed options, resulting in the cessation of 500,000 options expiring on 30 June 2026 with an exercise price of $0.2151 and 250,000 options expiring on 1 July 2026 with an exerc...
Fluence Issues 3.5 Million Unquoted Long-Dated Options
Jun 3, 2026
Fluence Corporation Limited has notified the market of the issue of 3.5 million unquoted options, exercisable at $0.115 and expiring on May 30, 2033, under a previously announced transaction. The options, which will not be quoted on the ASX, expan...
Fluence Shareholders Approve All Resolutions at 2026 AGM
May 29, 2026
Fluence Corporation Limited has released the results of its 29 May 2026 Annual General Meeting, confirming that all resolutions put to shareholders were carried by strong majorities. Investors backed the adoption of the remuneration report, the re...
Fluence Outlines AGM Financials with Strong Caution on Forward-Looking Data
May 28, 2026
Fluence Corporation has provided shareholders with an AGM presentation focused on its audited consolidated financial figures for 2022 through 2025, prepared under IFRS, while emphasizing that any forward-looking financial information remains unaud...
Fluence Wins $3.7m Texas Industrial Water Contract to Bolster Drought Resilience
May 11, 2026
Fluence Corporation has secured a USD 3.7 million contract to design and build an industrial water treatment plant in Texas for a major U.S. manufacturer, using ultrafiltration and reverse osmosis technologies. The plant will treat groundwater fro...
Fluence Highlights Audited Results and Cautions on Forward-Looking Data
May 8, 2026
Fluence Corporation has released a presentation outlining its consolidated financial figures for 2022 through 2025, reported on an audited IFRS basis, while noting that any forward-looking financial data remains unaudited. The document emphasizes ...
Fluence Director Douglas Brown Takes Fees in Shares, Boosting Equity Stake
May 6, 2026
Fluence Corporation disclosed a change in director Douglas Brown’s interests, reporting the issuance of 718,391 fully paid ordinary shares to him. The shares, valued at $62,500, were issued in lieu of 100% of his director fees for the period...
Fluence Issues Shares to Directors in Routine Fee Arrangement
May 6, 2026
Fluence Corporation has issued 1,347,127 fully paid ordinary shares to its non-executive directors in lieu of accrued fees for the first quarter of 2026, following prior shareholder approval at its May 2025 annual general meeting. The company conf...
Fluence Seeks ASX Quotation for New Employee Incentive Shares
May 6, 2026
Fluence Corporation Limited has applied for quotation on the ASX of 1,347,127 ordinary fully paid shares issued on 1 May 2026 under an employee incentive scheme. The new securities, to trade under ticker FLC, represent an expansion of the company&...
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.