Fluence Energy Inc Class A (FLNC)
NASDAQ:FLNC
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Fluence Energy
(NASDAQ:FLNC)
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Rating:54Neutral
Price Target:
$18.50
▲(36.63% Upside)
Action:Reiterated
Date:05/16/26
The score is held back primarily by weak cash flow, inconsistent profitability, and higher leverage in the financials. Offsetting this are constructive technical momentum and an earnings-call backdrop showing strong backlog/order intake and reaffirmed FY2026 guidance, though near-term execution risks (ASPs, working capital, and still-negative quarterly EBITDA) remain meaningful.
Positive Factors
Strong backlog and accelerating order intake
A $5.6B backlog and ~ $2.0B YTD order intake materially improve revenue visibility over the next 2–6 months, enabling more predictable project scheduling and factory utilization. Large backlog reduces short‑term demand risk and supports operational planning and margin realization as projects convert to revenue.
Negative Factors
Weak cash generation
Sustained negative operating and free cash flow undermines the firm's ability to self‑fund project builds and inventory, increasing reliance on external financing or equity issuance. Over several quarters this raises dilution and refinancing risk, and constrains capital allocation for growth or R&D.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong backlog and accelerating order intake
A $5.6B backlog and ~ $2.0B YTD order intake materially improve revenue visibility over the next 2–6 months, enabling more predictable project scheduling and factory utilization. Large backlog reduces short‑term demand risk and supports operational planning and margin realization as projects convert to revenue.
Read all positive factors
Fluence Energy Key Performance Indicators (KPIs)
Any
Backlog
Represents the value of unfulfilled orders, indicating future revenue visibility and the strength of product demand.
Represents the value of unfulfilled orders, indicating future revenue visibility and the strength of product demand.
Data provided by:
The Fly
The FlyFluence Energy (FLNC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.72B
Dividend YieldN/A
Average Volume (3M)10.58M
Price to Earnings (P/E)―
Beta (1Y)2.17
Revenue Growth10.93%
EPS Growth-73.80%
CountryUS
Employees1,595
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.31
Shares Outstanding132,811,500
10 Day Avg. Volume21,895,833
30 Day Avg. Volume10,584,922
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)3.28
Price to Sales (P/S)0.62
P/FCF Ratio-8.03
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue1.53
Enterprise Value/Gross Profit13.30
Enterprise Value/Ebitda-364.34
Forecast
1Y Price Target
$19.58Price Target Upside44.63% Upside
Rating ConsensusHold
Number of Analyst Covering14
EPS Forecast (FY)-0.12
Revenue Forecast (FY)$3.36B
Fluence Energy Business Overview & Revenue Model
Company Description
Fluence Energy, Inc. provides energy storage products and services, and artificial intelligence enabled digital applications for renewables and storage applications worldwide. The company sells energy storage products with integrated hardware, sof...
How the Company Makes Money
Fluence primarily makes money by selling and delivering battery energy storage systems and related services to customers, recognized as revenue as projects are executed under customer contracts. Its major revenue stream is the sale of energy stora...
Fluence Energy Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum (doubled YTD order intake, $5.6B backlog), important product and supply-chain milestones (Smartstack commercialization, U.S. domestic cell sourcing) and reaffirmed fiscal 2026 guidance with solid liquidity (~$900M). Headwinds include a Q2 revenue timing delay (~$80M), continued ASP declines, an ongoing negative adjusted EBITDA (improved but still negative) and working-capital absorption from inventory builds. Management emphasized disciplined execution and expected conversion of a growing data center pipeline, but acknowledged that MSAs and pipeline conversion are not guaranteed.Positive Updates
Accelerating Order Intake
Signed approximately $2.0 billion of orders year-to-date (double the amount signed through the same period last year, ~+100% YTD). Q3-to-date bookings exceed $600 million. Management expects total fiscal 2026 order intake to significantly exceed fiscal 2025.
Negative Updates
Quarterly Revenue Timing Disruption
Q2 revenue was $465 million (+8% YoY) but approximately $80 million of revenue was pushed into Q3 due to a customs issue in Vietnam and a shortage of loading equipment in Spain. Management says both issues are resolved.
Read all updates
Q2-2026 Updates
Positive
Negative
Accelerating Order Intake
Signed approximately $2.0 billion of orders year-to-date (double the amount signed through the same period last year, ~+100% YTD). Q3-to-date bookings exceed $600 million. Management expects total fiscal 2026 order intake to significantly exceed fiscal 2025.
Read all positive updates
Company Guidance
Fluence reaffirmed fiscal 2026 guidance of $3.2–$3.6B revenue (midpoint $3.4B) with roughly 70% of revenue expected in the second half (about 30% of H2 in Q3), ARR of ~ $180M (up from $148M in FY25), adjusted EBITDA of $40–$60M and adjusted gross margin of 11–13% (Q2 was 11.1%; rolling 12‑month AGM 12.4%). For context, Q2 revenue was $465M (+8% YoY) with $51M adjusted gross profit and adjusted EBITDA of -$9M (a $21M YoY improvement); the company exited Q2 with a record $5.6B backlog, roughly $2B of orders signed YTD (first 7 months) including >$600M Q3‑to‑date, 50% of orders from new customers, pipeline up 35% (data center pipeline +30% to ~12 GWh), liquidity of ~ $900M (cash ~ $430M), and inventory investments of $220M in Q2 with ~ $100M planned in Q3—management expects liquidity to return to ~ $900M by year‑end and anticipates continued margin improvement despite ~50% ASP declines over the past two years.Fluence Energy Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.58B | 2.26B | 2.70B | 2.22B | 1.20B | 680.77M |
| Gross Profit | 297.41M | 295.79M | 341.08M | 140.96M | -62.35M | -69.14M |
| EBITDA | -10.85M | -16.99M | 41.10M | -101.94M | -276.41M | -153.63M |
| Net Income | -41.80M | -48.31M | 22.72M | -69.62M | -289.18M | -162.00M |
Balance Sheet | ||||||
| Total Assets | 2.35B | 2.36B | 1.90B | 1.35B | 1.75B | 717.67M |
| Cash, Cash Equivalents and Short-Term Investments | 412.89M | 690.77M | 448.69M | 345.90M | 467.65M | 36.83M |
| Total Debt | 401.97M | 390.80M | 30.36M | 50.56M | 2.74M | 100.00M |
| Total Liabilities | 1.89B | 1.81B | 1.30B | 795.82M | 1.12B | 773.87M |
| Stockholders Equity | 368.12M | 429.60M | 472.10M | 402.35M | 435.83M | -56.20M |
Cash Flow | ||||||
| Free Cash Flow | -270.64M | -175.34M | 60.71M | -124.15M | -290.32M | -269.56M |
| Operating Cash Flow | -237.50M | -145.54M | 79.69M | -111.93M | -282.38M | -265.27M |
| Investing Cash Flow | -33.15M | -29.80M | -18.98M | 94.44M | -148.42M | -22.29M |
| Financing Cash Flow | 65.85M | 356.88M | -8.68M | 52.59M | 817.05M | 231.13M |
Fluence Energy Technical Analysis
Positive
13.54
Price Trends
15.68
Positive
18.46
Positive
16.63
Positive
Market Momentum
1.62
Negative
61.58
Neutral
36.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLNC, the sentiment is Positive. The current price of 13.54 is below the 20-day moving average (MA) of 17.60, below the 50-day MA of 15.68, and below the 200-day MA of 16.63, indicating a bullish trend. The MACD of 1.62 indicates Negative momentum. The RSI at 61.58 is Neutral, neither overbought nor oversold. The STOCH value of 36.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FLNC.
Fluence Energy Risk Analysis
Fluence Energy disclosed 76 risk factors in its most recent earnings report. Fluence Energy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fluence Energy Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
57 Neutral | $2.13B | 14.24 | 8.54% | ― | 30.87% | 121.64% | |
56 Neutral | $53.20M | -13.25 | -64.74% | ― | -77.09% | -82.90% | |
54 Neutral | $3.72B | -21.70 | -10.50% | ― | 10.93% | -73.80% | |
53 Neutral | $896.58M | -4.36 | -171.06% | ― | 361.99% | 23.03% | |
51 Neutral | $4.14B | -10.08 | -40.01% | ― | -61.93% | -66.79% | |
45 Neutral | $110.03M | -1.39 | 506.75% | ― | 131.30% | 87.66% |
* Utilities Sector Average
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Fluence Energy Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Fluence Energy Boosts Public Float, Broadens Shareholder Base
Positive
May 15, 2026
On May 14, 2026, AES Grid Stability, LLC exercised its redemption right for 10,066,414 common units of Fluence Energy, LLC, with a corresponding cancellation of the same number of Fluence Energy, Inc. Class B-1 shares. Fluence settled the transact...
Business Operations and StrategyPrivate Placements and Financing
Fluence Energy Amends Syndicated Credit Facility, Tightens Terms
Negative
Apr 3, 2026
On March 31, 2026, Fluence Energy, Inc. amended its existing syndicated credit facility, extending the trigger date and a $150 million minimum liquidity covenant by one year to December 31, 2026, and delaying the initial test date for its 3.50:1.0...
Executive/Board ChangesShareholder Meetings
Fluence Energy Stockholders Back Board, Pay and Incentives
Positive
Mar 16, 2026
On March 12, 2026, Fluence Energy held its annual meeting of stockholders, where a quorum representing 351,998,526 votes was present out of 389,772,713 eligible votes across its multi-class common stock structure. Shareholders elected twelve direc...
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.