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FLNC

Fluence Energy, Inc.

FLNC

Fluence Energy, Inc. • NASDAQ
$19.64 ▲ 3.42% (+0.65)
Market Cap $2.58 B
52w High $23.74
52w Low $3.46
Dividend Yield 0%
P/E -53.08
Volume 2.51M
Outstanding Shares 131.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $1.042B ▲ $90.514M ▲ $17.946M ▲ 1.722% ▲ $0.14 ▲ $59.901M ▲
Q3-2025 $602.533M ▲ $85.064M ▲ $6.252M ▲ 1.038% ▲ $0.048 ▲ $12.29M ▲
Q2-2025 $431.618M ▲ $84.72M ▲ $-31.046M ▲ -7.193% ▲ $-0.24 ▲ $-35.048M ▲
Q1-2025 $186.788M ▼ $72.104M ▼ $-41.466M ▼ -22.199% ▼ $-0.32 ▼ $-49.233M ▼
Q4-2024 $1.228B $87.017M $47.843M 3.896% $0.37 $71.701M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $690.768M ▲ $2.357B ▲ $1.808B ▲ $548.848M ▲
Q3-2025 $459.888M ▼ $2.075B ▼ $1.554B ▼ $407.384M ▲
Q2-2025 $568.622M ▼ $2.273B ▲ $1.774B ▲ $388.17M ▼
Q1-2025 $607.356M ▲ $2.214B ▲ $1.685B ▲ $409.435M ▼
Q4-2024 $448.685M $1.902B $1.295B $607.139M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $17.946M ▲ $265.743M ▲ $-9.752M ▼ $-1.765M ▼ $254.742M ▲ $270.906M ▲
Q3-2025 $6.894M ▲ $-153.865M ▼ $-7.287M ▲ $-468K ▲ $-150.127M ▼ $-161.152M ▼
Q2-2025 $-41.932M ▲ $-46.184M ▲ $-7.574M ▼ $-1.718M ▼ $-44.394M ▼ $-50.537M ▲
Q1-2025 $-57.013M ▼ $-211.232M ▼ $-5.186M ▲ $360.831M ▲ $135.703M ▲ $-213.341M ▼
Q4-2024 $67.724M $10.529M $-5.531M $-2.909M $5.398M $4.998M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Product
Product
 $170.00M ▲$400.00M ▲$580.00M ▲$1.02Bn ▲
Service
Service
 $20.00M ▲$30.00M ▲$20.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Fluence’s income statement shows a classic scaling story: rapid growth in sales, combined with a move from persistent losses to a slim profit in the most recent year. Revenue has expanded strongly every year since listing, which signals rising demand for its storage solutions. Just as important, the company has shifted from losing money on each project to generating a positive gross margin and slightly positive operating and net income. That says pricing, project execution, and cost control have all improved. The flip side is that profitability is still very thin, so any project delays, cost overruns, or pricing pressure could quickly pull results back into the red. Overall, it looks like a business crossing over from “prove it” mode to early, but fragile, profitability.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully since the IPO. Total assets have grown as the company has scaled, and cash on hand is sizable relative to its small amount of debt, giving Fluence a financial cushion. Equity has moved from negative to clearly positive, which reflects accumulated improvements in performance and capital structure. Leverage is low, so the company is not heavily dependent on borrowing. The main watchpoint is that this is still a project-based business, so inventory, receivables, and contract risks matter; but overall the balance sheet now looks more solid and better able to support ongoing growth.

Cash Flow

Cash Flow Cash flow has followed the same trajectory as earnings: early years of meaningful cash burn have shifted to slightly positive operating cash flow and free cash flow more recently. That suggests the company is no longer relying solely on outside funding to support day‑to‑day operations. Capital spending is relatively modest for a hardware-plus-software business, which helps. The improvement in cash generation is encouraging, but the margin of safety remains narrow. Any downturn in orders or working‑capital swings (like delayed customer payments or large project builds) could quickly pressure cash again, so stability here is a key variable to monitor over time.

Competitive Edge

Competitive Edge Fluence occupies an attractive niche at the intersection of utilities, renewables, and grid-scale storage. Its main edge is the combination of hardware, software, and services into an integrated offering, rather than just selling batteries. That makes projects simpler for customers and can deepen relationships over time. The backing and heritage of Siemens and AES provide credibility with large utilities and grid operators, and a large installed base gives Fluence valuable operating data to refine its software. A U.S.-focused supply chain positions it well to benefit from domestic incentives and to compete against import‑dependent rivals. That said, the energy storage market is intensely competitive, with many global players, rapid price changes, and ongoing technology shifts. The moat looks real but still developing; execution quality, software differentiation, and service levels will likely decide how durable it becomes.

Innovation and R&D

Innovation and R&D Innovation is central to Fluence’s strategy. On the hardware side, it has built a family of modular, high-density storage systems (like Gridstack and Smartstack) that can be tailored for different use cases, from solar-plus-storage to grid support and commercial customers. These are designed for faster installation, higher energy density, and flexible durations, including longer-duration storage that many grids will increasingly need. On the software side, Fluence OS and the Fluence IQ platform (including Mosaic and Nispera) are key differentiators. They use AI and advanced analytics to control systems, optimize bidding into power markets, and monitor performance across wind, solar, and storage assets. This software can also work with non‑Fluence equipment, widening its addressable market. The company is also investing in remote monitoring capabilities, exploring new battery chemistries, and targeting fast‑growing segments like data centers and AI-related power demand. Overall, R&D is clearly focused on making storage not just a physical asset, but a smart, revenue-optimizing tool for customers.

Summary

Fluence appears to be transitioning from a fast-growing, loss‑making newcomer into an early‑stage profitable player in grid‑scale energy storage. Revenue growth has been strong, margins have flipped from negative to modestly positive, and cash flow has improved from sizable burn to slight generation. The balance sheet is healthier, with good liquidity and low debt, though the cushion is not yet ample. Strategically, the company benefits from an integrated hardware‑plus‑software model, strong parentage, early moves in domestic manufacturing, and a growing data and software platform that can generate recurring revenues. Its focus on AI-enabled optimization, long-duration storage, and power‑hungry sectors like data centers aligns well with long-term energy trends. The main risks are the thinness of current profitability, project and execution risks inherent in large infrastructure deals, intense industry competition, and technological and policy uncertainty. In short, Fluence looks like a scaled, strategically well‑positioned storage player that is just beginning to prove the sustainability of its business model, with both meaningful upside potential and meaningful execution risk.

NEWS

November 24, 2025 · 4:05 PM UTC

Fluence Energy, Inc. Reports 2025 Financial Results and Initiates 2026 Guidance

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November 7, 2025 · 2:00 AM UTC

LEAG and Fluence to build the largest battery storage project in Europe with a capacity of 4 GWh

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October 29, 2025 · 4:05 PM UTC

Fluence Energy, Inc. Announces Fourth Quarter and Year-End 2025 Earnings Release Date, Conference Call and Webcast

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October 22, 2025 · 6:39 PM UTC

Johnson Fistel Investigates Fluence Energy, Inc. on Behalf of Long-Term Shareholders

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October 15, 2025 · 9:00 AM UTC

Fluence and Torch Clean Energy Partner to Deliver 160 MW / 640 MWh Winchester Battery Energy Storage System

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