Fluence Energy (FLNC) Q3 2026 earnings summary

Executive summary

• Achieved record Q3 order intake of $1.44 billion, nearly triple the prior year, including $850 million in data center business and the first large behind-the-meter order.

• Backlog reached a record $6.4 billion, up 14% sequentially and over 30% year-over-year, with strong pipeline growth and order momentum.

• Revenue for Q3 2026 was $650 million, up 8% year-over-year but below expectations due to production delays at new manufacturing facilities.

• Net loss for Q3 2026 was $44.3 million, compared to net income of $6.9 million in the prior year; nine-month net loss was $136.1 million versus $92.1 million last year.

• FY2026 revenue and adjusted EBITDA guidance were lowered due to delayed project deliveries and production ramp-up issues.

Financial highlights

• Q3 2026 revenue: $650 million, up 8% year-over-year but $90 million below prior expectations due to production delays.

• Gross profit margin for Q3 2026 was 5.1% (GAAP) and 5.9% (adjusted), both down significantly year-over-year.

• Adjusted EBITDA for Q3 2026 was $(29) million, and $(90.8) million for the nine months, both significantly lower than the prior year.

• Annual recurring revenue as of June 30, 2026, was ~$163 million, with a target of $180 million by year-end.

• Free cash flow for the nine months was $(299.0) million, an improvement from $(421.3) million in the prior year.

Outlook and guidance

• FY2026 revenue guidance revised to $2.9–$3.1 billion (midpoint $3.0 billion), down from $3.2–$3.6 billion (midpoint $3.4 billion), due to $400 million in project deliveries delayed into FY2027.

• Adjusted EBITDA guidance revised to $(30)–$10 million (midpoint $(10) million), down from $40–$60 million (midpoint $50 million), reflecting reduced revenue and upfront battery supply costs.

• Backlog of $6.4 billion provides $2.2 billion of expected FY2027 revenue coverage.

• Fiscal year-end liquidity forecast remains ~$900 million, with $863 million in liquidity as of June 30, 2026.

• Approximately 48% to 53% of the $6.4 billion backlog is expected to be recognized as revenue in the next 12 months.