Fluence Energy (FLNC) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 order intake of over $1.4 billion, driving backlog to $5.3 billion and supporting strong revenue visibility for 2026 and beyond.

• FY2025 revenue was $2.263 billion, down from $2.7 billion in FY2024, mainly due to U.S. production delays at the Arizona facility.

• Adjusted gross margin reached a record 13.7% for FY2025, with adjusted EBITDA of $19.5 million at the top end of guidance.

• Year-end liquidity stood at $1.3 billion, including $700–$715 million in cash, the highest in company history.

• Annual recurring revenue (ARR) reached $148 million, up 50% year-over-year and slightly above guidance.

Financial highlights

• FY2025 revenue was $2.263 billion, down from $2.7 billion in FY2024, primarily due to U.S. production delays.

• Adjusted gross profit margin for FY2025 was 13.7%, up from 12.9% in FY2024.

• Adjusted EBITDA for FY2025 was $19.5 million, down from $78 million in FY2024.

• GAAP net loss for FY2025 was $68 million, compared to net income of $30 million in FY2024.

• Q4 order intake reached $1.433 billion, with significant contributions from all regions.

Outlook and guidance

• FY2026 revenue guidance is $3.2–$3.6 billion, with 85% of the midpoint already in backlog.

• Adjusted gross margin expected between 11–13% for FY2026, reflecting higher costs from new product rollouts.

• Adjusted EBITDA guidance for FY2026 is $40–$60 million, with a midpoint of $50 million.

• ARR expected to reach $180 million by end of FY2026, over 20% year-over-year growth.

• Management targets 50% revenue growth for FY2026.