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Fluence (FLNC) is a speculative Buy, with upside tied to recovering delivery volumes and normalized project margins. FLNC's backlog and continued order flow indicate robust demand, but operational execution and timely project completion remain critical. Valuation at 0.75x forward sales implies a $14 target (+35%), contingent on margin recovery and cash flow stabilization.

GEV's stronger guidance, backlog growth and AI-driven power demand give it the edge despite FLNC's cheaper valuation and data-center tailwinds.

BERLIN and COTTBUS, Germany, Aug. 13, 2026 (GLOBE NEWSWIRE) -- LEAG Clean Power GmbH and Fluence Energy GmbH, a subsidiary of Fluence Energy, Inc. (NASDAQ: FLNC) (Fluence), a global market leader delivering intelligent energy storage systems, services, and asset optimisation software, have started the deployment of the Heinersbrück GridBattery energy storage project. The project will be co-located with renewable generation assets on recultivated former mining land.

On August 11, 2026, Fluence Energy Inc (FLNC) shares rose 3.6% to a current price of $13.10. Despite today's positive movement, the stock has experienced signif

Fluence Energy, Inc. (FLNC) Q3 2026 Earnings Call Transcript

For the quarter ended June 2026, Fluence Energy, Inc. (FLNC - Free Report) reported revenue of $600.18 million, down 0.4% over the same period last year. EPS came in at -$0.24, compared to $0.01 in the year-ago quarter.

The reported revenue represents a surprise of -21.22% over the Zacks Consensus Estimate of $761.85 million. With the consensus EPS estimate being -$0.05, the EPS surprise was -380%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Fluence Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Energy Storage Products and Solutions - Deployed: 7,400.00 MW compared to the 8,307.24 MW average estimate based on two analysts.Digital Contracts - Asset under Management: 22,800.00 MW compared to the 24,370.00 MW average estimate based on two analysts.Service Contracts - Asset under Management: 6,300.00 MW compared to the 7,207.44 MW average estimate based on two analysts.Revenue from energy storage products and solutions: $627.28 million versus the three-analyst average estimate of $635.71 million. The reported number represents a year-over-year change of +7.5%.Revenue from services: $20.12 million compared to the $27.23 million average estimate based on three analysts. The reported number represents a change of +18.8% year over year.Revenue from digital applications and solutions: $2.45 million versus the two-analyst average estimate of $10.13 million. The reported number represents a year-over-year change of +37%.View all Key Company Metrics for Fluence Energy here>>>

Shares of Fluence Energy have returned -3.3% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

ARLINGTON, Va., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three and nine months ended June 30, 2026.

Financial and Operational Highlights for Fiscal Quarter Ended June 30, 2026

Revenue of approximately $649.8 million, compared to approximately $602.5 million in the same quarter last year, primarily driven by an increase in volume of fulfillments of energy storage solutions. Revenue was weaker than expected, primarily reflecting production delays at new contract manufacturing facilities.GAAP gross profit margin of approximately 5.1%, compared to approximately 14.8% in the same quarter last year.Adjusted gross profit margin1 of approximately 5.9%, compared to approximately 15.4% in the same quarter last year, primarily reflecting the impact of delays to revenue, the initial costs of deploying new product platforms, and recognized upfront cost associated with a planned agreement for long-term international battery cell supply.Net loss for the three and nine months ended June 30, 2026 of approximately $44.3 million and $136.1 million, respectively, compared to net income of approximately $6.9 million and net loss of approximately $92.1 million for the same periods last year, respectively.Adjusted EBITDA1 for the three and nine months ended June 30, 2026 of approximately $(29.3) million and $(90.8) million, respectively.Order intake of more than $1.44 billion for the fiscal quarter ended June 30, 2026, nearly triple the order intake of approximately $508.8 million for the same quarter last year.Secured approximately $850.0 million of data center business through July, including the Company's first large, behind-the-meter order signed during the third quarter and approximately $550.0 million of awards from a hyperscaler in July 2026.Backlog2 as of June 30, 2026 of approximately $6.4 billion, the highest level in Company history.Total liquidity3 of approximately $863.0 million as of June 30, 2026, including total cash4 of approximately $365.0 million. “Customer demand for Fluence solutions continues to strengthen, driven by our differentiated technology, digital capabilities, and expanding role supporting the growing power needs of utilities, developers, and data centers. We have been increasing our production capacity globally to meet this growing demand, and although production has been behind our expectation for this year we have taken steps to achieve targeted production levels early in fiscal 2027," said Julian Nebreda, President and Chief Executive Officer. "With both record order intake and backlog, and increasing momentum with all of our customer segments including data centers, we remain confident in the long-term opportunity ahead and our positioning to capitalize on it."

Revised Fiscal Year 2026 Outlook

The Company now expects that $400.0 million in project deliveries will be delayed into fiscal 2027 due to production issues at a new international contract manufacturing facility and construction related delays that affected the completion and start-up of a new U.S. contract manufacturing facility. As a result, the Company is revising its fiscal year 2026 guidance as follows:

Revenue of approximately $2.9 billion to $3.1 billion with a midpoint of $3.0 billion compared to the prior guidance range of approximately $3.2 billion to $3.6 billion with a midpoint of $3.4 billion.Adjusted EBITDA1 of approximately ($30.0) million to $10.0 million, with a midpoint of approximately ($10.0) million compared to prior guidance of approximately $40.0 million to $60.0 million with a midpoint of $50.0 million. This reduction reflects the reduced revenue outlook and an approximately $15 million upfront cost associated with a planned agreement for long-term international battery supply.Annual recurring revenue of approximately $180.0 million by the end of fiscal year 2026, which is unchanged. "Although delays in deliveries of some U.S. projects impacted third quarter revenue and our full year outlook, the associated revenue remains in backlog and is expected to be recognized in fiscal 2027," said Ahmed Pasha, Chief Financial Officer. "We ended the quarter with strong liquidity, providing flexibility and a strong foundation to support increased order volume and future growth.”

The foregoing "Revised Fiscal Year 2026 Outlook" statements represent management's current best estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the "Cautionary Note Regarding Forward-Looking Statements" section included in this release. Management does not assume any obligation to update these estimates.

Conference Call Information

The Company will conduct a teleconference starting at 8:30 a.m. EDT on Thursday, August 6, 2026, to discuss our third quarter results. To participate, analysts are required to register by clicking Fluence Energy Q3 Earnings Call Registration Link. Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time.

General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Listen - Only Webcast, or on https://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: https://fluenceenergy.com, by selecting Investors, News & Events, and Events & Presentations.

A replay of the conference call will be available after 1:00 p.m. EDT on Thursday, August 6, 2026. The replay will be available on the Company’s website at https://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations.

Non-GAAP Financial Measures

We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented in accordance with GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures.

Adjusted EBITDA is calculated from the condensed consolidated statements of operations using net income (loss) adjusted for (i) interest (income) expense, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the “Tax Receivable Agreement”).

Adjusted Gross Profit is calculated from the condensed consolidated statements of operations using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) depreciation and amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue.

Free Cash Flow is calculated from the condensed consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, adjusted to exclude purchases made under supply chain financing arrangements, less repayments of obligations under supply chain financing arrangements and purchase of property and equipment made in the period. It should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets) and Free Cash Flow does not reflect our future contractual commitments.

Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in tables contained at the end of this release.  

The Company is not able to provide a quantitative reconciliation of full fiscal year 2026 Adjusted EBITDA to GAAP net income (loss) on a forward-looking basis because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be predicted at this time without unreasonable effort.

About Fluence

Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed, and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future.

For more information, visit our website, or follow us on LinkedIn. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog.

Cautionary Note Regarding Forward-Looking Statements

This press release and statements that are made on our earnings call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release and on our earnings call, including without limitation, statements set forth above under “Revised Fiscal Year 2026 Outlook” and other statements regarding the Company's future results of operations and financial position, operational performance, the Company’s business, growth, and innovation strategy and the efficacy of our products and services to meet evolving needs, future market and industry growth and related opportunities for the Company, including relating to data centers, projected operating costs and future cost visibility, future liquidity, expectations relating to working capital, and access to capital and cash flows, future capital expenditures and debt service obligations, expectations related to backlog, pipeline, order intake, and contracted backlog, expectations regarding Smartstack becoming a leading product, expectations regarding the deployment, performance, and customer adoption of new product offerings, expectations regarding customer demand for Company products and solutions, impact of the Company’s planned new battery cell supply agreement, the Company’s supply chain strategy, including future volume and production capacity, expectations regarding our contract manufacturing partners and related facilities, potential impact from delays in ramp up of production facilities, associated project delays, and cost overruns, including those arising from the introduction of new product platforms, and projected costs, beliefs, assumptions, prospects, plans and objectives of management and timing associated therewith. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “possible,” “will,” “should,” “seeks,” “expects,” “plans,” “anticipates,” “grows,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements are subject to a number of risks, uncertainties, and other important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the elimination or expiration of government incentives or regulations regarding renewable energy; changes in the global trade environment; fluctuations in order intake and results of operations across fiscal periods; a significant reduction in order volume or loss of significant customers or their inability to perform under contracts; competition for offerings and the ability to attract new customers and retain existing ones; maintaining and enhancing reputation and brand recognition; our ability to manage recent and future growth and the expansion of our business and operations; our ability to attract and retain highly qualified personnel; our growth depending on the success of relationships with third parties; delays, disruptions, and quality control problems in manufacturing operations; risks associated with engineering and construction, utility interconnection, commissioning and installation of energy storage products, cost overruns, and delays; supplier concentration and limited supplier capacity; operating as a global company with a global supply chain; changes in the cost and availability of raw materials and underlying components; lengthy sales and installation cycle for energy storage solutions; quality and quantity of components provided by suppliers; defects, errors, vulnerabilities, and/or bugs in products and technology; events and incidents relating to storage, delivery, installation, operation, maintenance, and shutdowns of products; current and planned foreign operations; failure by contract manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; actual or threatened health epidemics, pandemics, or similar public health threats; severe weather events; acquisitions made or that may be pursued; our ability to obtain financial assurances for projects; relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increases in expenses in the future and our ability to maintain prolonged profitability; the risk that amounts included in the pipeline and contracted backlog may not result in actual revenue or translate into profits; restrictions set forth in current and future credit and debt agreements; our uncertain ability to raise additional capital to execute on business opportunities; fluctuations in currency exchange rates; whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for offerings does not develop or takes longer to develop than anticipated; our estimates on the size of the total addressable market; macroeconomic uncertainty and market conditions; interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers’ ability to finance energy storage systems and demand for energy storage solutions; the cost of electricity available from alternative sources; a decline or delay in public acceptance of renewable energy, or increase in the cost of customer projects; increased attention to environmental, social and governance matters; our ability to obtain, maintain, and enforce proper protection for intellectual property, including technology; the threat of lawsuits by third parties alleging intellectual property violations; our having adequate protection for trademarks and trade names; our ability to enforce intellectual property rights; our patent portfolio; our ability to effectively protect data integrity of technology infrastructure, data, and other business systems; the use of open-source software; our failure to comply with third-party license or technology agreements; our inability to license rights to use technologies on reasonable terms; compromises, interruptions, or shutdowns of systems; use of artificial intelligence (“AI”) technologies; potential changes in tax laws or regulations; barriers arising from current electric utility industry policies and regulations and any subsequent changes; environmental, health, and safety laws and potential obligations, liabilities, and costs thereunder; actual or perceived failure to comply with data privacy and data security laws, regulations, industry standards, and other requirements relating to the privacy, security, and processing of personal information; potential future legal proceedings, regulatory disputes, and governmental inquiries; ownership of our Class A common stock; short-seller activists; being a “controlled company” within the meaning of the rules of the Nasdaq Stock Market; conflicts of interest by officers and directors due to positions with our continuing equity owners; relationship with our founders and continuing equity owners; terms of our amended and restated certificate of incorporation and amended and restated bylaws; our dependence on distributions from Fluence Energy, LLC to pay taxes and expenses and Fluence Energy, LLC’s ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks related to the 2030 Convertible Senior Notes; improper and ineffective internal control over reporting to comply with the Sarbanes-Oxley Act; changes in accounting principles or their applicability; and estimates or judgments relating to critical accounting policies; and other important factors set forth under Part I, Item 1A.“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 25, 2025 and Part II, Item 1A. "Risk Factors" in this Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026, as well as in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

Analyst Contact
Chris Shelton, Vice President of Finance, GID, and Investor Relations
Email: [email protected] 

Media Contact
Shayla Ebsen, Director of Communications
+1 605-645-7486
Email: [email protected] 

FLUENCE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in Thousands, except share and per share amounts)
     Unaudited   June 30,
2026 September 30,
2025Assets   Current assets:   Cash and cash equivalents$339,328  $690,768 Restricted cash 25,630   23,862 Trade receivables, net 350,134   272,820 Unbilled receivables 328,210   239,594 Receivables from related parties 108,922   200,748 Advances to suppliers 226,390   126,778 Inventory, net 783,031   455,015 Other current assets 162,861   54,671 Total current assets 2,324,506   2,064,256 Non-current assets:   Property and equipment, net$43,506  $50,320 Intangible assets, net 64,221   63,403 Goodwill 28,297   28,584 Deferred income tax asset 2,878   4,046 Other non-current assets 152,195   146,391 Total non-current assets 291,097   292,744 Total assets$2,615,603  $2,357,000 Liabilities and Stockholders’ Equity   Current liabilities:   Accounts payable$295,056  $321,004 Deferred revenue 956,491   640,457 Deferred revenue with related parties 57,531   79,916 Personnel related liabilities 44,189   31,850 Accruals and provisions 274,935   246,235 Taxes payable 15,186   30,317 Other current liabilities 90,661   20,590 Total current liabilities 1,734,049   1,370,369 Non-current liabilities:   Deferred income tax liability$9,101  $9,530 Convertible senior notes, net 392,164   390,804 Other non-current liabilities 49,065   37,449 Total non-current liabilities 450,330   437,783 Total liabilities 2,184,379   1,808,152 Stockholders’ Equity:   Preferred stock, $0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and September 30, 2025 —   — Class A common stock, $0.00001 par value per share, 1,200,000,000 shares authorized; 144,125,253 shares issued and 143,136,891 shares outstanding as of June 30, 2026; 132,014,571 shares issued and 131,164,365 shares outstanding as of September 30, 2025 1   1 Class B-1 common stock, $0.00001 par value per share, 134,325,805 shares authorized; 41,432,781 and 51,499,195 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively —   — Class B-2 common stock, $0.00001 par value per share, 200,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2026 and September 30, 2025 —   — Treasury stock, at cost (12,930)  (10,213)Additional paid-in capital 670,321   627,956 Accumulated other comprehensive income 14,394   11,613 Accumulated deficit (298,576)  (199,762)Total stockholders’ equity attributable to Fluence Energy, Inc. 373,210   429,595 Non-Controlling interests 58,014   119,253 Total stockholders’ equity 431,224   548,848 Total liabilities and stockholders’ equity$2,615,603  $2,357,000          FLUENCE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(U.S. Dollars in Thousands, except share and per share amounts)
     Three Months Ended June 30, Nine Months Ended June 30,  2026   2025   2026   2025 Revenue$        600,180  $        566,926  $        1,317,908  $        947,532 Revenue from related parties         49,668           35,607           272,065           273,407 Total revenue         649,848           602,533           1,589,973           1,220,939 Cost of goods and services         616,607           513,434           1,487,053           1,068,057 Gross profit         33,241           89,099           102,920           152,882 Operating expenses:       Research and development         23,740           26,011           63,351           65,325 Sales and marketing         25,300           19,822           70,600           59,213 General and administrative         37,735           35,603           116,809           113,722 Depreciation and amortization         3,986           3,628           12,010           9,386 Interest (income) expense, net         (2,915)          1,083           1,219           733 Other income, net         (11,101)          (8,519)          (19,392)          (4,315)(Loss) income before income taxes         (43,504)          11,471           (141,677)          (91,182)Income tax expense (benefit)         772           4,577           (5,574)          869 Net (loss) income$        (44,276) $        6,894  $        (136,103) $        (92,051)Net (loss) income attributable to non-controlling interest$        (11,459) $        642  $        (37,289) $        (25,791)Net (loss) income attributable to Fluence Energy, Inc.$        (32,817) $        6,252  $        (98,814) $        (66,260)        Weighted average number of Class A common shares outstanding:       Basic 138,129,139   130,723,258   134,060,941   130,062,109 Diluted 138,129,139   183,645,493   134,060,941   130,062,109 (Loss) income per share of Class A common stock:       Basic$        (0.24) $        0.05          $        (0.74) $        (0.51)Diluted$        (0.24) $        0.01          $        (0.74) $        (0.51)                 FLUENCE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(U.S. Dollars in Thousands)
    ​Three Months Ended June 30, Nine Months Ended June 30,  2026   2025   2026   2025 Net (loss) income$(44,276) $6,894  $(136,103) $(92,051)        (Loss) gain on foreign currency translation, net of tax (2,862)  13,405   (4,867)  16,768 Gain (loss) on cash flow hedges, net of tax 14,200   (5,412)  8,475   2,287 Total other comprehensive income 11,338   7,993   3,608   19,055 Total comprehensive (loss) income$(32,938) $14,887  $(132,495) $(72,996)Comprehensive (loss) income attributable to non-controlling interest$(8,463) $2,905  $(36,462) $(20,389)Total comprehensive (loss) income attributable to Fluence Energy, Inc.$(24,475) $11,982  $(96,033) $(52,607)                 FLUENCE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(U.S. Dollars in Thousands)
   Nine Months Ended June 30,  2026   2025 Operating activities   Net loss$(136,103) $(92,051)Adjustments to reconcile net loss to net cash used in operating activities:   Depreciation and amortization 30,723   18,929 Amortization of debt issuance costs 3,712   3,072 Inventory provision (6,756)  (811)Stock-based compensation 14,118   15,459 Deferred income taxes (119)  5,814 Changes in operating assets and liabilities:   Trade receivables, net (77,924)  64,761 Unbilled receivables (85,919)  22,357 Receivables from related parties 91,826   204,158 Advances to suppliers (99,644)  (38,415)Inventory (321,405)  (469,694)Other current assets (75,985)  20,524 Other non-current assets (11,552)  (23,504)Accounts payable (22,215)  (180,842)Deferred revenue with related parties (22,379)  9,598 Deferred revenue 318,984   264,498 Accruals and provisions 26,317   (118,359)Taxes payable (15,037)  (56,187)Other current liabilities 10,703   (65,617)Other non-current liabilities 12,121   5,029 Net cash used in operating activities (366,534)  (411,281)Investing activities   Capital expenditures on software and other (11,656)  (10,023)Purchase of property and equipment (9,678)  (10,024)Issuance of note receivable (30,000)  — Proceeds from sale of equity method investment 3,686   — Net cash used in investing activities (47,648)  (20,047)Financing activities   Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards (2,717)  (490)Proceeds from issuance of 2030 Convertible Senior Notes —   400,000 Purchases of Capped Calls related to 2030 Convertible Senior Notes —   (29,000)Payment for debt issuance costs (1,704)  (12,132)Purchases under supply chain financing arrangements 101,937   — Repayments of obligations under supply chain financing arrangements (24,751)  — Proceeds from exercise of stock options 3,470   1,767 Distribution to AES Grid Stability —   (1,035)Principal payments on finance leases (4,180)  (465)Net cash provided by financing activities 72,055   358,645 Effect of exchange rate changes on cash and cash equivalents (7,545)  13,865 Net decrease in cash, cash equivalents, and restricted cash (349,672)  (58,818)Cash, cash equivalents, and restricted cash as of the beginning of the period 714,630   518,706 Cash, cash equivalents, and restricted cash as of the end of the period$364,958  $459,888 Supplemental Cash Flows Information   Interest paid$14,112  $7,876 Cash paid (refund) on income taxes$19,016  $(1,429)         FLUENCE ENERGY, INC.
KEY OPERATING METRICS (UNAUDITED)

The following tables present our key operating metrics as of June 30, 2026 and September 30, 2025. The tables below present the metrics in either Gigawatts (GW) or Gigawatt hours (GWh). Our key operating metrics focus on project milestones to measure our performance and designate each project as either “deployed”, “assets under management”, “contracted backlog”, or “pipeline”.

  June 30, 2026 September 30, 2025​Change  Change %Energy Storage Products and Solutions ​​​​   Deployed (GW) 7.4 6.8​0.6​9%Deployed (GWh) 19.3 17.8 1.5 8%Contracted Backlog (GW) 12.6 9.1​3.5​38%Pipeline (GW) 45.6 35.7 9.9 28%Pipeline (GWh) 163.7 122.0​41.7​34% (amounts in GW) June 30, 2026 September 30, 2025​Change  Change %Services ​​​​ ​ Assets under Management 6.3 5.6​0.7​13%Contracted Backlog 7.9 7.0​0.9​13%Pipeline 33.3 29.4​3.9​13% (amounts in GW) June 30, 2026 September 30, 2025​Change  Change %Digital ​​​​ ​ Assets under Management 22.8 22.0​0.8​4%Contracted Backlog 13.9 12.1​1.8​15%Pipeline 51.4 63.7​(12.3)​(19%) The following table presents our order intake for the three and nine months ended June 30, 2026 and 2025. The table is presented in Gigawatts (GW):

(amounts in GW) Three Months Ended June 30,​    Nine Months Ended June 30,​    2026 2025​Change​Change %​2026 2025​Change​Change %Energy Storage Products and Solutions​​​​​​​​        Contracted​2.6 0.7​1.9​271%​4.2 1.9​2.3 121%Services​​​ ​​​​​​  ​   Contracted​0.3 1.4​(1.1)​(79)%​1.6 2.0​(0.4) (20)%Digital​​​ ​​​​​​  ​   Contracted​0.6 0.9​(0.3)​(33)%​6.0 5.4​0.6​11% Deployed

Deployed represents cumulative energy storage products and solutions that have achieved substantial completion and are not decommissioned. Deployed is monitored by management to measure our performance towards achieving project milestones.

Assets Under Management

Assets under management for service contracts represents our long-term service contracts with customers associated with our completed energy storage system products and solutions. In general, we start providing maintenance, monitoring, or other operational services after the storage product projects are completed. This is not limited to energy storage solutions delivered by Fluence. Assets under management for digital software represents contracts signed and active (post go live). Assets under management serves as an indicator of expected revenue from our customers and assists management in forecasting our expected financial performance.

Contracted Backlog

For our energy storage products and solutions contracts, contracted backlog includes signed customer orders or contracts under execution prior to when substantial completion is achieved. For service contracts, contracted backlog includes signed service agreements associated with our storage product projects that have not been completed and the associated service has not started. For digital applications contracts, contracted backlog includes signed agreements where the associated subscription has not started.

We cannot guarantee that our contracted backlog will result in actual revenue in the originally anticipated period or at all. Contracted backlog may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our contracted backlog fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity.

Contracted/Order Intake

Contracted, which we use interchangeably with “order intake”, represents new energy storage product and solutions contracts, new service contracts and new digital contracts signed during each period presented. We define “Contracted” as a firm and binding purchase order, letter of award, change order or other signed contract (in each case an “Order”) from the customer that is received and accepted by Fluence. Our order intake is intended to convey the dollar amount and gigawatts (operating measure) contracted in the period presented. We believe that order intake provides useful information to investors and management because the order intake provides visibility into future revenue and enables evaluation of the effectiveness of the Company’s sales activity and the attractiveness of its offerings in the market.

Pipeline

Pipeline represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Pipeline is an internal management metric that we construct from market information reported by our global sales force. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future revenue related to customer contracts for our battery-based energy storage products and solutions, services and digital software.

We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity.

Annual Recurring Revenue (ARR)

ARR represents the net annualized contracted value including software subscriptions including initial trial, licensing, long term service agreements, and extended warranty agreements as of the reporting period. ARR excludes one-time fees, revenue share or other revenue that is non-recurring and variable. The Company believes ARR is an important operating metric as it provides visibility to future revenue. It is important to management to increase this visibility as we continue to expand. ARR is not a forecast of future revenue and should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items.

FLUENCE ENERGY, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED)

The following tables present our non-GAAP measures for the periods indicated.

($ in thousands)​Three Months Ended June 30, Nine Months Ended June 30,​ 2026 ​ 2025  2026 ​ 2025 Net loss​$(44,276) $6,894 $(136,103) $(92,051)Add:​ ​​    Interest expense (income), net​ (2,915)​ 1,083  1,219   733 Income tax expense (benefit)​ 772 ​ 4,577  (5,574)  869 Depreciation and amortization​ 11,198 ​ 8,255  30,723   18,929 Stock-based compensation  4,891   6,400  14,121   15,542 Other non-recurring expenses(a)​ 1,034 ​ 146  4,818   3,246 Adjusted EBITDA ​$(29,296) $27,355 $(90,796) $(52,732) (a) Amount for the three months ended June 30, 2026 includes $0.5 million for secondary offering expenses and $0.5 million for legal and consulting fees related to potential strategic transactions. Amount for the three months ended June 30, 2025 includes approximately $1.4 million in severance costs related to restructuring and $1.2 million in income as a result of a reduction of our Tax Receivable Agreement liability. Amounts for nine months ended June 30, 2026 includes approximately $3.8 million for legal and consulting fees related to potential strategic transactions, $0.5 million of impairment expense related to an equity method investment, and $0.5 million for secondary offering expenses. Amount for the nine months ended June 30, 2025 includes $4.5 million in severance costs related to restructuring and $1.2 million in income as a result of a reduction of our Tax Receivable Agreement liability.

($ in thousands) Three Months Ended June 30, Nine Months Ended June 30,  2026 ​ 2025   2026 ​ 2025 Total revenue $649,848 ​$602,533  $1,589,973  $1,220,939 Cost of goods and services​ 616,607 ​ 513,434   1,487,053   1,068,057 Gross profit​ 33,241 ​ 89,099   102,920   152,882 Gross profit margin %​ 5.1%​ 14.8%  6.5%  12.5%Add:        Stock-based compensation  199   636   1,084   2,154 Depreciation and amortization  5,185   2,734   12,768   5,388 Other non-recurring expenses​ — ​ 307   —   606 Adjusted Gross Profit $38,625 ​$92,776  $116,772 ​$161,030 Adjusted Gross Profit Margin %​ 5.9%​ 15.4%  7.3%​ 13.2% ​​

($ in thousands) Nine Months Ended June 30,  2026   2025 Net cash used in operating activities $(366,534) $(411,281)Add: Purchases under supply chain financing arrangements  101,937   — Less: Repayments of obligations under supply chain financing arrangements  (24,751)  — Less: Purchase of property and equipment  (9,678)​ (10,024)Free Cash Flow $(299,026)​$(421,305) 1 Non-GAAP Financial Metric. See the section titled "Non-GAAP Financial Measures" for more information regarding the Company's use of non-GAAP financial measures, as well as a reconciliation to the most directly comparable financial measures stated in accordance with GAAP.
2 Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The company's backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company's customers have the right to terminate contracts or defer the timing of its services and their payments to the Company.
3 Total liquidity is a management metric and is defined as cash and cash equivalents + restricted cash + capacity available under our working capital facilities, net of letters of credit issued. Our working capital facilities include our two supply chain financing programs and our revolving credit facility, under which we can issue letters of credit or, subject to certain limitations, incur borrowings thereunder. Each of our working capital facilities are subject to covenants and restrictions as set forth therein, including a cash draw sublimit in the revolving credit facility of $150.0 million. As of June 30, 2026, we had $193.0 million of outstanding letters of credit under our revolving credit facility, with remaining availability of $307.0 million.
4 Total cash includes cash and cash equivalents + restricted cash. 

Key Takeaways Fluence Energy's record $5.6B backlog supports reaffirmed fiscal 2026 guidance and revenue visibility. FLNC signed hyperscaler supply agreements as AI data-center demand expands its growth pipeline. Fluence Energy trades below industry price-to-sales levels after a steep six-month share decline. Shares of Fluence Energy (FLNC - Free Report) have declined 52% over the past six months, underperforming the Zacks Alternate Energy - Other industry, as well as fellow industry players FuelCell Energy (FCEL - Free Report) and GE Vernova (GEV - Free Report) .

6- Month Stock Price ComparisonImage Source: Zacks Investment Research

Shares of Fluence Energy have declined this year due to headwinds like battery oversupply fears, periodic execution delays and macroeconomic pressures. Despite the recent drop, Fluence Energy’s robust fundamentals can’t be ignored.

The pullback over the past six months might be an opportune moment for long-term investors to buy FLNC’s shares. Currently priced at $13.93, the stock is 56% below its 52-week high, leaving ample room for growth.

Reasons Why We Remain Bullish on FLNC StockGrowing Utility-Scale Energy Storage Demand: Fluence Energy stands to benefit from the accelerating global adoption of battery energy storage systems, driven by the rapid expansion of renewable energy generation and increasing electricity demand. As utilities integrate more solar and wind capacity into the grid, the need for large-scale storage solutions to balance intermittent power generation and maintain grid reliability continues to rise.

Strong Backlog Position: The company is already witnessing these favorable trends in its business. Management noted that accelerating utility demand, industrial electrification and data-center growth have expanded its sales pipeline. In the second-quarter fiscal 2026 conference call, management stated that the data center pipeline expanded 30% compared with the fiscal first quarter. Moreover, backlog climbed to record levels of approximately $5.6 billion.

Fluence Energy reaffirmed its fiscal 2026 guidance. The fiscal 2026 guidance is covered by backlog, providing strong revenue visibility. Management expects annual recurring revenues to reach approximately $180 million by the end of fiscal 2026, up from $148 million in fiscal 2025. Adjusted EBITDA is still expected in the range of $40-$60 million for fiscal 2026.

AI Data Centers Boosting Growth Potential: The rapid build-out of AI data centers is emerging as another powerful tailwind for Fluence. AI facilities require highly reliable, flexible power systems capable of handling sudden fluctuations in electricity demand. Battery energy storage systems help stabilize voltage and frequency, reduce peak demand and support uninterrupted operations, making them an increasingly essential component of next-generation AI infrastructure.

The company has recently signed master supply agreements with two major hyperscale data-center operators and expects initial orders to follow shortly. These MSAs established Fluence as a qualified supplier, positioning us to build on expected near-term data center projects for both hyperscalers. The company’s Smartstack platform has been developed to address AI-related power requirements.

Decent Earnings Surprise History: The company surpassed the Zacks Consensus Estimate for earnings in two of the last four quarters, missing once and reporting in-line earnings on the other occasion. The average beat is 18.1%.

Fluence Energy’s Shares Are Cheap: The stock is undervalued compared with its industry. It is currently trading at a price-to-sales multiple of 0.61, lower than the industry levels. FuelCell Energy and GE Vernova trade at much higher levels. FuelCell Energy has a Value Score of F, while Fluence Energy and GE Vernova each have a value score of D.

Valuation PictureImage Source: Zacks Investment Research

FLNC Is Still a Solid PickBased on the abovementioned tailwinds, investors should consider parking their cash in FLNC despite the recent price weakness. The company currently carries a Zacks Rank #2 (Buy).

The Wall Street average target price of $18.89 for FLNC stock suggests an upside of more than 35% from the current levels.

Image Source: Zacks Investment Research

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A downtrend has been apparent in Fluence Energy, Inc. (FLNC - Free Report) lately with too much selling pressure. The stock has declined 35.2% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Here's Why FLNC Could Experience a TurnaroundThe heavy selling of FLNC shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 29.78. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.

This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering FLNC in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 17% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, FLNC currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in FLNC over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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ARLINGTON, Va., July 20, 2026 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), announced today that it will report earnings for the third quarter ended June 30th, 2026 on Wednesday, August 5th, 2026, after market close.

ARLINGTON, Va., July 13, 2026 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. ("Fluence") (NASDAQ: FLNC), a global market leader delivering intelligent energy storage systems, services, and asset optimization software, today announced an agreement with Avantus to provide its advanced Smartstack™ energy storage solution and turnkey Engineering, Procurement, and Construction (EPC) services for the Rexford 2 project.

Located in Tulare County, California, Rexford 2 will include a 200 MW / 800 MWh battery energy storage system paired with a solar facility. Once operational, the project is expected to deliver firm, on-demand capacity to the California grid, enough to power 84,000 Southern California homes with clean, reliable energy.

Fluence will deploy its 4-hour duration Smartstack system incorporating U.S. domestic content. The system will utilize Fluence’s network of partner manufacturing facilities in states including Utah, South Carolina, and Texas, where key components such as battery cells, modules, enclosures, and thermal management systems are produced. By drawing on this U.S.-based manufacturing network, the project will support the continued advancement of domestically produced energy storage technology.

“Delivering a project of this magnitude requires deep expertise to help ensure long-term performance. By combining our end-to-end EPC capabilities with our advanced, U.S.-built Smartstack solution, we are streamlining deployment for Avantus,” said John Zahurancik, Chief Customer Success Officer at Fluence. “We are proud to leverage our proven track record to build a highly reliable and flexible power foundation for California’s energy future.”

“Providing affordable, reliable clean energy solutions at scale requires the right partners. Our work with Fluence on Rexford 2 will strengthen the grid, build domestic supply chains, and bring much-needed energy capacity to California,” said Tony Frontino, Executive Vice President of Strategic Sourcing and Asset Management at Avantus.

Rexford 2 is expected to create more than 500 union jobs at peak construction, in addition to permanent local operations roles. The project is projected to generate hundreds of millions of dollars in local tax revenue for Tulare County, supporting public services and infrastructure. Additionally, Rexford 2 will be constructed on previously disturbed land, minimizing environmental impacts.

Construction is expected to begin in 2027, and the project is targeted to reach commercial operation in late 2028.

About Fluence  
Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The company's solutions and operational services are helping to create a more resilient grid, from powering the next generation of AI-driven data centers to unlocking the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed, and under management across nearly 50 markets, the company is transforming the way we power our world for a more sustainable future.

For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog.  

Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the anticipated operational performance of the Rexford 2 project, including capacity, projected construction and commercial operation timelines, expected impact of these projects on the local economy, including local labor force, tax revenue, public services and infrastructure, and environment, de-risking expectations, and statements regarding beliefs, assumptions, prospects, plans, and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as "may," "possible," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "commits", "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, severe weather events impacting the project and timelines, changes to the regulatory environment in the United States and/or California, general economic conditions, the potential for political, social, or economic unrest, terrorism, hostilities or war, unforeseen circumstances outside of Fluence’s control which may cause the energy storage system to not perform as anticipated, and such factors set forth under Item 1A."Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the Securities and Exchange Commission ("SEC") on November 29 2025, and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

Media Contact
Shayla Ebsen, Director of Communications
Email: [email protected]

Analyst Contact
Chris Shelton, Vice President of Finance, GID, and IR
Email: [email protected]

The artificial intelligence (AI) infrastructure build-out is booming, with hyperscalers devoting up to $700 billion in capital expenditures this year to build data centers. The AI gold rush has created significant distortions across industries, including memory chips and power solutions.

Technology companies are scrambling to secure reliable energy for their growing data center footprints, and more are exploring creative solutions to bypass the slow timelines for power-grid interconnection.

If you're looking to capitalize on the power crunch for hyperscaler data center spending, here are three under-the-radar AI energy stocks to consider right now.

Image source: Getty Images.

Ford is repurposing its EV facility to make battery energy storage systems Ford Motor Company (F 2.05%) is leveraging its electric vehicle infrastructure to pivot toward battery energy solutions for hyperscalers and other customers. Through its newly announced subsidiary, Ford Energy, the company is reworking its multibillion-dollar manufacturing facility in Kentucky to produce the Ford Energy DC Block, a containerized battery energy storage system (BESS) that aims to provide reliable power to utilities, data centers, and industrial facilities.

Because AI workloads place significant strain on the energy grid, they require dispatchable backup power to manage peak-demand ramp-ups. Ford's pivot to BESS could help address these challenges faced by AI data centers, and it recently secured a five-year framework agreement to supply up to 20 gigawatt-hours of BESS capacity to EDF Renewables.

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Utility providers could benefit from Ford's battery systems because they can buy and store power when electricity rates are low and then discharge it back into the grid during peak demand. And because Ford's batteries use lithium iron phosphate (LFP), they can respond quickly and instantly balance grid frequency and shift peak energy loads over their 20-year lifespan.

In the coming years, investors will want to see Ford's execution on its non-automotive battery business. The company will retool its facility over the next year and aims to ship out its first utility DC blocks by late 2027. After that, it aims to deploy up to 20 GWh of grid storage annually to meet the booming electrical demands.

FuelCell Energy looks to data centers to rejuvenate its business FuelCell Energy (FCEL 11.85%) has developed stationary fuel cell platforms for decades. Its fuel cells use molten carbonate to electrochemically convert cleaner-burning fuels, such as hydrogen or biogas, into electricity. Its fuel cells provide baseload energy, consistently producing power, unlike intermittent renewables like wind or solar.

The AI spending supercycle has been a boon for FuelCell's commercial pipeline. Data center customers account for nearly 90% of its 4-gigawatt sales pipeline. FuelCell's 12.5-megawatt fuel-cell power block provides continuous, uninterrupted on-site power for hyperscalers, allowing them to bypass power grids entirely with private, on-site energy generation.

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In the second quarter, the company's 4 GW sales pipeline grew 267% compared to the first quarter. One thing investors must bear in mind is that these are ongoing discussions and contract negotiations, and not finalized sales agreements. To meet this demand, the company is looking to increase its annual production rate capacity at its Connecticut facility to 500 megawatts (MW), which will cost it between $200 million and $275 million over the next two years.

Through the first six months of the year, the company has incurred a $104 million loss from operations. Not only that, but the company has significantly diluted shareholders' equity in recent years to expand. FuelCell's push into data centers could give it a much-needed boost after years of unprofitable operations, but investors should understand that this is a high-risk, high-reward stock and size their position accordingly.

Fluence Energy recently partnered with Nvidia to power its "AI factories" Fluence Energy (FLNC 7.41%) emerged as a joint venture between industrial titan Siemens and global energy company AES. The company provides modular, utility-scale battery storage hardware, such as its Smartstack platform, which integrates its internally developed software to eliminate complex manual workloads and reduce battery maintenance downtime.

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The company made headlines in early June when it announced a partnership with Nvidia to integrate its energy storage systems into Nvidia's "AI factories." Fluence's Smartstack platform will provide system management for sensitive AI servers, including things like active monitoring and voltage stabilization. Like Ford and FuelCell, it can help hyperscalers power their data centers faster with its quick-to-deploy systems.

Competition in the space is heating up, and Fluence faces competition from other battery platforms, including Tesla and other entrants. However, the company benefits from partnering with Nvidia, where its systems are custom-built for Nvidia's high-density Vera Rubin NVL72 rack-scale AI supercomputers. Investing in the stock comes with risks related to scaling up, but the upside potential from its Nvidia partnership makes the stock worth taking a chance on for investors with a long-term outlook.

ARLINGTON, Va., June 23, 2026 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. ("Fluence") (NASDAQ: FLNC), a global market leader delivering intelligent energy storage systems, services, and asset optimization software, today introduced Smartstack™ 10 MWh, the latest expansion of its Smartstack platform. The new 10 MWh system joins the existing 7.5 MWh, expanding the platform's capacity options to meet evolving, mission-critical project needs.

As the latest evolution of Fluence's scalable, standardized platform, this new system delivers expanded capacity and industry-leading site-level density while maintaining the electrical architecture, footprint, and deployment model customers rely on across the Smartstack platform. Through an evolved pod design, the system increases capacity without expanding its physical footprint, achieving a core site-level energy density of ~680 MWh/acre (168 kWh/m²), positioning the system among the most density-competitive grid-scale storage solutions available in the market.

Safety remains foundational to the Smartstack architecture. Smartstack 10 MWh has successfully completed Large-Scale Fire Testing (LSFT), and its compartmentalized design limits thermal exposure, reinforcing containment and risk mitigation across the platform.

"Smartstack was built as a platform, and the 10 MWh system shows why that matters," said Peter Williams, SVP and Chief Product and Supply Chain Officer, Fluence. "As battery technology, supply chains, and local content requirements continue to evolve, customers need storage systems that can adapt without redesigning projects from the ground up. With Smartstack, Fluence delivers a scalable architecture—more capacity in less space, with the performance, safety, and service model they expect."

The release marks another milestone for Smartstack as a future-ready, configurable platform. In a market where cell chemistries and local content regulations shift rapidly, standardizing balance-of-plant infrastructure allows customers to adopt newer, higher-capacity components without resetting development cycles or introducing execution risk—a critical advantage for independent power producers, utilities, and data center developers where maximizing capacity on limited land is a primary barrier to project viability. Smartstack 10 MWh helps customers maximize site ROI, improving land use and reducing balance-of-plant costs up to 40% versus standard DC blocks.

To support long-term economic performance, Smartstack and Fluence OS are engineered as a unified hardware-software platform, enabling advanced controls, system-level optimization, and portfolio visibility. Fluence's 99.3% availability across reviewed fleets of 50 MW and above, per an independent review, provides the contractual confidence mission-critical deployments require.

Smartstack is commercially available for grid-scale applications worldwide, offering 2-, 4-, 6-, and 8-hour storage durations.

About Fluence  
Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid, from powering the next generation of AI-driven data centers to unlocking the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed, and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future.

For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog.  

Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the anticipated performance of Smartstack 10MWh, potential impact of Smartstack 10MWh on customers, including on customer ROI, land use, and costs, Fluence’s product strategy, and other statements regarding beliefs, assumptions, prospects, plans, and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as "may," "possible," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "commits", "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, changes to the regulatory environment in the United States, changes in component costs or component availability, unforeseen circumstances outside of Fluence’s control which may cause Smartstack 10MWh to not perform as anticipated, and such factors set forth under Item 1A."Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the Securities and Exchange Commission ("SEC") on November 25, 2025, and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

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SummaryTrading at sub-1x forward EV/Revenue despite a $5.6b contracted backlog fully covering FY26 guidance - absolute valuation anomaly for a business with structural tailwinds through 2034.Revenue execution concerns are real but timing-driven, not demand-driven - no contracts cancelled, and slipped revenue sits in backlog waiting to convert.FCF weakness and margin ceiling concerns are growth-stage features, not terminal flaws - scale toward $5b revenue changes both narratives materially by 2028.The 12 GWh data center pipeline sits mostly outside consensus estimates - base case doesn't need it, making it a genuine optionality at current prices. yaom/iStock via Getty Images

Despite doubling in just over a month, Fluence Energy (FLNC) is still trading at revenue multiples that look more than cheap for a company with a ~$5.6b contracted backlog, strong order intake, and a

4.4K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Fluence Energy, Inc. (FLNC - Free Report) came out with a quarterly loss of $0.16 per share versus the Zacks Consensus Estimate of a loss of $0.18. This compares to a loss of $0.24 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +12.71%. A quarter ago, it was expected that this company would post a loss of $0.18 per share when it actually produced a loss of $0.34, delivering a surprise of -88.89%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Fluence Energy, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $424.73 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 28.5%. This compares to year-ago revenues of $431.62 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Fluence Energy shares have lost about 35.8% since the beginning of the year versus the S&P 500's gain of 6%.

What's Next for Fluence Energy?While Fluence Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Fluence Energy was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.10 on $1.08 billion in revenues for the coming quarter and -$0.22 on $3.4 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

XPLR Infrastructure (XIFR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.

This limited partnership for clean-energy projects is expected to post quarterly loss of $0.60 per share in its upcoming report, which represents a year-over-year change of -155.6%. The consensus EPS estimate for the quarter has been revised 27.3% higher over the last 30 days to the current level.

XPLR Infrastructure's revenues are expected to be $264.35 million, down 6.3% from the year-ago quarter.

Three NASDAQ names are rocketing higher on Thursday, May 7, in moves that stand out even in a strong tape. Himax Technologies (NASDAQ:HIMX) stock is up 45% intraday to $17.88, Fluence Energy (NASDAQ:FLNC) stock is up 33% to around $18, and Datadog (NASDAQ:DDOG | DDOG Price Prediction) stock is up roughly 30% to $186.50.

That’s three different industries (semiconductors, energy storage, and cloud software) all delivering the kind of single-session rallies investors usually see one at a time. The macro backdrop is constructive: the S&P 500 ETF SPY has climbed 11% over the past month, and the VIX sits at 17.39, comfortably inside of its normal range. For more context on recent market action, see our latest market movers coverage.

Yet, macro tailwinds alone don’t produce 30%-plus prints in multiple large, liquid names. Each of these stocks has its own catalyst, and all three landed on the same morning.

Himax Earnings Beat Sparks Parabolic Move Himax Technologies posted its Q1 2026 results before the bell, with revenue of $199.01 million topping the $195.01 million consensus and EPS of $0.046 against a $0.03 estimate. Gross margin landed at 30%, at the high end of company guidance.

Inside the quarter, large display driver ICs at Himax jumped 12% sequentially to $24.2 million on high-end TV restocking, and operating margin expanded to 5% from 3% a quarter earlier. The board also declared an annual dividend of $0.252 per ADS.

The bigger driver is forward guidance. Himax sees Q2 revenue rising 10% to 13% sequentially with gross margin near 32%, and CEO Jordan Wu pointed to automotive mass-production ramps in the second half plus traction in smart glasses, ultralow power AI and co-packaged optics (CPO).

The risk is that Himax remains a small cap with cyclical end markets, and revenue was still down 8% year over year. A 45% one-day print can produce sharp follow-through volatility in either direction.

Fluence Energy Rebounds on Record Backlog Fluence Energy reported after Wednesday’s close. Q2 FY26 revenue of $464.89 million missed the $622.31 million consensus, but EPS of -$0.16 beat the -$0.18 estimate, and management reaffirmed FY26 revenue guidance of $3.2 billion to $3.6 billion.

The bullish read on Fluence is the order book. Year-to-date order intake doubled to roughly $2 billion, backlog reached a record $5.6 billion, and the company signed master supply agreements with two hyperscalers, with a first order expected in Q3 FY26. Adjusted EBITDA also improved to -$9.44 million from -$30.41 million a year earlier.

Today’s rally still leaves Fluence Energy stock down 11% year to date. The recovery narrative depends on hyperscaler-driven demand showing up in shipped revenue, and the headline top-line miss is a reminder that quarterly execution remains lumpy.

Datadog Raises FY26 Guidance Datadog delivered Q1 2026 revenue of $1.01 billion, up 32% year over year, with non-GAAP EPS of $0.60 against a $0.51 consensus. It marks the company’s fourth consecutive quarterly beat.

The catalyst is the raised outlook. Datadog now expects FY26 revenue of $4.3 billion to $4.34 billion and non-GAAP EPS of $2.36 to $2.44, with $100K-plus annual recurring revenue (ARR) customer count up 21% to roughly 4,550. CEO Olivier Pomel stated the company is “helping customers of all sizes and industries deploy modern, cloud-based, AI-enabled solutions.”

Datadog also pushed MCP Server, Bits AI Security Analyst, and GPU Monitoring to general availability during the quarter. Free cash flow reached $289 million, and GAAP operating income swung to a $7.33 million profit from a year-earlier loss.

The pushback for Datadog is valuation. The stock trades at a premium cloud-software multiple, and a 30% gap up compresses forward returns while amplifying any future earnings disappointment.

What to Watch The shared thread is AI demand. Himax is leaning into co-packaged optics and smart glasses, Fluence is selling utility-scale storage into hyperscaler power footprints, and Datadog is monetizing AI workload observability through GPU monitoring and Bits AI. Three different sectors, one underlying buyer.

Single-day moves of this size tend to be followed by elevated volatility as fast money rotates and longer-term holders reset positions. Watch for whether the HIMX, FLNC, and DDOG rallies hold into the close, whether sell-side analysts raise targets within 24 hours, and whether peer names in display drivers, energy storage, and observability software trade in sympathy.

For prudent investors eyeing HIMX, FLNC, or DDOG stock, the key question is durability. The earnings reports and guidance raises are real, but chasing 30%-plus daily prints rarely rewards entry timing, and position sizing matters more than ever after a move like this. The next directional cue arrives with analyst notes overnight and the first full trading session after digestion on Friday.

ARLINGTON, Va. , May 12, 2026 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. ("Fluence") (NASDAQ: FLNC), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced the commencement of an underwritten public offering of an aggregate of 20,000,000 shares of its Class A common stock by certain controlling stockholders of Fluence.

© Canva: dotshock and serts from Getty Images Signature

The AI buildout is colliding with a power supply problem, and capital is rotating into companies that can solve it. Fluence Energy (NASDAQ:FLNC) just illustrated the appetite: shares closed at $24.16 on May 8, 2026, up 98.2% in a single week after the company disclosed master supply agreements with two hyperscalers and a record $5.6 billion backlog. That run took FLNC out of bargain territory, but four peers in grid software, baseload generation, and nuclear fuel still trade under $20.

Four AI-exposure energy names under $20 worth considering: STEM, AXIA Energia, Uranium Energy, and Babcock & Wilcox.

STEM (NYSE:STEM) STEM (NYSE:STEM) is an AI-enabled clean energy software company managing utility-scale storage and solar through its PowerTrack platform. Shares are down roughly 39% year to date, leaving this micro-cap in turnaround territory. Q1 2026 delivered positive adjusted EBITDA of $2.0 million, the fourth consecutive quarter in the black, with non-GAAP gross margin expanding to 52%. CEO Arun Narayanan said “the operational discipline and margin profile we established in 2025 are proving durable.” PowerTrack manages 37.5 GW of solar AUM with ARR guided to $65 million to $70 million by year-end. The risk is balance-sheet stress: stockholders’ equity of -$265.88 million and cash of just $36.59 million. The EBITDA inflection is the key variable to track, balanced against balance-sheet volatility.

AXIA Energia (NYSE:AXIA) AXIA Energia (NYSE:AXIA), the rebranded former Eletrobras, is Brazil’s largest electric utility with a 100% renewable generation portfolio of 43,872 MW. Shares trade at $11.99, up 30.9% year to date and 112.39% over one year. Trailing PE is 13x, with three buy ratings and a $13.70 analyst target. Q1 2026 delivered IFRS net revenue of R$12.71 billion (+22.1%) and adjusted regulatory EBITDA of R$8.60 billion (+60%), swinging to a R$3.71 billion profit from a year-ago loss. AXIA is positioning baseload renewable capacity for Brazilian data center growth, with R$12 to R$14 billion in annual investments planned through 2027. The risk: R$46 billion of net debt at 1.8x LTM EBITDA and uncontracted energy exposure of 26% to 43% in 2027. AXIA pairs utility-style valuations with exposure to a global AI-power story.

Uranium Energy (NYSE:UEC) Uranium Energy (NYSE:UEC) holds the largest U.S. uranium resource base and brought Burke Hollow online in April 2026, the first new U.S. ISR uranium mine in over a decade. Shares closed at $15.16, up 29.79% year to date and 171.68% over one year. The balance sheet shows $818 million in liquid assets and zero debt. Analyst consensus is Moderate Buy with a $19.17 average target. CEO Amir Adnani said the company is “uniquely positioned to scale production and respond quickly to evolving U.S. policy initiatives.” Nuclear is the cleanest baseload option for AI data centers, uranium was added to the USGS Critical Minerals List in November 2025, and a Section 232 status report is due July 13, 2026. The risk: an unhedged sales strategy exposes UEC to spot price swings, and the company is not yet profitable. UEC offers concentrated exposure to AI’s nuclear baseload thesis.

Babcock & Wilcox (NYSE:BW) Babcock & Wilcox (NYSE:BW) makes industrial power generation equipment and is pivoting into AI data center baseload. Shares closed at $14.54, up 129.34% year to date. The headline is a $2.4 billion design-build contract with Base Electron for 1.2 GW of natural gas-fired power, which drove backlog up 470% to $2.8 billion. Management guided 2026 core adjusted EBITDA to $70 million to $85 million, roughly 80% YoY growth, excluding any data center upside. CEO Kenneth Young, CFO Cameron Frymyer, and the General Counsel all bought stock in March 2026, with Young acquiring 250,000 shares at $10.51. Base Electron is evaluating another 1.2 GW option, and the global pipeline exceeds $12 billion. The risk is the legacy balance sheet, including stockholders’ equity of -$131.5 million and a 6.50% note refinancing due 2026. The cluster of insider buying signals management conviction in the AI pivot.

Trading under $20 is not by itself a reason to buy. Each carries real balance-sheet, execution, or regulatory risk that the AI narrative does not erase. Investors should pair this list with their own due diligence, position sizing, and risk tolerance before acting.

Industrial companies form the backbone of the U.S. economy. That's even more true as the U.S. ramps up data center construction. The artificial intelligence (AI) revolution is driving a massive demand for infrastructure and energy, making this sector more important than ever.

In addition to the AI-driven growth, the U.S. government is encouraging greater investment in domestic manufacturing, seeking to reduce reliance on foreign energy sources. It's also significantly increasing defense and aerospace spending, providing a powerful backdrop for industrial operators.

If you're a long-term investor looking to capitalize on these strong tailwinds, three industrial stocks stand out today: GE Vernova (GEV +3.00%), BWX Technologies (BWXT +1.46%), and Fluence Energy (FLNC +3.93%). Here's why.

Image source: Getty Images.

1. Robust demand for energy from data centers has been a powerful tailwind for GE Vernova When it comes to powering the next generation of AI data centers, GE Vernova is emerging as a massive winner. The company spun off from General Electric (now GE Aerospace) in 2024, and it specializes in designing, manufacturing, and servicing energy solutions for power, grid reliability, and renewable energy. As a global leader in electric power infrastructure, its technology provides roughly 25% of the world's electricity.

GE Vernova benefits massively from the growing demand from hyperscalers for its power solutions, notably its gas turbines. These are particularly appealing to data center operators because they allow them to bring their own power and avoid straining the power grid, which is becoming a more contentious issue as more data centers go online and consumers' power bills rise.

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GE Vernova's backlog exceeds $163 billion across its power and electrification segments, and its gas turbine queue is over 100 gigawatts (GW). Its backlog represents long-term contracts and reservation agreements, and its capacity is sold out for years as hyperscalers pay an up-front premium to reserve slots years in advance.

One caution for GE Vernova is that its valuation is elevated. The stock has surged 126% over the past year and is priced at 35.5 times its projected 2026 earnings per share (EPS) of $29.21. The high valuation exposes it to volatility but also reflects strong growth prospects. Analysts covering the company project EPS could surge to $44.49 by 2029, representing a four-year compound annual growth rate of 25%.

The stock isn't cheap, but the company continues to see robust demand for its products well into the future. Its gas turbine business is crushing it, and the company also has a longer-term upside from its development of small modular nuclear reactors. As AI data centers continue to grow, GE Vernova is a stock that can ride this wave higher.

2. Growing support for nuclear energy provides a strong backdrop for BWX Technologies Nuclear is one source of energy that could help meet the growing demand for electricity with no carbon emissions. Nuclear energy is regaining favor, and the U.S. aims to aggressively quadruple its nuclear capacity by 2050. An expansion this large would require massive investment and a huge build-out of nuclear energy infrastructure and its components.

That's where BWX Technologies has its growth opportunity. The company doesn't mine uranium or own nuclear power plants. But it does provide specialized, complex, high-precision equipment used in nuclear reactors, including steam generators, reactor pressure vessels, and piping.

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While the nuclear energy build-out provides upside for BWX, the company also generates a steady revenue stream from its role as the sole nuclear fuel provider to the U.S. Navy. For over 70 years, the company, through its subsidiary Nuclear Fuel Services, has been the exclusive supplier for Navy aircraft carriers and submarines. Because of the complexity and sensitivity of military-grade reactor cores, it's difficult to knock BWX off its perch, giving the company a robust competitive advantage.

BWX Technologies has a resilient backlog that will provide cash flow for years to come. The company is also expanding into the small modular reactor (SMR) market, uranium enrichment, and medical isotopes, providing multiple avenues for growth. For investors bullish on the future nuclear energy expansion, BWX Technologies is another excellent industrial stock to own today.

3. Demand from data centers for reliable energy should give Fluence Energy a boost Building on the theme of data center power demands, Fluence Energy operates at the intersection of renewable energy and reliable power solutions. The company provides grid-scale energy storage solutions (batteries) that help stabilize the electric grid and ensure reliable energy flow alongside intermittent wind and solar energy.

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Investors have viewed Fluence as a utility-scale clean energy provider, but it is increasingly seen as a solutions provider for hyperscalers facing grid capacity bottlenecks. To meet this demand, Fluence is developing dedicated battery systems to help keep data centers online and will earn revenue through a mix of product sales from its energy solutions and service fees for managing, maintaining, and supporting its batteries over the long term.

The company has consistently lost money since its 2021 initial public offering (IPO), but that could change with the surging demand from hyperscalers. The company's total order backlog is a record $5.6 billion, and earlier this month, it secured master supply agreements with two hyperscalers. With momentum building for its energy solutions, Fluence Energy is another industrial energy stock to own as it benefits from AI tailwinds going forward.

Listen to the audio version of this article (generated by AI).

In 1945, an engineer named Percy Spencer was tinkering with a radar magnetron, a device built to spot enemy aircraft, when the chocolate bar in his pocket turned to mush. Most people would have cursed the dry-cleaning bill. Spencer saw a fortune. Within a few years, that same wartime component was humming on kitchen counters as the microwave oven.

Here’s the thing about markets: the biggest money often gets made when a technology built for one war gets drafted into another. The hardware was already there. It just needed a new battlefield. I’m watching that exact pattern play out across the AI infrastructure buildout right now, and it’s minting winners faster than most investors can update their watchlists.

The catch? For every honest reinvention story that runs, there’s a hype trade wearing the same costume. Telling them apart is the whole game. This week on Being Exponential, we walked through five stocks that show you both sides of that coin. Four I really like. One I wouldn’t touch with your money, let alone mine.

There’s Marvell Technology Inc. (MRVL), which we see carving a genuine path toward a $1 trillion valuation as custom silicon and connectivity become the twin bottlenecks of the AI buildout. There’s Dell Technologies Inc. (DELL), still filed under boring PC maker, whose AI server revenue grew 757% year over year on $24.4 billion in fresh orders and a $51.3 billion backlog. There’s Fluence Energy Inc. (FLNC), a left-for-dead battery story now growing 48% as its storage technology finds new life inside power-starved data centers. And there’s Redcat Holdings Inc. (RCAT), a tiny drone maker with revenue climbing 274% as Washington warms to the dronification of modern warfare.

The fifth name, a fund trading as VCX, is the one to leave alone, even though it remains the only public doorway to one of the most coveted private companies in the world. The full podcast explains why the math refuses to work, and the single price that would change his answer.

Watch the latest episode of Being Exponential With Luke Lango below:

Let’s start with Marvell stock…

Nvidia Corp. (NVDA) CEO Jensen Huang name-checked it on stage, and the stock jumped 20% to 30% in a day. Marvell sits in two of the most important bottlenecks in all of AI: custom silicon and connectivity. Nvidia’s GPUs own training. For inference, the day-to-day running of these models, custom chips win on economics.

Marvell and Broadcom Inc. (AVGO) are the two big dogs building that silicon alongside the hyperscalers. And all those AI clusters have to talk to each other in real time, which is where Marvell’s connectivity gear comes in.

If they hold, the company’s 42% revenue growth can hold too. Push that forward and you get $50 billion in revenue, $25 billion in earnings, and at a 40 times multiple, a $1 trillion valuation, the fourth chip stock to join that club next to Nvidia, Broadcom, and Micron Technology Inc. (MU). I love it long term, but it’s overbought now, so I’d wait for a pullback toward $200.

Then there’s Fluence Energy stock, the clearest reinvention story of the bunch. This was a $40 stock that collapsed into the single digits when its grid-storage dream stalled out. Now it’s roaring back, because the batteries it built for the grid are exactly what power-starved data centers are desperate for.

We’ve seen this movie before. Bloom Energy Corp. (BE) went from a mid-teens stock to north of $300 by pointing its fuel cells at data centers. The money everyone wrote off as wasted spend on electric vehicles and renewables is suddenly the answer to the AI power gap.

Fluence’s data center pipeline jumped 30% sequentially, it’s signed supply agreements with two major hyperscalers, and it’s guiding toward an estimated 48% revenue growth this year while trading at just 1.4 times revenue. I like it from $30 to $40 near term.

Speaking of reinvention, look at Dell stock. Everybody still files it under “boring PC company.” The golden goose is the server business. When you build an AI data center, the Nvidia chips have to go into something, and increasingly they go into Dell’s full-rack solutions.

Last quarter, Dell’s AI-optimized server revenue grew 757% year over year. Total revenue climbed roughly 88%. The company booked $24.4 billion in AI orders, exited with a $51.3 billion backlog, and raised its full-year AI server target toward $60 billion. Some of that came from rival Super Micro Computer Inc. (SMCI), which was beating Nvidia in 2023 and 2024 before accounting problems and federal investigations made it untouchable for many hyperscalers. Those orders found a sticky new home at Dell. The stock’s run hot, so I’d expect a retreat toward the $300 area. Dell is becoming the premier AI server play in the market.

Now the one to avoid. There’s a Fundrise fund trading as VCX that hands ordinary investors a public doorway to private AI darlings, with roughly 20% in Anthropic plus stakes in OpenAI, SpaceX, Anduril, Databricks, and Ramp. It’s the only public wrapper on Anthropic, and I get the appeal.

You can buy OpenAI and SpaceX exposure elsewhere. Anthropic, you cannot. Here’s the problem, and it’s just arithmetic. VCX trades at roughly 10 times its net asset value. Run the optimistic case where Anthropic, OpenAI, and SpaceX all balloon into $10 trillion companies, and the fund’s underlying value still wouldn’t clear $100 a share. It’s been trading around double that, propped up by a liquidity-starved hype trade.

The day Anthropic IPOs, that premium evaporates, and I could see VCX falling toward $50 or $60. That’s where it gets interesting. Not today. And never buy options on this thing. It has swung from $20 to $500 and back to the low hundreds in months. That’s how you lose your shirt.

Finally, Redcat Holdings Inc., a high-torque pure play on the dronification of modern warfare. We’ve watched it in Ukraine and the Middle East, where cheap, consumable drones now dominate the fighting. Redcat has graduated from a niche hopeful to a legitimate U.S. defense supplier, with a flagship Black Widow drone tied to a U.S. Army reconnaissance program.

And Washington is reportedly weighing direct stakes in drone makers. That’s a convergence, and I love a convergence: geopolitical, technological, and company-specific tailwinds all arriving at once. Revenue is expected to surge 274% to $152 million this year.

The enterprise value sits around $2 billion, so you’re paying roughly 10 times next year’s sales, but defense primes like Lockheed Martin and Northrop Grumman command rich multiples. If Redcat executes, this could grow into a $20 billion to $40 billion company. The execution risk is enormous. So is the prize.

One last thing, and it matters. Most of these names are small, fast, and high-beta. That tells you where we are in this bull market: deep into the late innings.

The market reaches for this kind of high-torque, speculative stock as a cycle matures, and the names that are trending are a tell about the moment we’re in.

So play accordingly. You ride these while the music plays, and the band probably keeps going another year or two. You don’t marry them until 2030. Size your positions like you know which game you’re playing.

Want every chart, every price target, and the full case on all five? Watch this week’s episode of Being Exponential. Also, be sure to subscribe to Being Exponential on X (formerly Twitter) for more exclusive content.

ARLINGTON, Va., June 09, 2026 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (“Fluence”) (NASDAQ: FLNC), a global market leader delivering intelligent energy storage systems, services, and asset optimization software, today announced results from an independent review conducted by DNV, the independent energy expert and assurance provider, confirming 99.3% availability across Fluence’s reviewed operating battery energy storage fleets of 50 MW and above.

DNV reviewed Fluence-provided fleet-level availability data, the calculation methodologies incorporated into the company’s contracts, and operational data for select projects. The assessment validated Fluence’s internal findings of 98.7% MW-weighted availability across the reviewed Fluence global fleet of energy storage projects.

“Customers invest in energy storage to deliver power exactly when it is needed, and every minute of downtime represents lost revenue and grid vulnerability,” said John Zahurancik, Chief Customer Success Officer, Fluence. “We worked with DNV to establish a validated benchmark that Fluence customers can count on. Fluence systems are delivering availability among the best-performing power assets in the world, including thermal generation, renewable power, and other energy storage, maximizing the return on investment.”

The DNV review was designed to provide greater transparency into how Fluence systems perform at operating scale throughout the last year. The study assessed fleet-level availability using operational data, applied a consistent methodology across markets and operating environments, and included independent evaluation of the underlying assumptions, methodology, and results.

Across the energy storage industry, availability figures of 95% to 98% are often promoted. However, definitions and measurement approaches vary, which can make it difficult for customers, investors, and asset owners to compare performance across suppliers. Customers experience performance in practical terms, by a system’s operational availability to deliver energy on demand. To guarantee this reliability, they require clear, third-party validated metrics.

“As batteries take on a larger role in ensuring grid reliability, there is increasing need for greater confidence in how performance is measured and understood. Transparent, consistent availability metrics are key to unlocking further investment and grid reliability to meet the increased load growth,” said Marion Hill, Executive Vice President and Region Director, Energy Systems North America at DNV. “DNV worked with Fluence to confirm that their availability methodology is applied consistently and provides clear, comparable insight into fleet level performance.”

The commercial impact of availability can be significant. Even small differences in availability can affect project revenue, operating costs, and long-term asset value, particularly as storage assets operate across different markets, duty cycles, and conditions.

The review represents one of the industry’s more comprehensive independent assessments of fleet-level battery storage availability. As power demand grows from electrification, industrial load, and AI data centers, independently reviewed operating data can help customers distinguish which storage assets are built to deliver dependable, flexible capacity at scale.

The information presented herein is a limited excerpt from a broader report and should not be relied upon as a complete representation of the underlying analysis or conclusions. The full report contains material information, including methodology, assumptions, limitations, and additional findings, necessary for a complete understanding of the results. Access to the full report may be requested through Fluence, subject to Fluence’s approval and DNV’s Important Notice and Disclaimer.

About DNV
DNV is an independent assurance and risk management provider, operating in more than 100 countries. Through its broad experience and deep expertise, DNV advances safety and sustainable performance, sets industry standards, and inspires and invents solutions.

Whether assessing a new ship design, qualifying technology for a floating wind farm, analyzing sensor data from a gas pipeline, or certifying a food company’s supply chain, DNV enables its customers and their stakeholders to manage technological and regulatory complexity with confidence. 

Driven by its purpose, to safeguard life, property, and the environment, DNV helps its customers seize opportunities and tackle the risks arising from global transformations. DNV is a trusted voice for many of the world’s most successful and forward-thinking companies. 

DNV in the Energy Industry
DNV provides assurance to the entire energy value chain through its advisory, monitoring, verification, and certification services. As the world’s leading resource of independent energy experts and technical advisors, the assurance provider helps industries and governments to navigate the many complex, interrelated transitions taking place globally and regionally, in the energy industry. DNV is committed to realizing the goals of the Paris Agreement, and supports customers to transition faster to a deeply decarbonized energy system.
dnv.com

About Fluence
Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company’s solutions and operational services are helping to create a more resilient grid, from powering the next generation of AI-driven data centers to unlocking the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed, and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future.

For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence’s Full Potential Blog.

Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements related to operational performance of Fluence systems, anticipated future availability of Fluence systems, and Fluence customers’ financial and operational impact from projected and actual availability of Fluence systems and operational performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “possible,” “will,” “should,” “seeks,” “expects,” “plans,” “anticipates,” “grows,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements are subject to a number of risks, uncertainties, and other important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, events and incidents relating to storage, delivery, installation, operation, maintenance, and shutdowns of products; and other important factors set forth in filings we make with the Securities and Exchange Commission from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

Media Contact
Shayla Ebsen, Director of Communications
Email: [email protected]
Phone: +1 (605) 645-7486

Analyst Contact
Chris Shelton, Vice President of Investor Relations and Sustainability
Email: [email protected]

Supporting his choice, the company disclosed on June 1 that its Data Center Solutions Business Unit generated $302.7 million in revenue for calendar year 2025.

Microchip Technology CEO Steve Sanghi said the unit is on pace to grow roughly 65% in calendar year 2026, implying approximately $500 million in annual revenue from the segment alone.

On May 7, Microchip Technology also reported better-than-expected fourth-quarter financial results and issued strong first-quarter guidance. Microchip Technology reported quarterly earnings of 57 cents per share. It beat the analyst consensus estimate of 51 cents per share. The company reported quarterly sales of $1.311 billion, which beat the analyst consensus estimate of $1.263 billion. 

Cramer said Fluence Energy, Inc. (NASDAQ:FLNC) has to make money.

According to recent news, Fluence Energy announced on May 12 a secondary offering of 20 million Class A shares by selling stockholders.

Price Action Fluence Energy shares gained 12.3% to settle at $24.28 on Thursday. Microchip Technology shares rose 5.7% to close at $92.94. Photo via Shutterstock

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