Fluence Energy (FLNC) investor relations material

Executive summary

• Achieved record backlog of $5.5 billion, providing strong visibility for FY2026 revenue targets and driven by robust U.S. contracting and legislative tailwinds.

• Q1 order intake exceeded $750 million globally, with $500 million from the U.S., reflecting accelerating domestic demand.

• Revenue for the quarter ended December 31, 2025, increased 154% year-over-year to $475.2 million, driven by higher volumes in energy storage solutions projects.

• Net loss widened to $62.6 million, primarily due to increased costs and expenses.

• Total liquidity at quarter-end was $1.1 billion, including $477 million in cash and $617 million in credit facilities.

Financial highlights

• Q1 2026 revenue was $475 million, up from $187 million in Q1 2025.

• Adjusted gross profit was $27 million, with an adjusted gross margin of 5.6%, down from 12.5% in Q1 2025.

• Adjusted EBITDA was negative $52 million for the quarter, impacted by discrete project costs and margin dynamics.

• Free cash flow was negative $232.6 million, compared to negative $213.3 million in the prior year.

• Net loss per share was $(0.34), compared to $(0.32) a year ago.

Outlook and guidance

• Reaffirmed full-year 2026 guidance: revenue of $3.2–$3.6 billion (midpoint $3.4 billion), annual recurring revenue of ~$180 million, and Adjusted EBITDA of $40–$60 million.

• Full-year revenue guidance is fully covered by current backlog.

• All equipment for 2026 commitments has been ordered, minimizing supply chain and price risks.

• Margin improvement expected through execution, supply chain advantages, and scale.

• 57% to 62% of backlog expected to be recognized as revenue in the next 12 months.