Fluence (FLC) H2 2025 earnings summary

Executive summary

• Revenue grew 52% year-over-year to $78.4M, driven by the Ivory Coast Addendum project and strong Smart Product Solutions (SPS) and Recurring Revenue (RR) growth.

• Net loss after tax improved to $8.1M from $21.4M in the prior year, reflecting operational improvements and cost discipline.

• EBITDA turned positive at $4.0M, an $8.0M improvement year-over-year.

• Operating cash flow was $10.9M, with cash and equivalents at $16.6M at year-end.

• Leadership transitions included a new CEO, CFO, and Chief Growth Officer to support growth and operational discipline.

Financial highlights

• Revenue: $78.4M (up from $51.5M in FY2024).

• Gross margin: 29.9%, stable year-over-year despite lower-margin project mix.

• Net loss: $8.1M (improved from $21.4M loss in FY2024).

• EBITDA: $4.0M (up from negative $4.0M in FY2024).

• Operating cash flow: $10.9M (vs. outflow of $20.1M in FY2024).

• Cash and cash equivalents: $16.6M at year-end.

• Backlog: $74.8M, providing strong revenue visibility.

• New orders: $64.2M, up 28.5% year-over-year.

Outlook and guidance

• Double-digit revenue growth expected in FY2026, even with reduced Ivory Coast Addendum revenue.

• Continued gross margin expansion and EBITDA growth anticipated.

• No discrete guidance issued for FY2026.

• Focus remains on disciplined execution, margin improvement, and cost control.