Fluence (FLC) Q3 2026 earnings summary

Executive summary

• YTD Q3 revenue was $58.0M, up 11.3% YoY; core business units grew 23.0%, while SPS and recurring revenue rose 38.5% to $12.5M.

• YTD EBITDA¹ reached $4.7M, more than triple the prior-year $1.4M and above FY2025's $4.1M; Q3 marked eight consecutive quarters of positive EBITDA¹.

• YTD gross margin expanded 6.2 percentage points YoY to 35.2%, supported by higher-margin offerings and project execution.

Financial highlights

• Q3 revenue was $20.4M, up 5.8% YoY; Q3 EBITDA¹ was $1.3M, up 14.5%, and gross margin was 34.7%, up 2.0 percentage points.

• YTD revenue grew $5.9M to $58.0M; $12.5M growth in SPS and recurring revenue was partly offset by a $1.8M decline in Ivory Coast revenue as the Addendum wound down.

• Q3 operating cash outflow was $4.3M; cash and equivalents were $6.7M, plus $4.0M in deposits, including ~$3.7M collateralizing Ivory Coast bank guarantees.

• Customer receipts were $12.6M in Q3 and $44.6M YTD.

Outlook and guidance

• Positive Q4 EBITDA¹ is forecast, with significant FY2026 EBITDA¹ growth versus FY2025 and double-digit revenue growth across core business units.

• Q4 is expected to be the strongest order-booking quarter, but FY2026 orders are no longer expected to exceed FY2025 as awards have been delayed.

• Positive Q4 operating cash flow is expected, supported by Ivory Coast Addendum milestone 8 and other large customer receipts; timing remains important.

• The Ivory Coast Addendum is forecast to complete by December 2026; milestones 8 and 9, worth ~€6.0M combined, are expected in Q4 2026 and Q1 2027.

• Medium-term target is double-digit EBITDA margins within 2–3 years.