Fluence Energy (FLNC) Q2 2026 earnings summary

Executive summary

• Order intake doubled year-to-date to $2 billion, with a record $5.6 billion backlog at Q2 end, driven by strong demand and new master supply agreements with two major hyperscalers.

• Revenue for Q2 2026 reached $464.9 million, up 8% year-over-year, with net loss narrowing to $29.2 million.

• Product innovation highlighted by SmartStack, which reached commercial operation and offers industry-leading energy density and reliability.

• Expanded U.S. domestic supply chain, including new agreements for battery cell sourcing and FEOC/OBBBA compliance.

• Liquidity stood at $900 million, including over $412 million in cash.

Financial highlights

• Q2 2026 revenue was $465 million, up 8% year-over-year; adjusted gross profit margin was 11.1%, up from the prior year.

• Adjusted EBITDA for Q2 was negative $9.4 million, a $21 million improvement year-over-year.

• Net loss narrowed to $29.2 million for the quarter, improved from $41.9 million in the prior year.

• Free cash flow for the six months ended March 31, 2026, was $(285.4) million, reflecting inventory and working capital investments.

• Ended Q2 with $900 million in liquidity, including $430 million in cash.

Outlook and guidance

• Fiscal 2026 revenue guidance reaffirmed at $3.2–$3.6 billion, with 70% expected in H2.

• Adjusted EBITDA guidance maintained at $40–$60 million for the full year.

• Annual recurring revenue expected to reach $180 million by year-end.

• About 50–55% of the $5.6 billion backlog expected to convert to revenue in the next 12 months.

• Adjusted gross margin expected in the 11–13% range, with a target of ~12% for the remainder of the year.