
Fluence Energy, Inc.
- What it sells
- Revenue from sale of energy storage products and solutions is 96% of revenue (fiscal year to Sep 2025), down from 99% two years earlier.
- Growing?
- Yes: revenue up 8% on a year earlier (quarter ended Jun 2026).
- Expensive?
- Price-to-sales (P/S) 0.4×. Below the peer median of 3.5x. The market pays less per $1 of revenue than for peers.
- Analysts?
- 17% of 23 say buy; average 12-month target $7.95, 68% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 117% over the past year (the S&P 500's 14%), and it fell as much as 90% since Nov 2021.
Fluence Energy, Inc. (Nasdaq: FLNC) provides battery-based energy storage solutions, recurring operational services (O&M), and digital applications for renewables and storage, selling primarily to utilities, developers, and commercial & industrial customers.
More about Fluence Energy
Revenue is generated from (1) turnkey energy storage products and solutions (project-based), (2) service agreements for operational services, and (3) digital application contracts (software).
Market Position
Fluence describes itself as a global market leader in intelligent energy storage and optimization software, with differentiation centered on an integrated hardware + controls + software stack (e.g., Smartstack, Gridstack Pro, Mosaic, Nispera) and lifecycle services for deployed fleets. Competitive pressure is significant from vertically integrated and/or large-scale providers (e.g., Tesla in storage hardware; software-oriented players such as Stem in storage optimization).
Key Segments
Fluence has one operating segment (one reportable segment) and discloses revenue across major offering lines: energy storage products and solutions, services, and digital.
How has the stock done?
Over the past month FLNC fell 33.0%; the industrials ETF (XLI) rose 0.2% and the S&P 500 fell 2.7%.
Over the past six months FLNC fell 77.7%; the industrials ETF (XLI) fell 2.8% and the S&P 500 rose 2.6%.
Over the past year FLNC fell 75.4%; the industrials ETF (XLI) rose 9.7% and the S&P 500 rose 10.8%.
Over five years FLNC fell 87.4%; the industrials ETF (XLI) rose 58.5% and the S&P 500 rose 62.0%.
From Nov 15, 2021 to Apr 21, 2025, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 3.9% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Aug 5, 2026 | ended Jun 2026 | $650M (+8% vs a year earlier) | −$0.19 vs $0.01 (missed) | −15.7% | −15.8% |
| May 6, 2026 | ended Mar 2026 | $465M (+8% vs a year earlier) | −$0.12 vs −$0.18 (beat) | +49.5% | +74.2% |
| Feb 4, 2026 | ended Dec 2025 | $475M (+154% vs a year earlier) | −$0.29 vs −$0.20 (missed) | −41.2% | −45.6% |
| Nov 24, 2025 | ended Sep 2025 | $1.0B (−15% vs a year earlier) | $0.13 vs $0.23 (missed) | +8.9% | +29.6% |
| Aug 11, 2025 | ended Jun 2025 | $603M (+25% vs a year earlier) | — | −19.8% | −12.3% |
| May 7, 2025 | ended Mar 2025 | $432M (−31% vs a year earlier) | — | +15.0% | +30.1% |
| Feb 10, 2025 | ended Dec 2024 | $187M (−49% vs a year earlier) | — | −44.1% | −43.9% |
| Nov 25, 2024 | ended Sep 2024 | $1.2B (+82% vs a year earlier) | — | −17.5% | −20.4% |
| Aug 7, 2024 | ended Jun 2024 | $483M (−10% vs a year earlier) | — | +10.9% | +15.7% |
| May 8, 2024 | ended Mar 2024 | $623M (−11% vs a year earlier) | — | −9.9% | −11.0% |
| Feb 7, 2024 | ended Dec 2023 | $364M (+17% vs a year earlier) | — | +10.1% | +7.6% |
| Nov 28, 2023 | ended Sep 2023 | $673M (+52% vs a year earlier) | — | +31.4% | +34.8% |
| Aug 9, 2023 | ended Jun 2023 | $536M (+124% vs a year earlier) | — | −5.8% | −17.9% |
| May 10, 2023 | ended Mar 2023 | $698M (+104% vs a year earlier) | — | +8.2% | +19.0% |
| Feb 9, 2023 | ended Dec 2022 | $310M (+78% vs a year earlier) | — | −0.6% | −3.3% |
| Dec 12, 2022 | ended Sep 2022 | $442M (+135% vs a year earlier) | — | +36.7% | +22.1% |
| Aug 15, 2022 | ended Jun 2022 | $239M (−14% vs a year earlier) | — | −4.4% | −9.2% |
| May 12, 2022 | ended Mar 2022 | $343M (+249% vs a year earlier) | — | +3.0% | +28.6% |
| Feb 10, 2022 | ended Dec 2021 | $175M (+50% vs a year earlier) | — | −20.0% | −21.5% |
| Dec 9, 2021 | ended Sep 2021 | $188M | — | +1.7% | −3.9% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $650M in the quarter ended Jun 2026, up 8% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Sep 2022 | $442M | +135% |
| Dec 2022 | $310M | +78% |
| Mar 2023 | $698M | +104% |
| Jun 2023 | $536M | +124% |
| Sep 2023 | $673M | +52% |
| Dec 2023 | $364M | +17% |
| Mar 2024 | $623M | −11% |
| Jun 2024 | $483M | −10% |
| Sep 2024 | $1.2B | +82% |
| Dec 2024 | $187M | −49% |
| Mar 2025 | $432M | −31% |
| Jun 2025 | $603M | +25% |
| Sep 2025 | $1.0B | −15% |
| Dec 2025 | $475M | +154% |
| Mar 2026 | $465M | +8% |
| Jun 2026 | $650M | +8% |
Revenue went from $1.2B in FY22 to $2.3B in FY25; net income from −$104M to −$48M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $1.2B | −$104M |
| FY23 | $2.2B | −$70M |
| FY24 | $2.7B | $23M |
| FY25 | $2.3B | −$48M |
In the fiscal year to Sep 2025, Revenue from sale of energy storage products and solutions was 96% and Revenue from services was 4% of revenue; Revenue from sale of energy storage products and solutions fell from 99% in the fiscal year to Sep 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Revenue from sale of energy storage products and solutions | $2.2B | 99% |
| FY2023 | Revenue from services | $16M | 1% |
| FY2023 | Revenue from digital applications | $4.4M | 0.2% |
| FY2024 | Revenue from sale of energy storage products and solutions | $2.6B | 98% |
| FY2024 | Revenue from services | $45M | 2% |
| FY2024 | Revenue from digital applications | $5.2M | 0.2% |
| FY2025 | Revenue from sale of energy storage products and solutions | $2.2B | 96% |
| FY2025 | Revenue from services | $84M | 4% |
| FY2025 | Revenue from digital applications | $6.0M | 0.3% |
A year earlier $0.01
Diluted, from SEC filings
Quarters: Fluence Energy, Inc.'s SEC filings, named by the month they end. Fiscal years: Fluence Energy, Inc.'s annual reports to the SEC.
How it makes money
The company loses $2.1 for every $100 of revenue. Operating expenses exceed all of gross profit.
+18.3 pts over 3 years
+21.6 pts over 3 years
+6.6 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Fluence Energy, Inc.'s annual reports to the SEC.
How much work is already signed?
Customers had signed $6.4B of work Fluence Energy has not yet delivered at the end of Jun 2026: 2.4 years of revenue at the last four quarters' pace. New orders over those four quarters were about 1.6× revenue, so the backlog grew.
At the end of Jun 2026
Backlog over the last four quarters' revenue
New orders over revenue: above 1, more work comes in than goes out
Show the data
| Quarter ended | Backlog | Years of revenue | Book-to-bill |
|---|---|---|---|
| Dec 2021 | $1.9B | 2.6 years | — |
| Mar 2022 | $2.2B | 2.2 years | 1.7× |
| Jun 2022 | $2.1B | 2.3 years | 0.9× |
| Sep 2022 | $2.2B | 1.8 years | 1.2× |
| Dec 2022 | $2.7B | 2.0 years | 2.6× |
| Mar 2023 | $2.8B | 1.7 years | 1.1× |
| Jun 2023 | $2.9B | 1.5 years | 1.2× |
| Sep 2023 | $2.9B | 1.3 years | 1.0× |
| Dec 2023 | $3.7B | 1.6 years | 3.2× |
| Mar 2024 | $3.7B | 1.7 years | 1.0× |
| Jun 2024 | $4.5B | 2.1 years | 2.7× |
| Sep 2024 | $4.5B | 1.7 years | 1.0× |
| Dec 2024 | $5.1B | 2.0 years | 4.2× |
| Mar 2025 | $4.9B | 2.1 years | 0.5× |
| Jun 2025 | $4.9B | 2.0 years | 1.0× |
| Sep 2025 | $5.3B | 2.3 years | 1.4× |
| Dec 2025 | $5.5B | 2.2 years | 1.4× |
| Mar 2026 | $5.6B | 2.2 years | 1.2× |
| Jun 2026 | $6.4B | 2.4 years | 2.2× |
Backlog: remaining performance obligations in Fluence Energy, Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.
Customers and suppliers
In its latest annual report Fluence Energy buys from AES, Siemens; sells to AES, Siemens.
Their suppliers
Suppliers
Customers
Their customers
Fluence Energy's 10-Q for the quarter to Dec 2025 gives the share of revenue of a group of customers, not of any one: Three Customers (57%).
Show the filings' numbers
| Period | Customer | Share of revenue | Filing |
|---|---|---|---|
| Year ended Sep 2024 | Two Customers (group) | 50% | 10-K filed Nov 25, 2025 |
| Quarter ended Dec 2024 | Two Customers (group) | 50% | 10-Q filed Feb 4, 2026 |
| Year ended Sep 2025 | Two Customers (group) | 41% | 10-K filed Nov 25, 2025 |
| Quarter ended Dec 2025 | Three Customers (group) | 57% | 10-Q filed Feb 4, 2026 |
From Fluence Energy, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.
Partners
Changes since the previous annual report (10-K filed Nov 29, 2024)
Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| AES | customer | “Specifically, for the fiscal year ended September 30, 2025, revenue from AES and its affiliates accounted for approximately 24% of our annual revenue.” |
| AES | partner · invested in Fluence Energy | “•AES Grid Stability owns (1) 51,499,195 limited liability company interests of Fluence Energy, LLC (“LLC Interests”), representing approximately 28.5% of the economic interest in Fluence Energy, LLC and (2) 51,499,195 shares of Class B-1 common stock, par value $0.00001 per share, of Fluence Energy, Inc. (“Class B-1 common stock”), representing approximately 66.6% of the combined voting power of all of Fluence Energy, Inc.’s common stock;” |
| Siemens | partner · invested in Fluence Energy | “•Siemens owns 39,738,064 shares of Class A common stock, par value $0.00001 per share, of Fluence Energy, Inc. (“Class A common stock”) and SPT Invest Management, Sarl (“SPT Invest”) owns 11,761,131 shares of Class A common stock.” |
| SPT Invest | partner · invested in Fluence Energy | “•Siemens owns 39,738,064 shares of Class A common stock, par value $0.00001 per share, of Fluence Energy, Inc. (“Class A common stock”) and SPT Invest Management, Sarl (“SPT Invest”) owns 11,761,131 shares of Class A common stock.” |
| QHL | partner · invested in Fluence Energy | “Siemens and SPT Invest collectively represent approximately 13.3% of the combined voting power of all of Fluence Energy, Inc.’s common stock and approximately 28.5% of the economic interest in Fluence Energy, Inc.; and •QHL owns 14,668,275 shares of Class A common stock, representing approximately 3.8% of the combined voting power of all of Fluence Energy, Inc.’s common stock and approximately 8.1% of the economic interest in Fluence Energy, Inc.” |
| Siemens | customer | “In the ordinary course of our business, Siemens AG and its affiliates purchase, and we expect that Siemens AG and its affiliates will continue to purchase, our products and services for energy storage projects in multiple countries.” |
| AES | supplier | “Currently, the Company has outstanding performance guarantees provided by AES and Siemens Industry and their respective affiliates that guarantee Fluence’s performance obligations under certain contracts with Fluence’s customers....Fluence paid performance guarantee fees to its affiliates in exchange for guaranteeing Fluence’s performance obligations under certain contracts with Fluence’s customers.” |
| Siemens | supplier | “Currently, the Company has outstanding performance guarantees provided by AES and Siemens Industry and their respective affiliates that guarantee Fluence’s performance obligations under certain contracts with Fluence’s customers....Fluence paid performance guarantee fees to its affiliates in exchange for guaranteeing Fluence’s performance obligations under certain contracts with Fluence’s customers.” |
Only the companies Fluence Energy names in its 10-K filed Nov 25, 2025 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 0.4x, below the peer median of 3.5x. Revenue is up 8% from a year ago.
Below the peer median of 3.5x. The market pays less per $1 of revenue than for peers.
Show the data
| Company | Price-to-sales (P/S) |
|---|---|
| BE · Bloom Energy Corporation | 15.6× |
| VRT · Vertiv Holdings Co | 6.2× |
| NVT · nVent Electric plc | 3.5× |
| HUBB · Hubbell Incorporated | 3.5× |
| AYI · Acuity Inc. | 2.1× |
| FLNC · Fluence Energy, Inc. | 0.4× |
Fluence Energy, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.
What analysts expect
The average analyst price target is $7.95, 68% above the current price; 17% of 23 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.
Buy or Strong Buy: 4 analysts (17%). Sell or Strong Sell: 5.
Over the past year the average of the analysts' latest price targets went from $11.31 to $8.05 (−29%), while FLNC went from $16.25 to $4.74 (−71%). In the past three months targets were raised once and cut 21 times. 6 upgrades and 8 downgrades over the year; the latest: Goldman Sachs moved it to Neutral from Buy on Sep 18, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 3, 2026 | Goldman Sachs | Target cut | Neutral | $7.00, was $9.00 |
| Oct 26, 2026 | UBS | Target cut | Neutral | $6.00, was $12.00 |
| Oct 21, 2026 | Citigroup | Target cut | Buy | $11.00, was $20.00 |
| Oct 20, 2026 | Truist Securities | Target cut | Hold | $8.00, was $10.00 |
| Oct 14, 2026 | Morgan Stanley | Target cut | Equal-Weight | $9.00, was $15.00 |
| Oct 14, 2026 | Susquehanna | Target cut | Positive | $13.00, was $23.00 |
| Sep 21, 2026 | Mizuho | Target cut | Underperform | $6.00, was $8.00 |
| Sep 18, 2026 | Goldman Sachs | Downgrade | Neutral, was Buy | $9.00, was $22.00 |
| Sep 18, 2026 | Jefferies | Downgrade | Hold, was Buy | $7.00, was $19.00 |
| Sep 17, 2026 | BNP Paribas | Target cut | Underperform | $5.00, was $8.00 |
| Sep 17, 2026 | Truist Securities | Target cut | Hold | $10.00, was $16.00 |
| Sep 17, 2026 | Piper Sandler | Target cut | Underweight | $5.00, was $6.00 |
| Sep 17, 2026 | JP Morgan | Target cut | Neutral | $8.00, was $17.00 |
| Sep 17, 2026 | RBC Capital | Target cut | Sector Perform | $4.00, was $15.00 |
| Sep 17, 2026 | BMO Capital | Target cut | Market Perform | $7.00, was $14.00 |
| Sep 17, 2026 | Canaccord Genuity | Target cut | Buy | $15.00, was $24.00 |
| Sep 17, 2026 | Needham | Rating kept | Hold | — |
| Sep 17, 2026 | Baird | Downgrade | Underperform, was Neutral | $3.00, was $10.00 |
| Sep 11, 2026 | Mizuho | Target cut | Underperform | $8.00, was $15.00 |
| Sep 9, 2026 | Piper Sandler | Began coverage | Underweight | $6.00 |
| Sep 3, 2026 | Barclays | Downgrade | Underweight, was Equal-Weight | $10.00, was $16.00 |
| Aug 25, 2026 | UBS | Upgrade | Neutral, was Sell | $12.00, was $9.00 |
| Aug 20, 2026 | GLJ Research | Downgrade | Hold, was Buy | $12.89, was $26.00 |
| Aug 14, 2026 | Citigroup | Target cut | Buy | $20.00, was $24.00 |
| Aug 7, 2026 | RBC Capital | Target cut | Sector Perform | $15.00, was $16.00 |
| Jul 22, 2026 | Citigroup | Upgrade | Buy, was Neutral | $24.00, was $26.00 |
| Jul 14, 2026 | Truist Securities | Began coverage | Hold, was Buy | $16.00 |
| Jul 1, 2026 | GLJ Research | Began coverage | Buy | $26.00 |
| May 13, 2026 | Citigroup | Target raised | Neutral | $26.00, was $15.00 |
| May 11, 2026 | RBC Capital | Target raised | Sector Perform | $16.00, was $12.00 |
| May 11, 2026 | UBS | Target raised | Sell | $9.00, was $8.00 |
| May 8, 2026 | HSBC | Upgrade | Hold, was Reduce | — |
| May 8, 2026 | JP Morgan | Target raised | Neutral | $17.00, was $13.00 |
| May 8, 2026 | Susquehanna | Target raised | Positive | $25.00, was $23.00 |
| Apr 21, 2026 | Citigroup | Target cut | Neutral | $15.00, was $20.00 |
| Apr 17, 2026 | UBS | Downgrade | Sell, was Neutral | $8.00, was $22.00 |
| Apr 15, 2026 | Goldman Sachs | Target cut | Buy | $20.00, was $28.00 |
| Apr 13, 2026 | Barclays | Target cut | Equal-Weight | $16.00, was $20.00 |
| Apr 9, 2026 | Susquehanna | Target cut | Positive | $23.00, was $27.00 |
| Mar 20, 2026 | Needham | Began coverage | Hold | — |
| Mar 19, 2026 | Guggenheim | Upgrade | Neutral, was Sell | — |
| Feb 10, 2026 | Jefferies | Upgrade | Buy, was Hold | $24.00, was $25.00 |
| Jan 20, 2026 | Goldman Sachs | Target raised | Buy | $30.00, was $26.00 |
| Jan 14, 2026 | Barclays | Target raised | Equal-Weight | $20.00, was $15.00 |
| Dec 18, 2025 | Goldman Sachs | Target raised | Buy | $26.00, was $20.00 |
| Dec 9, 2025 | B of A Securities | Target raised | Neutral | $25.00, was $17.00 |
| Dec 8, 2025 | Johnson Rice | Downgrade | Hold, was Buy | $18.00 |
| Dec 8, 2025 | Mizuho | Downgrade | Underperform, was Neutral | $15.00, was $9.00 |
| Dec 4, 2025 | UBS | Target raised | Neutral | $22.00, was $8.00 |
| Dec 3, 2025 | Citigroup | Target raised | Neutral | $20.00, was $7.50 |
| Nov 26, 2025 | Jefferies | Upgrade | Hold, was Underperform | $16.00, was $11.00 |
| Nov 26, 2025 | Canaccord Genuity | Target raised | Buy | $25.00, was $10.00 |
| Nov 26, 2025 | Goldman Sachs | Target raised | Buy | $20.00, was $15.00 |
| Nov 26, 2025 | Barclays | Target raised | Equal-Weight | $15.00, was $13.00 |
| Nov 26, 2025 | Morgan Stanley | Target raised | Equal-Weight | $14.00, was $12.00 |
| Nov 26, 2025 | RBC Capital | Target raised | Sector Perform | $10.00, was $9.00 |
| Nov 26, 2025 | Susquehanna | Target raised | Positive | $20.00, was $17.00 |
| Nov 13, 2025 | Roth Capital | Target raised | Neutral | $17.00, was $7.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Sep ’25 | $0.23 | $0.13 | −43.5% |
| Dec ’25 | −$0.20 | −$0.29 | −45.0% |
| Mar ’26 | −$0.18 | −$0.12 | +33.3% |
| Jun ’26 | $0.01 | −$0.19 | −2000.0% |
The day after each of these reports the stock moved +8.9% (Sep 2025, missed); −41.2% (Dec 2025, missed); +49.5% (Mar 2026, beat); −15.7% (Jun 2026, missed).
For the quarter ending Sep 2026 (Fluence Energy reports on Nov 23, 2026), analysts expect an adjusted loss of $0.61 a share, against $0.13 a year earlier, and revenue of $812M, down 22% on a year earlier. For the fiscal year ending Sep 2027, they expect revenue of $3.0B, up 25% on the year before's estimate.
Adjusted. Sep 2025: $0.13; range −$0.70 to −$0.46; 6 analysts
Sep 2025: $1.0B; range $739M to $961M; 18 analysts
The year to Sep 2026: $2.4B expected; range $2.3B to $3.6B; 21 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Sep 2026, results Nov 23, 2026 | EPS (adjusted) | −$0.61 | −$0.70 to −$0.46 | 6 | $0.13 (Sep 2025) | — |
| Quarter ending Sep 2026, results Nov 23, 2026 | Revenue | $812M | $739M to $961M | 18 | $1.0B (Sep 2025) | −22% |
| Quarter ending Dec 2026 | EPS (adjusted) | −$0.33 | −$0.53 to −$0.16 | 3 | −$0.29 (Dec 2025) | — |
| Quarter ending Dec 2026 | Revenue | $580M | $441M to $753M | 12 | $475M (Dec 2025) | +22% |
| Year ending Sep 2026 | Revenue | $2.4B | $2.3B to $2.6B | 21 | $2.3B (year to Sep 2025) | +6% |
| Year ending Sep 2027 | Revenue | $3.0B | $2.3B to $3.6B | 21 | $2.4B (expected, year to Sep 2026) | +25% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Capex of $14M exceeds operating cash flow of −$101M, leaving free cash flow of −$115M. The gap has to be covered with cash on hand or borrowing.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | −$101M |
| Capex | −$14M |
| Free cash flow | −$115M |
| Dividends | — |
| Buybacks | — |
| Cash retained | −$115M |
Free cash flow is negative, so the company is burning cash.
No dividend today; cash goes to growth and share buybacks.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Sep 2023 | $47M | — | $1.2M |
| Dec 2023 | $18M | — | $0 |
| Mar 2024 | $70M | — | $88K |
| Jun 2024 | −$23M | — | — |
| Sep 2024 | $7.3M | — | — |
| Dec 2024 | −$213M | — | — |
| Mar 2025 | −$51M | — | — |
| Jun 2025 | −$157M | — | — |
| Sep 2025 | $261M | — | — |
| Dec 2025 | −$233M | — | — |
| Mar 2026 | −$124M | — | — |
| Jun 2026 | −$20M | — | — |
Fluence Energy had 138M diluted shares in the quarter ended Jun 2026, 24.8% fewer than a year earlier, and 23.2% more each year on average since Dec 2021. The quarter a year earlier had a profit and this one a loss, which leaves out of the diluted count the options, convertible notes and units exchangeable for shares that a profit counts: the fall is partly or wholly in what the count includes.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Dec 2021 | 54M |
| Mar 2022 | 54M |
| Jun 2022 | 56M |
| Dec 2022 | 115M |
| Mar 2023 | 116M |
| Jun 2023 | 117M |
| Dec 2023 | 121M |
| Mar 2024 | 127M |
| Jun 2024 | 184M |
| Dec 2024 | 129M |
| Mar 2025 | 130M |
| Jun 2025 | 184M |
| Dec 2025 | 132M |
| Mar 2026 | 133M |
| Jun 2026 | 138M |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.5, no pressure to repay short-term debt; debt-to-equity 0.9, debt is moderate.
Assets that can be turned into cash soon are 1.5x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.9 of debt. The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $691M against debt of $391M.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 3 funds whose copy leaves FLNC out (on the exchange, not in the app yet): Swiss National Bank, Canada Pension Plan Investment Board, Norges Bank.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 6 held FLNC at the end of their latest quarter (for most, Q2 2026). Over that quarter 1 added shares, 2 cut, 2 bought new, 1 sold all and 1 held the same. The largest of them is Renaissance Technologies, 557,050 shares worth $4.3M at Sep 30, 2026.
2 of them new holders
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Renaissance Technologies | Q3 2026 | 557,050 | $4.3M | +557,050 | New | Nov 12, 2026 |
| Swiss National Bank | Q3 2026 | 173,300 | $1.3M | +3,300 | +1.9% | Nov 12, 2026 |
| Nomura Holdings | Q2 2026 | 66,488 | $1.3M | +66,488 | New | Aug 14, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 62,306 | $1.2M | −81,905 | −57% | Aug 12, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 42,610 | $847K | −443,169 | −91% | Aug 14, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 26,000 | $517K | 0 | 0.0% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 0 | — | −7,857 | Sold all | Nov 3, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of FLNC at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.
Are insiders buying or selling?
Officers and directors bought $125K and sold $880K of FLNC on the open market in the 12 months to Nov 12, 2026. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was John Zahurancik (SVP & CCSO), who sold $755K in 2 sales.
3 sales
2 purchases
Share of the sales' value
Show every trade
| Date | Insider | Role | Trade | Shares | Price | Value | Filed |
|---|---|---|---|---|---|---|---|
| Sep 21, 2026 | Heynitz Harald von | Director | Buy | 7,000 | $7.36 | $52K | Sep 22, 2026 |
| Sep 21, 2026 | Herman E Bulls | Director | Buy | 10,000 | $7.36 | $74K | Sep 22, 2026 |
| Jun 23, 2026 | John Zahurancik | SVP & CCSO | Sale (10b5-1 plan) | 15,974 | $22.03 | $352K | Jun 26, 2026 |
| Jun 22, 2026 | John Zahurancik | SVP & CCSO | Sale (10b5-1 plan) | 16,000 | $25.18 | $403K | Jun 26, 2026 |
| Jun 15, 2026 | Heynitz Harald von | Director | Sale (10b5-1 plan) | 5,000 | $25.00 | $125K | Jun 16, 2026 |
From the Form 4s filed with the SEC about Fluence Energy, Inc. (44 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 33 other transactions (option exercises, shares withheld for tax, shares sold to pay tax, gifts and other transfers). Also not counted: 3 trades by holders of more than 10% who are neither officers nor directors.