10-Q · February 4, 2026
Fluence reported Q1 revenue of $475,234,000 and GAAP loss per share of $(0.34). Revenue expanded strongly year-over-year (from $186,788,000) but operating performance weakened sequentially as gross margin compressed to…
Earnings analysis · 10-Q
FLNC earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Fluence Energy reported mixed second-quarter results for 2026, showing a revenue decline to $464.9 million against expectations of $616.7 million, while EPS improved slightly to a loss of $0.16. Year-on-year, revenue…
Read full summary
Fluence Energy reported mixed second-quarter results for 2026, showing a revenue decline to $464.9 million against expectations of $616.7 million, while EPS improved slightly to a loss of $0.16. Year-on-year, revenue rose by 8%, and the company reaffirmed its guidance, projecting full-year revenue between $3.2 billion and $3.6 billion, buoyed by a record backlog of $5.6 billion.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.16
- Gross margin
- 10.0%
What stood out
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Revenue of $464.9M
Fluence's revenue fell short of estimates by 24.6%, down from the expected $616.7 million.
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Narrowed EPS Loss
Diluted EPS loss was $0.16, better than analyst expectations of $0.18 loss, indicating a slight improvement.
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Record Backlog
Fluence reported a record backlog of $5.6 billion, supporting future revenue growth.
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8% Revenue Growth YoY
Total revenue increased by $33.3 million, or 8%, compared to $431.6 million in Q2 2025.
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Liquidity Strong
Company expects to meet liquidity requirements for at least the next 12 months.
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Gross Margin at 10%
The gross profit margin remained stable at 10.0%, indicating consistent cost control.
What to watch
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Significant Free Cash Flow Deficit
Free cash flow was negative at -$285.4 million in H1 2026, compared to -$263.9 million in H1 2025.
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Increased Operating Loss
Operating loss for the quarter improved to -$27.7 million, but remains substantial.
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Dependence on Project Fulfillment
Challenges in project completion and component costs continue to pose risks to revenue projections.
Management's outlook
Fiscal year 2026 guidance reaffirmed for revenue between $3.2 billion to $3.6 billion.
Earlier filings 4
10-K · November 25, 2025
Fluence positions itself as a global market leader in utility-scale energy storage, highlighting 6.8 GW deployed, 9.1 GW of contracted backlog and a 128.8 GW gross global pipeline as of September 30, 2025. The company…
10-Q · August 11, 2025
Fluence reported Q3 revenue of $566,926,000 (company line) / $602,533,000 (total revenue including related parties) and GAAP diluted EPS of $0.01, with gross profit of $89,099,000. The quarter shows sequential and y/y…
10-Q · May 8, 2025
Fluence reported Q2 revenue of $431,618,000 and GAAP diluted loss per share of $(0.24), missing consensus on both top- and bottom-line. Gross margin compressed to 9.9% and operating margin remained negative at (10.4)%,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.