Fluence Energy (FLNC) opened fiscal 2026 with Q1 revenue of US$475.2 million and a basic EPS loss of US$0.34, as the company continued to work through a period of uneven quarterly profitability. The business has seen revenue move from US$186.8 million in Q1 2025 to US$1.0 billion in Q4 2025 and US$475.2 million in Q1 2026, while basic EPS has swung between a loss of US$0.32 in Q1 2025, a profit of US$0.37 in Q4 2024, a profit of US$0.14 in Q4 2025, and the latest loss of US$0.34. This has left investors focused on how quickly margins can stabilize around this newer revenue base.

With the headline numbers on the table, the next step is to see how this earnings print lines up with the prevailing narratives about Fluence’s growth potential, risk profile, and path to sustained profitability.

TTM revenue at US$2.6b while losses remain

• Over the last twelve months, Fluence generated about US$2.6b in revenue and recorded a net income loss of US$51.9 million, compared with a US$22.7 million profit in the twelve months ending Q4 2024.
• What stands out for the bullish view that focuses on long term earnings growth is that the company is still loss making on a trailing basis even as losses have been reduced by about 8.8% per year over five years, which means:
  • The move from a US$22.7 million profit to a US$51.9 million loss across the last two trailing periods sits awkwardly against forecasts of 56.18% annual earnings growth and an expectation of profitability within three years.
  • At the same time, trailing revenue of US$2.6b and a forecast 17.3% annual growth rate give bulls a revenue base to point to when they argue that scale could eventually support the earnings ramp they are looking for.

Investors who want to see how this bigger revenue base ties into growth expectations and valuation might find it useful to look at the broader community take on Fluence, including both optimistic and cautious angles, in the latest consensus style narrative for the stock: 📊 Read the full Fluence Energy Consensus Narrative.

Q1 loss of US$45.1m after two profitable quarters

• Q1 2026 net income loss was US$45.1 million, compared with profits of US$17.9 million in Q4 2025 and US$6.3 million in Q3 2025, alongside revenue that moved from US$1.0b in Q4 2025 to US$475.2 million this period.
• Critics who take a more bearish stance often focus on the uneven move between profit and loss, and this set of numbers gives them material to work with because:
  • The swing from a profit of US$17.9 million in Q4 2025 to a US$45.1 million loss in Q1 2026 comes despite revenue remaining in the hundreds of millions. This keeps attention on how consistently that newer scale can support positive margins.
  • Across the last five reported quarters, basic EPS has ranged from a profit of US$0.37 in Q4 2024 to a loss of US$0.34 in Q1 2026, so bears can point to this volatility when they argue that the path to stable profitability is still being tested.

If you are weighing these profit to loss swings against the cautious arguments you hear, it can help to see how the full bear case frames execution risks and margin volatility for Fluence: 🐻 Fluence Energy Bear Case

Low 1x P/S against peers and DCF fair value

• Fluence trades at about 1x P/S compared with peers at 2.7x and the US electrical industry at 2.4x, while the current share price of US$18.95 sits slightly above a DCF fair value estimate of US$18.48.
• Supporters with a bullish tilt often point to this combination of lower P/S and high forecast growth as a value argument, and the data here gives them specifics as well as some pushback because:
  • The 1x P/S multiple alongside forecast revenue growth of 17.3% per year and forecast earnings growth of 56.18% per year is the kind of setup bulls argue could be attractive if the company reaches the expected profitability within three years.
  • On the other hand, the share price sitting a little above the DCF fair value and the stock’s recent volatility versus the US market mean that even a seemingly low P/S ratio is being weighed against execution and timing risk around that profitability goal.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Fluence Energy's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Fluence is still working through uneven profitability, with recent losses and volatile EPS suggesting earnings quality and consistency are not yet firmly in place.

If you want ideas that focus more on consistency and financial resilience, check out our 79 resilient stocks with low risk scores to spot companies where risk scores look tighter and swings like these are less common.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.