Overview

• U.S. energy storage provider's fiscal Q2 revenue rose 7.7% yr/yr but missed analyst expectations

• EPS for fiscal Q2 was a loss of $0.16

Outlook

• Fluence Energy expects fiscal 2026 revenue between $3.2 bln and $3.6 bln

• Company sees fiscal 2026 adjusted EBITDA of $40 mln to $60 mln

• Fluence expects annual recurring revenue of $180 mln by end of fiscal 2026

Result Drivers

• ORDER ACCELERATION - Co said pipeline growth led to an acceleration of orders and record backlog in Q2

• CUSTOMER EXPANSION - Signed master supply agreements with two major hyperscalers, expecting first order in Q3, per CEO Julian Nebreda

• IMPROVED MARGINS - Gross profit margin increased to 10.0% from 9.9% yr/yr, and adjusted gross profit margin rose to 11.1% from 10.4%

Company press release: ID:nGNX9409d1

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Miss	$464.9 mln	$623.05 mln (11 Analysts)
Q2 EPS		-$0.16

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 12 "hold" and 4 "sell" or "strong sell"

• The average consensus recommendation for the electrical components & equipment peer group is "buy."

• Wall Street's median 12-month price target for Fluence Energy Inc is $14.00, about 10.3% above its May 5 closing price of $12.69

• The stock recently traded at 117 times the next 12-month earnings vs. a P/E of 568 three months ago

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