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Fluence Energy, Inc. Financials

FLNC
Trailing 12 months to June 30, 2026
Revenue $2.6B +7.5% YoY
Net Income -$80.9M -339.1% YoY
EPS (Diluted) -$0.60 -172.7% YoY
Free Cash Flow -$115.3M +72.1% YoY
Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Jun 30, 2026 Reported Currency USD FYE September

Fluence Energy, Inc. (FLNC) reported $2.6B in revenue over the twelve months to Jun 30, 2026, up 7.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FLNC FY2025

Revenue scale did not translate into durable earnings: margin held, but working capital and financing drove FY2025 cash needs.

Gross-margin resilience continued as gross margin moved from 12.6% in FY2024 to 13.1% in FY2025 even as revenue declined, pointing away from product-cost deterioration as the main issue. Earnings quality reversed: FY2024’s positive net margin and operating cash flow became a -2.1% net margin and -$145.5M operating cash flow in FY2025, so reported profitability did not remain cash-generative.

Working capital absorbed cash as the inventory build rose from $182.6M in FY2024 to $455.0M in FY2025. Receivables also increased to $272.8M while revenue declined, meaning more resources were committed to goods and customer balances without top-line growth.

External financing supported balance-sheet expansion: FY2025 financing cash flow was $356.9M while operating cash flow was negative. The reported liquidity measure equaled 57 months of FY2025 operating outflow, but the financing inflow indicates that expansion was not funded solely by operations.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 39 / 100
Financial Health Score 39/100
Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Fluence Energy, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

Not available for Fluence Energy, Inc., and counted as zero in the overall score.

Growth
25
Leverage
50
Liquidity
88
Cash Flow
68
Returns
0

Not available for Fluence Energy, Inc., and counted as zero in the overall score.

Piotroski F-Score Partial
2/7

Fluence Energy, Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing
N/A

Fluence Energy, Inc. reported a net loss of $48.3M while operations used $145.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.3B
YoY-16.1%
5Y CAGR+32.2%

Fluence Energy, Inc. generated $2.3B in revenue in fiscal year 2025. This represents a decrease of 16.1% from the prior year.

Net Income
-$48.3M
YoY-312.7%

Fluence Energy, Inc. reported -$48.3M in net income in fiscal year 2025. This represents a decrease of 312.7% from the prior year.

EPS (Diluted)
-$0.37
YoY-384.6%

Fluence Energy, Inc. earned -$0.37 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 384.6% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
-$160.4M
YoY-324.1%

Fluence Energy, Inc. recorded an outflow of $160.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 324.1% from the prior year.

Cash & Debt
$690.8M
YoY+54.0%
5Y CAGR+48.7%

Fluence Energy, Inc. held $690.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding
51M

Fluence Energy, Inc. had 51M shares outstanding in fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin
13.1%
YoY+0.4pp
5Y CAGR+11.7pp

Fluence Energy, Inc.'s gross margin was 13.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.

Net Margin
-2.1%
YoY-3.0pp
5Y CAGR+6.2pp

Fluence Energy, Inc.'s net profit margin was -2.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.0 percentage points from the prior year.

Return on Equity
-11.3%
YoY-16.1pp

Fluence Energy, Inc.'s ROE was -11.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 16.1 percentage points from the prior year.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending
$86.2M
YoY+30.2%
5Y CAGR+49.5%

Fluence Energy, Inc. invested $86.2M in research and development in fiscal year 2025. This represents an increase of 30.2% from the prior year.

Capital Expenditures
$14.9M
YoY+83.4%
5Y CAGR+52.9%

Fluence Energy, Inc. invested $14.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 83.4% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

FLNC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FLNC quarterly income statement
MetricQ3'26Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24
Revenue$649.8M+39.8%$464.9M-2.2%$475.2M-54.4%$1.0B+72.9%$602.5M+39.6%$431.6M+131.1%$186.8M-84.8%$1.2B
Cost of Revenue$616.6M+47.4%$418.3M-7.5%$452.2M-49.7%$899.0M+75.1%$513.4M+32.0%$389.0M+134.9%$165.6M-84.5%$1.1B
Gross Profit$33.2M-28.7%$46.6M+102.3%$23.0M-83.9%$142.9M+60.4%$89.1M+109.2%$42.6M+100.8%$21.2M-86.5%$157.5M
R&D Expenses$23.7M+12.7%$21.1M+13.6%$18.5M-11.3%$20.9M-19.7%$26.0M+17.6%$22.1M+28.6%$17.2M-6.3%$18.4M
SG&A Expenses$37.7M+1.4%$37.2M-11.0%$41.8M-15.2%$49.3M+38.6%$35.6M-14.0%$41.4M+12.8%$36.7M-20.4%$46.1M
Interest ExpenseN/AN/AN/AN/AN/A-$391K-178.2%$500K+13.9%$439K
Income Tax$772K-50.0%$1.5M+119.6%-$7.9M-135.8%$22.0M+381.7%$4.6M+329.7%-$2.0M-16.2%-$1.7M-121.8%$7.9M
Net Income-$32.8M-56.8%-$20.9M+53.6%-$45.1M-351.1%$17.9M+187.0%$6.3M+120.1%-$31.0M+25.1%-$41.5M-186.7%$47.8M
EPS (Diluted)-$0.24-50.0%-$0.16+52.9%-$0.34-342.9%$0.14$0.01-$0.24+25.0%-$0.32-197.0%$0.33

Not reported in any period shown, so not listed: Operating Income.

FLNC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FLNC quarterly balance sheet
MetricQ3'26Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24
Total Assets$2.6B+11.4%$2.3B+3.4%$2.3B-3.7%$2.4B+13.6%$2.1B-8.7%$2.3B+2.7%$2.2B+16.4%$1.9B
Current Assets$2.3B+11.6%$2.1B+4.8%$2.0B-3.8%$2.1B+11.6%$1.8B-8.9%$2.0B+2.4%$2.0B+18.0%$1.7B
Cash & Equivalents$339.3M-12.4%$387.3M-14.4%$452.6M-34.5%$690.8M+58.3%$436.3M-23.3%$568.6M-6.4%$607.4M+35.4%$448.7M
Inventory$783.0M+2.5%$764.2M+41.3%$540.6M+18.8%$455.0M-30.5%$654.3M-6.3%$698.3M+28.5%$543.4M+197.6%$182.6M
Accounts Receivable$350.1M+94.4%$180.1M-37.6%$288.9M+5.9%$272.8M+78.8%$152.6M+2.4%$149.0M+1.4%$147.0M-32.1%$216.5M
Goodwill$28.3M-0.8%$28.5M-0.6%$28.7M+0.3%$28.6M-0.3%$28.7M+7.8%$26.6M+1.5%$26.2M-4.7%$27.5M
Total Liabilities$2.2B+15.6%$1.9B+6.1%$1.8B-1.5%$1.8B+16.3%$1.6B-12.4%$1.8B+5.3%$1.7B+30.1%$1.3B
Current Liabilities$1.7B+19.5%$1.5B+8.3%$1.3B-2.3%$1.4B+21.8%$1.1B-16.4%$1.3B+6.7%$1.3B+0.2%$1.3B
Long-Term DebtN/AN/AN/AN/AN/AN/AN/A$0
Total Equity$373.2M+1.4%$368.1M-5.1%$388.0M-9.7%$429.6M+5.5%$407.4M+4.9%$388.2M-5.2%$409.4M-13.3%$472.1M
Retained Earnings-$298.6M-12.3%-$265.8M-8.5%-$244.8M-22.6%-$199.8M+8.2%-$217.7M+2.8%-$224.0M-16.1%-$192.9M-27.4%-$151.4M

FLNC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FLNC quarterly cash flow statement
MetricQ3'26Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24
Operating Cash Flow-$18.6M+84.6%-$121.1M+46.6%-$226.8M-185.3%$265.7M+272.7%-$153.9M-233.2%-$46.2M+78.1%-$211.2M-2106.2%$10.5M
Capital Expenditures$1.4M-44.8%$2.5M-57.4%$5.8M+19.9%$4.9M+36.4%$3.6M-18.2%$4.4M+106.4%$2.1M-35.6%$3.3M
Free Cash Flow-$20.0M+83.8%-$123.6M+46.9%-$232.6M-189.2%$260.9M+265.7%-$157.4M-211.5%-$50.5M+76.3%-$213.3M-3041.8%$7.3M
Investing Cash Flow-$31.5M-366.7%-$6.8M+27.7%-$9.3M+4.1%-$9.8M-33.8%-$7.3M+3.8%-$7.6M-46.0%-$5.2M+6.2%-$5.5M
Financing Cash Flow$5.4M-92.0%$68.4M+3927.6%-$1.8M-1.2%-$1.8M-277.1%-$468K+72.8%-$1.7M-100.5%$360.8M+12504.0%-$2.9M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

FLNC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FLNC quarterly financial ratios
MetricQ3'26Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24
Gross Margin5.1%-4.9pp10.0%+5.2pp4.9%-8.9pp13.7%-1.1pp14.8%+4.9pp9.9%-1.5pp11.3%-1.5pp12.8%
Net Margin-5.1%-0.6pp-4.5%+5.0pp-9.5%-11.2pp1.7%+0.7pp1.0%+8.2pp-7.2%+15.0pp-22.2%-26.1pp3.9%
Return on Equity-8.8%-3.1pp-5.7%+5.9pp-11.6%-15.8pp4.2%+2.6pp1.5%+9.5pp-8.0%+2.1pp-10.1%-20.3pp10.1%
Return on Assets-1.3%-0.4pp-0.9%+1.1pp-2.0%-2.8pp0.8%+0.5pp0.3%+1.7pp-1.4%+0.5pp-1.9%-4.4pp2.5%
Current Ratio1.34-0.1x1.430.0x1.480.0x1.51-0.1x1.64+0.1x1.51-0.1x1.57+0.2x1.33
Debt-to-Equity5.85+0.7x5.13+0.5x4.59+0.4x4.21+0.4x3.82-0.8x4.57+0.5x4.11+4.1x0.00
FCF Margin-3.1%+23.5pp-26.6%+22.4pp-48.9%-74.0pp25.0%+51.2pp-26.1%-14.4pp-11.7%-114.2%0.6%

Not reported in any period shown, so not listed: Operating Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

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Frequently Asked Questions

What is Fluence Energy, Inc.'s annual revenue?

Fluence Energy, Inc. (FLNC) reported $2.3B in total revenue for fiscal year 2025. This represents a -16.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fluence Energy, Inc.'s revenue growing?

Fluence Energy, Inc. (FLNC) revenue declined by 16.1% year-over-year, from $2.7B to $2.3B in fiscal year 2025.

Is Fluence Energy, Inc. profitable?

No, Fluence Energy, Inc. (FLNC) reported a net income of -$48.3M in fiscal year 2025, with a net profit margin of -2.1%.

Fluence Energy, Inc. (FLNC) reported diluted earnings per share of -$0.37 for fiscal year 2025. This represents a -384.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fluence Energy, Inc. (FLNC) had a gross margin of 13.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Fluence Energy, Inc. (FLNC) had a net profit margin of -2.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Fluence Energy, Inc. (FLNC) has a return on equity of -11.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Fluence Energy, Inc. (FLNC) recorded an outflow of $160.4M in free cash flow during fiscal year 2025. This represents a -324.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Fluence Energy, Inc. (FLNC) recorded an outflow of $145.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

Fluence Energy, Inc. (FLNC) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Fluence Energy, Inc. (FLNC) invested $14.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Fluence Energy, Inc. (FLNC) invested $86.2M in research and development during fiscal year 2025.

Fluence Energy, Inc. (FLNC) had 51M shares outstanding as of fiscal year 2025.

Fluence Energy, Inc. (FLNC) had a current ratio of 1.51 as of fiscal year 2025, which is generally considered healthy.

Fluence Energy, Inc. (FLNC) had a debt-to-equity ratio of 4.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Fluence Energy, Inc. (FLNC) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

At the end of fiscal year 2025, Fluence Energy, Inc. (FLNC) held $690.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $145.5M over that year. Dividing the one by the other, the reported balance equals about 57 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

Fluence Energy, Inc. (FLNC) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Fluence Energy, Inc. (FLNC) reported a net loss of $48.3M while operations used $145.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Fluence Energy, Inc. (FLNC) scores 39 out of 100 on our Financial Health Score, indicating weak standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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