Fluence Energy (Nasdaq: FLNC) posts record backlog but cuts 2026 targets
Rhea-AI Filing Summary
Fluence Energy reported third fiscal quarter 2026 revenue of approximately $649.8 million, up from about $602.5 million a year earlier but weaker than expected because of production delays at new contract manufacturing facilities. GAAP gross margin fell to 5.1% from 14.8%, and adjusted gross margin to 5.9% from 15.4%. The company posted a quarterly net loss of about $44.3 million and a nine‑month net loss of $136.1 million, with Adjusted EBITDA at $(29.3) million for the quarter and $(90.8) million year to date.
Demand indicators were strong, with order intake of more than $1.44 billion, nearly triple the prior‑year quarter, record backlog of roughly $6.4 billion, and total liquidity of about $863.0 million, including $365.0 million in total cash as of June 30, 2026. The company secured approximately $850.0 million of data center business through July, including $550.0 million of awards from a hyperscaler. Management now expects about $400.0 million of project deliveries to shift into fiscal 2027, and has cut fiscal 2026 revenue guidance to $2.9–3.1 billion from $3.2–3.6 billion and Adjusted EBITDA guidance to ($30.0) million to $10.0 million from $40.0–$60.0 million, while keeping the annual recurring revenue target of approximately $180.0 million unchanged.
Positive
- Record demand indicators with backlog of approximately $6.4 billion, the highest in Company history, and quarterly order intake of more than $1.44 billion, nearly triple the prior-year period.
- Rapid growth in data center business as the company secured about $850.0 million of data center contracts through July 2026, including approximately $550.0 million of awards from a hyperscaler.
- Solid liquidity position with total liquidity of approximately $863.0 million as of June 30, 2026, including total cash of about $365.0 million to support operations and growth.
Negative
- Profitability deteriorated sharply with GAAP gross margin down to 5.1% from 14.8% and a quarterly net loss of about $44.3 million versus net income of approximately $6.9 million a year earlier.
- 2026 financial outlook cut materially as revenue guidance was reduced to $2.9–$3.1 billion from $3.2–$3.6 billion and Adjusted EBITDA guidance to ($30.0)–$10.0 million from $40.0–$60.0 million.
- Significant project delays with roughly $400.0 million of expected fiscal 2026 project deliveries now anticipated to be recognized in fiscal 2027 due to production and construction issues at new facilities.
Filing Explained
At June 30, 2026, Fluence reported $365 million of total cash against $863 million of liquidity that included financing capacity subject to restrictions.
Fluence Energy uses this Form 8-K to furnish its third-quarter results and revised fiscal 2026 outlook; its
The reported
As of
The liquidity measure also included revolving-facility availability:
The outlook remains management's estimate: the filing says actual results may differ materially and that management assumes no obligation to update it; the company scheduled a results discussion for
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q3 2026 Total Revenue: $649.8 million
Q3 2026 GAAP Gross Margin: 5.1%
Q3 2026 Net Loss: $44.3 million
+5 more
8 metrics
Q3 2026 Total Revenue
$649.8 million
Revenue for the three months ended June 30, 2026
Q3 2026 GAAP Gross Margin
5.1%
Gross profit margin for the three months ended June 30, 2026
Q3 2026 Net Loss
$44.3 million
Net loss for the three months ended June 30, 2026
Q3 2026 Adjusted EBITDA
$(29.3) million
Adjusted EBITDA for the three months ended June 30, 2026
Quarterly Order Intake
more than $1.44 billion
Order intake for the fiscal quarter ended June 30, 2026
Backlog
$6.4 billion
Backlog as of June 30, 2026, highest level in Company history
Total Liquidity
$863.0 million
Total liquidity as of June 30, 2026, including working capital facilities
Fiscal 2026 Revenue Guidance
$2.9–$3.1 billion
Revised revenue outlook for fiscal year 2026
Key Terms
Adjusted EBITDA, Adjusted Gross Profit Margin, Free Cash Flow, Contracted Backlog, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA is calculated from the condensed consolidated statements of operations"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Gross Profit Margin financial
"Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue"
Adjusted gross profit margin shows how much money a company keeps from sales after subtracting the direct costs of making its products or services, but it removes one-time or unusual charges to show the underlying performance. Think of it as the profit rate of a lemonade stand after paying for ingredients, but with a one-off broken juicer or a special sale taken out so you can see how the stand normally performs; investors use it to compare profitability without distortions.
Free Cash Flow financial
"Free Cash Flow is calculated from the condensed consolidated statements of cash flows"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Contracted Backlog financial
"Contracted Backlog includes signed customer orders or contracts under execution prior to completion"
Contracted backlog is the total dollar value of customer orders or projects that a company has formally committed to deliver but has not yet completed or recognized as revenue. For investors it is a forward-looking measure of expected future sales and cash flow—like a paid to-do list that shows the pipeline of work—but it can overstate certainty if contracts are cancellable, delayed, or subject to change.
Annual Recurring Revenue (ARR) financial
"ARR represents the net annualized contracted value including software subscriptions"
Annual Recurring Revenue (ARR) is the predictable amount of money a company expects to earn in a year from its ongoing services or subscriptions. It helps businesses understand their steady income stream, much like knowing how much rent they can count on each year, which is important for planning and growth.
Tax Receivable Agreement financial
"payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021"
A contract in which a company agrees to pay a specified party (often former owners after a spinoff or IPO) a share of future tax savings the company realizes. Think of it like agreeing to share a future tax refund with someone who helped create the conditions for that refund. For investors it matters because those payments reduce the cash the company can use for dividends, buybacks, or reinvestment, and therefore affect valuation and returns.
Earnings Snapshot
Q3 2026 total revenue: approximately $649.8 million · Guidance included
three and nine months ended June 30, 2026
Q3 2026 total revenue
approximately $649.8 million
compared to approximately $602.5 million in the same quarter last year
Q3 2026 GAAP gross margin
5.1%
down from approximately 14.8% in the same quarter last year
Q3 2026 net (loss) income
net loss of approximately $44.3 million
versus net income of approximately $6.9 million for the same period last year
Q3 2026 Adjusted EBITDA
approximately $(29.3) million
compared to approximately $27.4 million in the same quarter last year
Backlog as of June 30, 2026
approximately $6.4 billion
described as the highest level in Company history
Q3 2026 order intake
more than $1.44 billion
nearly triple the order intake of approximately $508.8 million a year earlier
Guidance
For fiscal 2026, revenue guidance was revised to approximately $2.9 billion to $3.1 billion from a prior range of approximately $3.2 billion to $3.6 billion, and Adjusted EBITDA guidance was lowered to approximately ($30.0) million to $10.0 million from approximately $40.0 million to $60.0 million, reflecting an estimated $400.0 million of project deliveries now expected in fiscal 2027 and an approximately $15 million upfront cost associated with a planned long-term international battery cell supply agreement, while the annual recurring revenue target of approximately $180.0 million by the end of fiscal 2026 remains unchanged.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Fluence Energy (FLNC)'s key financial results for Q3 2026?
Fluence Energy reported Q3 2026 revenue of approximately $649.8 million and a net loss of about $44.3 million. GAAP gross margin fell to 5.1% and adjusted gross profit margin to 5.9%, reflecting production delays and costs tied to new product platforms and supply agreements.
How did Fluence Energy (FLNC) revise its fiscal year 2026 guidance?
Fluence Energy now expects $2.9–$3.1 billion of revenue for fiscal 2026, down from $3.2–$3.6 billion. Adjusted EBITDA guidance was cut to ($30.0) million to $10.0 million from $40.0–$60.0 million, reflecting delayed project deliveries and about $15 million of upfront battery supply costs.
What are Fluence Energy (FLNC)'s backlog and order intake as of June 30, 2026?
As of June 30, 2026, Fluence Energy reported backlog of approximately $6.4 billion, the highest in its history. Quarterly order intake exceeded $1.44 billion, nearly triple the roughly $508.8 million booked in the same quarter of the prior year, highlighting strong demand.
How much data center business has Fluence Energy (FLNC) secured?
Through July 2026, Fluence Energy secured approximately $850.0 million of data center business. This includes its first large behind-the-meter order signed in the third quarter and about $550.0 million of awards from a hyperscaler, underscoring momentum in the data center segment.
What is Fluence Energy (FLNC)'s liquidity and cash position?
Fluence Energy reported total liquidity of about $863.0 million as of June 30, 2026, including total cash of approximately $365.0 million. Working capital facilities contributed to this figure, though the company used $366,534 thousand of net cash in operating activities over the first nine months of fiscal 2026.
Which non-GAAP measures does Fluence Energy (FLNC) emphasize and what was Q3 2026 Adjusted EBITDA?
Fluence Energy highlights Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow. For Q3 2026, Adjusted EBITDA was approximately $(29.3) million, compared with about $27.4 million in the same quarter of the prior year, showing weaker underlying profitability.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2026
(Exact name of registrant as specified in its charter)
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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.02. Results of Operations and Financial Condition
On August 5, 2026, Fluence Energy, Inc. (the “Company”) issued a press release regarding the Company’s financial results for the third quarter of fiscal year 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. In connection with the issuance of the press release, the Company is holding a public conference call and webcast on Thursday, August 6, 2026 at 8:30 a.m. EDT. The accompanying investor presentation materials will be available on the Company’s website at: https://fluenceenergy.com, by selecting Investors, News & Events, and Events & Presentations.
The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, except as expressly stated by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit Number | Description | |||||||
| 99.1 | Press Release of Fluence Energy, Inc. dated August 5, 2026 | |||||||
| 104 | Cover Page Interactive Data File formatted in iXBRL | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FLUENCE ENERGY, INC. | ||||||||
| Date: August 5, 2026 | By: | /s/ Ahmed Pasha | ||||||
| Ahmed Pasha | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
Exhibit 99.1
Fluence Energy, Inc. Reports Third Fiscal Quarter 2026 Results
ARLINGTON, Va., August 5, 2026 (GLOBE NEWSWIRE) – Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three and nine months ended June 30, 2026.
Financial and Operational Highlights for Fiscal Quarter Ended June 30, 2026
•Revenue of approximately $649.8 million, compared to approximately $602.5 million in the same quarter last year, primarily driven by an increase in volume of fulfillments of energy storage solutions. Revenue was weaker than expected, primarily reflecting production delays at new contract manufacturing facilities.
•GAAP gross profit margin of approximately 5.1%, compared to approximately 14.8% in the same quarter last year.
•Adjusted gross profit margin1 of approximately 5.9%, compared to approximately 15.4% in the same quarter last year, primarily reflecting the impact of delays to revenue, the initial costs of deploying new product platforms, and recognized upfront cost associated with a planned agreement for long-term international battery cell supply.
•Net loss for the three and nine months ended June 30, 2026 of approximately $44.3 million and $136.1 million, respectively, compared to net income of approximately $6.9 million and net loss of approximately $92.1 million for the same periods last year, respectively.
•Adjusted EBITDA1 for the three and nine months ended June 30, 2026 of approximately $(29.3) million and $(90.8) million, respectively.
•Order intake of more than $1.44 billion for the fiscal quarter ended June 30, 2026, nearly triple the order intake of approximately $508.8 million for the same quarter last year.
•Secured approximately $850.0 million of data center business through July, including the Company's first large, behind-the-meter order signed during the third quarter and approximately $550.0 million of awards from a hyperscaler in July 2026.
•Backlog2 as of June 30, 2026 of approximately $6.4 billion, the highest level in Company history.
•Total liquidity3 of approximately $863.0 million as of June 30, 2026, including total cash4 of approximately $365.0 million.
“Customer demand for Fluence solutions continues to strengthen, driven by our differentiated technology, digital capabilities, and expanding role supporting the growing power needs of utilities, developers, and data centers. We have been increasing our production capacity globally to meet this growing demand, and although production has been behind our expectation for this year we have taken steps to achieve targeted production levels early in fiscal 2027," said Julian Nebreda, President and Chief Executive Officer. "With both record order intake and backlog, and increasing momentum with all of our customer segments including data centers, we remain confident in the long-term opportunity ahead and our positioning to capitalize on it."
Revised Fiscal Year 2026 Outlook
1 Non-GAAP Financial Metric. See the section titled "Non-GAAP Financial Measures" for more information regarding the Company's use of non-GAAP financial measures, as well as a reconciliation to the most directly comparable financial measures stated in accordance with GAAP.
2 Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The company's backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company's customers have the right to terminate contracts or defer the timing of its services and their payments to the Company.
3 Total liquidity is a management metric and is defined as cash and cash equivalents + restricted cash + capacity available under our working capital facilities, net of letters of credit issued. Our working capital facilities include our two supply chain financing programs and our revolving credit facility, under which we can issue letters of credit or, subject to certain limitations, incur borrowings thereunder. Each of our working capital facilities are subject to covenants and restrictions as set forth therein, including a cash draw sublimit in the revolving credit facility of $150.0 million. As of June 30, 2026, we had $193.0 million of outstanding letters of credit under our revolving credit facility, with remaining availability of $307.0 million.
4 Total cash includes cash and cash equivalents + restricted cash.
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The Company now expects that $400.0 million in project deliveries will be delayed into fiscal 2027 due to production issues at a new international contract manufacturing facility and construction related delays that affected the completion and start-up of a new U.S. contract manufacturing facility. As a result, the Company is revising its fiscal year 2026 guidance as follows:
•Revenue of approximately $2.9 billion to $3.1 billion with a midpoint of $3.0 billion compared to the prior guidance range of approximately $3.2 billion to $3.6 billion with a midpoint of $3.4 billion.
•Adjusted EBITDA1 of approximately ($30.0) million to $10.0 million, with a midpoint of approximately ($10.0) million compared to prior guidance of approximately $40.0 million to $60.0 million with a midpoint of $50.0 million. This reduction reflects the reduced revenue outlook and an approximately $15 million upfront cost associated with a planned agreement for long-term international battery supply.
•Annual recurring revenue of approximately $180.0 million by the end of fiscal year 2026, which is unchanged.
"Although delays in deliveries of some U.S. projects impacted third quarter revenue and our full year outlook, the associated revenue remains in backlog and is expected to be recognized in fiscal 2027," said Ahmed Pasha, Chief Financial Officer. "We ended the quarter with strong liquidity, providing flexibility and a strong foundation to support increased order volume and future growth.”
The foregoing "Revised Fiscal Year 2026 Outlook" statements represent management's current best estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the "Cautionary Note Regarding Forward-Looking Statements" section included in this release. Management does not assume any obligation to update these estimates.
Conference Call Information
The Company will conduct a teleconference starting at 8:30 a.m. EDT on Thursday, August 6, 2026, to discuss our third quarter results. To participate, analysts are required to register by clicking Fluence Energy Q3 Earnings Call Registration Link. Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time.
General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Listen - Only Webcast, or on https://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: https://fluenceenergy.com, by selecting Investors, News & Events, and Events & Presentations.
A replay of the conference call will be available after 1:00 p.m. EDT on Thursday, August 6, 2026. The replay will be available on the Company’s website at https://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations.
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Non-GAAP Financial Measures
We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented in accordance with GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures.
Adjusted EBITDA is calculated from the condensed consolidated statements of operations using net income (loss) adjusted for (i) interest (income) expense, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the “Tax Receivable Agreement”).
Adjusted Gross Profit is calculated from the condensed consolidated statements of operations using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) depreciation and amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue.
Free Cash Flow is calculated from the condensed consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, adjusted to exclude purchases made under supply chain financing arrangements, less repayments of obligations under supply chain financing arrangements and purchase of property and equipment made in the period. It should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets) and Free Cash Flow does not reflect our future contractual commitments.
Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in tables contained at the end of this release.
The Company is not able to provide a quantitative reconciliation of full fiscal year 2026 Adjusted EBITDA to GAAP net income (loss) on a forward-looking basis because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be predicted at this time without unreasonable effort.
About Fluence
Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed, and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future.
For more information, visit our website, or follow us on LinkedIn. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog.
Cautionary Note Regarding Forward-Looking Statements
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This press release and statements that are made on our earnings call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release and on our earnings call, including without limitation, statements set forth above under “Revised Fiscal Year 2026 Outlook” and other statements regarding the Company's future results of operations and financial position, operational performance, the Company’s business, growth, and innovation strategy and the efficacy of our products and services to meet evolving needs, future market and industry growth and related opportunities for the Company, including relating to data centers, projected operating costs and future cost visibility, future liquidity, expectations relating to working capital, and access to capital and cash flows, future capital expenditures and debt service obligations, expectations related to backlog, pipeline, order intake, and contracted backlog, expectations regarding Smartstack becoming a leading product, expectations regarding the deployment, performance, and customer adoption of new product offerings, expectations regarding customer demand for Company products and solutions, impact of the Company’s planned new battery cell supply agreement, the Company’s supply chain strategy, including future volume and production capacity, expectations regarding our contract manufacturing partners and related facilities, potential impact from delays in ramp up of production facilities, associated project delays, and cost overruns, including those arising from the introduction of new product platforms, and projected costs, beliefs, assumptions, prospects, plans and objectives of management and timing associated therewith. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “possible,” “will,” “should,” “seeks,” “expects,” “plans,” “anticipates,” “grows,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements are subject to a number of risks, uncertainties, and other important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the elimination or expiration of government incentives or regulations regarding renewable energy; changes in the global trade environment; fluctuations in order intake and results of operations across fiscal periods; a significant reduction in order volume or loss of significant customers or their inability to perform under contracts; competition for offerings and the ability to attract new customers and retain existing ones; maintaining and enhancing reputation and brand recognition; our ability to manage recent and future growth and the expansion of our business and operations; our ability to attract and retain highly qualified personnel; our growth depending on the success of relationships with third parties; delays, disruptions, and quality control problems in manufacturing operations; risks associated with engineering and construction, utility interconnection, commissioning and installation of energy storage products, cost overruns, and delays; supplier concentration and limited supplier capacity; operating as a global company with a global supply chain; changes in the cost and availability of raw materials and underlying components; lengthy sales and installation cycle for energy storage solutions; quality and quantity of components provided by suppliers; defects, errors, vulnerabilities, and/or bugs in products and technology; events and incidents relating to storage, delivery, installation, operation, maintenance, and shutdowns of products; current and planned foreign operations; failure by contract manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; actual or threatened health epidemics, pandemics, or similar public health threats; severe weather events; acquisitions made or that may be pursued; our ability to obtain financial assurances for projects; relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increases in expenses in the future and our ability to maintain prolonged profitability; the risk that amounts included in the pipeline and contracted backlog may not result in actual revenue or translate into profits; restrictions set forth in current and future credit and debt agreements; our uncertain ability to raise additional capital to execute on business opportunities; fluctuations in currency exchange rates; whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for offerings does not develop or takes longer to develop than anticipated; our estimates on the size of the total addressable market; macroeconomic uncertainty and market conditions; interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers’ ability to finance energy storage systems and demand for energy storage solutions; the cost of electricity available from alternative sources; a decline or delay in public acceptance of renewable energy, or increase in the cost of customer projects; increased attention to environmental, social and governance matters; our ability to obtain, maintain, and enforce proper protection for intellectual property, including technology; the threat of lawsuits by third parties alleging intellectual property violations; our having adequate protection for trademarks and trade names; our ability to enforce intellectual
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property rights; our patent portfolio; our ability to effectively protect data integrity of technology infrastructure, data, and other business systems; the use of open-source software; our failure to comply with third-party license or technology agreements; our inability to license rights to use technologies on reasonable terms; compromises, interruptions, or shutdowns of systems; use of artificial intelligence (“AI”) technologies; potential changes in tax laws or regulations; barriers arising from current electric utility industry policies and regulations and any subsequent changes; environmental, health, and safety laws and potential obligations, liabilities, and costs thereunder; actual or perceived failure to comply with data privacy and data security laws, regulations, industry standards, and other requirements relating to the privacy, security, and processing of personal information; potential future legal proceedings, regulatory disputes, and governmental inquiries; ownership of our Class A common stock; short-seller activists; being a “controlled company” within the meaning of the rules of the Nasdaq Stock Market; conflicts of interest by officers and directors due to positions with our continuing equity owners; relationship with our founders and continuing equity owners; terms of our amended and restated certificate of incorporation and amended and restated bylaws; our dependence on distributions from Fluence Energy, LLC to pay taxes and expenses and Fluence Energy, LLC’s ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks related to the 2030 Convertible Senior Notes; improper and ineffective internal control over reporting to comply with the Sarbanes-Oxley Act; changes in accounting principles or their applicability; and estimates or judgments relating to critical accounting policies; and other important factors set forth under Part I, Item 1A.“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 25, 2025 and Part II, Item 1A. "Risk Factors" in this Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026, as well as in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.
Analyst Contact
Chris Shelton, Vice President of Finance, GID, and Investor Relations
Email: InvestorRelations@fluenceenergy.com
Media Contact
Shayla Ebsen, Director of Communications
+1 605-645-7486
Email: media.na@fluenceenergy.com
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FLUENCE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in Thousands, except share and per share amounts)
| Unaudited | |||||||||||
| June 30, 2026 | September 30, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 339,328 | $ | 690,768 | |||||||
| Restricted cash | 25,630 | 23,862 | |||||||||
| Trade receivables, net | 350,134 | 272,820 | |||||||||
| Unbilled receivables | 328,210 | 239,594 | |||||||||
| Receivables from related parties | 108,922 | 200,748 | |||||||||
| Advances to suppliers | 226,390 | 126,778 | |||||||||
| Inventory, net | 783,031 | 455,015 | |||||||||
| Other current assets | 162,861 | 54,671 | |||||||||
| Total current assets | 2,324,506 | 2,064,256 | |||||||||
| Non-current assets: | |||||||||||
| Property and equipment, net | $ | 43,506 | $ | 50,320 | |||||||
| Intangible assets, net | 64,221 | 63,403 | |||||||||
| Goodwill | 28,297 | 28,584 | |||||||||
| Deferred income tax asset | 2,878 | 4,046 | |||||||||
| Other non-current assets | 152,195 | 146,391 | |||||||||
| Total non-current assets | 291,097 | 292,744 | |||||||||
| Total assets | $ | 2,615,603 | $ | 2,357,000 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 295,056 | $ | 321,004 | |||||||
| Deferred revenue | 956,491 | 640,457 | |||||||||
| Deferred revenue with related parties | 57,531 | 79,916 | |||||||||
| Personnel related liabilities | 44,189 | 31,850 | |||||||||
| Accruals and provisions | 274,935 | 246,235 | |||||||||
| Taxes payable | 15,186 | 30,317 | |||||||||
| Other current liabilities | 90,661 | 20,590 | |||||||||
| Total current liabilities | 1,734,049 | 1,370,369 | |||||||||
| Non-current liabilities: | |||||||||||
| Deferred income tax liability | $ | 9,101 | $ | 9,530 | |||||||
| Convertible senior notes, net | 392,164 | 390,804 | |||||||||
| Other non-current liabilities | 49,065 | 37,449 | |||||||||
| Total non-current liabilities | 450,330 | 437,783 | |||||||||
| Total liabilities | 2,184,379 | 1,808,152 | |||||||||
| Stockholders’ Equity: | |||||||||||
Preferred stock, $0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and September 30, 2025 | — | — | |||||||||
Class A common stock, $0.00001 par value per share, 1,200,000,000 shares authorized; 144,125,253 shares issued and 143,136,891 shares outstanding as of June 30, 2026; 132,014,571 shares issued and 131,164,365 shares outstanding as of September 30, 2025 | 1 | 1 | |||||||||
Class B-1 common stock, $0.00001 par value per share, 134,325,805 shares authorized; 41,432,781 and 51,499,195 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively | — | — | |||||||||
Class B-2 common stock, $0.00001 par value per share, 200,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2026 and September 30, 2025 | — | — | |||||||||
| Treasury stock, at cost | (12,930) | (10,213) | |||||||||
| Additional paid-in capital | 670,321 | 627,956 | |||||||||
| Accumulated other comprehensive income | 14,394 | 11,613 | |||||||||
| Accumulated deficit | (298,576) | (199,762) | |||||||||
| Total stockholders’ equity attributable to Fluence Energy, Inc. | 373,210 | 429,595 | |||||||||
| Non-Controlling interests | 58,014 | 119,253 | |||||||||
| Total stockholders’ equity | 431,224 | 548,848 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,615,603 | $ | 2,357,000 | |||||||
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FLUENCE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(U.S. Dollars in Thousands, except share and per share amounts)
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 600,180 | $ | 566,926 | $ | 1,317,908 | $ | 947,532 | |||||||||||||||
| Revenue from related parties | 49,668 | 35,607 | 272,065 | 273,407 | |||||||||||||||||||
| Total revenue | 649,848 | 602,533 | 1,589,973 | 1,220,939 | |||||||||||||||||||
| Cost of goods and services | 616,607 | 513,434 | 1,487,053 | 1,068,057 | |||||||||||||||||||
| Gross profit | 33,241 | 89,099 | 102,920 | 152,882 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 23,740 | 26,011 | 63,351 | 65,325 | |||||||||||||||||||
| Sales and marketing | 25,300 | 19,822 | 70,600 | 59,213 | |||||||||||||||||||
| General and administrative | 37,735 | 35,603 | 116,809 | 113,722 | |||||||||||||||||||
| Depreciation and amortization | 3,986 | 3,628 | 12,010 | 9,386 | |||||||||||||||||||
Interest (income) expense, net | (2,915) | 1,083 | 1,219 | 733 | |||||||||||||||||||
| Other income, net | (11,101) | (8,519) | (19,392) | (4,315) | |||||||||||||||||||
(Loss) income before income taxes | (43,504) | 11,471 | (141,677) | (91,182) | |||||||||||||||||||
| Income tax expense (benefit) | 772 | 4,577 | (5,574) | 869 | |||||||||||||||||||
Net (loss) income | $ | (44,276) | $ | 6,894 | $ | (136,103) | $ | (92,051) | |||||||||||||||
Net (loss) income attributable to non-controlling interest | $ | (11,459) | $ | 642 | $ | (37,289) | $ | (25,791) | |||||||||||||||
Net (loss) income attributable to Fluence Energy, Inc. | $ | (32,817) | $ | 6,252 | $ | (98,814) | $ | (66,260) | |||||||||||||||
Weighted average number of Class A common shares outstanding: | |||||||||||||||||||||||
Basic | 138,129,139 | 130,723,258 | 134,060,941 | 130,062,109 | |||||||||||||||||||
Diluted | 138,129,139 | 183,645,493 | 134,060,941 | 130,062,109 | |||||||||||||||||||
(Loss) income per share of Class A common stock: | |||||||||||||||||||||||
Basic | $ | (0.24) | $ | 0.05 | $ | (0.74) | $ | (0.51) | |||||||||||||||
Diluted | $ | (0.24) | $ | 0.01 | $ | (0.74) | $ | (0.51) | |||||||||||||||
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FLUENCE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(U.S. Dollars in Thousands)
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (44,276) | $ | 6,894 | $ | (136,103) | $ | (92,051) | |||||||||||||||
| (Loss) gain on foreign currency translation, net of tax | (2,862) | 13,405 | (4,867) | 16,768 | |||||||||||||||||||
| Gain (loss) on cash flow hedges, net of tax | 14,200 | (5,412) | 8,475 | 2,287 | |||||||||||||||||||
| Total other comprehensive income | 11,338 | 7,993 | 3,608 | 19,055 | |||||||||||||||||||
| Total comprehensive (loss) income | $ | (32,938) | $ | 14,887 | $ | (132,495) | $ | (72,996) | |||||||||||||||
| Comprehensive (loss) income attributable to non-controlling interest | $ | (8,463) | $ | 2,905 | $ | (36,462) | $ | (20,389) | |||||||||||||||
| Total comprehensive (loss) income attributable to Fluence Energy, Inc. | $ | (24,475) | $ | 11,982 | $ | (96,033) | $ | (52,607) | |||||||||||||||
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FLUENCE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(U.S. Dollars in Thousands)
| Nine Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities | |||||||||||
| Net loss | $ | (136,103) | $ | (92,051) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 30,723 | 18,929 | |||||||||
| Amortization of debt issuance costs | 3,712 | 3,072 | |||||||||
| Inventory provision | (6,756) | (811) | |||||||||
| Stock-based compensation | 14,118 | 15,459 | |||||||||
| Deferred income taxes | (119) | 5,814 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
Trade receivables, net | (77,924) | 64,761 | |||||||||
| Unbilled receivables | (85,919) | 22,357 | |||||||||
| Receivables from related parties | 91,826 | 204,158 | |||||||||
| Advances to suppliers | (99,644) | (38,415) | |||||||||
| Inventory | (321,405) | (469,694) | |||||||||
| Other current assets | (75,985) | 20,524 | |||||||||
| Other non-current assets | (11,552) | (23,504) | |||||||||
| Accounts payable | (22,215) | (180,842) | |||||||||
| Deferred revenue with related parties | (22,379) | 9,598 | |||||||||
| Deferred revenue | 318,984 | 264,498 | |||||||||
| Accruals and provisions | 26,317 | (118,359) | |||||||||
| Taxes payable | (15,037) | (56,187) | |||||||||
| Other current liabilities | 10,703 | (65,617) | |||||||||
| Other non-current liabilities | 12,121 | 5,029 | |||||||||
| Net cash used in operating activities | (366,534) | (411,281) | |||||||||
| Investing activities | |||||||||||
| Capital expenditures on software and other | (11,656) | (10,023) | |||||||||
| Purchase of property and equipment | (9,678) | (10,024) | |||||||||
| Issuance of note receivable | (30,000) | — | |||||||||
| Proceeds from sale of equity method investment | 3,686 | — | |||||||||
| Net cash used in investing activities | (47,648) | (20,047) | |||||||||
| Financing activities | |||||||||||
| Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards | (2,717) | (490) | |||||||||
| Proceeds from issuance of 2030 Convertible Senior Notes | — | 400,000 | |||||||||
| Purchases of Capped Calls related to 2030 Convertible Senior Notes | — | (29,000) | |||||||||
| Payment for debt issuance costs | (1,704) | (12,132) | |||||||||
| Purchases under supply chain financing arrangements | 101,937 | — | |||||||||
| Repayments of obligations under supply chain financing arrangements | (24,751) | — | |||||||||
| Proceeds from exercise of stock options | 3,470 | 1,767 | |||||||||
| Distribution to AES Grid Stability | — | (1,035) | |||||||||
| Principal payments on finance leases | (4,180) | (465) | |||||||||
| Net cash provided by financing activities | 72,055 | 358,645 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (7,545) | 13,865 | |||||||||
| Net decrease in cash, cash equivalents, and restricted cash | (349,672) | (58,818) | |||||||||
| Cash, cash equivalents, and restricted cash as of the beginning of the period | 714,630 | 518,706 | |||||||||
| Cash, cash equivalents, and restricted cash as of the end of the period | $ | 364,958 | $ | 459,888 | |||||||
| Supplemental Cash Flows Information | |||||||||||
| Interest paid | $ | 14,112 | $ | 7,876 | |||||||
| Cash paid (refund) on income taxes | $ | 19,016 | $ | (1,429) | |||||||
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FLUENCE ENERGY, INC.
KEY OPERATING METRICS (UNAUDITED)
The following tables present our key operating metrics as of June 30, 2026 and September 30, 2025. The tables below present the metrics in either Gigawatts (GW) or Gigawatt hours (GWh). Our key operating metrics focus on project milestones to measure our performance and designate each project as either “deployed”, “assets under management”, “contracted backlog”, or “pipeline”.
| June 30, 2026 | September 30, 2025 | Change | Change % | |||||||||||||||||||||||
Energy Storage Products and Solutions | ||||||||||||||||||||||||||
| Deployed (GW) | 7.4 | 6.8 | 0.6 | 9% | ||||||||||||||||||||||
| Deployed (GWh) | 19.3 | 17.8 | 1.5 | 8% | ||||||||||||||||||||||
| Contracted Backlog (GW) | 12.6 | 9.1 | 3.5 | 38% | ||||||||||||||||||||||
| Pipeline (GW) | 45.6 | 35.7 | 9.9 | 28% | ||||||||||||||||||||||
| Pipeline (GWh) | 163.7 | 122.0 | 41.7 | 34% | ||||||||||||||||||||||
| (amounts in GW) | June 30, 2026 | September 30, 2025 | Change | Change % | ||||||||||||||||||||||
Services | ||||||||||||||||||||||||||
Assets under Management | 6.3 | 5.6 | 0.7 | 13% | ||||||||||||||||||||||
| Contracted Backlog | 7.9 | 7.0 | 0.9 | 13% | ||||||||||||||||||||||
| Pipeline | 33.3 | 29.4 | 3.9 | 13% | ||||||||||||||||||||||
| (amounts in GW) | June 30, 2026 | September 30, 2025 | Change | Change % | ||||||||||||||||||||||
Digital | ||||||||||||||||||||||||||
Assets under Management | 22.8 | 22.0 | 0.8 | 4% | ||||||||||||||||||||||
| Contracted Backlog | 13.9 | 12.1 | 1.8 | 15% | ||||||||||||||||||||||
| Pipeline | 51.4 | 63.7 | (12.3) | (19%) | ||||||||||||||||||||||
The following table presents our order intake for the three and nine months ended June 30, 2026 and 2025. The table is presented in Gigawatts (GW):
| (amounts in GW) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | Change % | 2026 | 2025 | Change | Change % | |||||||||||||||||||||||||||||||||||||||||||
Energy Storage Products and Solutions | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Contracted | 2.6 | 0.7 | 1.9 | 271% | 4.2 | 1.9 | 2.3 | 121% | ||||||||||||||||||||||||||||||||||||||||||
Services | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Contracted | 0.3 | 1.4 | (1.1) | (79)% | 1.6 | 2.0 | (0.4) | (20)% | ||||||||||||||||||||||||||||||||||||||||||
Digital | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Contracted | 0.6 | 0.9 | (0.3) | (33)% | 6.0 | 5.4 | 0.6 | 11% | ||||||||||||||||||||||||||||||||||||||||||
Deployed
Deployed represents cumulative energy storage products and solutions that have achieved substantial completion and are not decommissioned. Deployed is monitored by management to measure our performance towards achieving project milestones.
Assets Under Management
Assets under management for service contracts represents our long-term service contracts with customers associated with our completed energy storage system products and solutions. In general, we start providing maintenance, monitoring, or other operational
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services after the storage product projects are completed. This is not limited to energy storage solutions delivered by Fluence. Assets under management for digital software represents contracts signed and active (post go live). Assets under management serves as an indicator of expected revenue from our customers and assists management in forecasting our expected financial performance.
Contracted Backlog
For our energy storage products and solutions contracts, contracted backlog includes signed customer orders or contracts under execution prior to when substantial completion is achieved. For service contracts, contracted backlog includes signed service agreements associated with our storage product projects that have not been completed and the associated service has not started. For digital applications contracts, contracted backlog includes signed agreements where the associated subscription has not started.
We cannot guarantee that our contracted backlog will result in actual revenue in the originally anticipated period or at all. Contracted backlog may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our contracted backlog fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity.
Contracted/Order Intake
Contracted, which we use interchangeably with “order intake”, represents new energy storage product and solutions contracts, new service contracts and new digital contracts signed during each period presented. We define “Contracted” as a firm and binding purchase order, letter of award, change order or other signed contract (in each case an “Order”) from the customer that is received and accepted by Fluence. Our order intake is intended to convey the dollar amount and gigawatts (operating measure) contracted in the period presented. We believe that order intake provides useful information to investors and management because the order intake provides visibility into future revenue and enables evaluation of the effectiveness of the Company’s sales activity and the attractiveness of its offerings in the market.
Pipeline
Pipeline represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Pipeline is an internal management metric that we construct from market information reported by our global sales force. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future revenue related to customer contracts for our battery-based energy storage products and solutions, services and digital software.
We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity.
Annual Recurring Revenue (ARR)
ARR represents the net annualized contracted value including software subscriptions including initial trial, licensing, long term service agreements, and extended warranty agreements as of the reporting period. ARR excludes one-time fees, revenue share or other revenue that is non-recurring and variable. The Company believes ARR is an important operating metric as it provides visibility to future revenue. It is important to management to increase this visibility as we continue to expand. ARR is not a forecast of future revenue and should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items.
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FLUENCE ENERGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED)
The following tables present our non-GAAP measures for the periods indicated.
| ($ in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net loss | $ | (44,276) | $ | 6,894 | $ | (136,103) | $ | (92,051) | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
Interest expense (income), net | (2,915) | 1,083 | 1,219 | 733 | ||||||||||||||||||||||
| Income tax expense (benefit) | 772 | 4,577 | (5,574) | 869 | ||||||||||||||||||||||
| Depreciation and amortization | 11,198 | 8,255 | 30,723 | 18,929 | ||||||||||||||||||||||
| Stock-based compensation | 4,891 | 6,400 | 14,121 | 15,542 | ||||||||||||||||||||||
Other non-recurring expenses(a) | 1,034 | 146 | 4,818 | 3,246 | ||||||||||||||||||||||
Adjusted EBITDA | $ | (29,296) | $ | 27,355 | $ | (90,796) | $ | (52,732) | ||||||||||||||||||
(a) Amount for the three months ended June 30, 2026 includes $0.5 million for secondary offering expenses and $0.5 million for legal and consulting fees related to potential strategic transactions. Amount for the three months ended June 30, 2025 includes approximately $1.4 million in severance costs related to restructuring and $1.2 million in income as a result of a reduction of our Tax Receivable Agreement liability. Amounts for nine months ended June 30, 2026 includes approximately $3.8 million for legal and consulting fees related to potential strategic transactions, $0.5 million of impairment expense related to an equity method investment, and $0.5 million for secondary offering expenses. Amount for the nine months ended June 30, 2025 includes $4.5 million in severance costs related to restructuring and $1.2 million in income as a result of a reduction of our Tax Receivable Agreement liability.
| ($ in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Total revenue | $ | 649,848 | $ | 602,533 | $ | 1,589,973 | $ | 1,220,939 | ||||||||||||||||||
| Cost of goods and services | 616,607 | 513,434 | 1,487,053 | 1,068,057 | ||||||||||||||||||||||
| Gross profit | 33,241 | 89,099 | 102,920 | 152,882 | ||||||||||||||||||||||
Gross profit margin % | 5.1 | % | 14.8 | % | 6.5 | % | 12.5 | % | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Stock-based compensation | 199 | 636 | 1,084 | 2,154 | ||||||||||||||||||||||
| Depreciation and amortization | 5,185 | 2,734 | 12,768 | 5,388 | ||||||||||||||||||||||
Other non-recurring expenses | — | 307 | — | 606 | ||||||||||||||||||||||
| Adjusted Gross Profit | $ | 38,625 | $ | 92,776 | $ | 116,772 | $ | 161,030 | ||||||||||||||||||
| Adjusted Gross Profit Margin % | 5.9 | % | 15.4 | % | 7.3 | % | 13.2 | % | ||||||||||||||||||
| ($ in thousands) | Nine Months Ended June 30, | |||||||||||||
| 2026 | 2025 | |||||||||||||
Net cash used in operating activities | $ | (366,534) | $ | (411,281) | ||||||||||
Add: Purchases under supply chain financing arrangements | 101,937 | — | ||||||||||||
| Less: Repayments of obligations under supply chain financing arrangements | (24,751) | — | ||||||||||||
| Less: Purchase of property and equipment | (9,678) | (10,024) | ||||||||||||
Free Cash Flow | $ | (299,026) | $ | (421,305) | ||||||||||
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