NEW YORK, August 5, 2026, 19:05 EDT — Regular trading in the U.S. has ended, with after-hours trading ongoing.
- After the closing bell, shares fell 23.5% to $10.89, adding to a 9.2% drop during the regular session.
- Fluence reduced its projected midpoint for fiscal 2026 revenue by $400 million, and lowered the midpoint for adjusted EBITDA by $60 million.
- Backlog hit an all-time high of $6.4 billion, but achieving the midpoint of forecast would need roughly $1.41 billion in fourth-quarter revenue.
Fluence stock fell as the battery storage company lowered its outlook for fiscal 2026. The firm delayed $400 million in deliveries, now expected to occur in fiscal 2027 due to production setbacks.
The decline refocuses investor discussion from demand concerns. Fluence reported record-high orders and backlog. The challenge lies in turning these into results without severely impacting margins.
The stock ended the session at $14.23, dropping 9.2% with high trading volumes. By 6:59 p.m. EDT, shares slipped to $10.89. Previously, the stock had risen 5.6% across five consecutive sessions.
Quarterly results — $ millions unless specified. Company data; consensus provided by Investing.com.
| Metric | Q3 FY2026 | Q3 FY2025 | Comparison |
|---|---|---|---|
| Revenue | $649.8 | $602.5 | Rises 7.9%; 19.4% under consensus |
| GAAP gross margin | 5.1% | 14.8% | Drops 9.7 percentage points |
| Net income/(loss) | $(44.3) | $6.9 | Negative swing of $51.2 |
| Adjusted EBITDA | $(29.3) | $27.4 | Negative swing of $56.7 |
| Order intake | More than $1,440 | $508.8 | Approximately 2.8 times larger |
The profit reset is accounted for by the margin contraction. With last year’s margin of 14.8%, today’s revenue would have delivered about $96 million in gross profit. The reported gross profit stood at $33.2 million. The approximate $63 million shortfall is close to the cut at the EBITDA midpoint.
Guidance for fiscal 2026 revised.
| Metric | Previous guidance | Revised guidance | Midpoint change |
|---|---|---|---|
| Revenue | $3.2B–$3.6B | $2.9B–$3.1B | Decrease of $400M, or 11.8% |
| Adjusted EBITDA | $40M–$60M | $(30)M–$10M | Decrease of $60M |
| Annual recurring revenue | About $180M | About $180M | No change |
Management linked the reset to two separate factory issues. One relates to a global contract manufacturer, while the second pertains to ongoing work at a new plant in the U.S. In addition, a scheduled battery supply deal will require an added $15 million in initial expenses.
Revenue for the nine-month period totals $1.590 billion. Achieving the lowered midpoint would still mean delivering $1.410 billion in the September quarter, a figure 35% higher than the previous year’s fourth quarter.
Implied Q4 threshold — determined by calculation, rather than company outlook. The calculation utilizes reported nine-month revenue alongside the previous year’s fourth-quarter figures.
| Guidance scenario | FY2026 revenue | Q4 revenue required | Q3 multiple | Compared to Q4 FY2025 |
|---|---|---|---|---|
| Lower bound | $2.90B | $1.310B | 2.02 times | +25.7% |
| Midrange | $3.00B | $1.410B | 2.17 times | +35.3% |
| Upper bound | $3.10B | $1.510B | 2.32 times | +44.9% |
Key demand metrics are robust. Third-quarter orders surpassed $1.44 billion, almost three times higher. Data-center segment generated around $850 million by the end of July. Backlog stands at 2.1 times the midpoint of new revenue guidance.
Chief Executive Julian Nebreda stated that production levels had “been behind our expectation for this year.” He anticipates achieving the desired output at the start of fiscal 2027. CFO Ahmed Pasha noted that “the associated revenue remains in backlog.” Fluence Energy
Working capital reflects the expense of the build. Inventory increased by 72% from September, reaching $783 million. Cash and equivalents declined 51% to $339 million. Overall liquidity stood at $863 million.
Wall Street showed caution ahead of the release. Out of 24 firms tracked by FactSet, 13 gave Hold ratings. Seven recommended buying the shares.
FactSet data on analyst recommendations ahead of results.
| Recommendation | Three months ago | One month ago | Current |
|---|---|---|---|
| Buy | 4 | 6 | 7 |
| Hold | 12 | 13 | 13 |
| Underweight | 0 | 1 | 1 |
| Sell | 4 | 3 | 3 |
| Consensus | Hold | Hold | Hold |
FactSet showed an average price target of $19.05, while the median stood at $18, spanning from $9 to $28. The average target is approximately 75% higher than the share price after hours. These estimates do not account for revisions following the release.
Risks: Additional factory delays may push out backlog and extend margin softness. Working-capital pressure could rise, given inventory and cash movement. Uncertainty is compounded by customer postponements, tariffs, and policy adjustments.
The next evaluation is scheduled for Thursday at 8:30 a.m. EDT. Management plans to address the market ahead of the U.S. opening bell. Investors are seeking information regarding factory timelines, margin improvements and updates on fiscal 2027 conversion progress.
