ARLINGTON, Va., May 10, 2026, 18:01 EDT
Fluence Energy shares jumped 27.4% on Friday, capping off a two-day rally fueled by news of master supply deals with two major data-center clients and a record-high $5.6 billion backlog. The stock wrapped up the session at $24.16 on May 8, after touching $26.98 earlier, according to company data.
Investors are showing renewed appetite for companies positioned to supply power to AI data centers, pushing shares higher. Fluence’s stock rallied despite a quarterly revenue miss against Wall Street forecasts—a sign the focus has shifted beyond this quarter’s numbers, zeroing in on order books, margins, and anticipated grid demand.
Fluence reported order intake jumped to roughly $2.0 billion year-to-date through May 6, doubling from the $1.0 billion recorded a year ago. The company also landed contracts with two “hyperscalers”—major players in the cloud and data-center space—and anticipates the initial order under those deals will come in during the fiscal third quarter. Fluence
Fluence shares jumped sharply. After ending May 6 at $13.56, the stock finished at $18.97 on May 7, then closed Friday at $24.16, with 41.47 million shares changing hands, according to the company’s LSEG-based stock data.
The results for the second quarter told a mixed story. Revenue climbed 7.7% to $464.9 million compared to the same period last year. Net loss tightened as well, coming in at $29.2 million versus $41.9 million previously. Loss per Class A share landed at 16 cents—down from 24 cents a year ago.
MarketBeat flagged that analysts were looking for $614.93 million in revenue—well ahead of what Fluence actually delivered. On the flip side, the company’s loss per share managed to beat forecasts by a small margin. That disconnect tells the story: revenue missed by a mile, shares still jumped.
“Customer expansion strategy is gaining momentum,” Chief Executive Julian Nebreda said. Finance chief Ahmed Pasha flagged “strong liquidity” following Fluence’s report of roughly $900 million in total liquidity at the end of March, with $412.9 million in total cash as of March 31. Fluence
Fluence stuck to its fiscal 2026 guidance, projecting revenue between $3.2 billion and $3.6 billion, and adjusted EBITDA landing in the $40 million to $60 million bracket. The adjusted EBITDA figure, not a GAAP metric, excludes things like interest, taxes, depreciation, amortization, and stock-based compensation, according to the company.
Analysts wasted no time reacting to the news. Roth/MKM bumped Fluence up to Buy from Neutral and doubled its price target to $26 from $13, according to Investing.com. Canaccord stuck with its Buy call and raised its target to $28 from $25, pointing to the potential $2 billion-plus windfall from the two hyperscaler deals, The Fly reported via TipRanks.
HSBC bumped Fluence up to Hold from Reduce, setting a $19 price target. MarketBeat, meanwhile, tracked five Buys, eleven Holds, and five Sells on the stock, landing at an average Hold rating and a consensus price target of $18.12.
Justin Clare’s team at Roth MKM pointed to a master supply agreement—secured after Fluence beat out 25 other contenders—as evidence the company’s tech is catching on, Barchart reported. Canaccord, meanwhile, described the new hyperscaler deals as a “game-changer,” TipRanks noted. Barchart.com
The field stretches past just Fluence. Back in January, Reuters pointed to grid and power players like Bloom Energy and Wesco International as names riding the data-center, grid-investment, and electrification theme. Fluence, too, has seen a boost as large-scale energy storage demand ramps up.
Still, backlog doesn’t translate directly to cash. In its latest quarterly filing, Fluence flagged risks: contracted backlog might not convert into revenue as planned—if ever—with some customers possibly pushing back or scrapping projects entirely. The company also cited lingering supply-chain issues, tariff uncertainty, and higher costs tied to certain U.S.-made solutions. Those factors, along with revised project-delay costs, squeezed margins in the first half.
Now comes the crucial part: Fluence must land at least one hyperscaler deal as an actual order in the fiscal third quarter, and prove the margins stack up. If that doesn’t happen, Friday’s rally looks premature relative to the numbers.
