ARLINGTON, Va., May 7, 2026, 09:01 EDT
Fluence Energy Inc. surged roughly 34% in U.S. premarket trading Thursday. The battery-storage company stuck to its fiscal 2026 outlook, unveiled a record $5.6 billion backlog, and revealed it had landed supply deals with two major hyperscalers — big players in the cloud and data-center space.
Shares surged, despite revenue coming in light. Market focus shifted to order books—crucial for grid-scale battery outfits facing spiking data-center demand and ongoing U.S. trade friction. According to Investing.com, Fluence missed top-line expectations, with its own filing highlighting international exposure to tariffs, shifting commodity costs, and logistics headaches.
The clock is ticking for Fluence to show that its order book translates into actual deliveries in the second half. Its backlog—contract value still waiting to hit the sales line—now stretches out to cover 2026 projections, company materials show. Still, backlog isn’t cash; that distinction remains.
Fluence reported fiscal second-quarter revenue up 7.7% year-over-year, hitting $464.9 million. Net loss shrank to $29.2 million from $41.9 million. Adjusted EBITDA—a metric stripping out interest, taxes, D&A and certain other charges—showed a loss of $9.4 million, much improved from the $30.4 million loss posted a year ago.
Fluence, headquartered in Arlington, Virginia, reaffirmed its full-year revenue outlook: $3.2 billion to $3.6 billion, targeting a midpoint of $3.4 billion. Guidance for adjusted EBITDA remains at $40 million to $60 million. The company still expects annual recurring revenue from software and long-term services to hit around $180 million by the close of fiscal 2026.
Fluence reported order intake hit around $2.0 billion so far this year through May 6—twice what the company logged during the same stretch last year, at about $1.0 billion. The presentation highlighted over $600 million booked in the third quarter to date. Notably, roughly half of the orders on the books for fiscal 2026 came from customers placing their first order with Fluence.
Fluence CEO Julian Nebreda pointed to early signs that pipeline growth is paying off, saying the company’s push to broaden its customer base is “gaining momentum.” Fluence announced it’s inked master supply agreements with two top hyperscalers, with the first order anticipated in the fiscal third quarter. Fluence
The data-center story is suddenly front and center. Fluence reported a 30% jump in its total data-center pipeline since its first-quarter earnings update, highlighting that its advanced controls now offer a power-quality fix—a key issue for these customers, who often deal with volatile electricity demand.
Chief Financial Officer Ahmed Pasha cited “improved adjusted EBITDA” and “strong liquidity” backing the reaffirmed outlook. At March 31, Fluence’s total liquidity stood at roughly $900 million, with cash accounting for $412.9 million. Fluence
Fluence is up against stiff competition in the battery energy storage system, or BESS, space. The S&P Global Energy 2025 Tier 1 list put Fluence in the company of Tesla Energy Operations, Sungrow Power Supply, and Wärtsilä, highlighting just how many heavyweight suppliers are chasing the same battery storage deals—including well-funded rivals and large-scale Chinese players.
Still, nothing’s guaranteed. Fluence itself cautions that its backlog could face delays, deferrals, or never make it to revenue at all. The latest quarterly filing? Operating cash outflows climbed to $347.9 million in the first half, up from $257.4 million a year ago—largely a result of working-capital swings, with inventory buying leading the way.
Tariffs are still in flux. Fluence put its estimated gross IEEPA tariff refunds at roughly $57 million, but warned that both the timeline for refunds and the potential for new or ongoing tariffs—as well as any retaliatory measures—are up in the air and could hit its operations.
Right now, investors are focused on the backlog numbers and data-center angle. The spotlight shifts next to whether Fluence nails its first hyperscaler order in the third quarter—and if it can actually ship out about 70% of its yearly revenue target in the second half, all while holding onto margin improvements.
