Fluence Energy, Inc. · NASDAQ:FLNC
Fluence Energy — Q1 2026 Earnings Presentation
24 slides from Fluence Energy's earnings presentation, Feb 5, 2026
Slide 1: Q1 FY2026 Earnings Presentation
Q1 FY2026 Earnings Presentation February 5, 2026 © Fluence Energy Inc. All rights reserved. |
Slide 2: Disclaimer
Disclaimer comply with applicable laws and regulations; significant reduction in pricing or order business systems; use of open - source software; failure to comply with third party Forward - Looking Statements volume or loss of one or more of our significant customers or their inability to perform
Slide 3: Today's Agenda
1 Strategy Update Today’s Julian Nebreda, President & CEO Agenda
Slide 4: Q1 2026 Executive Summary
Record backlog of ~$5.5 billion Q1 2026 1 Executive 2 FY’26 revenue guidance midpoint fully covered by orders in backlog Summary 3 Reiterate FY2026 guidance ranges 4 Quarter-ending total liquidity of ~$1.1 billion1 , including ~$477 million of total cash7 ADJUSTED GROSS ANNUAL RECURRING REVENUE Q1 O
Slide 5: Over $750 million of Order Intake Driven by Steady Increase In U.S. Activity
Over $750 million of Order Intake Driven by Steady Increase In U.S. Activity U.S. Order Intake Progression ($Mn) $750 million of Q1’26 Order Intake 28% ~$550 ~$390 ~$400 72% ~$200 Q2’25 Q3’25 Q4’25 Q1’26 US Non-US © Fluence Energy, Inc. All rights reserved. | 5
Slide 6: Demand Growth and Sales Investments Drove a ~30% Pipeline Increase
Demand Growth and Sales Investments Drove a ~30% Pipeline Increase Q4’25 Q1’26 8% 25% 17% 45% $23.4 $30.1 Billion Billion 57% 18% 30% Americas EMEA APAC US RoW Australia Germany © Fluence Energy, Inc. All rights reserved. | 6
Slide 7: Zeroing In on the Next Wave of Market Growth
Zeroing In on the Next Wave of Market Growth Data Centers Long Duration Energy Storage • ~36 GWhs1 of data center projects (LDES) currently in pipeline or leads as of • ~34 GWhs1 of LDES projects currently in today pipeline or leads as of today • Vast Majority are Behind The Meter • Smartstack’s den
Slide 8: Strengthening Our Domestic Supply Chain Advantage
Strengthening Our Domestic Supply Chain Advantage 1 Cell and Module production ahead of plan. Increased Arizona enclosure production supports Module deliveries for FY 2026 Manufacturing UTAH Cell 2 AESC expected to resolve Manufacturing Inverter Manufacturing Prohibited Foreign Entity (PFE) TENNESSE
Slide 9: Today's Agenda
Today’s Agenda 2 Financial Update Ahmed Pasha, SVP & CFO
Slide 10: First Quarter 2026 Financial Performance
First Quarter 2026 Financial Performance All figures in $ million, unless specified2 Q1’25 Q1’26 HIGHLIGHTS 2 Revenue $187 $475 1 Revenue in line with expectation for 1/3rd of annual revenue during H1. Gross Profit $21 $23 2 Gross profit margin reflects: Gross Profit Margin 11.4% 4.9% • $20 million
Slide 11: Continuing Focus on Double Digit Adjusted Gross Margins
Continuing Focus on Double Digit Adjusted Gross Margins Rolling 12 Month Adjusted Gross Margin%1,2 13.2% 13.4% 13.7% 12.9% 13.1% 12.4% 12.3% 9.4% 7.6% 6.6% 4.1% 3.3% 0.7% - 4.5% Q4’2 2 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 1) Rolling 12 Month Adjusted Gross Pr
Slide 12: ~$1.1 Billion of Total Liquidity Supports our Growth Plans
~$1.1 Billion of Total Liquidity Supports our Growth Plans All figures in $ million, unless specified $617 mn $1,094 mn $477 mn 2 1 Ending Cash Availability under Credit 1 Total Liquidity as of Dec 31, Facilities 2025 Note 1: Total Liquidity is a management metric and is defined as cash and cash equ
Slide 13: Reaffirming FY2026 Guidance
Reaffirming FY2026 Guidance FY 2025 FY 2026 1 Mid-point of FY’26 guidance All figures in $ million, unless specified Actuals Guidance covered by backlog 2 Equipment order for backlog $3,200 - $3,600 Revenue $2,263 Midpoint $3,400 projects secured at time of order execution 3 Clear visibility into th
Slide 14: Key Takeaways
Key Takeaways 1 Strong visibility and liquidity: Record $5.5 billion backlog; FY’26 guidance reaffirmed; $1.1 billion liquidity supports growth plan 2 U.S. demand accelerating: $750 million Q1 orders globally, including $500 million U.S.; Policy tailwinds and improving fundamentals 3 Supply chain re
Slide 15: Today's Agenda
1) Strategy Update Tod ay’ S Julian Nebreda, President & CEO Agenda 2) Financial Update Ahmed Pasha, SVP & CFO @ Q&A FLUcNCe ‘A Siemens and A€S Company
Slide 16: Appendix
Appendix aReNee
Slide 17: Smartstack's Modular Design Can Fit Customer Specs
Smartstack’s Modular Design Can Fit Customer Specs Smartstack Battery Cell FROM Cell Supplier 1 (US) Cell Supplier 2 Battery Module Cell Supplier 3 Battery Pod Cell Supplier 4 Cell Supplier 5 • Initially ships with 7.5 MWh • Upgradable as requirements change Smartstack’s split architecture separates
Slide 18: Extreme Power Usage Fluctuations of Data centers
Extreme Power Usage Fluctuations of Data centers Source: Company Estimates; McKinsey © Fluence Energy, Inc. All rights reserved. | 18
Slide 19: OBBBA Provides Upside to Storage; Supports FLNC's Strategy
OBBBA Provides Upside to Storage; Supports FLNC’s Strategy Longterm ITC availability, limits on Chinese competition, and incentives for domestic content favor FLNC Section 48E ITC (Claimed by FLNC Customers) for start of project construction 75% Highlights of OBBBA 70% 65% Non-Prohibited Foreign • E
Slide 20: PFE Restrictions in OBBBA are Complex but Workable
PFE Restrictions in OBBBA are Complex but Workable Amount of Non-PFE Content Required for Section 45X Advanced Manufacturing Tax Credit Increases Over Time Section 45X Cells/Modules (Impacts FLNC) 85% 85% 85% 80% Key Takeaways 70% 60% 65% 1 Working with domestic suppliers to help facilitate their co
Slide 21: Current Tariffs on Chinese Battery Imports
Current Tariffs on Chinese Battery Imports Current Effective Tariffs Through September 20261 3.4% 10% Base tariff Fentanyl related tariff Total 48.4% 25% Section 301 tariff on 10% cells, modules or Universal tariff integrated systems 1 Based on currently announced tariffs © Fluence Energy, Inc. All
Slide 22: Definitions
Definitions ITEM DEFINITION 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 ti
Slide 23: Non-GAAP Financial Measures
Non - GAAP Financial Measures Included in this presentation and discussed in the earnings call are certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, Operating Expenses, excluding stock compensation expenses, and Operating Expenses, e
Slide 24: Non-GAAP Financial Measures & Reconciliations
Non - GAAP Financial Measures & Reconciliations 1 ($ in millions) FY’ 25 Q1’25 Q1’26 ($ in millions) FY’ 25 Q1’ 25 Q1’26 GROSS PROFIT 295.8 21.2 23.1 NET INCOME (LOSS) (68.0) (57.1) (62.6) Gross Profit Margin % 13.1% 11.4% 4.9% Add: Add: Interest (income) expense, net 4.1 (0.7) 1.4 Stock-based compe