ALPHAFORGE RESEARCH · COMPANY FILE · AI INFRASTRUCTURE & POWER

$FLNC

Fluence Energy, Inc. · Nasdaq · SIC 3690 · CIK 1868941 · revision 4 as of 2026-09-19

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Business

Fluence supplies battery energy-storage systems, operating services and optimization software to utilities, developers and other large power users. Its economics depend on turning contracted projects into installed, accepted systems at an adequate margin. Equipment procurement and manufacturing come before final collection, so inventory, supplier advances and customer deposits can dominate cash generation. Services and software add recurring revenue, but the company remains exposed to large project schedules, battery supply and execution at manufacturing partners.

Three drivers

Manufacturing output and customer acceptance determine when backlog becomes revenue.
Project margin must cover operating costs, startup expense and execution overruns.
Inventory, supplier advances and collections determine funding needs before earnings recover.

Thesis

Our view

Our central question is execution, not whether storage demand exists. September guidance shows that a large backlog can coexist with losses and funding pressure. The next credible improvement is a repeatable chain from manufacturing output to delivered projects, collections and cash. We treat management’s FY2027 cash-neutral-to-positive objective as something to test. Leadership changes make operating accountability more visible, but do not themselves demonstrate recovered production or economics.

What changes it

Measured U.S. production versus plan, customer acceptance and cash receipts would strengthen the execution case. Another delivery reset, inventory growth without collections, or a financing requirement would weaken it. Rebuild the model when the company supplies its FY2027 plan.

Scenario ranges

The operating scenarios above vary named business assumptions. They are not price targets, probabilities, or the short-horizon historical memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q4 2024-09-30	2025Q1 2024-12-31	2025Q2 2025-03-31	2025Q3 2025-06-30	2025Q4 2025-09-30	2026Q1 2025-12-31	2026Q2 2026-03-31	2026Q3 2026-06-30
Revenue ($M)	1,228.1†¹	186.8²	431.6³	602.5⁴	1,041.9†¹	475.2²	464.9³	649.8⁴
Gross profit ($M)	157.5†⁵	21.2⁶	42.6⁷	89.1⁸	142.9†⁵	23.0⁶	46.6⁷	33.2⁸
Operating income ($M)	—	—	—	—	—	—	—	—
Net income ($M)	47.8†⁹	-41.5¹⁰	-31.0¹¹	6.3¹²	17.9†⁹	-45.1¹⁰	-20.9¹¹	-32.8¹²
EPS, diluted ($)	—	-0.32¹³	-0.24¹⁴	0.01¹⁵	—	-0.34¹³	-0.16¹⁴	-0.24¹⁵
Diluted shares (M)	—	129.5¹⁶	130.0¹⁷	183.6¹⁸	—	131.5¹⁶	132.5¹⁷	138.1¹⁸
Cash ($M)	448.7¹⁹	607.4²⁰	568.6²¹	436.3²²	690.8²³	452.6²⁴	387.3²⁵	339.3²³
Long-term debt ($M)	0.0²⁶	—	—	—	—	—	—	—
Cash from operations ($M)	10.5†²⁷	-211.2²⁸	-46.2†²⁹	-153.9†³⁰	265.7†²⁷	-226.8²⁸	-121.1†²⁹	-18.6†³⁰
Capex ($M)	3.3†³¹	2.1³²	4.4†³³	3.6†³⁴	4.9†³¹	5.8³²	2.5†³³	1.4†³⁴
Free cash flow ($M)	7.3†³⁵	-213.3†³⁶	-50.5†³⁷	-157.4†³⁸	260.9†³⁵	-232.6†³⁶	-123.6†³⁷	-20.0†³⁸

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q4	810.0	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q1	600.0	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q2	690.0	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q3	750.0	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.

Fluence: delivery and cash-conversion scenarios

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

FY2026 starts with September 16 guidance, not the superseded August range. Q4 equals our full-year case less reported nine-month results. FY2027 revenue scales each FY2026 case by an explicit delivery factor; adjusted EBITDA uses a separate margin assumption. Quarterly FY2027 values allocate the annual case 20% / 23% / 25% / 32%. Operating cash is an explicit stress assumption, not inferred from backlog or adjusted EBITDA alone. No scenario probability is assigned.

Reported anchors and guidance

Measure	Period	Value	Basis
Reported nine-month revenue	2026 9M	1,589.97	reported. Consolidated revenue, including related parties. Source · 2026-08-05
Reported nine-month adjusted EBITDA	2026 9M	-90.80	reported. Company non-GAAP measure; rounded to disclosed $0.1M. Source · 2026-08-05
Reported nine-month operating cash	2026 9M	-366.53	reported. GAAP operating cash flow. Source · 2026-08-05
Latest FY2026 revenue guidance	FY2026	2,400.00	management guidance. Approximately $2.4B; replaces the August $3.0B midpoint. Source · 2026-09-16
Latest FY2026 adjusted EBITDA guidance	FY2026	-200.00	management guidance. Approximately $200M loss; no forward GAAP reconciliation available. Source · 2026-09-16
Contracted backlog	2026-06-30	6,400.00	reported. Rounded disclosure. Timing, cancellations and mix prevent treating backlog as annual sales. Source · 2026-08-05
Unrestricted cash and equivalents	2026-06-30	339.33	reported. Excludes restricted cash; June cash is not a September balance. Source · 2026-08-05
Total liquidity	2026-06-30	863.00	reported. Includes cash, restricted cash and available facilities net of letters of credit; not all cash. Source · 2026-08-05

Downside scenario

Period	Operating cash ($M)	PP&E + software capex ($M)	Revenue ($M)	Adjusted EBITDA ($M)	Cash after capex ($M)
2026Q4	0.00	12.00	710.03	-139.20	-12.00
2027Q1	-33.60	7.00	460.00	-27.60	-40.60
2027Q2	-38.64	8.05	529.00	-31.74	-46.69
2027Q3	-42.00	8.75	575.00	-34.50	-50.75
FY2026	-366.53	33.33	2,300.00	-230.00	-399.87
FY2027	-168.00	35.00	2,300.00	-138.00	-203.00

Base scenario

Period	Operating cash ($M)	PP&E + software capex ($M)	Revenue ($M)	Adjusted EBITDA ($M)	Cash after capex ($M)
2026Q4	100.00	10.00	810.03	-109.20	90.00
2027Q1	0.00	6.00	600.00	0.00	-6.00
2027Q2	0.00	6.90	690.00	0.00	-6.90
2027Q3	0.00	7.50	750.00	0.00	-7.50
FY2026	-266.53	31.33	2,400.00	-200.00	-297.87
FY2027	0.00	30.00	3,000.00	0.00	-30.00

Upside scenario

Period	Operating cash ($M)	PP&E + software capex ($M)	Revenue ($M)	Adjusted EBITDA ($M)	Cash after capex ($M)
2026Q4	200.00	8.00	910.03	-79.20	192.00
2027Q1	34.00	6.00	700.00	28.00	28.00
2027Q2	39.10	6.90	805.00	32.20	32.20
2027Q3	42.50	7.50	875.00	35.00	35.00
FY2026	-166.53	29.33	2,500.00	-170.00	-195.87
FY2027	170.00	30.00	3,500.00	140.00	140.00

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
Reported nine-month revenue revenue_9m	2026 9M / shared	1,589.97 USD_millions	reported: Consolidated revenue, including related parties. Primary source · 2026-08-05
Reported nine-month adjusted EBITDA ebitda_9m	2026 9M / shared	-90.80 USD_millions	reported: Company non-GAAP measure; rounded to disclosed $0.1M. Primary source · 2026-08-05
Reported nine-month operating cash cfo_9m	2026 9M / shared	-366.53 USD_millions	reported: GAAP operating cash flow. Primary source · 2026-08-05
Nine-month PP&E capex capex_ppe_9m	2026 9M / shared	9.68 USD_millions	reported: Cash purchases of property and equipment. Primary source · 2026-08-05
Nine-month software and other capex capex_software_9m	2026 9M / shared	11.66 USD_millions	reported: Separate investing cash-flow line. Primary source · 2026-08-05
Nine-month combined capex capex_9m	2026 9M / shared	21.33 USD_millions	derived: PP&E plus capitalized software and other. Formula: sum(capex_ppe_9m, capex_software_9m).
Latest FY2026 revenue guidance fy26_revenue_guide	FY2026 / shared	2,400.00 USD_millions	management guidance: Approximately $2.4B; replaces the August $3.0B midpoint. Primary source · 2026-09-16
Latest FY2026 adjusted EBITDA guidance fy26_ebitda_guide	FY2026 / shared	-200.00 USD_millions	management guidance: Approximately $200M loss; no forward GAAP reconciliation available. Primary source · 2026-09-16
Contracted backlog backlog_june	2026-06-30 / shared	6,400.00 USD_millions	reported: Rounded disclosure. Timing, cancellations and mix prevent treating backlog as annual sales. Primary source · 2026-08-05
Unrestricted cash and equivalents cash_june	2026-06-30 / shared	339.33 USD_millions	reported: Excludes restricted cash; June cash is not a September balance. Primary source · 2026-08-05
Total liquidity liquidity_june	2026-06-30 / shared	863.00 USD_millions	reported: Includes cash, restricted cash and available facilities net of letters of credit; not all cash. Primary source · 2026-08-05
FY2026 revenue case downside_fy26_rev	FY2026 / downside	2,300.00 USD_millions	assumption: Desk sensitivity around approximate September guidance; not a new company range.
FY2026 adjusted EBITDA case downside_fy26_eb	FY2026 / downside	-230.00 USD_millions	assumption: Desk sensitivity around the September loss outlook.
Q4 operating cash assumption downside_q4_cash	2026Q4 / downside	0.00 USD_millions	assumption: Stress collection and inventory release after nine-month cash use; not company cash guidance.
Q4 PP&E and software capex downside_q4_capex	2026Q4 / downside	12.00 USD_millions	assumption: Desk combined-capex assumption anchored to latest nine-month spend.
Q4 implied revenue downside_q4_rev	2026Q4 / downside	710.03 USD_millions	derived: Full-year case less reported nine-month revenue. Formula: subtract(downside_fy26_rev, revenue_9m).
Q4 implied adjusted EBITDA downside_q4_eb	2026Q4 / downside	-139.20 USD_millions	derived: Full-year case less reported nine-month adjusted EBITDA; subject to rounding. Formula: subtract(downside_fy26_eb, ebitda_9m).
Q4 cash after combined capex downside_q4_fcf	2026Q4 / downside	-12.00 USD_millions	derived: Operating cash less PP&E and software capex; excludes financing. Formula: subtract(downside_q4_cash, downside_q4_capex).
FY2026 operating cash downside_fy26_cash	FY2026 / downside	-366.53 USD_millions	derived: Nine-month actual plus assumed Q4 cash. Formula: sum(cfo_9m, downside_q4_cash).
FY2026 combined capex downside_fy26_capex	FY2026 / downside	33.33 USD_millions	derived: Nine-month actual plus Q4 assumption. Formula: sum(capex_9m, downside_q4_capex).
FY2026 cash after combined capex downside_fy26_fcf	FY2026 / downside	-399.87 USD_millions	derived: Operating cash less combined capex. Formula: subtract(downside_fy26_cash, downside_fy26_capex).
FY2027 delivery / revenue factor downside_delivery_factor	FY2027 / downside	100.0% ratio	assumption: Relative to this FY2026 case. Tests execution recovery; backlog does not set the factor. A factor of 1.25 means 25% growth.
FY2027 adjusted EBITDA margin downside_eb_margin	FY2027 / downside	-6.0% ratio	assumption: Tests execution and cost absorption, including possible continued losses. Not GAAP operating margin.
FY2027 EBITDA-to-operating-cash adjustment downside_cash_bridge	FY2027 / downside	-30.00 USD_millions	assumption: Bundled working-capital, tax, interest and other cash effects. Zero does not assert zero working-capital movement.
FY2027 combined capex downside_fy27_capex	FY2027 / downside	35.00 USD_millions	assumption: Desk assumption for PP&E and software; not management guidance.
FY2027 revenue downside_fy27_rev	FY2027 / downside	2,300.00 USD_millions	derived: FY2026 scenario revenue times delivery factor. Formula: multiply(downside_fy26_rev, downside_delivery_factor).
FY2027 adjusted EBITDA downside_fy27_eb	FY2027 / downside	-138.00 USD_millions	derived: Revenue times assumed adjusted EBITDA margin. Formula: multiply(downside_fy27_rev, downside_eb_margin).
FY2027 operating cash downside_fy27_cash	FY2027 / downside	-168.00 USD_millions	derived: Adjusted EBITDA plus assumed cash bridge. Formula: sum(downside_fy27_eb, downside_cash_bridge).
FY2027 cash after combined capex downside_fy27_fcf	FY2027 / downside	-203.00 USD_millions	derived: Operating cash less combined capex. Formula: subtract(downside_fy27_cash, downside_fy27_capex).
Quarter share of annual case downside_fy27q1_weight	2027Q1 / downside	20.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev downside_fy27q1_rev	2027Q1 / downside	460.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_rev, downside_fy27q1_weight).
Quarter allocation: eb downside_fy27q1_eb	2027Q1 / downside	-27.60 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_eb, downside_fy27q1_weight).
Quarter allocation: cash downside_fy27q1_cash	2027Q1 / downside	-33.60 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_cash, downside_fy27q1_weight).
Quarter allocation: capex downside_fy27q1_capex	2027Q1 / downside	7.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_capex, downside_fy27q1_weight).
Quarter allocation: fcf downside_fy27q1_fcf	2027Q1 / downside	-40.60 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_fcf, downside_fy27q1_weight).
Quarter share of annual case downside_fy27q2_weight	2027Q2 / downside	23.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev downside_fy27q2_rev	2027Q2 / downside	529.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_rev, downside_fy27q2_weight).
Quarter allocation: eb downside_fy27q2_eb	2027Q2 / downside	-31.74 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_eb, downside_fy27q2_weight).
Quarter allocation: cash downside_fy27q2_cash	2027Q2 / downside	-38.64 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_cash, downside_fy27q2_weight).
Quarter allocation: capex downside_fy27q2_capex	2027Q2 / downside	8.05 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_capex, downside_fy27q2_weight).
Quarter allocation: fcf downside_fy27q2_fcf	2027Q2 / downside	-46.69 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_fcf, downside_fy27q2_weight).
Quarter share of annual case downside_fy27q3_weight	2027Q3 / downside	25.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev downside_fy27q3_rev	2027Q3 / downside	575.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_rev, downside_fy27q3_weight).
Quarter allocation: eb downside_fy27q3_eb	2027Q3 / downside	-34.50 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_eb, downside_fy27q3_weight).
Quarter allocation: cash downside_fy27q3_cash	2027Q3 / downside	-42.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_cash, downside_fy27q3_weight).
Quarter allocation: capex downside_fy27q3_capex	2027Q3 / downside	8.75 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_capex, downside_fy27q3_weight).
Quarter allocation: fcf downside_fy27q3_fcf	2027Q3 / downside	-50.75 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_fcf, downside_fy27q3_weight).
Quarter share of annual case downside_fy27q4_weight	2027Q4 / downside	32.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev downside_fy27q4_rev	2027Q4 / downside	736.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_rev, downside_fy27q4_weight).
Quarter allocation: eb downside_fy27q4_eb	2027Q4 / downside	-44.16 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_eb, downside_fy27q4_weight).
Quarter allocation: cash downside_fy27q4_cash	2027Q4 / downside	-53.76 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_cash, downside_fy27q4_weight).
Quarter allocation: capex downside_fy27q4_capex	2027Q4 / downside	11.20 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_capex, downside_fy27q4_weight).
Quarter allocation: fcf downside_fy27q4_fcf	2027Q4 / downside	-64.96 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(downside_fy27_fcf, downside_fy27q4_weight).
FY2026 revenue case base_fy26_rev	FY2026 / base	2,400.00 USD_millions	assumption: Desk sensitivity around approximate September guidance; not a new company range.
FY2026 adjusted EBITDA case base_fy26_eb	FY2026 / base	-200.00 USD_millions	assumption: Desk sensitivity around the September loss outlook.
Q4 operating cash assumption base_q4_cash	2026Q4 / base	100.00 USD_millions	assumption: Stress collection and inventory release after nine-month cash use; not company cash guidance.
Q4 PP&E and software capex base_q4_capex	2026Q4 / base	10.00 USD_millions	assumption: Desk combined-capex assumption anchored to latest nine-month spend.
Q4 implied revenue base_q4_rev	2026Q4 / base	810.03 USD_millions	derived: Full-year case less reported nine-month revenue. Formula: subtract(base_fy26_rev, revenue_9m).
Q4 implied adjusted EBITDA base_q4_eb	2026Q4 / base	-109.20 USD_millions	derived: Full-year case less reported nine-month adjusted EBITDA; subject to rounding. Formula: subtract(base_fy26_eb, ebitda_9m).
Q4 cash after combined capex base_q4_fcf	2026Q4 / base	90.00 USD_millions	derived: Operating cash less PP&E and software capex; excludes financing. Formula: subtract(base_q4_cash, base_q4_capex).
FY2026 operating cash base_fy26_cash	FY2026 / base	-266.53 USD_millions	derived: Nine-month actual plus assumed Q4 cash. Formula: sum(cfo_9m, base_q4_cash).
FY2026 combined capex base_fy26_capex	FY2026 / base	31.33 USD_millions	derived: Nine-month actual plus Q4 assumption. Formula: sum(capex_9m, base_q4_capex).
FY2026 cash after combined capex base_fy26_fcf	FY2026 / base	-297.87 USD_millions	derived: Operating cash less combined capex. Formula: subtract(base_fy26_cash, base_fy26_capex).
FY2027 delivery / revenue factor base_delivery_factor	FY2027 / base	125.0% ratio	assumption: Relative to this FY2026 case. Tests execution recovery; backlog does not set the factor. A factor of 1.25 means 25% growth.
FY2027 adjusted EBITDA margin base_eb_margin	FY2027 / base	0.0% ratio	assumption: Tests execution and cost absorption, including possible continued losses. Not GAAP operating margin.
FY2027 EBITDA-to-operating-cash adjustment base_cash_bridge	FY2027 / base	0.00 USD_millions	assumption: Bundled working-capital, tax, interest and other cash effects. Zero does not assert zero working-capital movement.
FY2027 combined capex base_fy27_capex	FY2027 / base	30.00 USD_millions	assumption: Desk assumption for PP&E and software; not management guidance.
FY2027 revenue base_fy27_rev	FY2027 / base	3,000.00 USD_millions	derived: FY2026 scenario revenue times delivery factor. Formula: multiply(base_fy26_rev, base_delivery_factor).
FY2027 adjusted EBITDA base_fy27_eb	FY2027 / base	0.00 USD_millions	derived: Revenue times assumed adjusted EBITDA margin. Formula: multiply(base_fy27_rev, base_eb_margin).
FY2027 operating cash base_fy27_cash	FY2027 / base	0.00 USD_millions	derived: Adjusted EBITDA plus assumed cash bridge. Formula: sum(base_fy27_eb, base_cash_bridge).
FY2027 cash after combined capex base_fy27_fcf	FY2027 / base	-30.00 USD_millions	derived: Operating cash less combined capex. Formula: subtract(base_fy27_cash, base_fy27_capex).
Quarter share of annual case base_fy27q1_weight	2027Q1 / base	20.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev base_fy27q1_rev	2027Q1 / base	600.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_rev, base_fy27q1_weight).
Quarter allocation: eb base_fy27q1_eb	2027Q1 / base	0.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_eb, base_fy27q1_weight).
Quarter allocation: cash base_fy27q1_cash	2027Q1 / base	0.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_cash, base_fy27q1_weight).
Quarter allocation: capex base_fy27q1_capex	2027Q1 / base	6.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_capex, base_fy27q1_weight).
Quarter allocation: fcf base_fy27q1_fcf	2027Q1 / base	-6.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_fcf, base_fy27q1_weight).
Quarter share of annual case base_fy27q2_weight	2027Q2 / base	23.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev base_fy27q2_rev	2027Q2 / base	690.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_rev, base_fy27q2_weight).
Quarter allocation: eb base_fy27q2_eb	2027Q2 / base	0.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_eb, base_fy27q2_weight).
Quarter allocation: cash base_fy27q2_cash	2027Q2 / base	0.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_cash, base_fy27q2_weight).
Quarter allocation: capex base_fy27q2_capex	2027Q2 / base	6.90 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_capex, base_fy27q2_weight).
Quarter allocation: fcf base_fy27q2_fcf	2027Q2 / base	-6.90 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_fcf, base_fy27q2_weight).
Quarter share of annual case base_fy27q3_weight	2027Q3 / base	25.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev base_fy27q3_rev	2027Q3 / base	750.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_rev, base_fy27q3_weight).
Quarter allocation: eb base_fy27q3_eb	2027Q3 / base	0.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_eb, base_fy27q3_weight).
Quarter allocation: cash base_fy27q3_cash	2027Q3 / base	0.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_cash, base_fy27q3_weight).
Quarter allocation: capex base_fy27q3_capex	2027Q3 / base	7.50 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_capex, base_fy27q3_weight).
Quarter allocation: fcf base_fy27q3_fcf	2027Q3 / base	-7.50 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_fcf, base_fy27q3_weight).
Quarter share of annual case base_fy27q4_weight	2027Q4 / base	32.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev base_fy27q4_rev	2027Q4 / base	960.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_rev, base_fy27q4_weight).
Quarter allocation: eb base_fy27q4_eb	2027Q4 / base	0.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_eb, base_fy27q4_weight).
Quarter allocation: cash base_fy27q4_cash	2027Q4 / base	0.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_cash, base_fy27q4_weight).
Quarter allocation: capex base_fy27q4_capex	2027Q4 / base	9.60 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_capex, base_fy27q4_weight).
Quarter allocation: fcf base_fy27q4_fcf	2027Q4 / base	-9.60 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(base_fy27_fcf, base_fy27q4_weight).
FY2026 revenue case upside_fy26_rev	FY2026 / upside	2,500.00 USD_millions	assumption: Desk sensitivity around approximate September guidance; not a new company range.
FY2026 adjusted EBITDA case upside_fy26_eb	FY2026 / upside	-170.00 USD_millions	assumption: Desk sensitivity around the September loss outlook.
Q4 operating cash assumption upside_q4_cash	2026Q4 / upside	200.00 USD_millions	assumption: Stress collection and inventory release after nine-month cash use; not company cash guidance.
Q4 PP&E and software capex upside_q4_capex	2026Q4 / upside	8.00 USD_millions	assumption: Desk combined-capex assumption anchored to latest nine-month spend.
Q4 implied revenue upside_q4_rev	2026Q4 / upside	910.03 USD_millions	derived: Full-year case less reported nine-month revenue. Formula: subtract(upside_fy26_rev, revenue_9m).
Q4 implied adjusted EBITDA upside_q4_eb	2026Q4 / upside	-79.20 USD_millions	derived: Full-year case less reported nine-month adjusted EBITDA; subject to rounding. Formula: subtract(upside_fy26_eb, ebitda_9m).
Q4 cash after combined capex upside_q4_fcf	2026Q4 / upside	192.00 USD_millions	derived: Operating cash less PP&E and software capex; excludes financing. Formula: subtract(upside_q4_cash, upside_q4_capex).
FY2026 operating cash upside_fy26_cash	FY2026 / upside	-166.53 USD_millions	derived: Nine-month actual plus assumed Q4 cash. Formula: sum(cfo_9m, upside_q4_cash).
FY2026 combined capex upside_fy26_capex	FY2026 / upside	29.33 USD_millions	derived: Nine-month actual plus Q4 assumption. Formula: sum(capex_9m, upside_q4_capex).
FY2026 cash after combined capex upside_fy26_fcf	FY2026 / upside	-195.87 USD_millions	derived: Operating cash less combined capex. Formula: subtract(upside_fy26_cash, upside_fy26_capex).
FY2027 delivery / revenue factor upside_delivery_factor	FY2027 / upside	140.0% ratio	assumption: Relative to this FY2026 case. Tests execution recovery; backlog does not set the factor. A factor of 1.25 means 25% growth.
FY2027 adjusted EBITDA margin upside_eb_margin	FY2027 / upside	4.0% ratio	assumption: Tests execution and cost absorption, including possible continued losses. Not GAAP operating margin.
FY2027 EBITDA-to-operating-cash adjustment upside_cash_bridge	FY2027 / upside	30.00 USD_millions	assumption: Bundled working-capital, tax, interest and other cash effects. Zero does not assert zero working-capital movement.
FY2027 combined capex upside_fy27_capex	FY2027 / upside	30.00 USD_millions	assumption: Desk assumption for PP&E and software; not management guidance.
FY2027 revenue upside_fy27_rev	FY2027 / upside	3,500.00 USD_millions	derived: FY2026 scenario revenue times delivery factor. Formula: multiply(upside_fy26_rev, upside_delivery_factor).
FY2027 adjusted EBITDA upside_fy27_eb	FY2027 / upside	140.00 USD_millions	derived: Revenue times assumed adjusted EBITDA margin. Formula: multiply(upside_fy27_rev, upside_eb_margin).
FY2027 operating cash upside_fy27_cash	FY2027 / upside	170.00 USD_millions	derived: Adjusted EBITDA plus assumed cash bridge. Formula: sum(upside_fy27_eb, upside_cash_bridge).
FY2027 cash after combined capex upside_fy27_fcf	FY2027 / upside	140.00 USD_millions	derived: Operating cash less combined capex. Formula: subtract(upside_fy27_cash, upside_fy27_capex).
Quarter share of annual case upside_fy27q1_weight	2027Q1 / upside	20.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev upside_fy27q1_rev	2027Q1 / upside	700.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_rev, upside_fy27q1_weight).
Quarter allocation: eb upside_fy27q1_eb	2027Q1 / upside	28.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_eb, upside_fy27q1_weight).
Quarter allocation: cash upside_fy27q1_cash	2027Q1 / upside	34.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_cash, upside_fy27q1_weight).
Quarter allocation: capex upside_fy27q1_capex	2027Q1 / upside	6.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_capex, upside_fy27q1_weight).
Quarter allocation: fcf upside_fy27q1_fcf	2027Q1 / upside	28.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_fcf, upside_fy27q1_weight).
Quarter share of annual case upside_fy27q2_weight	2027Q2 / upside	23.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev upside_fy27q2_rev	2027Q2 / upside	805.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_rev, upside_fy27q2_weight).
Quarter allocation: eb upside_fy27q2_eb	2027Q2 / upside	32.20 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_eb, upside_fy27q2_weight).
Quarter allocation: cash upside_fy27q2_cash	2027Q2 / upside	39.10 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_cash, upside_fy27q2_weight).
Quarter allocation: capex upside_fy27q2_capex	2027Q2 / upside	6.90 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_capex, upside_fy27q2_weight).
Quarter allocation: fcf upside_fy27q2_fcf	2027Q2 / upside	32.20 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_fcf, upside_fy27q2_weight).
Quarter share of annual case upside_fy27q3_weight	2027Q3 / upside	25.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev upside_fy27q3_rev	2027Q3 / upside	875.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_rev, upside_fy27q3_weight).
Quarter allocation: eb upside_fy27q3_eb	2027Q3 / upside	35.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_eb, upside_fy27q3_weight).
Quarter allocation: cash upside_fy27q3_cash	2027Q3 / upside	42.50 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_cash, upside_fy27q3_weight).
Quarter allocation: capex upside_fy27q3_capex	2027Q3 / upside	7.50 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_capex, upside_fy27q3_weight).
Quarter allocation: fcf upside_fy27q3_fcf	2027Q3 / upside	35.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_fcf, upside_fy27q3_weight).
Quarter share of annual case upside_fy27q4_weight	2027Q4 / upside	32.0% ratio	assumption: Provisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
Quarter allocation: rev upside_fy27q4_rev	2027Q4 / upside	1,120.00 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_rev, upside_fy27q4_weight).
Quarter allocation: eb upside_fy27q4_eb	2027Q4 / upside	44.80 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_eb, upside_fy27q4_weight).
Quarter allocation: cash upside_fy27q4_cash	2027Q4 / upside	54.40 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_cash, upside_fy27q4_weight).
Quarter allocation: capex upside_fy27q4_capex	2027Q4 / upside	9.60 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_capex, upside_fy27q4_weight).
Quarter allocation: fcf upside_fy27q4_fcf	2027Q4 / upside	44.80 USD_millions	derived: Annual scenario times explicit quarterly weight. Formula: multiply(upside_fy27_fcf, upside_fy27q4_weight).

Model boundaries

Initial operating sensitivities, not a complete three-statement model or management FY2027 guidance. The company plans to provide its FY2027 financial update with FY2026 results.
FY2027 cash depends on inventory, supplier advances, collections and customer deposits. The EBITDA-to-cash adjustment bundles those movements with taxes, interest and other cash items; replace the assumption as detail becomes available.
Modeled cash after capex subtracts PP&E and capitalized software. Historical generic FCF subtracts only PP&E; neither equals the company-defined supply-chain-financing-adjusted free cash flow.
No EPS, equity valuation or end-cash forecast: noncontrolling ownership, tax receivable obligations, restricted cash, financing and dilution require separate bridges. Backlog is context, not guaranteed annual revenue.

A backlog is only valuable when it converts

Research reviewed 2026-09-19

Can Fluence deliver contracted projects without another large working-capital or margin shortfall?

Cells, inventory and supplier advances absorb funding ahead of shipment and acceptance; customer deposits can offset that need. Delays can postpone revenue while keeping costs and financing demands in place. Manufacturing scale is useful only when yield, logistics and project readiness support timely recognition. Related-party customers and suppliers also make ownership and counterparty structure relevant. September leadership changes put supply-chain execution at the center of the next review.

The competing explanation

The strongest competing explanation is that losses mainly reflect a difficult manufacturing transition. If corrective work stabilizes output and delayed projects retain their economics, demand could support recovery without a matching increase in fixed costs. The evidence needed is delivered and paid-for work. Order intake alone cannot settle that question.

Risks to track

Manufacturing delays, rework or penalties can erode margin while orders remain intact.
Customers can defer, modify or cancel projects; backlog is not cash.
Battery supply concentration, tariffs and procurement commitments constrain flexibility.
Restricted cash and letters of credit make headline liquidity different from spendable cash.

Next checkpoints

FY2026 results and FY2027 plan · When the issuer announces the reporting date (event driven). Reconcile revenue and adjusted EBITDA to September guidance; inspect production milestones, working capital and funding.
Execution disclosures · Each material filing or operating update (event driven). Track production versus plan, delayed-project delivery and operating cash. Date each model revision.

Data coverage and open work

Financial actuals are June 30, 2026. September 16 guidance and management changes are incorporated; no September cash balance was reported in the reviewed sources.
The historical table has unresolved operating-income and long-term-debt mappings. Empty cells are unknown, not zero. Net income is attributable to the listed parent; the release also reports consolidated loss before noncontrolling interests.
Q4 EPS and diluted shares are not filled by subtracting annual and nine-month per-share figures.
This initial model is not a reconciled three-statement workbook. FY2027 quarterly phasing is provisional.

This review: First sourced company review and operating scenarios, replacing the corporate-history extract and incorporating September 16 guidance.

What the memory says

State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, heavy volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-3.8	-0.0	+3.8	49%
5 sessions	-8.0	-0.3	+8.4	48%
10 sessions	-10.6	-0.4	+11.3	47%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-03 (source: estimated from 10-Q filed 2026-08-05 plus 90 days)

Provenance

[1] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001868941-25-000081, 10-K filed 2025-11-25; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[2] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001868941-26-000005, 10-Q filed 2026-02-04; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001104659-26-056304, 10-Q filed 2026-05-06; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001868941-26-000029, 10-Q filed 2026-08-05; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[5] derived: GrossProfit, accession 0001868941-25-000081, 10-K filed 2025-11-25; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[6] reported: GrossProfit, accession 0001868941-26-000005, 10-Q filed 2026-02-04; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[7] reported: GrossProfit, accession 0001104659-26-056304, 10-Q filed 2026-05-06; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[8] reported: GrossProfit, accession 0001868941-26-000029, 10-Q filed 2026-08-05; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[9] derived: NetIncomeLoss, accession 0001868941-25-000081, 10-K filed 2025-11-25; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[10] reported: NetIncomeLoss, accession 0001868941-26-000005, 10-Q filed 2026-02-04; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[11] reported: NetIncomeLoss, accession 0001104659-26-056304, 10-Q filed 2026-05-06; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[12] reported: NetIncomeLoss, accession 0001868941-26-000029, 10-Q filed 2026-08-05; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[13] reported: EarningsPerShareDiluted, accession 0001868941-26-000005, 10-Q filed 2026-02-04; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[14] reported: EarningsPerShareDiluted, accession 0001104659-26-056304, 10-Q filed 2026-05-06; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[15] reported: EarningsPerShareDiluted, accession 0001868941-26-000029, 10-Q filed 2026-08-05; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001868941-26-000005, 10-Q filed 2026-02-04; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001104659-26-056304, 10-Q filed 2026-05-06; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001868941-26-000029, 10-Q filed 2026-08-05; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001868941-25-000081, 10-K filed 2025-11-25; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001868941-25-000015, 10-Q filed 2025-02-10; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001868941-25-000060, 10-Q filed 2025-05-08; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001868941-25-000076, 10-Q filed 2025-08-11; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001868941-26-000029, 10-Q filed 2026-08-05; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001868941-26-000005, 10-Q filed 2026-02-04; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001104659-26-056304, 10-Q filed 2026-05-06; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[26] reported: LongTermDebtNoncurrent, accession 0001868941-24-000070, 10-K filed 2024-11-29; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[27] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001868941-25-000081, 10-K filed 2025-11-25; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[28] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001868941-26-000005, 10-Q filed 2026-02-04; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[29] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001104659-26-056304, 10-Q filed 2026-05-06; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[30] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001868941-26-000029, 10-Q filed 2026-08-05; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[31] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001868941-25-000081, 10-K filed 2025-11-25; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[32] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001868941-26-000005, 10-Q filed 2026-02-04; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[33] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-26-056304, 10-Q filed 2026-05-06; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[34] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001868941-26-000029, 10-Q filed 2026-08-05; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[35] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001868941-25-000081, 10-K filed 2025-11-25; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[36] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001868941-26-000005, 10-Q filed 2026-02-04; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[37] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-26-056304, 10-Q filed 2026-05-06; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json
[38] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001868941-26-000029, 10-Q filed 2026-08-05; retrieved 2026-09-19T16:41:06+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001868941.json

What the author read

Fluence September 16 revised FY2026 guidance · retrieved 2026-09-19
Fluence FY2026 Q3 earnings and financial statements · retrieved 2026-09-19
Fluence June 2026 Form 10-Q · retrieved 2026-09-19
Fluence September 16 Form 8-K: operating leadership and guidance · retrieved 2026-09-19

Compiled 2026-09-19T16:41:06.635846+00:00 · authored bcbaa8574e3b · generated 45e63833526a · JSON

Daily notes · Scorecard