# Fluence Energy, Inc. (FLNC)

> Source: Nexqual · https://nexqual.com/FLNC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Fluence Energy, Inc. (FLNC), nexqual.com/FLNC" · informational, not investment advice.

**Price:** USD 5.7 (-5.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6 · day 5.62–5.99 · 52w 5.62–33.51 · market cap $1.11B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.63B, net income -$80.9M (-3.1% margin), free cash flow -$115M (SEC filings).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $479M; 3 not under a Rule 10b5-1 plan ($478M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $125K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.17 on a 1–5 scale) (23 analysts), mean target USD 8.35 (range 3–15).
- Total return with dividends: 1Y -64.4% vs S&P 500 +14.9%; 5Y -84.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-23, EPS estimate USD -0.44, revenue estimate $813M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $681M | $1.20B | $2.22B | $2.70B | $2.26B | $2.63B |
| Gross profit | -$69.1M | -$62.4M | $141M | $341M | $296M | — |
| Net income | -$162M | -$104M | -$69.6M | $22.7M | -$48.3M | -$80.9M |
| EPS (diluted) | — | -$1.50 | -$0.60 | $0.13 | -$0.37 | — |
| Free cash flow | -$270M | -$290M | -$115M | $71.6M | -$160M | -$115M |
| Gross margin | -10.2% | -5.2% | 6.4% | 12.6% | 13.1% | — |
| Net margin | -23.8% | -8.7% | -3.1% | 0.8% | -2.1% | -3.1% |
| Revenue growth | +21.3% | +76.1% | +85.0% | +21.7% | -16.1% | — |
| Cash + short-term investments | $36.8M | $468M | $346M | $449M | — | — |
| Total debt | — | $0K | $50.6M | $30.4M | $391M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.4x · P/B 3.0x · FCF yield -10.39% · Earnings yield -7.29%
P/E at fiscal year-ends: Sep 2024 184.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-22…2026-06-23 | Zahurancik John | SVP & CCSO | 31,974 | $755K | 31% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-15 | Von Heynitz Harald | Director | 5,000 | $125K | 7.9% | Yes (adopted March 16, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-15 | Aes Corp |  | 10,066,414 | $211M | 100% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-15 | Qatar Investment Authority |  | 2,867,172 | $60.2M | 19.5% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-15 | Spt Holding Sarl |  | 10,066,414 | $207M | 19.5% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $125K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-21 | Bulls Herman E | Director | 10,000 | $74K | 7.36 | Too little history (no open-market trades in 2023) |
| 2026-09-21 | Von Heynitz Harald | Director | 7,000 | $52K | 7.36 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Hold (mean 3.17 on a 1–5 scale), 23 analysts; mean target USD 8.35 (low 3, high 15).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Citigroup | Target lowered | Buy | $20 → $11 |
| 2026-10-20 | Truist Securities | Target lowered | Hold | $10 → $8 |
| 2026-10-14 | Morgan Stanley | Target lowered | Equal-Weight | $15 → $9 |
| 2026-10-14 | Susquehanna | Target lowered | Positive | $23 → $13 |
| 2026-09-21 | Mizuho | Target lowered | Underperform | $8 → $6 |
| 2026-09-18 | Goldman Sachs | Downgrade | Buy → Neutral | $22 → $9 |
| 2026-09-18 | Jefferies | Downgrade | Buy → Hold | $19 → $7 |
| 2026-09-17 | BNP Paribas | Target lowered | Underperform | $8 → $5 |
| 2026-09-17 | Truist Securities | Target lowered | Hold | $16 → $10 |
| 2026-09-17 | Piper Sandler | Target lowered | Underweight | $6 → $5 |
| 2026-09-17 | JP Morgan | Target lowered | Neutral | $17 → $8 |
| 2026-09-17 | RBC Capital | Target lowered | Sector Perform | $15 → $4 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -64.4% | -84.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -64.6% | -30.7% |
| Volatility (annualized) | 115.7% | 98.3% |
| Max drawdown | -82.3% (Feb 2026→Oct 2026) | -90.2% (Nov 2021→Apr 2025) |

## Peers (Utilities - Renewable)
XIFR (XPLR Infrastructure, LP) USD 9.84 -0.51% · RNW (ReNew Energy Global plc) USD 6.88 +0.15% · FRVO (Fervo Energy Company) USD 8.25 -8.54% · NRGV (Energy Vault Holdings, Inc.) USD 2.59 -5.47% · MWH (SOLV Energy, Inc.) USD 21.53 -7.40% · ORA (Ormat Technologies, Inc.) USD 88.1 -1.51%

## More
Full page: https://nexqual.com/FLNC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name FLNC in their own reports (relationship from FLNC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | AES CORP (AES) | 10-K 2026-03-02 | "Key Financial Drivers — Fluence's financial results are driven by the growth in its product revenue, an efficient cost structure that is expected to benefit from increased scale, and profit margins on…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Revenue from energy storage products and solutions | $627.3M | 96.5% | +7.4% |
| Revenue from services | $20.1M | 3.1% | +18.8% |
| Revenue from digital applications and solutions | $2.5M | 0.4% | +37.0% |
| Total revenue | $649.8M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas (North, Central, and South America) | $322.4M | 49.6% | +17.1% |
| APAC (Asia Pacific) | $250.1M | 38.5% | +167.9% |
| EMEA (Europe, Middle East, and Africa) | $77.3M | 11.9% | -66.9% |
| Total revenue | $649.8M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Outlook 1 Non-GAAP Financial Metric."
- "As a result, the Company is revising its fiscal year 2026 guidance as follows: • Revenue of approximately $2.9 billion to $3.1 billion with a midpoint of $3.0 billion compared to the prior guidance range of approximately $3.2 billion to $3"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.44 | $0.30 | -246.8% | $813.1M | 6 |
| Next quarter (ends 2026-12-31) | $-0.30 | $-0.20 | +50.4% | $583.1M | 4 |
| Current fiscal year (ends 2026-09-30) | $-1.14 | $-0.13 | +745.6% | $2.40B | 6 |
| Next fiscal year (ends 2027-09-30) | $-0.45 | $0.20 | -331.2% | $3.05B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-23): ±33.4%; earnings reaction alone ±19.8%; last 8 reports averaged ±26.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 83.9% | ±19.5% |
| 2026-12-18 | 56 | 104.4% | ±33.4% |
| 2027-01-15 | 84 | 98.2% | ±38.1% |
| 2027-02-19 | 119 | 98.2% | ±45.1% |
| 2027-05-21 | 210 | 95.4% | ±57.2% |