A Business at a Glance
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Inception and Organization Fluence Energy, Inc., a Delaware corporation (the “Company”), was initially formed on June 21, 2021 and completed its initial public offering (the “IPO”) on November 1, 2021. We conduct our business operations through Fluence Energy, LLC and its direct and indirect subsidiaries. Fluence Energy, LLC was formed on June 30, 2017 as a joint venture between Siemens Industry, Inc. (“Siemens Industry”), an indirect subsidiary of Siemens AG (“Siemens”), and AES Grid Stability, LLC (“AES Grid Stability”), an indirect subsidiary of The AES Corporation (“AES”), and commenced operations on January 1, 2018. We refer to Siemens Industry and AES Grid Stability as the “Founders” in this Annual Report and together with Qatar Holding LLC (“QHL”), an affiliate of the Qatar Investment Authority (“QIA”), they are collectively referred to as the “Continuing Equity Owners.” As the sole managing member of Fluence Energy, LLC, Fluence Energy, Inc.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Revenue from sale of energy storage products and solutions | $674M | $1.18B | $2.20B | $2.65B | $2.17B | 96% |
Revenue from services | $6M | $16M | $16M | $45M | $84M | 4% |
Revenue from digital applications | $1M | $2M | $4M | $5M | $6M | 0% |
Revenue from sale of energy storage products | $674M | $1.18B | — | — | — | — |
Revenue from digital applications and solutions | $1M | $2M | — | — | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.6B | 2.3B | 2.7B | 2.2B | 1.2B | 681M |
| Net Income | -52M | -48M | 23M | -70M | -104M | -162M |
| EPS | $-0.39 | $-0.37 | $0.13 | $-0.60 | $-1.50 | - |
| Free Cash Flow | -180M | -160M | 72M | -115M | -290M | -270M |
| ROIC | 0.0% | -10.4% | 6.1% | -16.1% | -24.0% | - |
| Gross Margin | 11.7% | 13.1% | 12.6% | 6.4% | -5.2% | -10.2% |
| Debt/Equity | 1.01 | 0.91 | 0.19 | 0.13 | 2.56 | - |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | -21M | 38M | -60M | -101M | -159M |
| Operating Margin | 0.0% | -0.9% | 1.4% | -2.7% | -8.4% | -23.3% |
| ROE | -13.4% | -10.7% | 4.8% | -16.6% | -24.0% | - |
| Shares Outstanding | 132M | 131M | 175M | 116M | 70M | - |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 561M | 681M | 1.2B | 2.2B | 2.7B | 2.3B | 2.6B |
| Gross Margin | 1.4% | -10.2% | -5.2% | 6.4% | 12.6% | 13.1% | 11.7% |
| R&D | 12M | 23M | 60M | 66M | 66M | 86M | 88M |
| SG&A | 18M | 38M | 117M | 136M | 173M | 163M | 168M |
| EBIT | -40M | -159M | -101M | -60M | 38M | -21M | 0 |
| Op. Margin | -7.2% | -23.3% | -8.4% | -2.7% | 1.4% | -0.9% | 0.0% |
| Net Income | -47M | -162M | -104M | -70M | 23M | -48M | -52M |
| Net Margin | -8.3% | -23.8% | -8.7% | -3.1% | 0.8% | -2.1% | -2.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | N/A | -24.0% | -16.1% | 6.1% | -10.4% | 0.0% |
| ROE | -1128.3% | N/A | -24.0% | -16.6% | 4.8% | -10.7% | -13.4% |
| ROA | N/A | N/A | -6.0% | -4.5% | 1.2% | -2.3% | -2.3% |
| Cash Flow | |||||||
| Op. Cash Flow | -14M | -265M | -282M | -112M | 80M | -146M | -161M |
| Free Cash Flow | -16M | -270M | -290M | -115M | 72M | -160M | -180M |
| Owner Earnings | -17M | -270M | -334M | -150M | 41M | -194M | -214M |
| CapEx | 1.8M | 4.3M | 7.9M | 3.0M | 8.1M | 15M | 19M |
| Maint. CapEx | 3.0M | 5.1M | 7.1M | 11M | 14M | 29M | 34M |
| Growth CapEx | 0 | 0 | 826K | 0 | 0 | 0 | 0 |
| D&A | 3.0M | 5.1M | 7.1M | 11M | 14M | 29M | 34M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 10.2% | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 5.0M | 2.8M | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | 0.2% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 0 | 0 | 44M | 27M | 24M | 20M | 20M |
| Debt Repayment | 0 | 0 | 3.4M | 0 | 8.5M | 12M | 12M |
| Balance Sheet | |||||||
| Net Debt | N/A | N/A | N/A | -292M | -806M | -991M | -514M |
| Cash & Equiv. | 95M | N/A | 357M | 346M | 449M | 691M | 905M |
| Long-Term Debt | N/A | N/A | N/A | 28M | 30M | 0 | 391M |
| Debt/Equity | N/A | N/A | 2.56 | 0.13 | 0.19 | 0.91 | 1.01 |
| Interest Coverage | -313.8 | -110.6 | -50.1 | -11.1 | 6.6 | -5.2 | -5.2 |
| Equity | -17M | N/A | 436M | 402M | 472M | 430M | 388M |
| Total Assets | N/A | N/A | 1.7B | 1.4B | 1.9B | 2.4B | 2.3B |
| Total Liabilities | N/A | N/A | 1.1B | 796M | 1.3B | 1.8B | 1.8B |
| Intangibles | N/A | N/A | N/A | 56M | 60M | 63M | 64M |
| Retained Earnings | N/A | N/A | -105M | -174M | -151M | -200M | -245M |
| Working Capital | N/A | N/A | 492M | 449M | 422M | 694M | 647M |
| Current Assets | 4.4M | N/A | 1.6B | 1.2B | 1.7B | 2.1B | 2.0B |
| Current Liabilities | N/A | N/A | 1.1B | 746M | 1.3B | 1.4B | 1.3B |
| Per Share Data | |||||||
| EPS | N/A | N/A | -1.50 | -0.60 | 0.13 | -0.37 | -0.39 |
| Owner EPS | N/A | N/A | -4.79 | -1.29 | 0.24 | -1.49 | -1.62 |
| Book Value | N/A | N/A | 6.26 | 3.47 | 2.70 | 3.29 | 2.93 |
| Cash Flow/Share | N/A | N/A | -4.05 | -0.96 | 0.46 | -1.11 | -0.14 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 69.7M | 116.0M | 174.7M | 130.6M | 132.4M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 176.3 | N/A | -35.0 |
| P/FCF | N/A | N/A | N/A | N/A | 56.0 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | 332.7 | 497.1 | 160.8 | N/A |
| Price/Book | N/A | N/A | 6.1 | 6.5 | 8.5 | 3.6 | 4.7 |
| Price/Sales | N/A | N/A | 2.6 | 1.1 | 1.2 | 0.6 | 0.7 |
| FCF Yield | N/A | N/A | -11.0% | -4.4% | 1.8% | -10.3% | -9.9% |
| Market Cap | 0 | N/A | 2.6B | 2.6B | 4.0B | 1.6B | 1.8B |
| Avg. Price | 0.00 | N/A | 17.79 | 20.94 | 19.16 | 10.63 | 13.65 |
| Year-End Price | 0.00 | N/A | 14.85 | 22.48 | 22.92 | 11.91 | 13.65 |
Fluence Energy, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 3.3%. At current prices, the estimated annualized return to fair value is -9.6%.
Fluence Energy, Inc. (FLNC) has a 5-year average return on invested capital (ROIC) of -11.1%. This is below average and may indicate limited pricing power.
Fluence Energy, Inc. (FLNC) has a market capitalization of $1.8B. It is classified as a small-cap stock.
Fluence Energy, Inc. (FLNC) does not currently pay a regular dividend.
Fluence Energy, Inc. (FLNC) operates in the Miscellaneous Electrical Machinery, Equipment & Supplies industry, within the Technology sector.
Fluence Energy, Inc. (FLNC) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Fluence Energy, Inc. (FLNC) has a net profit margin of -2.1%. The company is currently unprofitable.
Fluence Energy, Inc. (FLNC) generated $-160 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Fluence Energy, Inc. (FLNC) has a debt-to-equity ratio of 0.91. This indicates moderate leverage.
Fluence Energy, Inc. (FLNC) reported earnings per share (EPS) of $-0.37 in its most recent fiscal year.
Fluence Energy, Inc. (FLNC) has a return on equity (ROE) of -10.7%. A negative ROE may indicate losses or negative equity.
Fluence Energy, Inc. (FLNC) has a 5-year average gross margin of 3.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for Fluence Energy, Inc. (FLNC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Fluence Energy, Inc. (FLNC) has a book value per share of $3.29, based on its most recent annual SEC filing.