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- **Backlog Strength**: $5.3 billion backlog positions FY 2026 revenue for 50%+ growth, 85% covered by Q4 orders.
- **Manufacturing Fix**: Arizona enclosure delays resolved; FY 2026 deliveries on track, with $300 million revenue recapture.
- **Smartstack Dominance**: 7.5 MWh/unit density gives 500 MWh/acre efficiency, winning 4 GWh European deal and 30 GWh data center pipeline.
- **Margins to Improve**: FY 2026 gross margin 11-13%, targeting 13%+ by 2027 as Gridstack Pro scales. EBITDA guidance $40-60 million reflects disciplined spending.
- **Compliance Progress**: Second U.S. cell supplier secured; AESC compliance 90% complete, with potential facility purchase to accelerate timeline.

**【CEO Summary Section】**
- **Record Order Intake**: Q4 2025 saw $1.4 billion in orders, with $5.3 billion in total backlog, driven by Australia and U.S. markets.
- **Revenue Shortfall**: Full-year revenue of $2.3 billion fell $300 million short due to delays at the Arizona enclosure manufacturing facility, now resolved with improved staffing and production rates.
- **Gross Margin Performance**: Achieved a record 13.7% adjusted gross margin for FY 2025, with rolling 12-month margin consistently above 13%.
- **ARR Growth**: Annual recurring revenue (ARR) ended at $148 million, slightly above guidance, with 2026 target of $180 million.
- **Liquidity**: Ended Q4 with $1.3 billion in liquidity, up $300 million year-over-year.

**【CFO Financial Commentary】**
- **FY 2025 Results**: Adjusted EBITDA of $19.5 million at the top of guidance, despite revenue shortfall. Liquidity strengthened to $1.3 billion.
- **FY 2026 Guidance**: Revenue expected $3.2-3.6 billion (85% covered by backlog), adjusted gross margin 11-13%, and EBITDA $40-60 million. Capital investment of $200 million planned for domestic supply chain and working capital.
- **Margin Outlook**: Gross margin expected to improve over time as Gridstack Pro (70% of 2026 revenue) scales.

**【Q&A Highlights】**
- **Competitive Environment**: U.S. demand shifting toward PFE-compliant suppliers, with Fluence benefiting from domestic manufacturing. Internationally, Chinese players remain competitive.
- **Data Center Opportunity**: 30 GWh pipeline (50% in U.S.), with Smartstack's density and safety positioning Fluence for 20%+ ARR growth. Orders expected late 2026, with margin potential from value-added services.
- **Manufacturing Resolution**: Arizona enclosure facility now at 5 units/day, meeting 2026 delivery commitments. Tennessee cell manufacturing compliance progress with AESC, with potential purchase under consideration.
- **Supply Chain Diversification**: Secured second U.S. cell supplier for PFE compliance, adding capacity for 2026+ growth.


Fluence Energy, Inc. (FLNC) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FLNC

FLNC fundamentals

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