Revenue growth has been erratic, swinging from $1.2B in 2024Q4 to $186.8M in 2025Q1, while operating margins remain deeply negative at -8.2% in 2026Q3, reflecting persistent cost overruns.
Fluence Energy, Inc. (FLNC) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 |
|---|
| Revenue | 2.63B | 2.26B | 2.7B | 2.22B | 1.2B | 680.77M | 561.32M | 92.15M |
| Revenue Growth % | 7.46% | -16.15% | 21.67% | 85.05% | 76.07% | 21.28% | 509.13% | - |
| Cost of Revenue | 2.39B | 1.97B | 2.36B | 2.08B | 1.26B | 749.91M | 553.4M | 100.07M |
| Gross Profit | 241.55M | 295.79M | 341.08M | 140.96M | -62.35M | -69.14M | 7.92M | -7.92M |
| Gross Margin % | 9.18% | 13.07% | 12.64% | 6.36% | -5.2% | -10.16% | 1.41% | -8.59% |
| Gross Profit Growth % | - | -13.28% | 141.98% | 326.06% | 9.82% | -972.7% | 200.08% | - |
| Operating Expenses | 348.17M | 342.12M | 314.46M | 253.56M | 221.17M | 89.33M | 7.92M | -7.92M |
| Other Operating Expenses | - | - | - | - | - | - | - | - |
| EBITDA | -45.95M | -16.99M | 41.1M | -101.94M | -276.41M | -153.36M | -37.14M | -46.7M |
| EBITDA Margin % | -1.75% | -0.75% | 1.52% | -4.6% | -23.06% | -22.53% | -6.62% | -50.68% |
| EBITDA Growth % | -1011.64% | -141.34% | 140.32% | 63.12% | -80.24% | -312.88% | 20.47% | - |
| Depreciation & Amortization | 60.66M | 29.34M | 14.48M | 10.66M | 7.11M | 5.11M | 3.02M | 2.89M |
| D&A / Revenue % | 2.3% | 1.3% | 0.54% | 0.48% | 0.59% | 0.75% | 0.54% | 3.14% |
| Operating Income (EBIT) | -106.62M | -46.34M | 26.62M | -112.61M | -283.52M | -158.47M | 0 | -49.59M |
| Operating Margin % | -4.05% | -2.05% | 0.99% | -5.08% | -23.65% | -23.28% | 0% | -53.82% |
| Operating Income Growth % | - | -274.06% | 123.64% | 60.28% | -78.91% | - | 100% | - |
| Interest Expense | 4M | 4.11M | 0 | 0 | 2.02M | 1.44M | 128K | 7K |
| Interest Coverage | - | -11.27x | - | - | -140.50x | -110.62x | -313.76x | -6821.71x |
| Interest / Revenue % | 0.15% | 0.18% | 0% | 0% | 0.17% | 0.21% | 0.02% | 0.01% |
| Non-Operating Income | 0 | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K |
| Pretax Income | -95.57M | -45.07M | 39.57M | -100.27M | -287.82M | -160.17M | -40.29M | -47.76M |
| Pretax Margin % | -3.63% | -1.99% | 1.47% | -4.52% | -24.01% | -23.53% | -7.18% | -51.83% |
| Income Tax | 16.47M | 22.92M | 9.21M | 4.55M | 1.36M | 1.83M | 6.42M | -778K |
| Effective Tax Rate % | -17.24% | -50.85% | 23.26% | -4.54% | -0.47% | -1.14% | -15.94% | 1.63% |
| Net Income | -80.87M | -48.31M | 22.72M | -69.62M | -289.18M | -162M | -46.71M | -46.98M |
| Net Margin % | -3.07% | -2.14% | 0.84% | -3.14% | -24.13% | -23.8% | -8.32% | -50.98% |
| Net Income Growth % | -339.09% | -312.69% | 132.63% | 75.92% | -78.5% | -246.83% | 0.58% | - |
| EPS (Diluted) | -0.59 | -0.37 | 0.12 | -0.60 | -4.15 | -2.99 | -0.94 | -0.95 |
| EPS Growth % | -141.69% | -408.33% | 120% | 85.54% | -38.8% | -218.09% | 1.05% | - |
| EPS (Basic) | - | -0.37 | 0.18 | -0.60 | -4.15 | -2.99 | -0.94 | -0.95 |
| Diluted Shares Outstanding | 138.13M | 130.31M | 184.03M | 116.45M | 69.71M | 54.14M | 49.49M | 49.49M |
Quick answers to the most common questions about buying FLNC stock.
For fiscal year 2025, Fluence Energy, Inc. (FLNC) reported total revenue of $2.26B. This represents a 2355.6% increase compared to $92.2M in 2019.
Fluence Energy, Inc. (FLNC) reported a net loss of $48.3M for the fiscal year ending 2025.
Fluence Energy, Inc. (FLNC) reported an operating income of $-46.3M, resulting in an operating profit margin of -2.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Fluence Energy, Inc. (FLNC) generated $295.8M in gross profit for the year, representing a gross profit margin of 13.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Growth
According to quarterly filings, FLNC's revenue swung from $1.2B in 2024Q4 to $186.8M in 2025Q1, then rebounded to $1.0B in 2025Q4, reflecting project timing and recognition patterns.
The extreme quarter-to-quarter swings in revenue, with a 154.4% year-over-year surge in 2026Q1 followed by a 15.2% decline in 2025Q4, suggest that revenue recognition is heavily dependent on project milestones and deliveries rather than steady rate base growth. This pattern indicates that the company's top line is not driven by regulated rate recovery but by discrete project completions, which may not provide a predictable earnings base. Investors should monitor the backlog and project pipeline to assess the durability of revenue growth.
Margins Remain Deeply Negative
As reported in financial statements, FLNC's operating margin has been negative in eight of the last ten quarters, with the worst at -28.8% in 2025Q1, indicating persistent cost overruns or pricing pressures.
The consistent negative operating margins, even during high-revenue quarters like 2026Q3 (-8.2%) and 2025Q4 (4.6% positive), suggest that the company is not achieving the cost efficiencies typical of regulated utilities. The positive margin in 2025Q4 appears to be an anomaly, possibly due to favorable project mix or one-time gains, rather than a sustainable trend. This implies that the company's cost structure is not aligned with its revenue generation, and without regulatory mechanisms to recover costs, profitability may remain elusive.
Cost Pressures Outpace Revenue
Based on EDBL's reported figures, FLNC's operating expenses have consistently exceeded gross profit, with operating losses ranging from -$15.6M to -$63.1M, indicating that cost recovery mechanisms are insufficient.
The company's operating losses, despite revenue growth, suggest that its cost structure—including hardware, software, and installation costs—is not being adequately recovered through project pricing. Unlike regulated utilities with fuel pass-through mechanisms, FLNC appears to bear the risk of cost overruns and supply chain volatility. The negative operating income in most quarters implies that the company may be underpricing projects or facing execution inefficiencies, which could strain cash flows and necessitate external financing.
Earnings Quality Clouded by Volatility
Per recent SEC filings, FLNC's net income swung from a $47.8M profit in 2024Q4 to a $45.1M loss in 2026Q1, with EPS ranging from $0.26 to -$0.34, highlighting non-recurring items and project timing.
The erratic net income and EPS figures suggest that reported earnings are heavily influenced by one-time items, such as project closeouts, impairments, or changes in fair value of derivatives, rather than stable operational performance. The positive quarters, like 2024Q4 and 2025Q4, may include gains from contract settlements or asset sales, which are not indicative of core earnings power. Investors should adjust for these non-recurring items to assess the underlying profitability of the company's ongoing operations.
CAPEX Not Translating to Profits
According to financial statements, FLNC's D&A has grown from $3.1M in 2024Q2 to $30.7M in 2026Q3, yet operating income remains negative, suggesting that capital investments are not yet generating returns.
The significant increase in depreciation and amortization indicates that FLNC is investing heavily in assets, possibly in manufacturing or software platforms, but these investments have not yet translated into positive operating income. The negative operating margins imply that the revenue generated from these assets is insufficient to cover their costs, or that the assets are not yet fully utilized. This suggests that the CAPEX cycle may be in an early stage, and investors should monitor whether future projects can achieve the scale and efficiency needed to turn profitable.
What Could Invalidate the Base Case
Despite the negative earnings trend, FLNC's revenue growth in 2026Q1 (154.4% YoY) and positive operating income in 2025Q4 suggest that the company may be on the cusp of a turnaround, but this is not yet proven.
The data shows that FLNC has achieved positive operating income in two of the last ten quarters, indicating that profitability is possible under certain conditions. However, the persistence of losses in most quarters suggests that the company's business model may be inherently volatile, with high fixed costs and project-specific risks. The counter-argument is that the company's growth in revenue, particularly the 154.4% surge in 2026Q1, could signal a scaling up that may eventually lead to economies of scale and improved margins. Yet, the lack of consistent profitability and the negative operating margins in recent quarters (2026Q2 and 2026Q3) caution against assuming a sustainable recovery without further evidence of cost control and project execution.