每经AI快讯，2月11日，美股储能概念股纷纷上涨，Generac涨超12%，GE Vernova涨超5%创历史新高， Vistra Energy、江森自控、Fluence Energy涨超2%。 ...

Core Viewpoint - Fluence Energy, Inc. (NASDAQ: FLNC) specializes in energy storage solutions, crucial for integrating renewable energy into the power grid, with a market capitalization of approximately $2.54 billion [1] Price Targets and Analyst Ratings - Jefferies set a price target of $24 for FLNC, indicating a potential price increase of about 23.71% from its current price of $19.40 [2] - Canaccord Genuity Group raised their price target from $10.00 to $25.00, assigning a "buy" rating, while Barclays increased their price objective from $15 to $20, giving an "equal weight" rating [2][5] Stock Performance and Volatility - FLNC's stock price has shown volatility, opening at $20.40 after a previous close of $18.95, and last traded at $19.21, with a trading volume of nearly 1.93 million shares [3] - The stock fluctuated between a low of $18.29 and a high of $20.72 on a recent trading day, with a yearly high of $33.51 and a low of $3.46, indicating significant volatility [4] - Citigroup adjusted their target price from $7.50 to $20.00, maintaining a "neutral" rating, reflecting a cautious outlook despite recent price target increases by other analysts [4]

Core Viewpoint - Fluence Energy, Inc. is a key player in the energy storage sector, providing innovative solutions that enhance grid reliability and efficiency, crucial for the transition to renewable energy sources [1] Group 1: Stock Performance and Analyst Ratings - On February 9, 2026, Jefferies upgraded Fluence Energy's stock from Hold to Buy, with the stock priced at $19.40 at the time of the upgrade [2] - The stock opened at $20.40, up from a previous close of $18.95, before settling at $19.21, with a trading volume of nearly 1.93 million shares [2] - Recent analyst activity shows a positive shift, with Wall Street Zen upgrading the stock from "sell" to "hold," and Canaccord Genuity Group raising their price target from $10 to $25, assigning a "buy" rating [3] Group 2: Market Activity and Volatility - Fluence Energy's stock experienced a slight decrease of 0.21%, changing by $0.04, with a trading range for the day between $18.29 and $20.72 [4] - Over the past year, the stock has seen a high of $33.51 and a low of $3.46, indicating significant volatility [4] - The company's market capitalization is approximately $2.54 billion, with a trading volume of 7,032,459 shares, suggesting strong investor interest [5]

Financial Data and Key Metrics Changes - The company's backlog reached a record of $5.5 billion, reflecting a significant increase in U.S. contracting activity driven by the One Big Beautiful Bill Act and rising demand forecasts [7][8] - Q1 2026 revenue was $475 million, representing 14% of the full-year guidance and nearly double the 18% of full-year 2025 revenue earned during Q1 2025 [16] - Adjusted gross profit for the quarter was $27 million, with an adjusted gross margin of 5.6%, below the full-year expectation of 11%-13% [16][17] - Total liquidity at the end of the quarter was approximately $1.1 billion, including $477 million in cash and $617 million available through credit facilities [19] Business Line Data and Key Metrics Changes - The company signed over $750 million of new orders globally during Q1, with more than $500 million from the U.S., indicating strong growth from prior quarters [8][9] - The pipeline increased by approximately $7 billion, or 30%, with the majority of growth coming from the U.S. market [9][22] - The company is seeing growing demand from new customer segments, particularly data centers, with discussions covering 36 GWh of projects [10][11] Market Data and Key Metrics Changes - The U.S. market is expected to represent about half of the total order growth for the year, consistent with previous patterns [8][9] - The company is experiencing an evolution in how customers use battery storage, with new applications emerging from large energy users such as data centers [11][12] Company Strategy and Development Direction - The company is focused on expanding its domestic content strategy and enhancing its supply chain to support growth [12][14] - The management is optimistic about the future of the battery storage market in the U.S., citing a significant opportunity for growth driven by the conversion of EV battery lines into battery energy storage systems (BESS) [31][71] - The company aims to maintain a competitive edge through disciplined execution and innovation, with a focus on meeting customer needs [22][68] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the fiscal 2026 guidance, supported by greater revenue visibility and confidence in execution [8][20] - The company expects continued margin improvement driven by strong execution, supply chain advantages, and innovation as energy storage demand grows [18][21] - Management expressed confidence in recovering additional costs incurred during the quarter, primarily related to two specific projects outside the U.S. [17][50] Other Important Information - The company successfully resolved two pending legal matters, including a settlement related to the Moss Landing incident and a court dismissal of a $230 million claim related to the Diablo Canyon project [15] - The domestic supply chain is performing well, with cell and module production ahead of schedule and a diversified supplier base enhancing flexibility and cost competitiveness [12][14] Q&A Session Summary Question: Clarification on ASC ownership and resolution - Management emphasized that the main objective with ASC is to ensure access to PFE-compliant cells at competitive terms, and they are confident in ASC's ability to resolve ownership issues without company involvement [28][29] Question: Competitive environment and data center opportunities - Management noted that while competition is present, the landscape has diversified, and they remain optimistic about the U.S. market's growth potential [33][35] Question: Data center pipeline conversion and timing - Management indicated that none of the new data center projects have been converted to backlog yet, but they expect some movement in the second half of the year [42][44] Question: Incremental costs and recovery plans - Management explained that the $20 million in additional costs were due to scope changes in two non-U.S. projects, and they plan to recover these costs through contracts with customers [47][50] Question: Margin pressures and competitive landscape - Management confirmed that they do not foresee major changes in competitiveness or tariffs affecting their outlook for 2026 [55][58] Question: Vertical integration and M&A opportunities - Management stated that they do not see a strong need for vertical integration at this time, as they can work effectively with contracted manufacturers [114]

Financial Data and Key Metrics Changes - The company's backlog reached a record of $5.5 billion, reflecting a significant increase in U.S. contracting activity driven by the One Big Beautiful Bill Act and rising demand forecasts [7] - Q1 2026 revenue was $475 million, representing 14% of the full-year guidance and nearly double the 18% of full-year 2025 revenue earned during Q1 2025 [16] - Adjusted gross profit for the quarter was $27 million, with an adjusted gross margin of 5.6%, below the full-year expectation of 11%-13% [16][17] - Total liquidity at the end of the quarter was approximately $1.1 billion, including $477 million in cash and $617 million available through credit facilities [19] Business Line Data and Key Metrics Changes - The company signed over $750 million in new orders globally during Q1, with more than $500 million from the U.S., indicating strong growth from prior quarters [8] - The pipeline increased by approximately $7 billion, or 30%, with the majority of growth coming from the U.S. market [9][22] - The company is engaged in discussions covering 36 GWh of projects with data centers, which are not yet included in the pipeline, representing a significant upside opportunity [10] Market Data and Key Metrics Changes - The U.S. market is expected to represent about half of the total order growth for the year, consistent with previous patterns [9] - The company is seeing growing demand from developers, independent power producers (IPPs), utilities, and data centers [9] Company Strategy and Development Direction - The company is focused on expanding its domestic content strategy and enhancing its supply chain to support growth [12][14] - The management emphasized the importance of converting the growing pipeline into signed orders and is concentrating efforts on this conversion [9] - The company is optimistic about the future of the battery storage market in the U.S., driven by changing dynamics and increasing demand [31] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the fiscal 2026 guidance, supported by greater revenue visibility and confidence in execution [8] - The company expects continued margin improvement driven by strong execution, supply chain-enabled cost advantages, and innovation as energy storage demand grows [18] - Management expressed confidence in meeting commitments to customers and delivering long-term value for shareholders [22] Other Important Information - The company resolved two pending legal matters, including a settlement related to the Moss Landing incident and a court dismissal of a $230 million claim related to the Diablo Canyon project [15] - The domestic supply chain is performing well, with cell and module production ahead of schedule [12] Q&A Session Summary Question: Clarification on ASC ownership resolution - Management stated that the main objective is to ensure access to PFE-compliant cells at competitive terms and that they expect ASC to resolve ownership issues without company involvement [28] Question: Competitive environment in data centers - Management acknowledged increased competition but emphasized that the competitive landscape has not fundamentally changed, with a diversification of battery cell suppliers [33] Question: Data center pipeline conversion - Management indicated that none of the new data center projects have been converted to backlog yet, but they expect some conversion in the second half of the year [44] Question: Incremental costs related to projects - Management explained that the $20 million impact is due to changes in project scope and schedule, and they plan to recover these costs through contracts with customers [50] Question: Margin pressures and competitive landscape - Management confirmed that they do not foresee major changes in competitiveness or tariffs affecting their outlook [56] Question: Vertical integration and M&A opportunities - Management expressed that they do not see a strong need for vertical integration and are comfortable working with contracted manufacturers [114]

Financial Data and Key Metrics Changes - The company reported Q1 2026 revenue of $475 million, which is 14% of the full-year guidance and nearly double the 18% of full-year 2025 revenue earned during Q1 2025 [15] - Adjusted gross profit for the quarter was $27 million, representing an adjusted gross margin of 5.6%, below the full-year expectation of 11%-13% [15][16] - The company ended the quarter with total liquidity of approximately $1.1 billion, including $477 million in cash and $617 million available through credit facilities [18] Business Line Data and Key Metrics Changes - The backlog reached a record of $5.5 billion, driven by increased U.S. contracting activity and demand forecasts [5] - During Q1, the company signed over $750 million of new orders globally, with more than $500 million from the U.S., reflecting strong growth from prior quarters [6][20] - The pipeline grew by approximately $7 billion, or 30%, with the majority of growth coming from the U.S. market [8][20] Market Data and Key Metrics Changes - The U.S. market is expected to represent about half of the total order growth for the year, consistent with previous years [6] - The company is seeing growing demand from developers, independent power producers (IPPs), utilities, and data centers [7] Company Strategy and Development Direction - The company is focusing on expanding its sales efforts and diversifying its supplier base to enhance flexibility and cost competitiveness [12] - The domestic content supply chain is performing at levels necessary to meet delivery schedules, with production running ahead of plan [11] - The company is optimistic about the future of the battery storage market in the U.S., driven by the conversion of EV battery lines into battery energy storage systems (BESS) [29][30] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed fiscal 2026 guidance, supported by greater revenue visibility and confidence in execution [6][19] - The company expects continued margin improvement driven by strong execution, supply chain-enabled cost advantages, and innovation as energy storage demand grows [17] - Management expressed confidence in meeting commitments to customers and delivering long-term value for shareholders [22] Other Important Information - The company resolved two pending legal matters, including a settlement related to the Moss Landing incident and a court dismissal of a $230 million claim related to the Diablo Canyon project [13] Q&A Session Summary Question: Clarification on ASC ownership resolution - The company aims to ensure access to PFE-compliant cells at competitive terms and is confident that ASC will resolve ownership issues without the company's involvement [26][28] Question: Competitive environment in data centers - The competitive landscape has diversified, but the company does not see significant changes in competition affecting its position [31][34] Question: Data center pipeline conversion - The company has not yet converted any of the new data center projects into backlog, but expects some conversion in the second half of the year [41][43] Question: Incremental costs related to projects - The $20 million in additional costs is associated with two non-U.S. projects, and the company plans to recover these costs through contracts with customers [46][49] Question: Margin pressures and competitive landscape - The company does not anticipate major changes in competitiveness or tariffs affecting its outlook for 2026 [55][57] Question: Domestic supply chain mix - The mix of U.S.-made versus imported cells is roughly half and half, with 100% of supply secured for the year [90] Question: Volume and capital constraints - The company has a long-term plan for volume and believes it has the supply chain flexibility to meet growth targets [97] Question: Vertical integration and M&A opportunities - The company does not see a strong need for vertical integration and prefers to work with contracted manufacturers for agility [110]

Q1 FY2026 Earnings Presentation February 5, 2026 © Fluence Energy Inc. All rights reserved. | Disclaimer Forward - Looking Statements The statements herein and referenced on the Company's earnings call that are not historical facts are forward - looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward - looking statements include, with ...

Financial Performance - Total revenue for Q4 2025 reached $475.234 million, a significant increase from $186.788 million in Q4 2024, representing a growth of 154% year-over-year[16] - Gross profit for the quarter was $23.049 million, compared to $21.201 million in the same quarter last year, showing a slight increase of 8.7%[16] - Net loss for Q4 2025 was $62.588 million, compared to a net loss of $57.013 million in Q4 2024, indicating a deterioration in profitability[18] - Revenue for the three months ended December 31, 2025, was $182.2 million, a significant increase from $70.6 million in the same period of 2024, representing a growth of approximately 158%[144] - Net loss for the three months ended December 31, 2025, was $62.588 million, compared to a net loss of $57.013 million for the same period in 2024, representing an increase of approximately 9.1%[22] - The company reported a net loss of $45.1 million for the three months ended December 31, 2025, compared to a net loss of $41.5 million in the same period of 2024[83] - Net loss increased by $5.6 million, or 10%, for the three months ended December 31, 2025, attributed to higher general and administrative and sales and marketing expenses[213] Cash and Liquidity - Cash and cash equivalents decreased to $452.563 million from $690.768 million as of September 30, 2025, reflecting a decline of 34.4%[15] - Cash, cash equivalents, and restricted cash as of December 31, 2025, totaled $477.774 million, down from $654.409 million at the end of the same period in 2024, indicating a decrease of approximately 27%[22] - The company’s restricted cash increased to $25.2 million as of December 31, 2025, from $23.9 million on September 30, 2025[38] - The 2024 Credit Agreement requires the Company to maintain Total Liquidity of no less than $150 million through December 31, 2025, and no less than $100 million thereafter[100] - As of December 31, 2025, the Company had $121.7 million in outstanding letters of credit under the 2024 Revolver, with remaining availability of $378.3 million[101] Expenses - Research and development expenses increased to $18.541 million from $17.195 million, reflecting a rise of 7.8%[16] - Sales and marketing expenses rose to $22.031 million from $18.202 million, an increase of 21.5%[16] - General and administrative expenses increased by $5.1 million, or 14%, for the three months ended December 31, 2025, largely due to higher legal and consulting services[207] - Cost of goods and services for the same period was $7.2 million, up from $2.9 million in 2024, indicating a rise of about 150%[144] - Stock-based compensation expense totaled $5.3 million for the three months ended December 31, 2025, slightly down from $5.3 million in 2024[155] Assets and Liabilities - Total current assets decreased to $1.986 billion from $2.064 billion, a reduction of 3.8%[15] - Total liabilities decreased to $1.781 billion from $1.808 billion, a decrease of 1.5%[15] - Total stockholders' equity decreased to $488.224 million from $548.848 million, a decline of 11%[15] - The company's total lease liabilities decreased to $12.9 million as of December 31, 2025, from $15.3 million at the end of September 2025[94] - Accruals increased to $278.0 million as of December 31, 2025, compared to $246.2 million at the end of September 2025[95] Revenue Recognition and Deferred Revenue - Revenue is primarily generated from energy storage products and solutions, operational services, and digital applications, with revenue recognition based on the percentage of completion method[39][40] - The company reported a deferred revenue of $163.257 million for the three months ended December 31, 2025, compared to $316.723 million in the same period of 2024, indicating a decrease of about 48%[22] - Deferred revenue at the end of the period increased to $804.5 million from $572.7 million year-over-year, reflecting a growth of approximately 40%[86] - As of December 31, 2025, the company had $5.5 billion in remaining performance obligations, with an expected revenue recognition of 57% to 62% within the next 12 months[88] Stock and Equity - The company reported a loss per share of Class A common stock of $0.34 for Q4 2025, compared to a loss of $0.32 in Q4 2024[16] - Basic loss per share for Class A common stock is calculated by dividing net loss attributable to Class A common stockholders by the weighted average number of shares outstanding[81] - The Company has two classes of common stock, Class A and Class B-1, with Class B-1 shares not entitled to distributions or dividends[81] - As of December 31, 2025, there were 1,739,395 stock options outstanding under the 2020 Unit Option Plan with no unrecognized stock compensation expense[147] - The 2021 Incentive Award Plan had 2,081,778 restricted stock units (RSUs) outstanding as of December 31, 2025, with an unrecognized stock compensation expense of $21.1 million[149] Financing and Debt - The Company issued $400.0 million aggregate principal amount of 2.25% convertible senior notes due 2030[71] - The interest expense for the 2030 Convertible Senior Notes for the three months ended December 31, 2025, was $2.7 million, compared to $571,000 for the same period in 2024[110] - The initial conversion rate for the 2030 Convertible Senior Notes is 46.8472 shares per $1,000 principal amount, equating to an initial conversion price of approximately $21.35 per share[103] - The Company entered into capped call transactions to offset potential dilution from the conversion of the 2030 Convertible Senior Notes[73] Market and Growth - The global utility-scale battery storage market is projected to add approximately 3,201 GWh between 2024 and 2035, driven by the transition to renewable energy[170] - The contracted backlog for energy storage products rose to 9.7 GW, reflecting a 7% increase from 9.1 GW[175] - The pipeline for energy storage products expanded to 41.8 GW, a significant 17% increase from 35.7 GW[175] - Contracted order intake for digital contracts reached 4.3 GW, a 34% increase from 3.2 GW in the same period last year[175] - Assets under management for services increased to 6.2 GW, an 11% rise from 5.6 GW[175] Legal and Compliance - The Company is involved in ongoing litigation seeking approximately $37.0 million in damages related to an energy storage facility, with a cross-complaint against it for $25.0 million[132] - The Company has received limited treasury services from The AES Corporation, recorded in "General and administrative expenses"[140]

Financial Performance - Revenue for the first quarter of 2026 was approximately $475.2 million, representing an increase of approximately 154.4% compared to the same quarter last year[7] - The company reported a net loss of approximately $62.6 million, compared to a net loss of approximately $57.0 million for the same quarter last year[7] - Adjusted EBITDA for the first quarter of 2026 was approximately $(52.1) million, compared to approximately $(49.7) million for the same quarter last year[7] - Total revenue for the three months ended December 31, 2025, was $475,234,000, a significant increase from $186,788,000 in the same period of 2024, representing a growth of 154%[29] - Gross profit for the same period was $23,049,000, compared to $21,201,000 in the prior year, indicating a slight increase of 8.7%[29] - The net loss for the three months ended December 31, 2025, was $62,588,000, compared to a net loss of $57,013,000 in the same period of 2024, reflecting an increase in losses of 9.1%[30] - The company reported a loss per share of Class A common stock of $0.34 for the three months ended December 31, 2025, compared to a loss of $0.32 in the same period of 2024[29] - Free cash flow for the three months ended December 31, 2025, was $(232.619) million, compared to $(213.341) million in the previous year[46] Liquidity and Assets - Total liquidity was approximately $1.1 billion as of December 31, 2025, including $378.3 million available under the revolving credit facility[7] - Cash and cash equivalents decreased to $452,563,000 as of December 31, 2025, down from $690,768,000 as of September 30, 2025, a decline of 34.4%[28] - Total assets decreased to $2,269,652,000 as of December 31, 2025, from $2,357,000,000 as of September 30, 2025, a reduction of 3.7%[28] - Total liabilities decreased to $1,781,428,000 as of December 31, 2025, from $1,808,152,000 as of September 30, 2025, a decrease of 1.5%[28] Backlog and Guidance - The backlog as of December 31, 2025, reached approximately $5.5 billion, the highest level in the company's history, following over $750 million in order intake during the first quarter[7] - The company reaffirmed its fiscal year 2026 revenue guidance of approximately $3.2 billion to $3.6 billion, with a midpoint of $3.4 billion fully covered by orders in backlog[8] - Adjusted EBITDA guidance for fiscal year 2026 is projected to be approximately $40.0 million to $60.0 million, with a midpoint of $50.0 million[8] - Annual recurring revenue (ARR) is expected to reach approximately $180.0 million by the end of fiscal year 2026[9] Research and Development - Research and development expenses for the three months ended December 31, 2025, were $18,541,000, compared to $17,195,000 in the same period of 2024, an increase of 7.8%[29] Energy Storage Products and Solutions - Energy Storage Products and Solutions deployed increased to 7.2 GW, a 6% increase from 6.8 GW[34] - Contracted backlog for Energy Storage Products and Solutions rose to 9.7 GW, reflecting a 7% increase from 9.1 GW[34] - The pipeline for Energy Storage Products and Solutions expanded to 41.8 GW, a significant 17% increase from 35.7 GW[34] Digital Contracts and Services - Contracted services increased by 60% to 0.8 GW compared to 0.5 GW in the previous year[40] - Digital contracted revenue grew by 34% to 4.3 GW from 3.2 GW year-over-year[40] - Assets under management for services rose to 6.2 GW, an 11% increase from 5.6 GW[34] - The pipeline for digital contracts increased to 71.5 GW, a 12% rise from 63.7 GW[34] Other Financial Metrics - The deferred revenue increased to $804,489,000 as of December 31, 2025, from $640,457,000 as of September 30, 2025, an increase of 25.6%[28] - The company had a net cash used in operating activities of $226,792,000 for the three months ended December 31, 2025, compared to $211,232,000 in the same period of 2024, an increase of 7.4%[31] - Adjusted gross profit margin decreased to 5.6% from 12.5% year-over-year[46]

Core Insights - Fluence Energy, Inc. reported significant growth in revenue and backlog, driven by increasing global demand for energy storage solutions [3][5][6]. Financial Performance - Revenue for the fiscal quarter ended December 31, 2025, was approximately $475.2 million, representing an increase of about 154.4% compared to the same quarter last year [5]. - The company reported a net loss of approximately $62.6 million, compared to a net loss of approximately $57.0 million for the same quarter last year [5]. - Adjusted EBITDA for the quarter was approximately $(52.1) million, compared to approximately $(49.7) million for the same quarter last year [5]. - The gross profit margin was approximately 4.9%, with an adjusted gross profit margin of 5.6% [5]. Backlog and Order Intake - The backlog as of December 31, 2025, reached approximately $5.5 billion, the highest level in the company's history, following over $750 million in order intake during the first quarter of 2026 [5][6]. - The company's pipeline has grown by approximately 30% to $30 billion since September 2025, reflecting strong demand from data centers, utilities, and industrial sectors [3]. Fiscal Year 2026 Outlook - The company reaffirmed its fiscal year 2026 guidance, expecting revenue between approximately $3.2 billion and $3.6 billion, with a midpoint of $3.4 billion fully covered by orders in backlog [6]. - Adjusted EBITDA for fiscal year 2026 is projected to be approximately $40.0 million to $60.0 million, with a midpoint of $50.0 million [6]. Key Operating Metrics - As of December 31, 2025, the company had 7.2 GW of deployed energy storage products, a 6% increase from September 2025 [31]. - The contracted backlog for energy storage products was 9.7 GW, up 7% from the previous quarter [31]. - The total pipeline for energy storage products reached 41.8 GW, reflecting a 17% increase [31].