Utility-scale energy storage firm Fluence Energy reported revenue of $464.9 million for the second quarter (Q2) of fiscal year 2026, a 7.7% year-over-year (YoY) increase from $431.6 million.

Revenue missed analysts’ estimates by $157.42 million.

The company reported a loss per share of $0.16, compared to $0.24 in the previous year.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at negative $9.4 million, an improvement from negative $30.4 million in the prior-year quarter.

Net loss during the quarter narrowed to $29.2 million from $41.9 million.

Julian Nebreda, president and chief executive officer, said, “We are beginning to see the benefit of our pipeline growth with an acceleration of orders over the past few months and backlog reaching another record level.”

He added that the company signed master supply agreements with two hyperscalers and expects to convert its first order soon.

Half-year FY 2026

For the first half of fiscal year 2026, revenue rose 52% year over year to $940.1 million from $618.4 million.

Adjusted EBITDA stood at a negative $61.5 million, improving from negative $80.1 million in the corresponding period last year.

Net loss narrowed to $91.8 million from $98.9 million.

Diluted loss per share improved to $0.50 from $0.56 in the prior year period.

Business Highlights

The company reported a total backlog of approximately $5.6 billion as of March 31, 2026. The year-to-date order intake through May 6, 2026, reached approximately $2 billion, double the amount signed during the same period last year.

Nebreda said, “As of today, we signed approximately $2 billion of orders this year, which is double the amount signed through the same period last year.”

Deployed energy storage capacity increased to 19.2 GWh from 17.8 GWh. Contracted backlog rose to 10.1 GW from 9.1 GW, while pipeline expanded to 147 GWh from 122 GWh.

In services, assets under management increased to 6.3 GW from 5.6 GW. Digital assets under management reached 22.9 GW from 22 GW.

The total pipeline stood at $31.5 billion, with the U.S. accounting for 61%, Australia for 18%, the rest of the world for 16%, and Germany for 5%.

Outlook

Fluence reaffirmed its fiscal year 2026 revenue guidance of $3.2 billion to $3.6 billion and adjusted EBITDA guidance of $40 million to $60 million. The company expects annual recurring revenue to reach approximately $180 million by the end of the fiscal year.

Management said around 70% of fiscal year 2026 revenue is expected in the second half. Approximately 30% of second-half revenue is expected in the third quarter, with the remainder anticipated in the fourth quarter.

The company said approximately $80 million in revenue shifted into the third quarter of fiscal year 2026 due to customs issues in Vietnam and a shortage of loading equipment in Spain.

Average selling prices are expected to continue declining for the remainder of fiscal year 2026. The company also highlighted risks related to supply chain disruptions, tariffs, customer delays, and evolving regulatory requirements.

Earlier this year, Fluence Energy recorded revenue of $475.2 million in Q1 of FY 2026, an increase of approximately 154.4% YoY.

In the fourth quarter of 2025, the company recorded a revenue of $1.04 billion, a 15% year-over-year decrease. The revenue fell short of analysts’ estimates by $350 million.