Utility-scale energy storage firm Fluence Energy recorded a revenue of $1.04 billion in the fourth quarter (Q4) of the fiscal year (FY) 2025, a 15% year-over-year (YoY) decrease. The revenue fell short of analysts’ estimates by $350 million.

The company saw an earnings per share (EPS) of $0.13, missing estimates by $0.07.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $72.2 million, a 17% decrease from $86.9 million for the same quarter last year.

The company’s net income during the quarter was $24.1 million, a 64% YoY decline from $67.7 million.

Fluence reported an order intake of over $1.4 billion, signed during the fourth quarter of 2025, representing the largest quarterly order intake in the company’s history. Approximately half were for projects located in Australia. For FY 2026, the company expects the U.S. market will be the largest contributor of order intake as reflected by its pipeline as of year-end.

Julian Jose Marquez, President, CEO & Director at Fluence, said the demand for energy storage is rising rapidly across the world. He attributed this to falling storage capital costs and growing electricity needs from intermittent renewables, data centers, and large industrial facilities. He noted that Fluence’s project pipeline has expanded sharply. By September 30, the company had 38 deals of at least 1 GWh in its pipeline—more than double last year’s count and almost five times what it had two years ago. Marquez highlighted a major recent win in Europe. Earlier in the month, Fluence announced a 4 GWh battery storage project with LEAG, which he described as “the largest battery project in European history.” The installations will use Fluence’s new Smartstack product and are expected to support Germany’s broader energy transition. He added that Fluence is pleased to add LEAG as a customer and hopes to back similar energy-transformation projects across Europe.

He also emphasized the rapid growth in interest from data centers. Fluence is in talks on opportunities totaling more than 30 GWh, and roughly 80% of these discussions began after the end of the quarter, signaling a recent surge in activity from that segment.

Another growth area he pointed to is long-duration storage, especially 6–8 hour systems needed in regions with heavy renewable penetration, such as Europe and California. He noted that in Europe, regulatory programs are already being set up to procure that kind of capacity.

On manufacturing, Marquez said Fluence’s U.S. supply chain is a major strategic advantage because most near-term growth is expected to come from the U.S. market. The company has contracted three key production sites in Tennessee, Utah, and Arizona. Tennessee produces battery cells, Utah produces modules, and Arizona handles enclosures. However, the Arizona enclosure plant has faced early ramp-up issues due to longer-than-expected timelines to hire and train workers. Fluence is still progressing toward OBBA compliance at its Tennessee facility and expects to resolve remaining issues ahead of regulatory deadlines.

Geographically, he said most of today’s demand is coming from the U.S., with APAC and Europe developing slightly behind but still seen as meaningful global markets over time. In terms of project duration, Fluence is seeing demand from two-hour systems up through long-duration storage, with nothing below two hours.

Full Year 2025

Fluence recorded revenue of $2.3 billion in 2025, a 37% YoY decline from $2.7 billion.

The company’s loss per share for the year was $0.37, compared to earnings of $0.13.

Its adjusted EBITDA stood at $19.4 million, a 74% decrease from $78.1 million for the same quarter last year.

The company reported a net loss of $67.9 million, compared with a net income of $30.4 million last year.

Deployed capacity of energy storage products reached 6.8 GW in FY 2025, up from 5 GW in 2024, an increase of 1.8 GW or 36% YoY. In energy terms, deployed volumes rose to 17.8 GWh from 12.8 GWh, a gain of 5 GWh or 39.1% YoY.

Contracted backlog expanded to 9.1 GW compared to 7.5 GW last year, growing by 1.6 GW or 21.3% YoY.

The pipeline also scaled up significantly, rising to 35.7 GW from 25.8 GW, an increase of 9.9 GW or 38.4% YoY. Pipeline energy capacity increased even faster, reaching 122 GWh versus 80.5 GWh in 2024, up by 41.5 GWh or 51.6%YoY.

Outlook

Fluence expects to generate revenue of approximately $3.2 billion to $3.6 billion, with a midpoint of $3.4 billion, in FY 2026.

Ahmed Pasha, Chief Financial Officer at Fluence, noted that approximately 85% of its revenue expectations are already secured through backlogs and a record liquidity position. He noted that Fluence is confident it can deliver 50% revenue growth in FY26.

Adjusted EBITDA is forecasted to be approximately $40 million to $60 million, with a midpoint of $50 million.

Marquez described how regional drivers are shifting year to year. Australia was a major contributor to the strong order intake in 2025, partly because several delayed Australian deals were signed and concentrated late in the year. Looking ahead to 2026, he expects the U.S. to become the primary growth engine, with data-center-related orders likely emerging later in 2026.

Fluence reported a revenue of $602.5 million for the third quarter of FY25, a 24.7% YoY increase from the same quarter last year.