Fluence Energy Q1 Revenue Soars 154% to $475M, Backlog Exceeds $5.5B
Fluence Energy reported fiscal Q1 revenue of $475.2M, up 154.4% year-over-year, and secured $750M in orders to lift its backlog above $5.5B. Jefferies upgraded the stock to Buy with a $24 price target citing strong U.S. market conditions and long-term data center storage opportunities.
1. Q1 2026 financial results
Fluence Energy posted $475.2 million in Q1 fiscal 2026 revenue, a 154.4% increase year-over-year, with a net loss of $62.6 million and adjusted EBITDA of $52.1 million. Gross margin improved to 5.6% on an adjusted basis.
2. Order backlog and liquidity
During the quarter, Fluence secured approximately $750 million in new orders, raising its order backlog to over $5.5 billion, a record high. Overall liquidity stood at about $1.1 billion, including $477.8 million in cash.
3. Jefferies upgrade to Buy
Jefferies upgraded Fluence Energy from Hold to Buy and established a $24 price target, pointing to robust U.S. market dynamics and growth driven by a strong project pipeline. The firm highlighted long-term prospects in data center energy storage as a key catalyst.
4. Fiscal 2026 guidance
Fluence reaffirmed its fiscal 2026 targets of $3.2 billion to $3.6 billion in revenue, $40 million to $60 million in adjusted EBITDA, and roughly $180 million in annual recurring revenue, reflecting confidence in continued demand growth.