Fluence YTD Revenue Up 11.3% as Q3 Orders Miss Expectations

Fluence (ASX:FLC)'s third quarter update reports higher revenue and margins and another positive EBITDA quarter, but order intake was below management's expectations and the company no longer expects FY2026 new orders to exceed FY2025.

All financial numbers are in US dollars and unaudited. YTD Q3 2026 revenue was $58.0M, up 11.3%, with SPS plus RR up 38.5%, and Q3 2026 revenue was $20.4M. YTD Q3 2026 EBITDA was $4.7M against $1.4M in the prior YTD period, and Q3 2026 EBITDA was $1.3M, on a measure that excludes Other Gains and Losses. Gross margin was 35.2% YTD Q3 2026, up 6.2 percentage points. Q3 2026 new orders were $8.0M and YTD Q3 2026 new orders were $31.6M, down 20.3%, which Fluence attributes to the timing of customer investment decisions and delays in the award of several larger projects, most of which it says were delayed rather than lost. Backlog was $47.1M as at 30 September 2026, compared with $59.8M as at 30 June 2026. Cash was $6.7M plus $4.0M in security deposits, after a Q3 2026 operating cash outflow of $4.3M driven by delays in 2 large payments totaling more than $5.5M.

Fluence forecasts positive EBITDA and positive operating cash flow in Q4 2026, but the release does not quantify either, and it expects operating cash flow to be less positive than originally forecasted.