Fluence Energy (FLNC) Is Up 22.9% After Record Backlog Coverage Lifts 2026 Revenue Outlook

• In late November 2025, Fluence Energy reported fourth-quarter revenue of US$1,041.89 million and net income of US$17.95 million, alongside a full-year revenue of US$2,262.83 million and a net loss of US$48.31 million, while also filing a US$31.22 million shelf registration for an ESOP-related Class A share offering.
• At the same time, the company issued fiscal 2026 revenue guidance of US$3.2 billion to US$3.6 billion, with about 85% of the midpoint already backed by a record US$5.3 billion backlog built on US$1.4 billion of new orders in the latest quarter.
• We’ll now examine how this record backlog coverage against 2026 guidance reshapes Fluence Energy’s previously cautious investment narrative.

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Fluence Energy Investment Narrative Recap

To own Fluence, you need to believe that utility scale energy storage will keep gaining ground and that the company can convert its large contracted backlog into profitable, on time deliveries despite recent execution issues. The latest results reinforce the near term catalyst of backlog conversion, with record orders and 2026 guidance mostly covered, while the biggest current risk remains project delays or policy driven pauses that could slow that conversion and keep earnings volatile.

The most relevant recent announcement here is Fluence’s 2026 revenue guidance of US$3.2 billion to US$3.6 billion, with about 85% of the midpoint already covered by a US$5.3 billion backlog. For investors focused on catalysts, this backlog coverage ties the story directly to how quickly Fluence can work through tariff uncertainty and supply chain constraints to turn contracted projects into recognized revenue.

Yet investors should also be aware that repeated pauses or delays in large projects due to tariffs and policy shifts could...

Read the full narrative on Fluence Energy (it's free!)

Fluence Energy's narrative projects $4.2 billion revenue and $97.9 million earnings by 2028.

Uncover how Fluence Energy's forecasts yield a $11.47 fair value, a 51% downside to its current price.

Exploring Other Perspectives

Six fair value estimates from the Simply Wall St Community span roughly US$11.47 to US$22.94 per share, underscoring how far opinions can diverge. When you set that against Fluence’s heavy reliance on a US$5.3 billion backlog for 2026 revenue, it highlights why many investors are weighing execution and policy risks before drawing firm conclusions about the company’s performance potential.

Explore 6 other fair value estimates on Fluence Energy - why the stock might be worth as much as $22.94!

Build Your Own Fluence Energy Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Fluence Energy research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Fluence Energy research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Fluence Energy's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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