Fluence Energy, Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights (Q2 2026 vs. Prior Periods)

  • Revenue: $465 million, +8% year-over-year (YoY); ~$80 million delayed from Q2 into Q3 due to resolved customs/shipping issues in Vietnam and Spain (no Middle East conflict exposure).
  • Adjusted Gross Profit: $51 million; Adjusted Gross Margin: 11.1% (within full-year 11-13% target; improved from Q1 2026 and comparable Q2 2025 levels due to consistent execution and operational discipline).
  • Adjusted EBITDA: -$9 million (improvement of $21 million vs. Q2 2025), driven by higher gross margins, lower operating costs, and a $6 million FX derivative gain (offsetting Q1 2026 loss; net zero YTD impact).
  • Rolling 12-month Adjusted Gross Margin: 12.4% (marks 2 full years of consistent double-digit performance).
  • Liquidity: ~$900 million total (~$430 million cash); $220 million inventory investment in Q2 (plus ~$100 million in Q3) to support H2 deliveries; expected to return to $900 million by fiscal year-end.

Order Intake, Backlog & Pipeline

  • Order intake: ~$2 billion signed YTD (first 7 months of fiscal 2026), double the amount through the same period in fiscal 2025; momentum reaccelerated after temporary lithium price slowdown.
  • Record contracted backlog: $5.6 billion at end of Q2 2026.
  • Pipeline: +35% growth so far in fiscal 2026; data center pipeline +30% since prior call (now includes projects from 2 major hyperscalers).
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Operator: Good day, and thank you for standing by. Welcome to the Fluence Energy, Inc. Q2 2026 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Chris Shelton, Vice President of Investor Relations. Please go ahead. Unknown Executive: Good morning, and welcome to Fluence Energy's Second Quarter Earnings Call. Joining me on this morning's call are Julian Nabrita, our President and Chief Executive Officer; and Ahmed Pasha, our Chief Financial Officer. A copy of our earnings presentation, press release and supplementary metric sheet covering financial results, along with supporting statements, schedules, including reconciliations and disclosures regarding non-GAAP financial measures are posted on the Investor Relations section of our website at fluenceenergy.com. During the course of this call, Fluence's management may make certain forward-looking statements regarding various matters related to our business, including, but not limited to, statements related to our future financial and operational performance, future market growth and related opportunities, anticipated growth and business strategy, liquidity and access to capital, expectations related to pipeline, order intake and contracted backlog future results of operations, the impact of the -- on e Big Beautiful Bill Act, projected costs, beliefs, assumptions, prospects, plans and objectives of management and the ti
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