Utility-scale energy storage firm Fluence Energy recorded revenue of  $475.2 million, an increase of approximately 154.4% year-over-year (YoY), in the first quarter (Q1) of the financial year (FY) 2026.

The company recorded a net loss of $62.6 million, compared with approximately $57 million in the same quarter last year. The adjusted gross profit for the quarter was $27 million, representing an adjusted gross margin of 5.6%, well below the full-year expectation of 11% to 13%.

The company noted that the result reflects cost impacts in two discrete areas, most of which it expects to recover over the remainder of this fiscal year.

Fluence incurred approximately $20 million in additional costs, a majority of which were associated with two specific projects outside the U.S. It expects these costs will be largely recovered over the course of this year, consistent with its experience in resolving similar items in the past.

The company said that the gross margin reflects typical first-quarter margin dynamics, where revenue is more lightly weighted while fixed overhead costs are spread relatively evenly across the year.

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

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at approximately $52.1 million, compared to approximately $49.7 million for the same quarter last year.

The company’s total liquidity was approximately $1.1 billion as of December 31, 2025, including capacity under the company’s revolving credit facility of $378.3 million.

Commenting on the results, Julian Jose Marquez, President and Chief Executive Officer at Fluence Energy, said, “Our backlog reached a record $5.5 billion this quarter, reflecting a meaningful acceleration in U.S. contracting activity driven by the One Big Beautiful Bill Act and a stronger demand outlook. We continue to expect growth in orders across all our core markets this year, with the U.S. accounting for about half of the total, consistent with our pattern in previous years. Additionally, we closed the quarter with approximately $1.1 billion in total liquidity, providing a strong foundation to support our continued growth.”

“Another area of growth is long-duration energy storage, where we are in early discussions with 34 GWh of projects, largely in Europe and the U.S. Smartstack’s leading density positions us well to compete for these applications. Long-duration projects, by definition, require more volume and therefore, provide an additional growth opportunity,” Marquez added.

The company ended Q3 FY 2026 with approximately $5.5 billion in backlog and reaffirmed full-year fiscal 2026 revenue guidance of $3.2 billion to $3.6 billion and Adjusted EBITDA guidance of $40 million to $60 million.

Fluence’s pipeline grew by approximately $7 billion, or 30%, led by U.S. demand, with additional upside from data centers and long-duration energy storage projects, not yet fully reflected in the pipeline.

The company said that, among new customer segments, its biggest opportunities are in data centers. Another area of growth is long-duration energy storage, where Fluence is in early discussions with 34 GWh of projects, largely in Europe and the U.S.

Fluence is now converting all electric vehicle battery lines into battery energy storage system (BESS) manufacturing units and expects it to be a launching pad for changing the BESS market.

Fluence reported revenue of $1.04 billion in Q4 of FY 2025, a 15% YoY decline. The revenue fell short of analysts’ estimates by $350 million.