Utility-scale energy storage firm Fluence Energy reported revenue of $602.5 million for the third quarter (Q3) of the financial year (FY) 2025, a 24.7% increase from the same quarter last year.

The Q3 revenue was approximately $100 million, or 15% below company plans, due to a slower ramp-up. The revenue also missed analyst expectations of $763.4 million.

The company posted a net income of $6.9 million for the quarter, compared to $1.1 million a year ago. Adjusted EBITDA rose to $27.4 million from $15.6 million in the same period last year.

Earnings per share came in at $0.01 against analyst expectations of -$0.01.

Business Highlights

The company signed approximately $508.8 million of order intake during the quarter, bringing its backlog as of June 30, 2025, to about $4.9 billion. In July and August, the company secured an additional $1.1 billion in contracts, including two in Australia.

Fluence held $459.9 million in total cash, reflecting planned working capital investments, and reported total liquidity of $903 million, including $342.5 million under its revolving credit facility. In August, it executed a new supply chain financing facility of $150 million to strengthen liquidity.

The company pointed to improving conditions in the American market. Chief Executive Officer Julian Jose Nebreda Marquez said contracting activity, which had stalled due to high tariffs, is beginning to return.

“The significantly higher tariff from China was the primary reason for the halt in contracting activity last quarter. More recently, though, the tariffs have been reduced from 155.9% to 40.9%. This has restored a level of predictability that has prompted customers to resume contracting discussions,” he explained. Federal legislation has also provided a supportive backdrop.

Outlook

Fluence expects revenue at the lower end of its $2.6 billion to $2.8 billion range, with approximately $100 million shifted into fiscal 2026 due to production delays. Adjusted EBITDA guidance was maintained at $0 to $20 million, with a midpoint of $10 million. Annual recurring revenue guidance of about $145 million was also reaffirmed.

CFO Ahmed Pasha said the company remains confident in its revenue pipeline, highlighting that the 2026 backlog already stands at $2.5 billion. Formal 2026 guidance will be provided in November, he added.

Marquez said tariff-related margin pressures are temporary and that new contracts are being priced to reflect the higher cost structure. He also stressed that long-term fundamentals remain intact, citing renewed momentum in the U.S. market following federal legislation support and easing tariff uncertainty.

Liquidity also remained solid, with more than $900 million on hand, bolstered by a new $150 million unsecured supply chain facility. “Bringing total liquidity as of June 30 to more than $1 billion gives us additional flexibility to execute on our future growth plans,” said Pasha.

Recently, Fluence Energy recorded a revenue of $431.6 million in the second quarter of the fiscal year 2025, a 31% year-over-year decrease. Despite the dip, revenue exceeded analysts’ estimates by $106.3 million.