On this page of StockholderLetter.com we present the latest annual shareholder letter from Fluence Energy, Inc. — ticker symbol FLNC. Reading current and past FLNC letters to shareholders can bring important insights into the investment thesis.

 •  1/26/2026 Letter Continued (Full PDF)
 •  1/27/2023 FLNC Stockholder Letter
 •  2/3/2023 FLNC Stockholder Letter
 •  1/26/2024 FLNC Stockholder Letter
 •  1/24/2025 FLNC Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  FLNC Benford's Law Stock Score = 83

FLNC Shareholder/Stockholder Letter Transcript:

2025
Annual Report


To our shareholders,
Fiscal year 2025 was a year of meaningful transformation
To meet this evolving demand, Fluence continues to lead
for Fluence. As market conditions shifted and government
through innovation. In 2025, we introduced Smartstack   ,
policies evolved, we focused on strengthening the
designed to deliver industry-leading energy density
fundamentals of our business and sharpening how we
and signi  cantly reduce total cost of ownership for our
operate. We believe our accomplishments made Fluence
customers. Since its introduction, the offering has been
more resilient and strongly positioned us to capture the
met with strong customer interest, re  ecting market
growing opportunities across the energy storage sector.
demand for solutions that combine a compact footprint,
We generated approximately $2.3 billion in revenue,
despite delays to our project delivery schedule as we
scaled our U.S. supply chain and the pacing of contract
competitive economics, and advanced performance
capabilities as energy storage deployments increase in
scale and complexity.
signings in a changing policy environment. Even with
Our domestic manufacturing strategy remains a
these factors, our focus on execution and commitment to
cornerstone of our ability to serve this growth in the
pro  tability was re  ected in a record gross pro  t margin
United States. We are strengthening our U.S. domestic
of 13.1% and we ended the year with $1.3 billion in total
supply chain through facilities in Utah, Tennessee, Arizona,
liquidity , also a record level, reinforcing our bankability
and Texas to meet the accelerating demand for U.S.-
as a counterparty for our customers and our ability to
made content. We continue to lead in the availability of
manage near-term challenges while continuing to invest
domestically produced solutions, which we expect will
con  dently in our future.
enable our customers to bene  t from tax credits under
1
Our momentum strengthened as the year progressed. In
the fourth quarter, we executed $1.4 billion in orders, the
the One Big Beautiful Bill Act and help insulate them from
  uctuations in tariff policy.
largest quarterly total in our history, bringing our   scal
Turning to   scal year 202  , we remain poised to harvest
year-end backlog to a record $5.3 billion. This provides us
increasing demand for our product, with Smartstack to
with high con  dence in our future revenue and re  ects a
offer, a team equipped to deliver, and a focused operating
notable shift in the economics of energy storage, in both
model. The opportunities in front of us are signi  cant, and
the United States and abroad. As battery costs decline,
we are prepared to meet them.
customers are able to deploy storage at scales that were
not feasible just a few years ago.
Looking broadly at the market, we are witnessing a step
Thank you, our shareholders, for your continued support
and belief in the work we are doing. Together, we are
transforming the way we power our world.
change in demand driven by the continued penetration of
renewable energy, increasing demand for longer-duration
energy storage, and the increasing economics of energy
storage. This has been ampli  ed by the sudden increase
in demand for electricity to feed arti  cial intelligence and
the expansion of the proposed data centers required to
support this emerging technology. These facilities require
massive amounts of reliable, continuous power, and energy
storage is increasingly viewed as essential infrastructure
Julian Nebreda
PRESIDENT AND CHIEF EXECUTIVE OFFICER
to support them. We plan to remain actively engaged
with this new customer set representing over 30 GWh of
anticipated opportunity during   scal year 202  .
1
Total liquidity includes total Cash + availability under supply chain facilities and availability under the 2024 Revolver.

Forward-Looking Statements
This Annual Report contains forward-looking statements within the meaning of the federal securities laws. See the
discussion under    Cautionary Statement Regarding Forward-Looking Information    in our enclosed Annual Report on Form
10-6 for the   scal year ended September   0   202  .

Advancing Our Product Platform for
Long-Term Value
In February 202     we introduced
Smartstack   our ne  t-generation system
platform. Smartstack increases system
energy density by appro  imately   0  
compared to traditional AC con  gurations  
enabling more capacity within e  isting
site footprints. Its modular design re  ects
our focus on improving   eet performance  
reducing pro  ect e  ecution comple  ity   and
supporting long-term operating ef  ciency
for customers.
Paired with Smart Service Plans and
industry-leading safety and cybersecurity  
Smartstack is designed for reliability  
resilience   and long-term value creation.
Product of the Year
2025 Energy Storage Awards
Presented by Solar >edia   publisher of the global
industry platform  nergy-Storage.?ews   the  nergy
Storage Awards recogni  e and celebrate e  cellence  
innovation   and dedication across the energy storage
industry   highlighting outstanding achievements
by companies   pro  ects   and individuals driving the
sector forward.



 1/26/2026 Letter Continued (Full PDF)