Fluence (FLC) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue reached $37.6M, up 14.7% year-over-year, with SPS and recurring revenue segments growing 34.7%.

• H1 2026 EBITDA was $3.4M, the highest first-half result in over five years, with gross margin improving to 35.5%, up 8.7 points year-over-year.

• Strategic transition to higher-margin SPS and recurring revenue segments drove profitability and reduced project dependency.

• Backlog at Q2 2026 was $59.8M, up 18.4% from Q2 2025, supporting strong revenue visibility for FY2026.

• Appointed a new COO to drive operational scale and execution, signaling a shift from transition to growth.

Financial highlights

• H1 2026 revenue: $37.6M (+14.7% YoY); SPS plus recurring revenue: +34.7% YoY.

• H1 2026 EBITDA: $3.4M, up $3.2M YoY; gross margin: 35.5% (+8.7 pts YoY).

• Q2 2026 operating cash flow: $1.8M; cash balance at 30 June 2026: $10.9M plus $4.1M in deposits.

• Orders: Q2 and H1 2026 new orders of $16.1M and $23.6M, up 53.9% and 5.0% YoY.

• Backlog at Q2 2026: $59.8M, expected to grow in H2 2026.

Outlook and guidance

• Management expects double-digit revenue growth and significant EBITDA growth for FY2026.

• H2 2026 forecasted to deliver significantly higher orders than H1 2026.

• Backlog and recurring revenue support FY2026 revenue growth targets.

• Operating cash flow expected to be negative in Q3 2026 due to timing of payments, but positive in Q4 2026.