Fluence Energy: 3Q Preview: Pipeline grows, waiting continues

Research evidence excerpt

Fluence Energy: 3Q Preview: Pipeline grows, waiting continues

Equity Research

North America Clean Technology

30 June 2026

Fluence Energy

3Q Preview: Pipeline grows,

waiting continues

FLNC heads into 3Q earnings with a growing data center FLNC EQUAL WEIGHT

pipeline and a new NVIDIA/Siemens partnership, though Unchanged

North America Clean

meaningful bookings likely remain 4Q weighted. We expect Technology POSITIVE

Unchanged

continued seasonality into 2027 with revenues weighted Price Target USD 16.00

Unchangedtoward the back half of the year given the bookings cadence

this year. Price (29-Jun-26) USD 19.15

Potential Upside/Downside -16.4%

Source: Bloomberg, Barclays Research

Expect smaller data center bookings in the quarter: FLNC’s data center opportunity

continues to expand, with management disclosing a 12GWh pipeline as of 2Q26, up 30% Market Cap (USD mn) 3696

sequentially and largely tied to two hyperscaler master supply agreements. At an assumed Shares Outstanding (mn) 193.03

~$200/kW ASP, we estimate the opportunity represents roughly $2.4bn of potential revenue, Free Float (%) 61.75

though it remains just ~8% of FLNC’s broader $31.5bn pipeline, underscoring that the core 52 Wk Avg Daily Volume (mn) 7.2

utility-scale business remains the primary driver today. Importantly, hyperscaler qualification Dividend Yield (%) N/A

standards appear stringent, particularly around cybersecurity and non-Chinese battery Return on Equity TTM (%) -11.05

management systems, areas where FLNC has differentiated itself. While hyperscalers initially Current BVPS (USD) 2.00

showed limited interest in domestic cell sourcing, discussions around FEOC compliance and ITC Source: Bloomberg

benefits are increasing awareness. Near term, we expect data center bookings to remain modest