Fluence Energy Inc Updating Estimates

Research evidence excerpt

Fluence Energy Inc Updating Estimates

Global Research

7 July 2026ab

Fluence Energy Inc Equities

United StatesUpdating Estimates

Electric Components & Equipment

12-month rating Sell

Maintain Sell

We update our estimates and maintain our Sell rating. We moderately revise our 12m price target US$9.00

CY2026/27/28E adj. EBITDA estimates to $75/99/109mn from $81/95/107mn to reflect

slightly lower gross margins in CY2026E and expect storage deployments to be

Price (06 Jul 2026) US$18.17

significantly weighted toward CY3Q26E.

RIC: FLNC.O BBG: FLNC US

We maintain our Sell rating given ongoing challenges to establishing consistent Trading data and key metrics

profitability and continued cash burn. 52-wk range US$32.23-6.75

Market cap. US$3.35b

NVIDIA reference architecture

Shares o/s 184m (COM)

On 1-Jun-2026, Siemens announced it developed a reference architecture for NVIDIA Free float 19%

AI factories, which will integrate FLNC's Smartstack battery energy storage system Avg. daily volume ('000) 10,875

(BESS) product.

Avg. daily value (m) US$228.7

Common s/h equity (09/26E) US$0.54b

In our view, the reference architecture is a positive that provides FLNC direct exposure to P/BV (09/26E) 5.8x

data center developer customers. However, we remain patient as we wait for orders Net debt to EBITDA (09/26E) NM

from this new sales channel to be reflected in FLNC's orderbook and continue to view

profitability as the core challenge. EPS (UBS, diluted) (USD)

09/26E

Valuation: From To % ch Cons.

Q1 (0.32) (0.32) NM (0.34)

We reiterate our $9 price target based on an unchanged 18x EV/EBITDA multiple applied

Q2 (0.13) (0.13) NM (0.16)

to YE CY1Q28E adj. EBITDA.

Q3E 0.10 (0.04) NM 0.02

Q4E 0.22 0.37 66 0.38

09/26E (0.12) (0.12) NM (0.11)

09/27E (0.01) (0.03) NM 0.23

09/28E 0.07 0.01 -81 0.49