Fluence Energy, Inc. (NASDAQ: FLNC)

Fluence Energy, Inc. is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The company's energy storage solutions and operational services are designed to help create a more resilient grid and unlock the full potential of renewable portfolios. As of September 30, 2025, Fluence had 6.8 gigawatts of energy storage assets deployed and 9.1 gigawatts of contracted backlog across 33 markets in 25 countries.

Fluence generates revenue through the sale of energy storage solutions, recurring operational and maintenance services, and digital applications for energy storage and other power assets. Its offerings include configurable energy storage systems with integrated hardware, software, and digital intelligence, such as Gridstack Pro, Gridstack, Ultrastack, and Smartstack. The company also provides Fluence OS, Fluence Mosaic for energy forecasting and bid optimization, and Fluence Nispera for asset performance management, serving utilities, independent power producers, developers, and commercial and industrial customers worldwide.

The company operates through the following segments: Energy Storage Solutions, Services, and Digital Applications.

• Energy Storage Solutions: This segment provides configurable energy storage systems with integrated hardware, software, and digital intelligence for large-scale front-of-the-meter applications. It includes products such as Gridstack Pro, Gridstack, Ultrastack, and Smartstack, which are designed for frequency regulation, generation enhancement, capacity peak power, renewable integration, and transmission and distribution enhancement. These solutions are optimized for common customer applications but can be configured for specific use cases and requirements.

• Services: This segment delivers recurring operational and maintenance services tailored to customer business needs, in-house capabilities, performance requirements, and risk profiles. Service plans include training, preventative and reactive maintenance, performance guarantees, system testing, equipment warranties, and 24/7 remote monitoring and diagnostics to optimize availability, reliability, and performance of battery energy storage systems. All service plans incorporate remote monitoring and diagnostic services to support asset owners and operators.

• Digital Applications: This segment offers cloud-based software products that optimize the performance of energy storage and renewable assets, including Fluence Mosaic and Fluence Nispera. Fluence Mosaic is an intelligent energy forecasting and bid optimization software for utility-scale storage and renewable assets, available in markets such as NEM (Australia), CAISO (California), ERCOT (Texas), and Japan. Fluence Nispera is an AI-driven asset performance management platform that supports portfolios of energy storage, solar, and wind assets by enhancing failure detection, productivity, and lowering total cost of ownership.

Fluence holds a leading position in the global utility-scale battery storage industry, competing with established players such as Tesla, Inc., Wärtsilä, Sungrow, and Contemporary Amperex Technology Co., Limited (CATL). The company differentiates itself through customized products, strong performance and value, low total cost of ownership, long-term reliability, broad service offerings, efficient sales and delivery processes, and cybersecurity capabilities within its energy storage solutions. Its launch of the innovative Smartstack product has further strengthened its competitive differentiation in the market.

Fluence serves a diverse customer base including utilities, load-serving entities, independent power producers, developers, conglomerates, and commercial and industrial customers. In fiscal year 2025, the company's two largest customers represented approximately 41% of its revenues, and approximately 24% of its revenue was with related parties, primarily AES and its affiliates.