Fluence Energy (NASDAQ: FLNC) is an energy storage technology company that designs, delivers, and services battery-based energy storage systems for electric grids. Revenue comes primarily from selling energy storage products and solutions under project contracts, supplemented by recurring operations and maintenance service contracts and digital software offerings. The company's flagship product line is the Gridstack Pro 2000, which incorporates Fluence-designed battery packs with domestic production initiated at a contract manufacturer's facility in Utah in September 2024, using battery cells manufactured in Tennessee. For FY2025 (fiscal year ended September 30, 2025), total revenue was $2.26 billion, down 16.1% from $2.70 billion in FY2024. Customer concentration is material: the two largest customers accounted for approximately 41% of FY2025 annual revenue, with AES and its affiliates alone representing approximately 24%. The company reported a net loss of $68.0 million in FY2025, reversing net income of $30.4 million in FY2024. Julian Nebreda serves as CEO and President. As of September 2025, Fluence held over 165 granted patents worldwide and had over 161 patent applications pending.

Revenue model

Project-based contracts for battery energy storage products and solutions (transactional, per-project), recurring operations and maintenance service contracts, and digital software contracts. Order intake (contracted backlog) drives forward revenue visibility.

Products and services

Gridstack Pro 2000 energy storage solutions featuring Fluence-designed battery packs with integrated battery modules, management systems, and monitoring equipment. Recurring operational and maintenance service plans offering varying levels of training, preventative maintenance, warranties, guarantees, and active system management. Digital software contracts for energy storage management.

Customers and end markets

Electric utility and independent power producer customers, including AES and its affiliates (approximately 24% of FY2025 revenue). Top two customers combined represented approximately 41% of FY2025 revenue. End market is grid-scale energy storage for electric power infrastructure.

Value-chain role

Turnkey energy storage system integrator and technology developer. Designs proprietary battery packs and system architecture, sources battery cells from third-party manufacturers (including cells made in Tennessee), assembles systems at a contract manufacturer's facility in Utah, and delivers complete storage solutions to project owners. Also provides post-sale services and digital software. Holds over 165 granted patents and over 161 pending patent applications as of September 2025.

Geographic exposure

Domestic U.S. production at a contract manufacturer's Utah facility as of September 2024. Patent and trademark protections held with both domestic and foreign offices as of September 2025, indicating international operations, though specific revenue by geography is not detailed in the provided excerpts.

Source: SEC 10-K, filed 2025-11-25

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