Fluence Energy, Inc.
Industrials · Electrical Equipment
Structural: Grid-scale BESS TAM compounding ~25-30% as renewables penetration forces firming capacity and ancillary services demand; ERCOT/CAISO/AEMO are the live labs. FLNC is one of two scaled pure-play integrators (vs $STEM, which is software-first) and the only one with utility-grade EPC pedigree via AES+Siemens DNA.
- IRA 48E ITC + 10% domestic-content adder = real margin lever once US cell sourcing scales (Tennessee facility live 2026)
- $5B+ contracted backlog provides multi-year revenue visibility through 2027
- Recurring digital revenue (Mosaic/Nispera) growing ~40% YoY at software-like margins
- AES + Siemens still anchor customers; Saudi/UAE/Australia pipeline adds geographic diversification
- Sector tailwinds: $NEE $AES $SO utility capex pivoting hard toward firming
- Gross margin still volatile (single-digit to mid-teens); commodity lithium pass-through risk
- $TSLA Megapack is the elephant - vertically integrated, brand premium, takes the easy projects
- Chinese cell supply chain (CATL/BYD) creates tariff + IRA-compliance overhang
- Cash burn through 2025; equity raise risk if backlog conversion slips
- Project-revenue lumpiness - single delayed ERCOT site moves a quarter
No major news in the last 7 days for FLNC - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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