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Q3 FY2026 Earnings Presentation August 6 , 2026 FLUENCE Smartstack FLUENCE A Siemens and AES Company Fluence Energy Inc. All rights reserved .
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Forward-Looking Statements This presentation contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward - looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this presentation, including without limitation, statements regarding the Company's future financial and operational performance and results of operations, the Company’s business, growth, and innovation strategy and the efficacy of our products and services to meet evolving needs, future market and industry growth and related opportunities for the Company, including related to data centers, future liquidity, expectations relating to working capital, and access to capital and cash flows, future capital expenditures and debt service obligations, projected operating costs and future cost visibility, expectations relating to backlog, pipeline, order intake and fulfillment, and contracted backlog, expectations regarding the deployment, performance, and customer adoption of new product offerings, including Smartstack , expectations regarding customer demand for Company products and solutions, the impact of the One Big Beautiful Bill Act on us, our customers, and our suppliers, the Company’s supply chain strategy, including future volume and production capacity, impact of new proposed battery cell supply agreement, expectations regarding our contract manufacturing partners and facilities, potential impact from delays in ramp up of production facilities, associated project delays, and cost overruns, including those arising from the introduction of new product platforms, project ed costs, beliefs, assumptions, prospects, plans and objectives of management, and the timing of any of the foregoing. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this presentation, words such as “may,” “possible,” “will,” “should,” “expects,” “plans,” "seeks", "grows," “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue”, or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward - lookin g statements, but the absence of these words does not mean that a statement is not forward - looking. The forward - looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward - looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward - looking statements are subject to a number of risks, uncertainties, and other important factors that could cause actual results to differ materially from those in the forward - looking statements, including, but not limited to, the elimination or expiration of government incentives or regulations regarding renewable energy; changes in the global trade environment; fluctuations in order intake and results of operations across fiscal periods; a significant reduction in order volume or loss of significant customers or their inability to perform under contracts; competition for offerings and the ability to attract new customers and retain existing ones; maintaining and enhancing reputation and brand recognition; our ability to manage recent and future growth and the expansion of our business and operations; our ability to attract and retain highly qualified personnel; our growth depending on the success of relationships with third parties; delays, disruptions, and quality control problems in manufacturing operations; risks associated with engineering and construction, utility interconnection, commissioning and installation of energy storage products, cost overruns, and delays; supplier concentration and limited supplier capacity; operating as a global company with a global supply chain; changes in the cost and availability of raw materials and underlying components; lengthy sales and installation cycle for energy storage solutions; quality and quantity of components provided by suppliers; defects, errors, vulnerabilities, and/or bugs in products and technology; events and incidents relatin g to storage, delivery, installation, operation, maintenance, and shutdowns of products; current and planned foreign operations; failure by contract manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; actual or threatened health epidemics, pandemics, or similar public health threats; severe weather events; acquisitions made or that may be pursued; our ability to obtain financial assurances for projects; relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increases in expenses in the future and our ability to maintain prolonged profitability; the risk that amounts included in the pipeline and contracted backlog may not result in actual revenue or translate into profits; restrictions set forth in current and future credit and debt agreements; our uncertain ability to raise additional capital to execute on business opportunities; fluctuations in currency exchange rates; whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for offerings does not develop or takes longer to develop than anticipated; our estimates on the size of the total addressable market; macroeconomic uncertainty and market conditions; interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers’ ability to finance energy storage systems and demand for energy storage solutions; the cost of electricity available from alternative sources; a decline or delay in public acceptance of renewable energy, or increase in the cost of customer projects; increased attention to environmental, social and governance matters; our ability to obtain, maintain, and enforce proper protection for intellectual property, including technology; the threat of lawsuits by third parties alleging intellectual property violations; our having adequate protection for trademarks and trade names; our ability to enforce intellectual property rights; our patent portfolio; our ability to effectively protect data integrity of technology infrastructure, data, and other business systems; the use of open - source software; our failure to comply with third - party license or technology agreements; our inability to license rights to use technologies on reasonable terms; compromises, interruptions, or shutdowns of systems; use of artificial intelligence (“AI”) technologies; potential changes in tax laws or regulations; barriers arising from current electric utility industry policies and regulations and any subsequent changes; environmental, health, and safety laws and potential obligations, liabilities, and costs thereunder; actual or perceived failure to comply with data privacy and data security laws, regulations, industry standards, and other requirements relating to the privacy, security, and processing of personal information; potential future legal proceedings, regulatory disputes, and governmental inquiries; ownership of our Class A common stock; short - seller activists; being a “controlled company” within the meaning of the rules of the Nasdaq Stock Market; conflicts of interest by officers and directors due to positions with our continuing equity owners; relationship with our founders and continuing equity owners; terms of our amended and restated certificate of incorporation and amended and restated bylaws; our dependence on distributions from Fluence Energy, LLC to pay taxes and expenses and Fluence Energy, LLC’s ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks related to the 2030 Convertible Senior Notes; improper and ineffective internal control over reporting to comply with the Sarbanes - Oxley Act; changes in accounting principles or their applicability; and estimates or judgments relating to critical accounting policies; and other important factors set forth under Part I, Item 1A.“Risk Factors” in our Annual Report on Form 10 - K for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 25, 2025 and Part II, Item 1A. "Risk Factors" in this Quarterly Report on Form 10 - Q for the fiscal quarter ended June 30, 2026, as well as in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward - looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward - looking statements. You are cautioned not to place undue reliance on any forward - looking statements made in this presentation. Each forward - looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward - looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. Disclaimer 2 © Fluence Energy, Inc. All rights reserved. |
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Today’s Agenda Strategy Update Julian Nebreda, President & CEO 1
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Note 1: Total liquidity is a management metric and is defined as cash and cash equivalents + restricted cash + capacity available under our working capital facilities, net of letters of credit issued. Our working capital facilities include our two supply chain financing programs and our revolving credit facility, under which we can issue letters of credit or, subject to certain limitations, incur borrowings thereunder. Each of our working capital facilities are subject to such covenants and restrictions as set forth therein, including a $150.0 million cash draw sublimit in the revolving credit facility. As of June 30, 2026, we had $193.0 million of outstanding letters of credit under our revol ving credit facility, with remaining availability of $307.0 million. Note 2: Total cash is defined as cash and cash equivalents + restricted cash. Note 3: Calculated in line with revenue recognition basis (percentage of completion) in $ for energy storage solutions, based on project data as of June 30, 2026. Note 4: Solutions contract refers to the project’s stated capacity that is expected from the asset. Note 5: Gross capacity represents the amount that will be installed, generally higher than contract to account for expected degradation of the project life. Note 6: Non-GAAP figure. Refer to reconciliation of Non-GAAP figures to the respective most directly comparable GAAP financial measure in our appendix. Note 7: Refer to ARR definition within the Appendix. 4 © Fluence Energy, Inc. All rights reserved. | Q3 2026 Executive Summary Q3’26 order intake of ~$1.44 billion, a record quarter for Fluence Secured ~$850 million of data center business including the Company’s first large, behind- the-meter order signed during the quarter and awards from a hyperscaler in July Q3’26 ending backlog of $6.4 billion, ~14% growth over Q2’26 and a company record Quarter-ending total liquidity1 of ~$863 million, including ~$365 million of total cash2 FY26 guidance reduced for revenue and adjusted EBITDA, primarily driven the ramp up of new contract manufacturing facilities in the U.S. and internationally ~$650M [3.1 GWh] Energy Storage Solutions3 ~$1,441M ~[8.3 GWh Solutions Contracts]4 (~9.5 GWh Gross Capacity5) ~0.8 GWh Services ~0.6 GW Digital ~$38.6M Adjusted Gross Profit Margin 6 of 5.9% ~$163M as of 6/30 REVENUE Q3 ORDER INTAKE ANNUAL RECURRING REVENUE (ARR) 7 1 2 3 4 ADJUSTED GROSS PROFIT 6 5
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$2.7 Billion of Orders Booked through Q3 2026, 80% more than same period last year 5 © Fluence Energy, Inc. All rights reserved. | 1487 Order Intake ($ M n) Order Intake Momentum • ~$1.44 billion booked during Q3’26 • Record order intake in two of the past four quarters • Anticipate record order growth to continue in Q4’26 9M of FY’25 $2,700 ~$2,900 ~$1,500 9M of FY’26 1.8x
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Significant Progress with Data Center Customers 6 © Fluence Energy, Inc. All rights reserved. | Key Updates • Signed first order for behind - the - meter data center site worth ~$300 million during Q3’26 Awarded ~$550 million from a hyperscaler’s portfolio during July Current data center pipeline of 16 GWh, representing an increase of over 35% compared to Q2’26 earnings call 1 2 3
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Growing Backlog Fueled by Larger Pipeline 7 © Fluence Energy, Inc. All rights reserved. | $20.9 $23.4 $33.1 Q4’24 Pipeline Growth ($B) Q3’26 Q4’25 $4.5 $5.3 $6.4 Backlog Growth ($B) Q4’24 Q3’26 Q4’25 22% CAGR 30 % CAGR
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Expanding Supply Chain Capacity To Meet Growing Orders 8 © Fluence Energy, Inc. All rights reserved. | Increasing our supply chain to meet expected growth • New contract manufacturing facilities in U.S. and abroad Reduction in FY 2026 guidance primarily driven by delays in production two new facilities New organization and executive leadership in place to improve execution and strengthen supply chain Planned agreement for international battery cell s expected to secure supply and offer increased margin visibility Enclosure & BMS Manufacturing ARIZONA Module Manufacturing UTAH New Enclosure Manufacturing HOUSTON Cell Manufacturing TENNESSEE Inverter Manufacturing SOUTH CAROLINA Communication Equipment GEORGIA 1 2 3 4
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Why Customers are Choosing Fluence 9 © Fluence Energy, Inc. All rights reserved. | Differentiated Software Stack Integrated Hardware & Operating System • Remote operation • Low voltage ride through • Load smoothing capabilities Bankable Domestic Content Smartstack Designed as a “Platform” which can be upgraded over time. • Smartstack 10 announced 1 2 3 4 Fluence Team with Smartstack 10
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Today’s Agenda Financial Update Ahmed Pasha, SVP & CFO 2
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HIGHLIGHTS 1 Q3'26 revenue $90 million below expectations due to production delays at two new contract manufacturing facilities: • Three-month delay in ramp of Houston enclosure facility, now initial production • Initial quality issues from international facility, projects now reworked and being shipped Q3’26 Gross Profit reflects: • Margin associated with ~$90 million reduction in revenue • ~$15 million impact attributable to new products roll out & production delays • ~$15 million upfront cost related to planned long-term international battery cell supply agreement All figures in $ million, unless specified1 Q3’25 Q3’26 Revenue $603 $650 Gross Profit $89 $33 Gross Profit Margin 14.8% 5.1% Net Income (Loss) $7 ($44) Non-GAAP metrics Adjusted Gross Profit2 $93 $39 Adjusted Gross Profit Margin2 15.4% 5.9% Adjusted EBITDA2 $27 ($29) Third Quarter FY2026 Financial Performance 11 © Fluence Energy, Inc. All rights reserved. | Note 1: May not reconcile to financial statements due to rounding. Note 2: Non-GAAP figure. Refer to Appendix for reconciliation to the most directly comparable GAAP financial measures. 1 2
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KEY POINTS All figures in $ million, unless specified Previous FY 2026 Guidance Revised FY 2026 Guidance Revenue $3,200 - $3,600 Midpoint $3,400 $2,900 - $3,100 Midpoint $3,000 Adjusted EBITDA1 $40 - $60 Midpoint $50 ($30) - $10 Midpoint ($10) Annual Recurring Revenue (ARR) Approximately $180 by end of FY 2026 Unchanged Note 1: Non-GAAP figures. Refer to Appendix for disclaimer on Non-GAAP Financial Measures in the Appendix of this presentation for a discussion of why we are unable to reconcile forward-looking non-GAAP financial measures to their respective most directly comparable GAAP financial measure. Adjusting FY 2026 Guidance 12 © Fluence Energy, Inc. All rights reserved. | 1 2 Primary drivers for $60 million reduction of adjusted EBITDA midpoint includes: • ~$44 million from the shift of $400 million expected revenue into 2027, and • ~$15 million related to the upfront cost of planned long-term international battery cell supply agreement The $400 million reduction versus prior midpoint guidance reflects delayed ramp-up at new contract manufacturing facilities, shifting related expected revenue into FY2027.
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$365 mn $498 mn $863 mn Ending Cash Availability under Credit Facilities Total Liquidity as of Jun 30, 2026 $863 Million of Total Liquidity 1 to Support our Growth Plans 13 © Fluence Energy, Inc., All rights reserved.| Note 1: Total liquidity is a management metric and is defined as cash and cash equivalents + restricted cash + capacity available under our working capital facilities, net of letters of credit issued. Our working capital facilities include our two supply chain financing programs and our revolving credit facili ty, under which we can issue letters of credit or, subject to certain limitations, incur borrowings thereunder. Each of our working capital facilities are subject to covenants and restrictions as set forth therein, including a cash draw sublimit in the revolving credit facility of $150.0 million. Note 2: Ending cash as of June 30, 2026 includes cash and cash equivalents + restricted cash and is sometimes referred to as "total cash" throughout this presentatio n. Note 3: Includes capacity under our two supply chain financing programs and our revolving credit facility, with such limitations and res trictions as set forth in Note 1 above. As of June 30, 2026, we had $193.0 million of outstanding letters of credit under our revolving credit facility, with remaining availabi lit y under such facility of $307.0 million, net of letters of credit issued. Remaining availability set forth above also incorporates the cumulative availability under the two supply chain faci lit ies as of June 30, 2026. This calculation of "availability" and "total liquidity" denoted above does not reflect the impact of the requirement in the revolving credit facility to post $50.0 mn in cash collateral if total extensions of credit thereunder exceed $450.0 million. All figures in $ million, unless specified 2 KEY POINTS Cash use during Q3'26 in line with expectations for inventory to support fourth quarter deliveries Fiscal year end liquidity forecast of ~$900 million in-line with prior expectation 13 1 2
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Order Momentum Continues Record $6.4 billion backlog and expect Q4'26 order intake to exceed record Q3'26 level Expanding Supply Chain to meet Demand Adding new production capacity globally; realigning organization with new leadership to strengthen execution Differentiated Product Offering Smartstack attracting both new and repeat customers with features including leading density, safety and reliability in addition to fast response, load smoothing and remote operation Key Takeaways 14 © Fluence Energy, Inc. All rights reserved. | Committed to Delivering Results for Customers and Shareholders 1 3 2
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Today’s Agenda Q&A3
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Appendix
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Smartstack’s Modular Design Can Fit Customer Specs 17 © Fluence Energy, Inc. All rights reserved. | Images not to scale Battery Module Cell Supplier 1 (US) Cell Supplier 2 Cell Supplier 3 Cell Supplier 4 Cell Supplier 5 FROM Battery Cell Battery Pod Smart Skid Smartstack • Initially ships with 7.5 MWh • Upgradable as requirements change • Enables rapid deployment and simplified maintenance for reduced downtime • Comprehensive network of sensors paired with edge computing for advanced AI functions & controls Smartstack’s split architecture separates critical control systems from battery packs Fluence NisperaFluence Mosaic Fluence OSDCPM
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Extreme Power Usage Fluctuations of Data Centers 18 © Fluence Energy, Inc. All rights reserved. | Source: Company Estimates; McKinsey
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Current Effective Tariffs1 Current Tariffs on Chinese Battery Imports 19 © Fluence Energy, Inc. All rights reserved. | 3.4% Base tariff On Imports as of 7/25/26 40.9% 12.5% Section 301 forced - labor tariff 1 Based on currently announced tariffs 25% Section 301 tariff on cells, modules or integrated systems originated in China N/A Anti - dumping/ countervailing (AD/CV) tariffs
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Long-term ITC availability, limits on Chinese competition, and incentives for domestic content favor FLNC OBBBA Provides Upside to Storage; Supports FLNC’s Strategy 20 © Fluence Energy, Inc. All rights reserved. | HIGHLIGHTS OF OBBBA • Section 48E ITC for storage through 2034 , providing long - term availability • Limits Chinese competition in US in two ways, to qualify for base ITC (30%): • PFE control* restrictions ( start construction safe harbor in 2025 or later) • PFE content restrictions (start construction safe harbor in 2026 or later) • Additional 10% ITC if domestic content thresholds are met 40% 45% 50% 55% 55% 60% 65% 70% 75% 2025 After 6/16/25 2026 2027 2028 2029 2030 2031 2032 2033 2034 Domestic Content Required (IF seeking Domestic Content Bonus Credit) Non - Prohibited Foreign Entity (PFE) Content Required (Domestic or Non - Domestic) Section 48E ITC (claimed by FLNC customers) based on start construction safe harbor year Denotes when FEOC restrictions kick in * Control includes the project owner having PFE licensing or IP or use of PFE BESS controls (OS, pack BMS, inverter) in any contract executed after 6/15/25.
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KEY HIGHLIGHTS • Section 45X for cells, modules and inverters available through 2032, providing long - term availability • FLNC and our supply chain partners are complying with Section 45X PFE control and content restrictions • 45X value capture favors Fluence’s established U.S. supply chain Amount of Non-PFE Content Required for Section 45X Advanced Manufacturing Tax Credit Increases Over Time PFE Restrictions for Manufacturing are Complex but Workable 21 © Fluence Energy, Inc. All rights reserved. | 0% 60% 65% 70% 80% 85% 85% 85% 2025 2026 2027 2028 2029 2030 2031 2032 Non - PFE Content Required Section 45X Cell/Module PFE Content Restrictions Denotes when PFE restrictions kick in
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Definitions I T E M D E F I N I T I O N Backlog Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company’s customers have the right to terminate contracts or defer the timing of its services and their payments to the Company. There is no guarantee that our backlog will result in actual revenue in the originally anticipated period or at all. Pipeline Pipeline represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Pipeline is an internal management metric that we construct from market information reported by our global sales force. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future revenue related to customer contracts for our battery-based energy storage products and solutions, services and digital software. Contracted Backlog For our energy storage products and solutions contracts, contracted backlog includes signed customer orders or contracts under execution prior to when substantial completion is achieved. For service contracts, contracted backlog includes signed service agreements associated with our storage product projects that have not been completed and the associated service has not started. For digital applications contracts, contracted backlog includes signed agreements where the associated subscription has not started. Deployed Deployed represents cumulative energy storage products and solutions that have achieved substantial completion and are not decommissioned. Deployed is monitored by management to measure our performance towards achieving project milestones. Assets Under Management Assets under management for service contracts represents our long-term service contracts with customers associated with our completed energy storage system products and solutions. In general, we start providing maintenance, monitoring, or other operational services after the storage product projects are completed. This is not limited to energy storage solutions delivered by Fluence. Assets under management for digital software represents contracts signed and active (post go live). Assets under management serves as an indicator of expected revenue from our customers and assists management in forecasting our expected financial performance. Contracted/Order Intake Contracted, which we use interchangeably with “Order Intake”, represents new energy storage product and solutions contracts, new service contracts and new digital contracts signed during each period presented. We define “Contracted” as a firm and binding purchase order, letter of award, change order or other signed contract (in each case an “Order”) from the customer that is received and accepted by Fluence. Our order intake is intended to convey the dollar amount and gigawatts (operating measure) contracted in the period presented. We believe that order intake provides useful information to investors and management because the order intake provides visibility into future revenue and enables evaluation of the effectiveness of the Company’s sales activity and the attractiveness of its offerings in the market. BESS Acronym for battery energy storage system APM Acronym for asset performance management platform Annual Recurring Revenue (ARR) ARR represents the net annualized contracted value including software subscriptions including initial trial, licensing, long term service agreements, and extended warranty agreements as of the reporting period. ARR excludes one-time fees, revenue share or other revenue that is non-recurring and variable. The Company believes ARR is an important operating metric as it provides visibility to future revenue. It is important to management to increase this visibility as we continue to expand. ARR is not a forecast of future revenue and should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items. ASP Acronym for Average Selling Price 22 © Fluence Energy, Inc. All rights reserved. | Note 1: Additional definitions provided in supplemental metric sheet posted on the investor relations website athttps://fluenceenergy.com/ir.
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Included in this presentation and discussed in the earnings call are certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Profit Margin, which are designed to complement the financial information presented in accor dance with GAAP because management believes such measures are useful to investors. Non -GAAP financial measures are not a substitute for or super ior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any othe r non-GAAP metrics, have limitations as analytical tools, and you should not consider them in isolation. We believe that such non-GAAP financial measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from p eriod to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost b asis, or capital structure. See the Appendix to this presentation for a reconciliation of the non -GAAP financial measures to the most directly comparable GA AP financial measure, which should be carefully evaluated. A reconciliation of the Company's fiscal 2026 Adjusted EBITDA guidance to the most directly comparable GAAP financial measure s cannot be provided without unreasonable efforts and are not provided herein because of the inherent difficulty in forecasting and quantify ing certain amounts that are necessary for such reconciliations. In this presentation, the Company relies on and refers to certain industry and market data and statistics obtained from third -party sources which it believes to be reliable. The Company has not independently verified the accuracy or completeness of any such third -party information. This data is subject to change. In addition, this presentation does not purport to be all -inclusive or to contain all of the information that may be required to make a full analysis of the Company. The recipient should make its own evaluation of the Company and of the relev ance and adequacy of the information and should make such other investigations as it deems necessary. Non - GAAP Financial Measures 23 © Fluence Energy, Inc. All rights reserved. |
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Non - GAAP Financial Measures & Reconciliations 1 © Fluence Energy, Inc. All rights reserved. | ($ in millions) Q3’ 25 Q3’26 NET INCOME (LOSS) 6.9 (44.3) Add: Interest expense (income), net 1.1 (2.9) Income tax expense 4.6 0.8 Depreciation and amortization 8.3 11.2 Stock-based compensation 6.4 4.9 Other non-recurring expenses, net (2) 0.1 1.0 ADJUSTED EBITDA 27.4 (29.3) REVENUE 602.5 649.8 ADJUSTED EBITDA (% OF REVENUE) 4.5% (4.5)% ($ in millions) Q3’25 Q3’26 GROSS PROFIT 89.1 33.2 Gross Profit Margin % 14.8% 5.1% Add: Stock-based compensation 0.6 0.2 Depreciation and amortization 2.7 5.2 Other non-recurring expenses, net (3) 0.3 - ADJUSTED GROSS PROFIT 92.8 38.6 REVENUE 602.5 649.8 Adjusted Gross Profit Margin % 15.4% 5.9% Notes: 1. Tables may not reconcile to financial statements due to rounding. 2. Amount for the three months ended June 30, 2026, includes $0.5 million for secondary offering expenses and $0.5 million for legal and consulting fees related to potential strategic transactions. Amount for the three months ended June 30, 2025, includes approximately $1.4 million in severance costs related to restructuring and $1.2 million in income as a result of a reduction of our Tax Receivable Agreement liability. 3. Primarily severance related to restructuring activities. 24 Disclaimer: For more information on adjustments to non-GAAP financial measures, please refer to the corresponding period's respective investor presentations and earnings releases available on the Fluence Investor Relations website at https://ir.fluenceenergy.com/ for reconciliations to the most directly comparable GAAP financial measures and related footnotes.