Fluence reports $5.6 billion order backlog as battery pipeline swells

Fluence has reported a surge in demand for its battery storage products, with the company’s order backlog expanding to $5.6 billion.

The latest financial filings from the manufacturer also reveal a 147 GWh energy storage pipeline, up 20% in a six-month period.

Fluence’s share price surged more than 30% in response to the company quarterly results, which also revealed order intake had doubled in 2026. Fluence reported orders of approximately $2 billion for the year-to-date through May 6, 2026, compared to roughly $1 billion for the same period during 2025.

Major deals included supply agreements with two unnamed hyperscalers. The company expects the first order from these deals during the third quarter of this year.

Fluence’s 41 GW/147 GWh pipeline represents uncontracted, potential revenue from projects that are likely to be under contract within 24 months, according to the BESS manufacturer. Fluence also reported a 10.1 GW contracted backlog for energy storage products and solutions to the end of March 2026 – plus 19.2 GWh of deployed capacity.

The operational services and optimization software arms of the Fluence business have also been on an upward trajectory. The company’s service business reported 6.3 GW of assets under management, up 13% since the end of September 2025, while Fluence’s digital business reported 22.9 GW of assets under management at the end of March, representing 4% growth in six months.

Total revenue is up, with Fluence reporting $464.9 million for the first quarter of 2026, up 7.7% on the first three months of 2025. Net loss for the three and six months ended March 31, 2026 of approximately $29.2 million and $91.8 million, respectively, compared to net loss of approximately $41.9 million and $98.9 million for the same periods last year.

GAAP gross profit margin was approximately 10% with an adjusted gross profit margin of 11.1% – 9.9% and 10.4% up on Q1 2025, respectively.

Company President and CEO Julian Nebreda said Fluence is starting to see the benefit of its pipeline growth, with the company’s orders and backlog reaching a new record level.

“We also reached substantial completion on our first delivery of Smartstack and affirmed access to our domestic content offering in the US,” Nebreda said.

Fluence first unveiled its Smartstack energy storage platform in February 2025.

The high-density AC-based BESS uses 314 Ah cells and offers up to 7.5 MWh of energy storage. Its patent-pending architecture breaks away from the industry standard 20-foot container by splitting the system into units with more easily transportable weight and dimensions.