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Fluence Energy cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$20.0M in Q3 FY26 · −$115M over twelve months

Operating cash flow−$18.6M
Capital spending−$1.4M
Free cash flow−$20.0M
Cash conversion cycle116 days

Analysis

In Q3 FY26, Fluence Energy generated −$18.6M of operating cash flow and spent $1.4M on capital projects, leaving free cash flow of −$20.0M. That is $137M more than in Q3 FY25 (−$157M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$101M; the largest uses were operating cash flow ($101M), other investing ($42.9M), capital spending ($14.5M); besides operations, cash came from other financing ($75.5M), shares issued ($3.9M); the cash balance fell by $94.9M.

Operating cash flow was −$18.6M against net income of −$44.3M. The largest differences: receivables −$170M, payables +$106M, contract assets −$42.6M.

Its cash conversion cycle was 116 days (receivables 37 + inventory 114 − payables 36).

Free cash flow

Fluence Energy: free cash flow by quarterFluence Energy: free cash flow by quarter$7.3MQ4 FY24−$213MQ1 FY25−$50.5MQ2 FY25−$157MQ3 FY25$261MQ4 FY25−$233MQ1 FY26−$124MQ2 FY26−$20.0MQ3 FY26
Operating cash flow less capital spending.
Fluence Energy: operating cash flow against capital spendingFluence Energy: operating cash flow against capital spendingOperating cash flowCapital spending$10.5M$3.3MQ4 FY24−$211M$2.1MQ1 FY25−$46.2M$4.4MQ2 FY25−$154M$3.6MQ3 FY25$266M$4.9MQ4 FY25−$227M$5.8MQ1 FY26−$121M$2.5MQ2 FY26−$18.6M$1.4MQ3 FY26
Latest (Q3 FY26): Operating cash flow −$18.6M, Capital spending $1.4M.

Capital allocation, year by year

Fluence Energy: where the cash came from (up) and went (down), by fiscal yearFluence Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY21: Operating cash flow −$265MFY21: Net borrowing $50.0MFY21: Capital spending −$4.3MFY21: Acquisitions −$18.0M$50.0MFY21FY22: Operating cash flow −$282MFY22: Net borrowing −$50.0MFY22: Shares issued $939MFY22: Capital spending −$7.9MFY22: Acquisitions −$29.2MFY22: Buybacks −$5.0M$939MFY22FY23: Operating cash flow −$112MFY23: Shares issued $7.2MFY23: Capital spending −$3.0MFY23: Buybacks −$2.8M$7.2MFY23FY24: Operating cash flow $79.7MFY24: Shares issued $5.3MFY24: Capital spending −$8.1M$85.0MFY24FY25: Operating cash flow −$146MFY25: Net borrowing $398MFY25: Shares issued $2.2MFY25: Capital spending −$14.9M$400MFY25
Over these 5 years operating cash flow totalled −$725M; the largest uses were operating cash flow ($805M) and net borrowing ($50.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$339M
Debtnone
Net cash$339M
Cash runway2.9 years

Fluence Energy is burning cash: its operations consume cash, a free cash flow of −$115M a year at the current rate against $339M of cash and investments: a runway of about 2.9 years before any new financing.

Where the cash came from and went

Fluence Energy: sources (+) and uses (−) of cash, Q3 FY26Fluence Energy: sources (+) and uses (−) of cash, Q3 FY26Cash drawn (+) / kept (−)$47.9MOther investing−$30.2MOperating cash flow−$18.6MOther financing$6.1MExchange rates−$3.2MNet borrowing (+) / repaid (−)−$1.8MCapital spending−$1.4MShares issued$1.1M
Fluence Energy: sources (+) and uses (−) of cash, TTM to Q3 FY26Fluence Energy: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow−$101MCash drawn (+) / kept (−)$94.9MOther financing$75.5MOther investing−$42.9MCapital spending−$14.5MExchange rates−$7.0MNet borrowing (+) / repaid (−)−$6.1MShares issued$3.9MTaxes on employees’ shares−$3.0M

From profit to cash

Fluence Energy: net income to operating cash flow, Q3 FY26Fluence Energy: net income to operating cash flow, Q3 FY26Net income−$44.3MDepreciation & amortization$11.2MStock-based pay$4.9MDeferred taxes$28KReceivables−$170MInventory−$21.8MPayables$106MAccrued liabilities$16.7MContract assets−$42.6MPrepaid and other assets−$34.8MOther liabilities$12.6MIncome taxes payable$4.1MOperating cash flow−$18.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY263711436116
Q2 FY264514035151
Q1 FY265410146109
Q4 FY2519573046
Q3 FY25231204399
Q2 FY253114439136
Q1 FY2589202150142
Q4 FY241228337

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26−$18.6M−$1.4M−$1.8M$1.1M$47.9M−$20.0M
Q2 FY26−$121M−$2.5M−$1.4M$873K$64.9M−$124M
Q1 FY26−$227M−$5.8M−$938K$1.5M$237M−$233M
Q4 FY25$266M−$4.9M−$1.9M$403K−$255M$261M
Q3 FY25−$154M−$3.6M—$527K$150M−$157M
Q2 FY25−$46.2M−$4.4M—$818K$44.4M−$50.5M
Q1 FY25−$211M−$2.1M$400M$422K−$136M−$213M
Q4 FY24$10.5M−$3.3M—$963K−$5.4M$7.3M

Fluence Energy: income statement and cash flow

Fluence Energy, Q3 FY26: revenue $650M (+8% year over year), operating margin -6.7%. The chart follows the revenue to costs, profit and cash.

Fluence Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.