Fluence Energy Lands Hyperscaler Deals as AI Demand Fuels Record Backlog

Fluence Energy shares jump 33% after securing framework agreements with hyperscale data centers, offsetting a Q2 revenue miss of $464.9M vs $628M expected.

The disconnect between quarterly results and stock performance rarely gets starker than what Fluence Energy delivered on Thursday. Despite missing revenue forecasts by a wide margin, shares surged more than 33% — or nearly 23% to $14.24 in European trading — as investors focused on the company’s strategic breakthrough in the artificial intelligence infrastructure boom.

The energy storage specialist reported second-quarter revenue of $464.9 million, falling well short of the roughly $628 million analysts had expected. Port congestion caused delivery delays worth $80 million, with those shipments only reaching customers in April. Management says the bottleneck has now been resolved.

But what truly electrified the market were new framework agreements with two hyperscale data center operators. These contracts mark Fluence’s entry into directly powering large-scale computing facilities, which increasingly need dedicated battery storage systems to maintain grid stability as they ramp up AI workloads.

The timing couldn’t be better. The company’s pipeline from data center clients has grown 30% since the first quarter alone. Total order intake for the current fiscal year has doubled to $2 billion, while the backlog hit a record $5.6 billion at the end of March.

Behind the top-line disappointment, the financial picture is improving. The net loss narrowed to $29.2 million from the prior year’s period. Adjusted EBITDA losses shrank dramatically to $9.4 million, compared with over $30 million a year ago. The adjusted gross margin now stands at 11.1%.

Management is holding firm on its full-year 2026 guidance, projecting revenue between $3.2 billion and $3.6 billion. With liquidity reserves of more than $380 million — or roughly $900 million by some measures — the balance sheet looks sturdy enough to support the expansion ahead.

The first concrete purchase orders from the new hyperscaler contracts are expected to land in the third quarter. For a stock still down 21% year-to-date despite Thursday’s surge, that can’t come soon enough.