Shares of Fluence Energy cratered 16.6% to $7.55 on September 17 after the battery-storage maker slashed its fiscal 2026 outlook for the second time this year, raising urgent questions about whether management can convert a record order backlog into actual revenue.

  • The Same Factory, the Same Excuse — But the Numbers Are Getting Worse. Fluence first issued fiscal 2026 guidance last November projecting revenue of $3.2 billion to $3.6 billion and adjusted EBITDA of $40 million to $60 million.

In early August, after a weaker third quarter, the company lowered those targets to $2.9 billion–$3.1 billion and an EBITDA range of a $30 million loss to a $10 million profit. Now revenue expectations sit at roughly $2.4 billion — an adjusted EBITDA loss of approximately $200 million compared to a prior midpoint loss of approximately $10 million. In ten months, the projected profit swing has widened by roughly $250 million to the downside, all traced to one Houston plant that has faced construction delays and automation issues.

  • AES Sends In Its Own Fixer, Signaling the Board Has Lost Patience. Fluence overhauled its leadership, appointing AES veteran Bernerd Da Santos as COO, installing AES CFO Stephen Coughlin on its board, and removing Chief Product Officer Peter Williams.

Da Santos will oversee customer success, product, supply chain, manufacturing, and enterprise operations. The depth of the reshuffle telegraphs that major shareholder AES views these problems as fixable only with hands-on intervention.

  • Wall Street Is Running Out of Patience, Too. Baird downgraded FLNC to Underperform from Neutral and slashed its price target to $3.00 from $10.00.

The firm noted the company is temporarily pulling back from U.S. business — an alarming concession for a company betting its future on domestic manufacturing. FLNC stock has now fallen 54% year-to-date.

  • A Massive Backlog Means Nothing if You Can't Ship. Despite a $6.4 billion backlog, execution issues and a weak earnings outlook raise concerns for investors.

CFO Ahmed Pasha noted the company "may require an additional $300 million to $500 million of working capital" to support orders.

Management's stated goal for fiscal 2027 is to generate neutral to positive operating cash flow without raising outside capital — a promise that now rests entirely on whether a new COO can fix what two guidance cuts could not.