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Intangible Assets, Net - Amortized Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025
Finite-Lived Intangible Assets [Line Items]
Cost	$ 110,491	$ 106,775
Accumulated Amortization	(46,758)	(43,372)
Net	63,733	63,403
Patents and licenses
Finite-Lived Intangible Assets [Line Items]
Cost	28,853	28,856
Accumulated Amortization	(15,396)	(14,911)
Net	13,457	13,945
Developed technology
Finite-Lived Intangible Assets [Line Items]
Cost	32,025	31,932
Accumulated Amortization	(11,619)	(10,910)
Net	20,406	21,022
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Cost	4,850	4,825
Accumulated Amortization	(3,266)	(3,035)
Net	1,584	1,790
Trade names/Trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	5,383	5,379
Accumulated Amortization	(4,803)	(4,640)
Net	580	739
Capitalized internal-use software
Finite-Lived Intangible Assets [Line Items]
Cost	27,091	24,674
Accumulated Amortization	(9,354)	(7,966)
Net	17,737	16,708
Capitalized software to be sold
Finite-Lived Intangible Assets [Line Items]
Cost	12,289	11,109
Accumulated Amortization	(2,320)	(1,910)
Net	$ 9,969	$ 9,199

Loss per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Net loss attributable to Fluence Energy, Inc., loss - basic	$ (45,070)	$ (41,466)
Basic (in shares)	131,522,223	129,482,668
Net loss attributable to Fluence Energy, Inc. $ per share - basic (in usd per share)	$ (0.34)	$ (0.32)
Net loss attributable to Fluence Energy, Inc., loss - diluted	$ (45,070)	$ (41,466)
Diluted (in shares)	131,522,223	129,482,668
Net loss attributable to Fluence Energy, Inc., $ per share - diluted (in usd per share)	$ (0.34)	$ (0.32)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Revenue from Contracts with Customers (Tables)

3 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue is primarily derived from sales of our energy storage products and solutions. The following table presents the Company’s revenue disaggregated by product or service type:


In thousands	Three Months Ended December 31,
	2025		2024
Revenue from energy storage products and solutions	$	450,881	$	169,752
Revenue from services	22,489		15,666
Revenue from digital applications and solutions	1,864		1,370
Total	$	475,234	$	186,788

Schedule of Revenue by Geographical Regions

The following table presents the Company’s revenue disaggregated by geographical region. Revenues are attributed to regions based on location of customers:


In thousands	Three Months Ended December 31,
	2025		2024
Americas (North, Central, and South America)	$	333,782	$	97,341
APAC (Asia Pacific)	68,033		29,805
EMEA (Europe, Middle-East, and Africa)	73,419		59,642
Total	$	475,234	$	186,788

Schedule of Change in Contract Liability

The following table provides information about deferred revenue from contracts with customers:


In thousands	Three Months Ended December 31,
	2025		2024
Deferred revenue, beginning of period	$	640,457	$	274,499
Additions	306,679		342,560
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(142,647)		(44,324)
Deferred revenue end of period	$	804,489	$	572,735


In thousands	Three Months Ended December 31,
	2025		2024
Deferred revenue from related parties, beginning of period	$	79,916	$	38,162
Additions	15,235		2,351
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(36,536)		(7,344)
Deferred revenue from related parties, end of period	$	58,615	$	33,169

Loss per Share - Schedule of Dilutive Securities (Details) - shares	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class B-1 common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	51,499,195	51,499,195
Shares underlying the conversion option in the 2030 Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	18,738,880	18,738,880
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,739,395	2,928,143
Outstanding restricted stock units (“RSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,081,778	2,914,001
Outstanding restricted stock units (“RSUs”) \| Nispera
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	177,067
Outstanding performance share units (“PSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,046,209	1,021,724
Outstanding non-qualified stock options (“NQSOs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	435,302	492,580

Derivatives and Hedging - Schedule of Cash Flow Hedging Instruments (Details) - Foreign currency forward contracts - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2025
Foreign Currency Fair Value Hedge Derivative [Line Items]
Notional Value	$ 212,812		$ 80,269
Other Current Assets	37		155
Other Current Liabilities	6,423		$ 1,493
Foreign currency forward contracts, net of tax	(5,412)	$ 7,865
Foreign currency forward contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Foreign currency forward contracts	$ (1,130)	$ 6,377

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Summary of Significant Accounting Policies and Estimates - Non-controlling Interest (Details)	Dec. 31, 2025	Sep. 30, 2025
Fluence Energy, LLC
Noncontrolling Interest [Line Items]
Controlling Interest Ownership	71.97%	71.81%
AES Grid Stability
Noncontrolling Interest [Line Items]
Non-Controlling Interest Ownership (AES)	28.03%	28.19%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (62,588)	$ (57,013)
Gain (loss) on foreign currency translation, net of tax	1,067	(5,311)
(Loss) gain on cash flow hedges, net of tax	(3,542)	8,193
Total other comprehensive (loss) income	(2,475)	2,882
Total comprehensive loss	(65,063)	(54,131)
Comprehensive loss attributable to non-controlling interest	(18,215)	(14,727)
Total comprehensive loss attributable to Fluence Energy, Inc.	$ (46,848)	$ (39,404)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Inventory, Net

3 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory, Net

Inventory consisted of the following:


In thousands	December 31, 2025						September 30, 2025
	Cost		Provision		Net		Cost		Provision		Net
Integrated Systems, batteries, and other equipment	$	541,684	$	(24,088)	$	517,596	$	463,493	$	(30,891)	$	432,602
Spare parts	23,063		(21)		23,042		22,415		(2)		22,413
Total	$	564,747	$	(24,109)	$	540,638	$	485,908	$	(30,893)	$	455,015

Summary of Significant Accounting Policies and Estimates - Convertible Senior Notes (Details) - Convertible Senior Notes 2030 - Convertible Debt - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Principal Amount	$ 400,000,000	$ 400,000,000
Stated percentage		2.25%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Total revenue	$ 475,234	$ 186,788
Cost of goods and services	452,185	165,587
Gross profit	23,049	21,201
Operating expenses:
Research and development	18,541	17,195
Sales and marketing	22,031	18,202
General and administrative	41,848	36,707
Depreciation and amortization	3,749	2,815
Interest expense (income), net	1,372	(741)
Other expense, net	5,985	5,751
Loss before income taxes	(70,477)	(58,728)
Income tax benefit	(7,889)	(1,715)
Net loss	(62,588)	(57,013)
Net loss attributable to non-controlling interest	(17,518)	(15,547)
Net loss attributable to Fluence Energy, Inc.	$ (45,070)	$ (41,466)
Weighted average number of Class A common shares outstanding:
Basic (in shares)	131,522,223	129,482,668
Diluted (in shares)	131,522,223	129,482,668
Loss per share of Class A common stock:
Basic (in usd per share)	$ (0.34)	$ (0.32)
Diluted (in usd per share)	$ (0.34)	$ (0.32)
Nonrelated Party
Total revenue	$ 293,002	$ 116,199
Related Party
Total revenue	182,232	70,589
Cost of goods and services	7,215	2,880
Operating expenses:
Research and development	8	0
Sales and marketing	18	0
General and administrative	$ 1,559	$ 715

Stock-Based Compensation

3 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Option Plan

In 2020, the Company established the 2020 Unit Option Plan (the “Option Plan”) under which employees, directors, and consultants, were originally granted non-qualified options to purchase Class A-1 units of Fluence Energy, LLC. As of September 30, 2021, the Company determined that achievement of the performance conditions related to awards granted under the Option Plan was not probable and therefore, no expense was recognized for the non-qualified options during the fiscal year ended September 30, 2021. The completion of the initial public offering on November 1, 2021 (the “IPO”) resulted in achievement of the performance condition for the majority of the underlying awards granted under the Option Plan. In connection with the IPO, the non-qualified options were converted into non-qualified stock options to purchase shares of Class A common stock of Fluence Energy, Inc. Non-qualified stock options under the Option Plan have a contractual term of ten years from the date of grant and an exercise price of $2.45. The Company estimated the fair value of the awards using the Black-Scholes option-pricing model. The outstanding awards will continue to be governed by the existing terms under the Option Plan. The Option Plan is accounted for as an equity plan. The Company will not make any further awards under the Option Plan.

As of December 31, 2025, 1,739,395 stock options under the Option Plan remain outstanding with no unrecognized stock compensation expense.

2021 Incentive Award Plan

During the fiscal year ended September 30, 2021, the Company established the 2021 Incentive Award Plan (the “2021 Incentive Plan”) which reserved 9,500,000 shares of Class A common stock of Fluence Energy, Inc. for issuance to management, other employees, consultants, and board members of the Company. The 2021 Incentive Plan governs both equity-based and cash-based awards, including incentive stock options, NQSOs, restricted stock, PSUs, and RSUs. Stock-based awards currently issued pursuant to the 2021 Incentive Plan that are expected to be settled by issuing shares of Class A common stock are recorded as equity awards. The Company accounts for forfeitures as they occur.

Restricted Stock Units

RSUs granted under the 2021 Incentive Plan vest ratably at one-third annually on the anniversary of the grant date over a three-year period pursuant to the terms of their applicable award agreements. The Company generally expenses the grant date fair value of the awards on a straight-line basis over each of the three separately vesting tranches within a given grant. There is no contractual term on the RSUs granted under the 2021 Incentive Plan. The Company estimated the fair value of the awards using the market value of our Class A common stock on the grant date. The market value of our Class A common stock is calculated using the closing price of our Class A common stock on the date of grant. The following table summarizes activity under the 2021 Incentive Plan for the three months ended December 31, 2025:


						Number of RSUs
Outstanding as of October 1, 2025						2,232,320
Granted						620,337
Vested						(682,608)
Forfeited						(88,271)
Outstanding as of December 31, 2025						2,081,778

As of December 31, 2025, 2,081,778 RSUs previously issued remained outstanding with unrecognized stock compensation expense of $21.1 million.

Non-Qualified Stock Options

Non-qualified stock options under the 2021 Incentive Plan have a contractual term of ten years from the date of grant. The Company estimated the fair value of the awards using the Black-Scholes option-pricing model. The non-qualified stock options granted under the 2021 Incentive Plan vest ratably at one-third annually on the anniversary of the grant date over a three-year period pursuant to the terms of their applicable award agreements. The Company generally expenses the

grant date fair value of the awards on a straight-line basis over each of the three separately vesting tranches within a given grant. As of December 31, 2025, 435,302 non-qualified stock options previously issued pursuant to the 2021 Incentive Plan remained outstanding with unrecognized stock compensation expense of $1.2 million. There were no non-qualified stock options granted during the three months ended December 31, 2025.

Performance Share Units

During the three months ended December 31, 2025, the Company granted 502,304 PSUs redeemable for Class A common stock under the 2021 Incentive Plan. The Company has two rounds of PSU grants under the 2021 Incentive Plan outstanding, the first commencing at the start of fiscal year 2025 and the second commencing at the start of fiscal year 2026. The PSUs for the 2025-2027 performance cycle and the 2026-2028 performance cycle are both earned based on (i) the achievement of two financial performance metrics: cumulative Adjusted EBITDA (65% weight) and cumulative revenue (35% weight), over a two-year performance period beginning October 1st in the year of grant through September 30th in the second year after grant, and (ii) service-based vesting based on continued employment from the date of grant through September 30th in the third year after grant. The performance targets for cumulative revenue and cumulative Adjusted EBITDA are set by the Compensation and Human Resources Committee of the Company’s Board of Directors. PSUs are considered fully vested when both the performance and service based requirements are met in accordance with the vesting requirements and will be settled in Class A common stock no more than 60 days after the end of the third fiscal year. The awards can be paid out in a range of 50% to 200%, with 0% paid out for below-threshold performance, based on the achievement of the performance criteria and upon continued service through the performance period. The Company estimated the fair value of the awards using the market value of our Class A common stock. The market value is calculated using the closing price of our Class A common stock on the date of grant. The Company monitors the achievement of the performance criteria and expenses ratably the grant date fair value of the awards probable to vest over the requisite service period. If there are changes to the amount of probable awards to vest based on achievement of performance criteria, the related stock-based compensation expense may be significantly increased or reduced in the period that our estimate changes.

As of December 31, 2025, 1,046,209 PSUs previously issued remained outstanding with estimated unrecognized stock compensation expense of $9.3 million.

Other

In connection with the acquisition of Nispera AG in 2022, Fluence issued 531,202 shares of restricted stock to Nispera’s management team. The estimated post combination expense to the Company as a result of the business combination was approximately $6.9 million which is being recognized on a straight-line basis over the remaining service period that was stipulated in each holder’s original restricted stock agreement. As of December 31, 2025, no restricted stock awards previously issued remained outstanding with and there is no unrecognized stock compensation expense.

Stock-based compensation expense

Stock-based compensation expense was recorded as follows:


In thousands	Three Months Ended December 31,
	2025		2024
Cost of goods and services	$	504	$	883
Research and development	221		423
Sales and marketing	823		238
General and administrative	3,740		3,764
Total	$	5,288	$	5,308

Organization and Operations	3 Months Ended
Organization and Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations Fluence Energy, Inc., a Delaware corporation (the “Company”), was formed on June 21, 2021. We conduct our business operations through Fluence Energy, LLC, and its direct and indirect subsidiaries. Fluence Energy, LLC was formed on June 30, 2017 as a joint venture between Siemens Industry, Inc. (“Siemens Industry”), an indirect subsidiary of Siemens AG (“Siemens”), and AES Grid Stability, LLC (“AES Grid Stability”), an indirect subsidiary of The AES Corporation (“AES”), and commenced operations on January 1, 2018. We refer to Siemens Industry and AES Grid Stability as the “Founders” in this Quarterly Report on Form 10-Q for the period ended December 31, 2025 (this “Report”). Fluence Energy, Inc. is a holding company whose sole material assets are the limited liability company interests (the “LLC Interests”) in Fluence Energy, LLC. All of our business is conducted through Fluence Energy, LLC, together with its subsidiaries, and the financial results of Fluence Energy, LLC are consolidated in our financial statements. Fluence Energy, LLC is taxed as a partnership for federal income tax purposes and, as a result, its members, including Fluence Energy, Inc., pay income taxes with respect to their allocable shares of its net taxable income. As of December 31, 2025, Fluence Energy, LLC had subsidiaries operating in Germany, Australia, Philippines, Chile, the Netherlands, the United States, India, Singapore, United Kingdom, Canada, Taiwan, Ireland, Japan, and Switzerland. Except where the context clearly indicates otherwise, “Fluence,” “we,” “us,” “our,” or the “Company” refers to Fluence Energy, Inc. and all of its direct and indirect subsidiaries, including Fluence Energy, LLC. The Company’s fiscal year begins on October 1 and ends on September 30. References to “fiscal year 2025” and “fiscal year 2026” refer to the twelve months ended September 30, 2025 and September 30, 2026, respectively. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company’s CODM reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one operating segment, which corresponds to one reportable segment. The CODM uses gross margin, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and consolidated net income to assess performance for the Company, monitor budget versus actual results, and determine how to allocate resources. The Company has concluded that consolidated net income (loss) as reported in the consolidated statements of operations is the measure of segment profit or loss. There are no other expense categories regularly provided to the CODM that are not already included in the primary financial statements herein.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A	Class B-1 common stock	Common Stock Class A	Common Stock Class B-1 common stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-Controlling interest
Beginning balance (in shares) at Sep. 30, 2024				129,421,797	51,499,195
Beginning balance at Sep. 30, 2024	$ 607,139			$ 1	$ 0	$ 634,851	$ (151,448)	$ (1,840)	$ (9,460)	$ 135,035
Beginning balance (in shares) at Sep. 30, 2024									786,048
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(57,013)						(41,466)			(15,547)
Stock-based compensation (in shares)				358,586
Stock-based compensation	5,266					5,266
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards (in shares)				(23,375)					(23,375)
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(396)								$ (396)
Effect of remeasurement of non-controlling interest due to other share transactions	0					443				(443)
Proceeds from exercise of stock options (in shares)				172,015
Proceeds from exercise of stock options	422					422
Purchases of Capped Calls related to 2023 Convertible Senior Notes	(29,000)					(29,000)
Gain (loss) on foreign currency translation, net of tax	(5,311)							(3,800)		(1,511)
(Loss) gain on cash flow hedges, net of tax	8,193							5,862		2,331
Ending balance (in shares) at Dec. 31, 2024				129,929,023	51,499,195
Ending balance at Dec. 31, 2024	529,300			$ 1	$ 0	611,982	(192,914)	222	$ (9,856)	119,865
Ending balance (in shares) at Dec. 31, 2024									809,423
Beginning balance (in shares) at Sep. 30, 2025		131,164,365	51,499,195	131,164,365	51,499,195
Beginning balance at Sep. 30, 2025	548,848			$ 1	$ 0	627,956	(199,762)	11,613	$ (10,213)	119,253
Beginning balance (in shares) at Sep. 30, 2025									850,206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(62,588)						(45,070)			(17,518)
Stock-based compensation (in shares)				682,608
Stock-based compensation	5,288					5,288
Repurchase of Common Stock placed into Treasury (in shares)				118,396					118,396
Repurchase of Common Stock placed into Treasury	(2,355)								$ (2,355)
Effect of remeasurement of non-controlling interest due to other share transactions	0					802				(802)
Proceeds from exercise of stock options (in shares)				491,797
Proceeds from exercise of stock options	1,506					1,506
Purchases of Capped Calls related to 2023 Convertible Senior Notes	(29,000)
Gain (loss) on foreign currency translation, net of tax	1,067							768		299
(Loss) gain on cash flow hedges, net of tax	(3,542)							(2,546)		(996)
Ending balance (in shares) at Dec. 31, 2025		132,220,374	51,499,195	132,220,374	51,499,195
Ending balance at Dec. 31, 2025	$ 488,224			$ 1	$ 0	$ 635,552	$ (244,832)	$ 9,835	$ (12,568)	$ 100,236
Ending balance (in shares) at Dec. 31, 2025									968,602

Stock-Based Compensation (Tables)

3 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Options Granted

The following table summarizes activity under the 2021 Incentive Plan for the three months ended December 31, 2025:


						Number of RSUs
Outstanding as of October 1, 2025						2,232,320
Granted						620,337
Vested						(682,608)
Forfeited						(88,271)
Outstanding as of December 31, 2025						2,081,778

Schedule of Stock Based Compensation Expense

Stock-based compensation expense was recorded as follows:


In thousands	Three Months Ended December 31,
	2025		2024
Cost of goods and services	$	504	$	883
Research and development	221		423
Sales and marketing	823		238
General and administrative	3,740		3,764
Total	$	5,288	$	5,308

Leases - Assets and Liabilities Operating (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025
Right-of-use assets:
Operating lease, Other non-current assets	$ 9,783	$ 11,256
Finance lease, Property and equipment, net	19,989	22,057
Total right-of-use assets	29,772	33,313
Lease liabilities:
Operating leases, Other current liabilities	6,816	6,789
Operating lease, Other non-current liabilities	3,516	5,044
Finance Lease, Other current liabilities	2,554	3,492
Total lease liabilities	$ 12,886	$ 15,325

Loss per Share (Tables)

3 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Dilutive Securities

The following table presents the potentially dilutive securities that were excluded from the computation of diluted loss per share:


	Three Months Ended December 31,
	2025	2024
Class B-1 common stock	51,499,195	51,499,195
Shares underlying the conversion option in the 2030 Convertible Senior Notes	18,738,880	18,738,880
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan	1,739,395	2,928,143

Outstanding restricted stock units (“RSUs”)	2,081,778	2,914,001
Outstanding performance share units (“PSUs”)	1,046,209	1,021,724
Outstanding non-qualified stock options (“NQSOs”)	435,302	492,580
Outstanding restricted stock (“Nispera equity”)	—	177,067

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted income (loss) per share of Class A common stock for the three months ended December 31, 2025 and 2024, respectively, have been computed as follows:


	Three Months Ended December 31,
	2025					2024
In thousands, except share and per share amounts	Loss		Shares	$ per Share		Loss		Shares	$ per Share
Basic loss per Share
Net loss attributable to Fluence Energy, Inc.	$	(45,070)	131,522,223	$	(0.34)	$	(41,466)	129,482,668	$	(0.32)








Diluted loss per Share
Net loss attributable to Fluence Energy, Inc	$	(45,070)	131,522,223	$	(0.34)	$	(41,466)	129,482,668	$	(0.32)

Goodwill (Tables)

3 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents the goodwill activity for the three months ended December 31, 2025 and 2024:


In thousands	December 31,
	2025		2024
Goodwill, Beginning of the period	$	28,584	$	27,482
Foreign currency adjustment	96		(1,283)
Goodwill, End of the period	$	28,680	$	26,199

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

COVER - shares	3 Months Ended
COVER - shares	Dec. 31, 2025	Feb. 02, 2026	Feb. 01, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-40978
Entity Registrant Name	Fluence Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1304612
Entity Address, Address Line One	4601 Fairfax Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22203
City Area Code	(833)
Local Phone Number	358-3623
Title of 12(b) Security	Class A common stock, $0.00001 par value
Trading Symbol	FLNC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001868941
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		132,436,078
Class B-1 common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			51,499,195

Convertible Senior Notes, Net- Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 1,148	$ 817
Convertible Debt \| Convertible Senior Notes 2030
Debt Instrument [Line Items]
Coupon interest	2,250	475
Amortization of debt issuance costs	450	96
Total	$ 2,700	$ 571

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Revenue from Contracts with Customers - Revenue by Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 475,234	$ 186,788
Revenue from energy storage products and solutions
Disaggregation of Revenue [Line Items]
Total revenue	450,881	169,752
Revenue from services
Disaggregation of Revenue [Line Items]
Total revenue	22,489	15,666
Revenue from digital applications and solutions
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,864	$ 1,370

- Definition

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Other Current Assets (Tables)

3 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following amounts:


In thousands	December 31, 2025		September 30, 2025
Taxes recoverable	$	28,637	$	15,186
Prepaid expenses	26,982		21,667
Prepaid insurance	14,684		2,538
Current portion of recoverable warranty costs from suppliers	9,386		8,585
Other	3,773		6,695
Total	$	83,462	$	54,671

Other Current Assets

3 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets

Other current assets consisted of the following amounts:


In thousands	December 31, 2025		September 30, 2025
Taxes recoverable	$	28,637	$	15,186
Prepaid expenses	26,982		21,667
Prepaid insurance	14,684		2,538
Current portion of recoverable warranty costs from suppliers	9,386		8,585
Other	3,773		6,695
Total	$	83,462	$	54,671

Convertible Senior Notes, Net

3 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Convertible Senior Notes, Net

Debt

2024 Revolver

On August 6, 2024, Fluence Energy, Inc. entered into Amendment Number Three ("Amendment No. 3") to the ABL Credit Agreement by and among Fluence Energy, LLC, as parent borrower, the Company, as parent, the other borrowers party thereto, the other guarantors party thereto, the lenders party thereto, and Citibank, N.A., as administrative agent (as successor to Barclays Bank PLC) (such agreement, as so amended, the "2024 Credit Agreement") in order to (i) convert the ABL Facility to a senior secured cash flow revolving credit facility in an initial aggregate principal amount of up to $500.0 million (the "2024 Revolver"), (ii) replace Barclays Bank PLC as administrative agent under the 2024 Credit Agreement with Citibank, N.A., and (iii) make certain other modifications to the 2024 Credit Agreement as set forth therein. Capitalized terms used in this subsection that are not otherwise defined are defined in the 2024 Credit Agreement.

The 2024 Revolver is secured by (i) a first priority pledge of the Company's equity interests in Fluence Energy, LLC and Fluence Energy Global Production Operation, LLC, (ii) first priority security interests in substantially all tangible and intangible personal property of the Company, Fluence Energy, LLC, Fluence Energy Global Production Operation, LLC and certain of its foreign subsidiaries, in each case, subject to customary exceptions and limitations, and (iii) a pledge of the Company's equity interests in certain of its foreign subsidiaries and security interests in certain assets of such foreign subsidiaries.

The 2024 Credit Agreement sets forth that (i) loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus 2.00%, (ii) loans comprising each Term Benchmark Borrowing shall bear interest at the Term

SOFR Rate or the Adjusted EURIBOR Rate, as applicable, plus 3.00%, and (iii) the loans comprising each RFR Borrowing shall bear interest at the Daily Simple RFR plus 3.00%, in each instance subject to customary benchmark replacement provisions including, but not limited to, alternative benchmark rates, customary spread adjustments with respect to borrowings in foreign currencies, and benchmark replacement conforming changes. Fluence Energy, LLC is required to pay to the lenders a commitment fee on the average daily unused portion of the commitments through maturity, which shall accrue at the rate of 0.50% per annum. The 2024 Credit Agreement provides for a cash draw sublimit of $150.0 million as well as a letter of credit sublimit in the amount of $500.0 million if certain conditions are met.

The 2024 Credit Agreement contains customary covenants for this type of financing, including, but not limited to, covenants that restrict our and certain of our subsidiaries’ ability to: incur indebtedness; incur liens; sell, transfer, or dispose of property and assets; make investments or acquisitions; pay dividends, make distributions or other restricted payments; and engage in affiliate transactions. The 2024 Credit Agreement limits our ability to make certain payments, including dividends and distributions on Fluence Energy, LLC's equity, the Company's equity and other restricted payments. Under the terms of the 2024 Credit Agreement, Fluence Energy, LLC and its subsidiaries are currently limited in their ability to pay cash dividends to, lend to, or make other investments in the Company, subject to certain exceptions. In addition, we are required to maintain (i) through December 31, 2025, Total Liquidity of no less than $150,000,000, (ii) from January 1, 2026 and thereafter, Total Liquidity of no less than $100,000,000 or a Consolidated Leverage Ratio as of the last day of any Measurement Period not to exceed 3.50:1.00, and (iii) certain other financial requirements at each Guarantor Coverage Test Date. Such covenants are tested on a quarterly basis and upon the occurrence of other certain restricted payments, the incurrence of indebtedness, certain dispositions, and other specified transactions. As of December 31, 2025, we were in compliance with all such covenants.

The 2024 Credit Agreement contains customary events of default for this type of financing. If an event of default occurs with respect to a borrower, the lenders will be able to, among other things, terminate the commitments immediately, cash collateralize any outstanding letters of credit, declare any loans outstanding to be due and payable in whole or in part, and exercise other rights and remedies. The maturity date and the date of termination of lending commitments under the 2024 Credit Agreement both remain unchanged at November 22, 2027. As of December 31, 2025, there are no cash borrowings under the 2024 Revolver, and there are $121.7 million letters of credit outstanding under the 2024 Revolver, with remaining availability of $378.3 million, net of letters of credit issued.

Convertible Senior Notes, Net

2030 Convertible Senior Notes

In December 2024, the Company issued $400.0 million aggregate principal amount of 2.25% convertible senior notes due 2030. These 2030 Convertible Senior Notes were issued pursuant to, and are governed by, an indenture, dated as of December 12, 2024, between the Company and UMB Bank, National Association, as trustee (the “Indenture”). The net proceeds from the issuance of the 2030 Convertible Senior Notes were $389.4 million, net of $10.6 million of debt issuance costs.

The 2030 Convertible Senior Notes are senior unsecured obligations of the Company and accrue interest at a rate of 2.25% per year, payable semi-annually in arrears, on June 15 and December 15 of each year, beginning on June 15, 2025. The 2030 Convertible Senior Notes will mature on June 15, 2030, unless earlier converted, redeemed, or repurchased. The 2030 Convertible Senior Notes have an initial conversion rate of 46.8472 shares of the Company’s Class A common stock per $1,000 principal amount of 2030 Convertible Senior Notes, which represents an initial conversion price of approximately $21.35 per share of the Company’s Class A common stock. The conversion rate is subject to customary adjustments upon the occurrence of certain events but will not be adjusted for any accrued and unpaid interest. If a “make-whole fundamental change” (as defined in the Indenture) occurs, then the Company will in certain circumstances increase the conversion rate for a specified period of time.

Prior to the close of business on the business day immediately preceding March 15, 2030, holders of the 2030 Convertible Senior Notes will have the right to convert their 2030 Convertible Senior Notes only upon satisfaction of one or more of the following conditions:

(1) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on March 31, 2025, if the last reported sale price per share of the Company’s Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

(2) during the five consecutive business days immediately after any 10 consecutive trading day period (the “measurement period”) if the ‘trading price’ per $1,000 principal amount of the 2030 Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s Class A common stock on such trading day and the conversion rate on such trading day;

(3) upon the occurrence of specified corporate events, as set forth in the Indenture; or

(4) if the Company calls any or all the 2030 Convertible Senior Notes for redemption, but only with respect to such 2030 Convertible Senior Notes called for redemption.

On or after March 15, 2030, holders may convert their 2030 Convertible Senior Notes at any time until the close of business on the second scheduled trading day immediately before June 15, 2030.

Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of the Company’s Class A common stock, or a combination of both, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture.

The 2030 Convertible Senior Notes will be redeemable, in whole or in part (subject to the partial redemption limitation described in the Indenture), at our option at any time, and from time to time, on or after December 20, 2027 and on or before the 50th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2030 Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if (i) the 2030 Convertible Senior Notes are “freely tradable” (as defined in the Indenture), and all accrued and unpaid additional interest, if any, has been paid in full, as of the date we send the related redemption notice; and (ii) the last reported sale price per share of our Class A common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the redemption notice for such redemption; and (2) the trading day immediately before the date the Company sends such redemption notice. In addition, calling any 2030 Convertible Senior Note for redemption will constitute a make-whole fundamental change with respect to that 2030 Convertible Senior Note, in which case the conversion rate applicable to the conversion of that 2030 Convertible Senior Note will be increased in certain circumstances if it is converted after it is called for redemption.

No sinking fund is required to be provided for the 2030 Convertible Senior Notes. If a “fundamental change” (as defined in the Indenture) occurs prior to the maturity date of the 2030 Convertible Senior Notes, holders may require the Company to repurchase all or a portion of their 2030 Convertible Senior Notes at a cash repurchase price equal to 100% of the principal amount of the 2030 Convertible Senior Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the “fundamental change repurchase date” (as defined in the Indenture).

The 2030 Convertible Senior Notes are accounted for as a liability in their entirety, measured at amortized cost. The debt issuance costs for the 2030 Convertible Senior Notes are amortized to interest expense using the effective interest method over the term of the 2030 Convertible Senior Notes, with an effective interest rate of 2.80%.

The following table presents the net carrying value and fair value of the 2030 Convertible Senior Notes as of December 31, 2025:


In thousands	Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount		Fair Value
							Amount		Leveling
2030 Convertible Senior Notes	$	400,000	$	(8,746)	$	391,254	$	488,976	Level 2

The fair value was determined based on the quoted prices of the 2030 Convertible Senior Notes in an inactive market on the last traded day of the quarter ended December 31, 2025 and has been classified as Level 2 in the fair value hierarchy.

The following table presents the interest expense recognized related to the 2030 Convertible Senior Notes:


In thousands	Three Months Ended December 31,
	2025		2024
Coupon interest	$	2,250	$	475
Amortization of debt issuance costs	450		96
Total	$	2,700	$	571

Capped Call Transactions

In connection with the 2030 Convertible Senior Notes, the Company has entered into privately negotiated capped call transactions with certain financial institutions pursuant to capped call confirmations (collectively the “Capped Calls”). The premiums paid for the purchases of the Capped Calls were $29.0 million. The Capped Calls have an initial strike price of approximately $21.35 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2030 Convertible Senior Notes. The Capped Calls have an initial cap price of $28.74 per share, subject to certain adjustments substantially similar to those applicable to the corresponding 2030 Convertible Senior Notes. The Capped Calls cover, subject to anti-dilution adjustments, approximately 18.7 million shares of the Company’s Class A common stock.

The Capped Calls are generally expected to offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2030 Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of any converted 2030 Convertible Senior Notes, with such reduction and/or offset subject to a cap.

The Capped Calls are separate transactions and are not part of the terms of the 2030 Convertible Senior Notes. As the Capped Calls qualify for a scope exception from derivative accounting for instruments that are both indexed to the Company’s own stock and classified in stockholders’ equity, the Capped Calls are not accounted for as derivatives and the premiums paid for the purchases of the Capped Calls were recorded as a reduction to the additional paid-in capital.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Billions	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount of remaining performance obligations	$ 5.5
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Two Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenue percentage		50.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Three Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenue percentage	57.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected time period of satisfaction (in years)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations	57.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations	62.00%

Commitments and Contingencies - Guarantees (Details) $ in Millions	Dec. 31, 2025 USD ($) agreement
Other Commitments [Line Items]
Amount	$ 5,707.0
Number of Agreements \| agreement	203
Guarantees and commitments
Other Commitments [Line Items]
Amount	$ 4,968.0
Number of Agreements \| agreement	93
Guarantees and commitments \| Minimum
Other Commitments [Line Items]
Maximum exposure range for each agreement	$ 0.0
Guarantees and commitments \| Maximum
Other Commitments [Line Items]
Maximum exposure range for each agreement	422.6
Letters of credit under bilateral credit facilities
Other Commitments [Line Items]
Amount	$ 6.0
Number of Agreements \| agreement	5
Letters of credit under bilateral credit facilities \| Minimum
Other Commitments [Line Items]
Maximum exposure range for each agreement	$ 0.1
Letters of credit under bilateral credit facilities \| Maximum
Other Commitments [Line Items]
Maximum exposure range for each agreement	3.0
Letters of credit under 2024 Revolver
Other Commitments [Line Items]
Amount	$ 122.0
Number of Agreements \| agreement	36
Letters of credit under 2024 Revolver \| Minimum
Other Commitments [Line Items]
Maximum exposure range for each agreement	$ 0.0
Letters of credit under 2024 Revolver \| Maximum
Other Commitments [Line Items]
Maximum exposure range for each agreement	22.5
Surety bonds
Other Commitments [Line Items]
Amount	$ 611.0
Number of Agreements \| agreement	69
Surety bonds \| Minimum
Other Commitments [Line Items]
Maximum exposure range for each agreement	$ 0.0
Surety bonds \| Maximum
Other Commitments [Line Items]
Maximum exposure range for each agreement	$ 79.2

Sale of Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2025	Feb. 27, 2024
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items]
Net proceeds sale of receivable	$ 39.4
Maximum
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items]
Purchasing receivables outstanding amount		$ 75.0

Derivatives and Hedging (Tables)

3 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedging Instruments

The fair value of the Company’s cash flow hedges as well as their classification on the condensed consolidated balance sheets as of December 31, 2025 and September 30, 2025 are as follows:


In thousands	December 31, 2025						September 30, 2025
In thousands	Notional Value		Other Current Assets		Other Current Liabilities		Notional Value		Other Current Assets		Other Current Liabilities
Foreign currency forward contracts	$	212,812	$	37	$	6,423	$	80,269	$	155	$	1,493

The gains or (losses) resulting from changes in fair value of the Company’s cash flow hedges recognized in accumulated other comprehensive income (loss) for the three months ended December 31, 2025 and 2024 are as follows:


In thousands	Three Months Ended December 31,
	2025		2024
Foreign currency forward contracts, net of tax	$	(5,412)	$	7,865

The amounts recognized within “Revenue” in the condensed consolidated statements of operations with respect to the Company’s cash flow hedges for the three months ended December 31, 2025 and 2024 are as follows:


In thousands	Three Months Ended December 31,
	2025		2024
Foreign currency forward contracts	$	(1,130)	$	6,377

The following table details the changes in the cumulative impact of the gain (loss) on derivatives designated for hedge accounting for the three months ended December 31, 2025:


In thousands	December 31, 2025
Loss as of September 30, 2025	$	(3,168)
Amount recognized in accumulated other comprehensive income (loss)	(5,412)
Amount reclassified from accumulated other comprehensive income (loss) into earnings	1,870
Loss as of December 31, 2025	$	(6,710)

Summary of Significant Accounting Policies and Estimates (Tables)

3 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Ownership Interests

The table below summarizes the ownership structure at the end of each respective period:


	December 31, 2025		September 30, 2025
Controlling Interest Ownership	71.97	%	71.81	%
Non-Controlling Interest Ownership (AES)	28.03	%	28.19	%

Schedule of Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash at the end of each respective period as shown in the Company’s condensed consolidated balance sheets.


in thousands	December 31, 2025		September 30, 2025
Cash and cash equivalents	$	452,563	$	690,768
Restricted cash	25,211		23,862

Total cash, cash equivalents and restricted cash	$	477,774	$	714,630

Restricted cash at the end of each respective period consisted of the following:


in thousands	December 31, 2025		September 30, 2025
Collateral for credit card program	$	6,119	$	6,112
Collateral for outstanding bank guarantees	8,555		7,309
Collateral for surety program	10,467		10,370
Term deposits	70		71

Total restricted cash	$	25,211	$	23,862

Schedule of Accounting Standards Update and Change in Accounting Principle

The following table presents accounting standards adopted during the three months ended December 31, 2025.


Standard	Description	Period of Adoption	Effect on the financial statements and other significant matters
Accounting Standards Update (“ASU”) No. 2025-12: Codification Improvements	ASU 2025-12 makes updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments affect a wide variety of Topics in the Codification and apply to all reporting entities within the scope of the affected accounting guidance.	As of the three months ended December 31, 2025.	Issue 20: Clarify Guidance for the Transfer of Receivables from Contracts with Customers was early adopted by the Company and applied on the Company’s sale of receivables. Refer to “Note 19 – Sale of Receivables” for further details.

Recent Accounting Standards Not Yet Adopted

The following table presents accounting standards not yet adopted:


Standard	Description	Required date of adoption	Effect on the financial statements and other significant matters
ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures	ASU 2023-09 adopts certain amendments to improve the effectiveness of income tax disclosures, including jurisdictional information, by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid, disaggregated by jurisdiction.	ASU 2023-09 is effective for the Company’s annual report for fiscal year ending September 30, 2026.	The Company is evaluating the impact this guidance will have on income tax disclosures.
SEC Final Rule Release Nos. 33-11275; 34-99678: The Enhancement and Standardization of Climate-Related Disclosures for Investors	SEC Final Rule Release Nos. 33-11275; 34-99678 requires registrants to provide certain climate-related information in their registration statements and annual reports, including climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. In addition, certain disclosures related to severe weather events and other natural conditions will be required in registrants’ annual reports.	SEC Final Rule Release Nos. 33-11275; 34-99678 is effective for the Company’s annual report for fiscal year ending September 30, 2026.	The Company is evaluating the impact this guidance will have on climate-related disclosures.


ASU No. 2024-03: Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	ASU 2024-03 requires disclosure of qualitative and quantitative information about certain costs and expenses in the notes to the financial statements on an interim and annual basis. ASU No. 2025-01: Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, was subsequently issued and clarified the effective date of ASU 2024-03.	ASU 2024-03 is effective for the Company’s annual report for fiscal year ending September 30, 2028 and interim reporting periods beginning from January 1, 2028.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-05: Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets	ASU 2025-05 amends ASC 326-20 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.	ASU 2025-05 is effective for the Company’s annual report for fiscal year ending September 30, 2027 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-06: Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	ASU 2025-06 makes targeted improvements to ASC 350-40 and amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The amendments supersede the guidance on Web site development costs in ASC 350-50 and relocate that guidance, along with the recognition requirements for development costs specific to Web sites, to ASC 350-40.	ASU 2025-06 is effective for the Company’s annual report for fiscal year ending September 30, 2029 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-09: Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	ASU 2025-09 amends certain aspects of the hedge accounting guidance in ASC 815. The amendments are intended to more closely align hedge accounting with the economics of an entity’s risk management activities.	ASU 2025-09 is effective for the Company’s annual report for fiscal year ending September 30, 2028 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-10: Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities	ASU 2025-10 adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants. In developing the ASU’s recognition and measurement framework, the FASB largely leveraged the guidance in IAS 20.	ASU 2025-10 is effective for the Company’s annual report for fiscal year ending September 30, 2030 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.


ASU No. 2025-11: Interim Reporting (Topic 270): Narrow-Scope Improvements	ASU 2025-11 improves the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods and add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.	ASU 2025-11 is effective for the Company’s interim reports within fiscal year ending September 30, 2029.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-12: Codification Improvements	ASU 2025-12 makes updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments affect a wide variety of Topics in the Codification and apply to all reporting entities within the scope of the affected accounting guidance.	ASU 2025-12 is effective for the Company’s annual report for fiscal year ending September 30, 2028 and interim periods within that annual reporting period. Early adoption is permitted in both interim and annual reporting periods, and the Company may elect to early adopt the amendments on an issue-by-issue basis.	Issue 20 was early adopted by the Company and applied for the Company’s sale of receivables. The Company is evaluating the impact of other Issues in this guidance will have on its disclosures.

Derivatives and Hedging

3 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

Certain of the Company’s foreign operations expose the Company to fluctuations of foreign exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the functional currency of the transacting party. The Company’s primary exposure results from the foreign currency impact of intercompany sales of inventory to regional entities by the Company’s centralized procurement legal entity. These intercompany sales are denominated in the functional currency of the regional entities, primarily the Euro, the British Pound, and the Australian dollar, while the functional currency of the centralized procurement legal entity is the U.S. dollar. This introduces foreign exchange risk on the revenues recorded for such intercompany sales. The Company enters into foreign currency forward contracts to manage its exposure to fluctuations in foreign exchange rates. These contracts are entered into with large, reputable financial institutions that are monitored for counterparty credit risks.

For the Company’s foreign currency forward contracts that are designated and qualify as cash flow hedges, the gains or losses on the effective portion of such hedges are recorded in accumulated other comprehensive income and subsequently reclassified in the period during which the hedged transaction affects earnings within revenue in the consolidated statements of operations (i.e., when control of the inventory is passed to third-party customers and revenue is recognized). The change in fair value of the components excluded from the assessment of effectiveness, including changes in the spot-forward differential and counterparty non-performance risk, will also be recognized within revenue in the consolidated statements of operations.

The Company also has foreign currency forward contracts that are not designated as hedges and the changes in fair value of such derivatives are recognized in current period earnings.

Cash Flow Hedges

The fair value of the Company’s cash flow hedges as well as their classification on the condensed consolidated balance sheets as of December 31, 2025 and September 30, 2025 are as follows:


In thousands	December 31, 2025						September 30, 2025
In thousands	Notional Value		Other Current Assets		Other Current Liabilities		Notional Value		Other Current Assets		Other Current Liabilities
Foreign currency forward contracts	$	212,812	$	37	$	6,423	$	80,269	$	155	$	1,493


In thousands	Three Months Ended December 31,
	2025		2024
Foreign currency forward contracts, net of tax	$	(5,412)	$	7,865


In thousands	Three Months Ended December 31,
	2025		2024
Foreign currency forward contracts	$	(1,130)	$	6,377

The following table details the changes in the cumulative impact of the gain (loss) on derivatives designated for hedge accounting for the three months ended December 31, 2025:


In thousands	December 31, 2025
Loss as of September 30, 2025	$	(3,168)
Amount recognized in accumulated other comprehensive income (loss)	(5,412)
Amount reclassified from accumulated other comprehensive income (loss) into earnings	1,870
Loss as of December 31, 2025	$	(6,710)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
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Derivatives and Hedging - Changes in the Cumulative Impact (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2025 USD ($)
AOCI Attributable To Parent Before Reclassification And Tax [Roll Forward]
Beginning balance	$ 548,848
Ending balance	488,224
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable To Parent Before Reclassification And Tax [Roll Forward]
Beginning balance	(3,168)
Amount recognized in accumulated other comprehensive income (loss)	(5,412)
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Ending balance	$ (6,710)

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Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Loss per Share

3 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Loss per Share

As of December 31, 2025, the Company has two classes of common stock outstanding, Class A and Class B-1. Loss per share is calculated and reported under the “two-class” method. The “two-class” method is an earnings allocation method under which loss per share is calculated for each class of common stock considering both distributions declared or accumulated and participation rights in undistributed earnings as if all such loss had been distributed during the period.

Basic loss per share of Class A common stock is computed by dividing net loss attributable to Class A common stockholders by the weighted average number of shares of Class A common stock outstanding during the period. Diluted loss per share of Class A common stock is computed by adjusting the net loss available to Class A common stockholders and the weighted average shares of Class A common stock outstanding to give effect to potentially dilutive securities. Shares of our Class B-1 common stock are not entitled to receive any distributions or dividends. When an LLC Interest of Fluence Energy, LLC is redeemed for cash or Class A common stock by a Founder who holds shares of our Class B-1 common stock, such Founder will be required to surrender a share of Class B-1 common stock, as the case may be, which we will cancel for no consideration. In the event of cash settlement, the Company is required to issue new shares of Class A common stock and use the proceeds from the sale of these newly-issued shares of Class A common stock to fully fund the cash settlement. Therefore, we did not include shares of our Class B-1 common stock in the computation of basic loss per share.

In periods in which we have a loss, diluted loss per share is equal to basic loss per share because the effect of potentially dilutive securities would be antidilutive.

The following table presents the potentially dilutive securities that were excluded from the computation of diluted loss per share:


	Three Months Ended December 31,
	2025	2024
Class B-1 common stock	51,499,195	51,499,195
Shares underlying the conversion option in the 2030 Convertible Senior Notes	18,738,880	18,738,880
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan	1,739,395	2,928,143

Outstanding restricted stock units (“RSUs”)	2,081,778	2,914,001
Outstanding performance share units (“PSUs”)	1,046,209	1,021,724
Outstanding non-qualified stock options (“NQSOs”)	435,302	492,580
Outstanding restricted stock (“Nispera equity”)	—	177,067

Basic and diluted income (loss) per share of Class A common stock for the three months ended December 31, 2025 and 2024, respectively, have been computed as follows:


	Three Months Ended December 31,
	2025					2024
In thousands, except share and per share amounts	Loss		Shares	$ per Share		Loss		Shares	$ per Share
Basic loss per Share
Net loss attributable to Fluence Energy, Inc.	$	(45,070)	131,522,223	$	(0.34)	$	(41,466)	129,482,668	$	(0.32)








Diluted loss per Share
Net loss attributable to Fluence Energy, Inc	$	(45,070)	131,522,223	$	(0.34)	$	(41,466)	129,482,668	$	(0.32)

Goodwill

3 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

No impairment was recognized for the three months ended December 31, 2025 or 2024. The following table presents the goodwill activity for the three months ended December 31, 2025 and 2024:


In thousands	December 31,
	2025		2024
Goodwill, Beginning of the period	$	28,584	$	27,482
Foreign currency adjustment	96		(1,283)
Goodwill, End of the period	$	28,680	$	26,199

- Definition

The entire disclosure for goodwill.

+ References + Details

Accruals and Provisions (Tables)

3 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accruals and Provisions

Accruals and provisions consisted of the following:


In thousands	December 31, 2025		September 30, 2025
Accruals	$	240,719	$	203,410
Accruals with related parties	942		6,353
Accruals for software development costs	48		23
Provisions for expected project losses	14,298		15,684
Current portion of warranty accrual	22,017		20,765
Total	$	278,024	$	246,235

Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Purchase Commitment
2026	$ 68,244
2027	1,224,096
2028	864,920
2029	244,120
2030 and thereafter	237,000
Purchase obligation	2,638,380
Liquidated Damages
Liquidated Damages
2026	0
2027	92,796
2028	58,100
2029	8,100
2030 and thereafter	8,100
Liquidated damages	$ 167,096

Leases - Narrative (Details)	Dec. 31, 2025
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	9 years

Accruals and Provisions

3 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accruals and Provisions

Accruals mainly represent milestones not yet invoiced for inventory such as, but not limited to, batteries, integrated systems, and inverters. Generally, according to master supply agreements between the Company and suppliers of our inventory, vendor invoices are issued according to contracted billing schedules with certain milestones invoiced after delivery, upon full installation and commissioning of the equipment at substantial completion, and final completion project stages. Accruals and provisions consisted of the following:


In thousands	December 31, 2025		September 30, 2025
Accruals	$	240,719	$	203,410
Accruals with related parties	942		6,353
Accruals for software development costs	48		23
Provisions for expected project losses	14,298		15,684
Current portion of warranty accrual	22,017		20,765
Total	$	278,024	$	246,235

- Definition

The entire disclosure for long-term contracts or programs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-SubTopic 35
-Topic 605
-Publisher FASB
-URI https://asc.fasb.org/605-35/tableOfContent

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
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-Subparagraph (a)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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+ Details

Organization and Operations (Details)	3 Months Ended
Organization and Operations (Details)	Dec. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025
Current assets:
Cash and cash equivalents	$ 452,563	$ 690,768
Restricted cash	25,211	23,862
Trade receivables, net	288,900	272,820
Unbilled receivables	252,179	239,594
Receivables from related parties	223,029	200,748
Advances to suppliers	120,747	126,778
Inventory, net	540,638	455,015
Other current assets	83,462	54,671
Total current assets	1,986,729	2,064,256
Non-current assets:
Property and equipment, net	45,891	50,320
Intangible assets, net	63,733	63,403
Goodwill	28,680	28,584
Deferred income tax asset	4,039	4,046
Other non-current assets	140,580	146,391
Total non-current assets	282,923	292,744
Total assets	2,269,652	2,357,000
Current liabilities:
Accounts payable	135,246	321,004
Personnel related liabilities	27,109	31,850
Accruals and provisions	278,024	246,235
Taxes payable	14,302	30,317
Other current liabilities	21,730	20,590
Total current liabilities	1,339,515	1,370,369
Non-current liabilities:
Deferred income tax liability	9,545	9,530
Convertible senior notes, net	391,254	390,804
Other non-current liabilities	41,114	37,449
Total non-current liabilities	441,913	437,783
Total liabilities	1,781,428	1,808,152
Stockholders’ Equity:
Preferred stock, $0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and September 30, 2025	0	0
Treasury stock, at cost	(12,568)	(10,213)
Additional paid-in capital	635,552	627,956
Accumulated other comprehensive income	9,835	11,613
Accumulated deficit	(244,832)	(199,762)
Total stockholders’ equity attributable to Fluence Energy, Inc.	387,988	429,595
Non-Controlling interests	100,236	119,253
Total stockholders’ equity	488,224	548,848
Total liabilities and stockholders’ equity	2,269,652	2,357,000
Nonrelated Party
Current liabilities:
Deferred revenue	804,489	640,457
Related Party
Current assets:
Receivables from related parties	67,605	26,615
Advances to suppliers	6,388	9,603
Current liabilities:
Accounts payable	927	4,985
Deferred revenue	58,615	79,916
Accruals and provisions	942	6,353
Other current liabilities	301	301
Class A common stock
Stockholders’ Equity:
Common stock	1	1
Class B-1 common stock
Stockholders’ Equity:
Common stock	0	0
Class B-2 common stock
Stockholders’ Equity:
Common stock	$ 0	$ 0

Income Taxes	3 Months Ended
Income Taxes	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes is based on the estimated annual effective tax rate, plus discrete items. Income tax benefit was $7.9 million and $1.7 million for the three months ended December 31, 2025 and 2024, respectively. The effective tax rate for the three months ended December 31, 2025 and 2024 was 11.2% and 2.9%, respectively. For the three months ended December 31, 2025, the Company’s effective tax rate differs from the U.S. statutory tax rate of 21% primarily due to valuation allowances. As of December 31, 2025 and September 30, 2025, the Company does not believe it has any significant uncertain tax positions and therefore, has not recorded any unrecognized tax benefits. The Company evaluates the realizability of its deferred tax assets on a quarterly basis and establishes valuation allowances when it is more-likely-than-not that all or a portion of a deferred tax asset may not be realized. As of December 31, 2025 and September 30, 2025, the Company had recorded a full valuation allowance against deferred tax assets on Fluence Energy, Inc. primarily related to its investment in Fluence Energy, LLC, as well as on certain foreign subsidiaries based on the weight of available evidence, including cumulative losses. In the event that the valuation allowance related to tax benefits associated with the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the “Tax Receivable Agreement”), is released in a future period, a Tax Receivable Agreement liability will be recorded based on the amounts probable and reasonably estimable in accordance with ASC 450. The Organization for Economic Cooperation and Development’s (“OECD”) Pillar II Initiative introduced a 15% global minimum tax for certain multinational groups exceeding minimum annual global revenue thresholds. Some countries in which the Company operates have enacted legislation adopting the minimum tax effective January 1, 2024. To date, the Company does not expect a material top up tax liability to be incurred as a result of the Pillar II provisions. Certain tax jurisdictions either did not have Pillar II enacted for the current fiscal year or the Company has satisfied one or more of the safe harbor tests to prevent any minimum tax under Pillar II. The Company will continue to monitor its jurisdictions for any changes and include appropriate minimum tax throughout the fiscal year.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Sale of Receivables	3 Months Ended
Sale of Receivables	Dec. 31, 2025
Transfers and Servicing [Abstract]
Sale of Receivables	Sale of Receivables Master Receivables Purchase Agreement On February 27, 2024, Fluence Energy, LLC entered into a Master Receivables Purchase Agreement (“MRPA”), by and among Fluence Energy, LLC and any other seller from time to time party thereto, as sellers and servicers, and Credit Agricole Corporate and Investment Bank ("CACIB"), as purchaser. Pursuant to the MRPA, Fluence Energy, LLC may sell certain receivables (the “Purchased Receivables”) to CACIB from time to time, and CACIB may agree to purchase the Purchased Receivables in each case, on an uncommitted basis. The MRPA provides that the outstanding amount of all Purchased Receivables under the MRPA will not exceed $75.0 million, with sublimits for each account debtor and for certain kinds of receivables. The MRPA contains other customary representations and warranties and covenants. There were no transactions for the three months ended December 31, 2025. Master Drafts Sales Agreement On October 7, 2025, Fluence Energy, LLC entered into a Master Drafts Sale Agreement (“MDSA”), by and among Fluence Energy, LLC as seller and CACIB as purchaser. Pursuant to the MDSA, Fluence Energy, LLC may sell negotiable drafts (the “Drafts”) identified in Purchase Requests to CACIB, and CACIB may agree to purchase the Drafts on an uncommitted basis. Each Draft represents unconditional payments owed to Fluence Energy, LLC by its customers. For the three months ended December 31, 2025, the Company sold receivables to CACIB under the MDSA for net proceeds of $39.4 million. At the date of the true sale, the receivables were derecognized in their entirety from the condensed consolidated balance sheet and the proceeds are reflected in operating cash flows on the condensed consolidated statements of cash flows.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

+ Details

Supply Chain Financing (Details) $ in Millions	3 Months Ended
Supply Chain Financing (Details) $ in Millions	Dec. 31, 2025 USD ($) party supplier	Aug. 08, 2025 USD ($)
Supplier Finance Program [Line Items]
Extended payment terms period	120 days
Number of parties involved \| party	2
Number of suppliers \| supplier	0
Outstanding obligations	$ 11.4
New SCF Facility
Supplier Finance Program [Line Items]
Number of suppliers \| supplier	2
Revolving Credit Facility \| New SCF Facility \| Line of Credit
Supplier Finance Program [Line Items]
Maximum borrowing capacity		$ 150.0
Affiliated Entity
Supplier Finance Program [Line Items]
Guarantees issued	$ 100.0
AES Grid Stability \| Affiliated Entity
Supplier Finance Program [Line Items]
Guarantees issued	50.0
Siemens Industry \| Affiliated Entity
Supplier Finance Program [Line Items]
Guarantees issued	$ 50.0

Related-Party Transactions - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025
Related Party Transaction [Line Items]
Accounts receivable	$ 223,029	$ 200,748
Advances to suppliers	120,747	126,778
Accounts payable	135,246	321,004
Accruals and provisions	278,024	246,235
Other current liabilities	21,730	20,590
Related Party
Related Party Transaction [Line Items]
Accounts receivable	67,605	26,615
Unbilled receivables	155,424	174,133
Total receivables from related parties	223,029	200,748
Advances to suppliers	6,388	9,603
Accounts payable	927	4,985
Deferred revenue	58,615	79,916
Accruals and provisions	942	6,353
Other current liabilities	$ 301	$ 301

Convertible Senior Notes, Net (Tables)

3 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Net Carrying Value and Fair Value of the Convertible Senior Notes

The following table presents the net carrying value and fair value of the 2030 Convertible Senior Notes as of December 31, 2025:


In thousands	Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount		Fair Value
							Amount		Leveling
2030 Convertible Senior Notes	$	400,000	$	(8,746)	$	391,254	$	488,976	Level 2

Schedule of Interest Expense

The following table presents the interest expense recognized related to the 2030 Convertible Senior Notes:


In thousands	Three Months Ended December 31,
	2025		2024
Coupon interest	$	2,250	$	475
Amortization of debt issuance costs	450		96
Total	$	2,700	$	571

Related-Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Total revenue	$ 475,234	$ 186,788
Provision for receivables from related parties	0
Related Party
Related Party Transaction [Line Items]
Total revenue	182,232	70,589
Consulting Services Revenue \| Related Party
Related Party Transaction [Line Items]
Total revenue	$ 100	$ 1,600
AES Grid Stability \| Class B-1 common stock \| Fluence Energy, Inc
Related Party Transaction [Line Items]
Investment owned (in shares)	51,499,195
Siemens Industry \| Class A common stock \| Fluence Energy, Inc
Related Party Transaction [Line Items]
Investment owned (in shares)	51,499,195

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, Beginning of the period	$ 28,584	$ 27,482
Foreign currency adjustment	96	(1,283)
Goodwill, End of the period	$ 28,680	$ 26,199

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Convertible Senior Notes, Net - Narrative (Details) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2024 USD ($) day $ / shares	Dec. 31, 2025 USD ($) $ / shares $ / Unit shares	Dec. 31, 2024 USD ($) $ / shares
Debt Instrument [Line Items]
Premium paid \| $		$ 29,000,000	$ 29,000,000
Strike price (in usd per share) \| $ / shares		$ 21.35
Cap price (in usd per unit) \| $ / Unit		28.74
Number of shares covered by capped calls (in shares) \| shares		18.7
Convertible Senior Notes 2030 \| Convertible Debt
Debt Instrument [Line Items]
Principal Amount \| $	$ 400,000,000	$ 400,000,000	$ 400,000,000
Stated percentage	2.25%		2.25%
Proceeds from issuance of debt \| $	$ 389,400,000
Debt issuance costs, net \| $	$ 10,600,000		$ 10,600,000
Debt instrument, convertible, conversion ratio	0.0468472
Debt instrument, conversion price (in usd per share) \| $ / shares	$ 21.35		$ 21.35
Effective percentage	2.80%		2.80%
Convertible Senior Notes 2030 \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, threshold percentage of stock price trigger	130.00%
Debt instrument, threshold trading days	20
Debt instrument, threshold consecutive trading days	30
Convertible Senior Notes 2030 \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, threshold percentage of stock price trigger	98.00%
Debt instrument, threshold trading days	5
Debt instrument, threshold consecutive trading days	10
Convertible Senior Notes 2030 \| Convertible Debt \| Debt Conversion Terms Three
Debt Instrument [Line Items]
Debt instrument, threshold trading days	50

Leases (Tables)

3 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Assets and Liabilities, Operating Lease

The amounts of assets and liabilities and other information for the Company’s operating and finance leases are as follows:


In thousands	Balance Sheet Caption	December 31, 2025		September 30, 2025
Right-of-use assets:
Operating leases	Other non-current assets	$	9,783	$	11,256
Finance leases	Property and equipment, net	19,989		22,057
Total right-of-use assets		29,772		33,313

Lease liabilities:
Operating leases	Other current liabilities	$	6,816	$	6,789
	Other non-current liabilities	3,516		5,044
Finance leases	Other current liabilities	2,554		3,492

Total lease liabilities		$	12,886	$	15,325

Related-Party Transactions

3 Months Ended

Dec. 31, 2025

Related-Party Transactions

Related parties are primarily represented by AES and Siemens, their respective subsidiaries, other entities under common control, and other entities in which Siemens and AES have significant influence. As of December 31, 2025, AES Grid Stability holds 51,499,195 shares of Class B-1 common stock of Fluence Energy, Inc. and Siemens beneficially owns an aggregate of 51,499,195 shares of Class A common stock of Fluence Energy, Inc.

Sales and Procurement Contracts with Related Parties

The Company signs back-to-back battery-based energy storage solution and related service contracts with AES, Siemens, their respective subsidiaries, other entities under common control, and other entities in which Siemens and AES have significant influence (collectively referred to as affiliates) in relation to execution of the affiliates’ contracts with external customers and also signs direct contracts with affiliates. The Company also signs consortium agreements to partner with affiliates to deliver battery-based energy storage products and related service contracts to external customers. When performing our obligations pursuant to such contracts, we may, from time to time, enter into related change orders or settlements with our related parties and their affiliates.

The Company also provides consulting services to AES whereby Fluence will advise and in some cases provide support to AES on procurement, logistics, design, safety, and commissioning of certain of their projects. Revenue from consulting services is classified as “Revenue from sale of energy storage products and solutions” in the Company’s Disaggregation of revenue table in “Note 4 - Revenue from Contracts with Customers.” Revenue from the consulting services is primarily recognized ratably over time based on a project specific period of performance in which we expect the performance obligation to be fulfilled. For the three months ended December 31, 2025 and 2024, the Company recognized $0.1 million and $1.6 million in revenue from consulting services with AES, respectively.

Revenue from contracts with affiliates is included in “Revenue from related parties” on the Company’s condensed consolidated statements of operations.

In addition, the Company purchases materials and supplies from its affiliates and records the costs in “Cost of goods and services” on the Company’s condensed consolidated statements of operations.

Service Agreements

For the three months ended December 31, 2025, the Company has received limited treasury services related to executing trades for derivative contracts from The AES Corporation. The cost associated with this administrative service is recorded in “General and administrative expenses” on the Company’s condensed consolidated statement of operations.

Guarantees

Fluence paid performance guarantee fees to its affiliates in exchange for guaranteeing Fluence’s performance obligations under certain contracts with Fluence’s customers, which are based on the affiliates’ weighted-average cost for bank guarantees and their per annum cost with a reasonable markup. These guarantees are provided pursuant to the Amended and Restated Credit Support and Reimbursement Agreement, dated June 9, 2021, with AES and Siemens Industry (the “Credit Support and Reimbursement Agreement”) whereby they may, from time to time, agree to furnish credit support to us in the form of direct issuances of credit support to our lenders or other beneficiaries or through their lenders’ provision of letters of credit to backstop our own facilities or obligations. The guarantee fees are included in “Costs of goods and services” on Fluence’s condensed consolidated statements of operations.

Refer to “Note 17 - Supply Chain Financing” for details of the related party guarantees associated with a supply chain financing program.

Balance Sheet Related Party Transactions

The Company's condensed consolidated balance sheets included the following balances with related parties for the periods indicated:


In thousands	December 31, 2025		September 30, 2025
Accounts receivable	$	67,605	$	26,615
Unbilled receivables	155,424		174,133
Total receivables from related parties	$	223,029	$	200,748
Advances to suppliers	$	6,388	$	9,603
Accounts payable	927		4,985
Deferred revenue	58,615		79,916
Accruals and provisions	942		6,353
Other current liabilities	301		301

Receivables, deferred revenue, advances, accounts payables, accruals and provisions, and other current liabilities with related parties are unsecured and settlement of these balances occurs in cash. No provision has been made related to the receivables from related parties.

Statement of Operations Related Party Transactions

The following table presents the related party transactions that are included in the Company’s condensed consolidated statements of operations for the periods indicated:


In thousands	Three Months Ended December 31,
	2025		2024
Revenue (a)	$	182,232	$	70,589
Cost of goods and services (b)	7,215		2,880
Research and development expenses	8		—
Sales and marketing	18		—
General and administrative expenses	1,559		715
Other expense (income), net	—		—

(a) Revenue from AES and its affiliates was approximately $182.1 million and $68.7 million for the three months ended December 31, 2025 and 2024, respectively.

(b) Represent purchases from related parties that are included in costs of goods and services and are not associated with the revenue listed in the table above.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

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-Topic 850
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-Section 50
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-Topic 850
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Summary of Significant Accounting Policies and Estimates - Revenue and Cost Recognition (Details)	Dec. 31, 2025
Minimum
Cash and Cash Equivalents [Line Items]
Contractual period	12 months
Maximum
Cash and Cash Equivalents [Line Items]
Contractual period	18 months

Intangible Assets, Net (Tables)

3 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets are stated at amortized cost and consisted of the following:


In thousands	December 31, 2025						September 30, 2025
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Patents and licenses	$	28,853	$	(15,396)	$	13,457	$	28,856	$	(14,911)	$	13,945
Developed technology	32,025		(11,619)		20,406		31,932		(10,910)		21,022
Customer relationship	4,850		(3,266)		1,584		4,825		(3,035)		1,790
Trade names/Trademarks	5,383		(4,803)		580		5,379		(4,640)		739
Capitalized internal-use software	27,091		(9,354)		17,737		24,674		(7,966)		16,708
Capitalized software to be sold	12,289		(2,320)		9,969		11,109		(1,910)		9,199
Total	$	110,491	$	(46,758)	$	63,733	$	106,775	$	(43,372)	$	63,403

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income tax benefit	$ (7,889,000)	$ (1,715,000)
Effective tax rate	11.20%	2.90%
Unrecognized tax benefits	$ 0		$ 0
Global minimum tax threshold percentage	15.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligations

The following table summarizes our contingent contractual obligations as of December 31, 2025. Amounts presented in the following table represent the Company's current undiscounted exposure to guarantees, commitments, letters of credit, and surety bonds and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees, commitments, letters of credit, and surety bonds.


	Amount (in $ millions)	Number of Agreements	Maximum Exposure Range for Each Agreement (in $ millions)
Guarantees and commitments	$4,968	93	$0 - 422.6
Letters of credit under bilateral credit facilities	6	5	0.1 - 3
Letters of credit under 2024 Revolver	122	36	0 - 22.5
Surety bonds	611	69	0 - 79.2
Total	$5,707	203

Schedule of Long-Term Purchase Commitment

The following table presents our future minimum purchase commitments by fiscal year, primarily for battery cells and modules, and liquidated damages, if the minimum purchase volumes or spend are not met, as of December 31, 2025:


in thousands	Purchase Commitment		Liquidated Damages
2026	68,244		—
2027	1,224,096		92,796
2028	864,920		58,100
2029	244,120		8,100
2030 and thereafter	237,000		$	8,100
Total	$	2,638,380	$	167,096

Schedule of Warranty Liabilities

As of December 31, 2025 and September 30, 2025, the Company accrued the below estimated warranty liabilities, which the table reflects three months activity and twelve months activity, respectively:


In thousands	December 31, 2025		September 30, 2025
Warranty balance, beginning	$	51,807	$	40,242
Warranties issued and assumed in period	3,729		22,409
Change in estimates	—		3,173
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(2,505)		(14,017)
Warranty balance, ending	$	53,031	$	51,807
Less: Recoverable warranty costs from suppliers	24,758		23,578
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$	28,273	$	28,229

Loss per Share - Narrative (Details)	Dec. 31, 2025 class
Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of classes of common stock	2
Class B-1 common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of classes of common stock	2

Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Taxes recoverable	$ 28,637	$ 15,186
Prepaid expenses	26,982	21,667
Prepaid insurance	14,684	2,538
Current portion of recoverable warranty costs from suppliers	9,386	8,585
Other	3,773	6,695
Total	$ 83,462	$ 54,671

Intangible Assets, Net

3 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets are stated at amortized cost and consisted of the following:


In thousands	December 31, 2025						September 30, 2025
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Patents and licenses	$	28,853	$	(15,396)	$	13,457	$	28,856	$	(14,911)	$	13,945
Developed technology	32,025		(11,619)		20,406		31,932		(10,910)		21,022
Customer relationship	4,850		(3,266)		1,584		4,825		(3,035)		1,790
Trade names/Trademarks	5,383		(4,803)		580		5,379		(4,640)		739
Capitalized internal-use software	27,091		(9,354)		17,737		24,674		(7,966)		16,708
Capitalized software to be sold	12,289		(2,320)		9,969		11,109		(1,910)		9,199
Total	$	110,491	$	(46,758)	$	63,733	$	106,775	$	(43,372)	$	63,403

Intangible assets are amortized over their estimated useful lives on a straight-line basis. Total amortization expense for the three months ended December 31, 2025 and 2024 was $3.4 million and $2.3 million, respectively. The amortization expense for the three months ended December 31, 2025 and 2024 included $1.8 million and $1.3 million for capitalized software, respectively.

Summary of Significant Accounting Policies and Estimates - Government Incentives and Grants (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reduction to cost of goods and services	$ 5.1	$ 0.0

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Nov. 10, 2023	Oct. 31, 2023	Dec. 31, 2025	Sep. 30, 2025
Loss Contingencies [Line Items]
Advance payment			$ 120,747	$ 126,778
Other non-current assets			140,580	$ 146,391
Fluence v.s. Diablo Energy Storage
Loss Contingencies [Line Items]
Damages sought, value	$ 25,000	$ 37,000
Estimated litigation liability	$ 230,000		$ 230,000
Minimum
Loss Contingencies [Line Items]
Limited warranty, period			1 year
Maximum
Loss Contingencies [Line Items]
Limited warranty, period			5 years
Inventory capacity guarantee
Loss Contingencies [Line Items]
Advance payment			$ 50,600
Other non-current assets			$ 46,500

Debt

3 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

2024 Revolver

Convertible Senior Notes, Net

2030 Convertible Senior Notes

(3) upon the occurrence of specified corporate events, as set forth in the Indenture; or

(4) if the Company calls any or all the 2030 Convertible Senior Notes for redemption, but only with respect to such 2030 Convertible Senior Notes called for redemption.

On or after March 15, 2030, holders may convert their 2030 Convertible Senior Notes at any time until the close of business on the second scheduled trading day immediately before June 15, 2030.

The following table presents the net carrying value and fair value of the 2030 Convertible Senior Notes as of December 31, 2025:


In thousands	Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount		Fair Value
							Amount		Leveling
2030 Convertible Senior Notes	$	400,000	$	(8,746)	$	391,254	$	488,976	Level 2

The following table presents the interest expense recognized related to the 2030 Convertible Senior Notes:


In thousands	Three Months Ended December 31,
	2025		2024
Coupon interest	$	2,250	$	475
Amortization of debt issuance costs	450		96
Total	$	2,700	$	571

Capped Call Transactions

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S50
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies and Estimates - Cash Restrictions (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 25,211	$ 23,862
Total restricted cash	25,211	23,862
Collateral for credit card program
Cash and Cash Equivalents [Line Items]
Restricted cash	6,119	6,112
Collateral for outstanding bank guarantees
Cash and Cash Equivalents [Line Items]
Restricted cash	8,555	7,309
Collateral for surety program
Cash and Cash Equivalents [Line Items]
Restricted cash	10,467	10,370
Term deposits
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 70	$ 71

Related-Party Transactions - Statement of Operations and Comprehensive Loss Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Revenue	$ 475,234	$ 186,788
Cost of goods and services	452,185	165,587
Research and development expenses	18,541	17,195
Sales and marketing	22,031	18,202
General and administrative expenses	41,848	36,707
Related Party
Related Party Transaction [Line Items]
Revenue	182,232	70,589
Cost of goods and services	7,215	2,880
Research and development expenses	8	0
Sales and marketing	18	0
General and administrative expenses	1,559	715
Other expense (income), net	0	0
Related Party \| AES and Affiliates
Related Party Transaction [Line Items]
Revenue	$ 182,100	$ 68,700

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Commitments and Contingencies - Warranty Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty balance, beginning	$ 51,807	$ 40,242
Warranties issued and assumed in period	3,729	22,409
Change in estimates	0	3,173
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(2,505)	(14,017)
Warranty balance, ending	53,031	51,807
Less: Recoverable warranty costs from suppliers	24,758	23,578
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$ 28,273	$ 28,229

Inventory, Net (Tables)

3 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory consisted of the following:


In thousands	December 31, 2025						September 30, 2025
	Cost		Provision		Net		Cost		Provision		Net
Integrated Systems, batteries, and other equipment	$	541,684	$	(24,088)	$	517,596	$	463,493	$	(30,891)	$	432,602
Spare parts	23,063		(21)		23,042		22,415		(2)		22,413
Total	$	564,747	$	(24,109)	$	540,638	$	485,908	$	(30,893)	$	455,015

Stock-Based Compensation - RSUS (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Dec. 31, 2025 shares
Number of RSUs
Outstanding, beginning balance (in shares)	2,232,320
Granted (in shares)	620,337
Vested (in shares)	(682,608)
Forfeited (in shares)	(88,271)
Outstanding, ending balance (in shares)	2,081,778

Related-Party Transactions (Tables)

3 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

The Company's condensed consolidated balance sheets included the following balances with related parties for the periods indicated:


In thousands	December 31, 2025		September 30, 2025
Accounts receivable	$	67,605	$	26,615
Unbilled receivables	155,424		174,133
Total receivables from related parties	$	223,029	$	200,748
Advances to suppliers	$	6,388	$	9,603
Accounts payable	927		4,985
Deferred revenue	58,615		79,916
Accruals and provisions	942		6,353
Other current liabilities	301		301

The following table presents the related party transactions that are included in the Company’s condensed consolidated statements of operations for the periods indicated:


In thousands	Three Months Ended December 31,
	2025		2024
Revenue (a)	$	182,232	$	70,589
Cost of goods and services (b)	7,215		2,880
Research and development expenses	8		—
Sales and marketing	18		—
General and administrative expenses	1,559		715
Other expense (income), net	—		—

(a) Revenue from AES and its affiliates was approximately $182.1 million and $68.7 million for the three months ended December 31, 2025 and 2024, respectively.

(b) Represent purchases from related parties that are included in costs of goods and services and are not associated with the revenue listed in the table above.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net loss	$ (62,588)	$ (57,013)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,794	4,485
Amortization of debt issuance costs	1,148	817
Inventory provision	(7,053)	2,283
Stock-based compensation	5,288	5,266
Deferred income taxes	28	(66)
Changes in operating assets and liabilities:
Trade receivables, net	(16,013)	60,143
Unbilled receivables	(11,822)	10,725
Receivables from related parties	(22,280)	110,198
Advances to suppliers	6,072	(5,593)
Inventory	(77,365)	(368,763)
Other current assets	(28,506)	(7,640)
Other non-current assets	3,222	(11,582)
Accounts payable	(182,749)	(333,593)
Accruals and provisions	33,761	139,064
Taxes payable	(16,141)	(7,534)
Other current liabilities	(6,294)	(67,354)
Other non-current liabilities	3,750	3,161
Net cash used in operating activities	(226,792)	(211,232)
Investing activities
Capital expenditures on software	(3,521)	(3,077)
Purchase of property and equipment	(5,827)	(2,109)
Net cash used in investing activities	(9,348)	(5,186)
Financing activities
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(2,355)	(396)
Proceeds from issuance of 2030 Convertible Senior Notes	0	400,000
Purchases of Capped Calls related to 2030 Convertible Senior Notes	0	(29,000)
Payment for debt issuance costs	0	(10,195)
Proceeds from exercise of stock options	1,506	422
Principal payments on finance leases	(938)	0
Net cash (used in) provided by financing activities	(1,787)	360,831
Effect of exchange rate changes on cash and cash equivalents	1,071	(8,710)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(236,856)	135,703
Cash, cash equivalents, and restricted cash as of the beginning of the period	477,774	654,409
Cash, cash equivalents, and restricted cash as of the end of the period	714,630	518,706
Supplemental Cash Flows Information
Interest paid	6,236	920
Cash paid on income taxes	3,664	5,707
Related Party
Changes in operating assets and liabilities:
Deferred revenue	(21,301)	(4,959)
Nonrelated Party
Changes in operating assets and liabilities:
Deferred revenue	$ 163,257	$ 316,723

Summary of Significant Accounting Policies and Estimates

3 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies and Estimates

Principles of Accounting and Consolidation

The accompanying condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and under the rules of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying condensed consolidated financial statements include the accounts of Fluence Energy, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Non-Controlling Interest

As the sole managing member of Fluence Energy, LLC, Fluence Energy, Inc. operates and controls all the business and affairs of Fluence Energy, LLC and, through Fluence Energy, LLC and its direct and indirect subsidiaries, conducts the Company’s business. Fluence Energy, LLC is a variable interest entity, of which Fluence Energy, Inc. beneficially owns an interest as of December 31, 2025. For accounting purposes, Fluence Energy, Inc. is considered the primary beneficiary and therefore consolidates the results of Fluence Energy, LLC and its direct and indirect subsidiaries. The table below summarizes the ownership structure at the end of each respective period:


	December 31, 2025		September 30, 2025
Controlling Interest Ownership	71.97	%	71.81	%
Non-Controlling Interest Ownership (AES)	28.03	%	28.19	%

Unaudited Interim Financial Information

The accompanying condensed consolidated financial statements as of December 31, 2025, and for the three months ended December 31, 2025 and 2024 are unaudited. These financial statements should be read in conjunction with the

Company’s audited financial statements included in our Annual Report on Form 10-K for the year ended September 30, 2025 filed with the SEC on November 25, 2025 (the “2025 Annual Report”). In our opinion, such unaudited financial statements reflect all adjustments, including normal recurring items, that are necessary for the fair statement of the Company’s financial position as of December 31, 2025, the results of its operations for the three months ended December 31, 2025 and 2024, and its cash flows for the three months ended December 31, 2025 and 2024. The financial data and other information disclosed in these notes related to the three months ended December 31, 2025 and 2024 are also unaudited. The results for the three months ended December 31, 2025 and 2024 are not necessarily indicative of results for the full year ending or ended September 30, 2026 and 2025, any other interim periods, or any future year or period. The balance sheet as of September 30, 2025 included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted in the interim financial statements.

For a complete description of our significant accounting policies, refer to “Note 2 - Summary of Significant Accounting Policies and Estimates” in the audited consolidated financial statements included in our 2025 Annual Report.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Items subject to such estimates and assumptions include: the carrying amount and estimated useful lives of long-lived assets; impairment of goodwill, intangible assets, and long-lived assets; valuation allowances for inventories; deferred tax assets; revenue recognized under the percentage-of-completion method; transaction price estimates with variable consideration; accrued bonuses; and various project-related provisions including, but not limited to, estimated losses and warranty obligations.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash on-hand and highly liquid investments readily convertible to cash, with an original maturity of 90 days or less when purchased.

Cash restricted for use as a result of financing or other obligations is classified separately as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is included in “other non-current assets.” Otherwise, restricted cash is included as a separate line item on the Company’s condensed consolidated balance sheets.

The Company typically retains cash for operations within one or more bank accounts. Our U.S. bank accounts may hold cash in excess of the FDIC limit of $250,000. As a result, we are subject to concentration risk associated with the underlying custodial banks with whom deposits of cash and cash equivalents in excess of the FDIC limits are held. If access to any bank accounts is delayed or suspended indefinitely, it could have a material adverse impact on the Company’s ability to meet its financial obligations required for operations.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash at the end of each respective period as shown in the Company’s condensed consolidated balance sheets.


in thousands	December 31, 2025		September 30, 2025
Cash and cash equivalents	$	452,563	$	690,768
Restricted cash	25,211		23,862

Total cash, cash equivalents and restricted cash	$	477,774	$	714,630

Restricted cash at the end of each respective period consisted of the following:


in thousands	December 31, 2025		September 30, 2025
Collateral for credit card program	$	6,119	$	6,112
Collateral for outstanding bank guarantees	8,555		7,309
Collateral for surety program	10,467		10,370
Term deposits	70		71

Total restricted cash	$	25,211	$	23,862

Revenue and Cost Recognition

The Company’s revenue recognition policy included herein is based on the application of Accounting Standards Codification - Revenue from Contracts with Customers (ASC 606). As of December 31, 2025, the Company’s revenue was generated primarily from the sale of energy storage products and solutions, providing operational services, and the sale of digital applications and solutions.

Revenue from Sale of Energy Storage Products and Solutions: The Company enters into contracts with utility companies, developers, and commercial and industrial customers to design and build battery-based energy storage products and solutions. Our projects have a lead time from date of contract execution to substantial completion, typically ranging from approximately twelve up to eighteen months. Generally, we must design the project, as each storage solution is customized depending on the customer’s energy needs, procure the major equipment, obtain manufacturing slots from our contract manufacturers, coordinate the logistics, and assemble the solution prior to delivery and installation at our customer project sites. These actions must be completed timely to adhere to customer schedules and milestones. Depending on the scope of the project we may be responsible for the installation of the equipment. After the equipment is installed, we are responsible for commissioning. The Company recognizes revenue over time when we have enforceable right to payment for work performed to date and the solution, in its completed state, does not have any alternative use to the Company. Revenue is recognized using the percentage of completion (“POC”) method based on actual cost incurred as a percentage of total estimated contract costs. Standard inventory materials (including batteries, enclosures, chillers, and others, which are assembled into “integrated systems”) are included in our measure of progress when they are restricted to a specific customer’s project such that we no longer have the ability to direct their use for other purposes. Contract costs include all direct material and labor costs related to contract performance. As the cost of the assembled integrated systems comprise a substantial portion of the total estimated contract costs, our pattern of revenue recognition may vary materially from period to period. Our judgment on when costs should be included in the measure of progress may have a material impact on revenue recognition.

Since the revenue recognition of these contracts depends on estimates, which are assessed continually during the term of the contract, recognized revenues and profit are subject to revisions as the contract progresses to completion. The cumulative effects of revisions of estimated total contract costs and revenues, together with any contract reserves which may be deemed appropriate, are recorded in the period in which they occur. Due to the uncertainties inherent in the estimation process, it is reasonably possible that these estimates will be revised in a different period.

The Company determines the transaction price based on the consideration expected to be received which includes estimates of variable consideration that are included in the transaction price in accordance with ASC 606. The transaction price identified is allocated to each distinct performance obligation to deliver a good or service based on the relative standalone selling prices. For our energy storage products and solutions, services, and digital applications contracts where there are multiple performance obligations in a single contract or we sign separate contracts at or near the same time with the same customer that meet the criteria for combination, the Company allocates the transaction price to the various obligations in the contract based on the relative standalone selling price. Standalone selling prices are estimated based on estimated costs plus margin taking into consideration pricing history and market factors. Generally, our revenues recognized are not sensitive to the Company’s determination of standalone selling prices

We assess any variable consideration using an expected value method which computes a weighted average amount based on a range of potential outcomes. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Estimating variable consideration requires certain estimates and assumptions, including whether and by how much a project will be delayed or if we will not meet certain performance specifications per the contract

Our contracts generally provide our customers the right to liquidated damages (“LDs”) against Fluence in the event specified milestones are not met on time or equipment is not delivered according to contract specifications. Liquidated damages are accounted for as variable consideration and the contract price is reduced by the expected LD amount when recognizing revenue. The existence and measurement of LDs may also be impacted by our judgments about the probability of favorable outcomes of customer disputes involving whether certain events qualify as force majeure or the reason for the events that caused project delays. Variable consideration for LDs is estimated using the expected value method.

Fluence may incur additional costs to execute on the performance of a contract. When this happens, we typically attempt to recover these costs via a change order with the customer. When this fact pattern occurs, it can create a timing difference between when we have incurred the cost versus when we record the proportionate revenue, since costs are recognized immediately when incurred and the revenue is recognized based upon the transaction price, which is usually increased upon signing a respective change order with the customer.

When shipping and handling activities are performed after the customer obtains control of the product, we elect to account for shipping and handling as activities to fulfill the promise to transfer the product.

Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities.

Customer payments are due upon meeting certain milestones as defined in the contract, which are generally consistent with contract-specific phases of a project.

Pre-contract costs with no future benefit are expensed in the period in which they are incurred. Generally, pre-contract costs are not material.

Revenue from Services: The Company also enters into long-term service agreements with customers to provide operational services related to battery-based energy storage products and solutions. The services include extended warranty, maintenance, monitoring, and other services. The Company accounts for the services as separate performance obligations from the battery-based energy storage products and solutions. The extended warranty services are typically considered a separate performance obligation from the maintenance, monitoring and other services. We typically recognize revenue ratably over the terms of the services using a straight-line recognition method. The Company believes using a time-based method to measure progress is appropriate as the performance obligations are satisfied evenly over the terms of services. Revenue is recognized for each of the performance obligations by dividing the allocated transaction price over the service period.

Some of the agreements also provide a commitment to perform augmentation activities which would typically be represented by installation of additional batteries, and other components as needed, to compensate for partially lost capacity due to degradation of batteries over time. The obligation to perform augmentation activities can take the form of either maintaining battery capacity above a given threshold for a stated term while others provide a fixed number of augmentations over a contract term. Augmentation arrangements that require us to maintain battery capacity above established thresholds for a given term may be considered service-type warranties depending on the contract terms. These represent a stand-ready obligation in which the customer benefits evenly over time, of which we recognize revenue for these arrangements using a straight-line recognition method. Alternatively, augmentation arrangements that require us to perform a fixed number of augmentations over a contract term follow the percentage of completion revenue recognition method. Since these arrangements require a fixed number of augmentations we must perform, we use the pattern of cost as a proxy to identify when our obligations are satisfied and to recognize revenue.

Revenue from Digital Applications: The Company provides access to proprietary cloud-based Software-as-a-Service (“SaaS”) offerings through several market facing applications. These applications currently include Fluence Mosaic and Fluence Nispera. Fluence Mosaic is an intelligent bidding software for utility-scale storage and renewable assets, helping to enable customers to optimize asset trading in wholesale electricity markets. Fluence Mosaic is currently available in the NEM (Australia), CAISO (California), ERCOT (Texas), and Japan markets. Fluence Nispera is an asset performance management software that helps customers monitor, analyze, forecast, and optimize the performance of their renewable energy assets. Fluence Nispera is an AI-driven utility-scale asset performance management platform that supports portfolios of energy storage, solar, and wind assets. Customers do not receive legal title or ownership of the applications as a result of these arrangements. The use of the Fluence digital software applications is separately identifiable from other promises that the Company offers to its customers. As such, Fluence digital applications are accounted for as separate performance obligations when combined with other Fluence products, solutions, and services. We consider access to the platform and related support services in a customer contract to be a series of distinct services which comprise a single performance obligation because they are substantially the same and have the same pattern of transfer. We recognize revenue over time using a straight-line recognition method.

Deferred Revenue: Deferred revenue represents the excess billings to date over the amount of revenue recognized to date. The timing and the amount we bill our customer is based on achieving milestones as defined in the contract with the customer.

Loss Contracts: A contract becomes a loss contract when its estimated total costs are expected to exceed its total revenue. The Company accrues the full loss expected in the period a loss contract is identified which is recorded in “Accruals and provisions” and “Cost of goods and services” on the Company’s consolidated balance sheets and consolidated statements of operations, respectively.

Cost of Goods and Services: Cost of goods and services consists primarily of product costs, including purchased materials and supplies, as well as costs related to shipping, customer support, product warranty and personnel. Personnel costs in cost of goods and services includes both direct labor costs as well as costs attributable to any individuals whose

activities relate to the transformation of raw materials or component parts into finished goods or the transportation of materials to the customer. Cost of goods and services are recognized when services are performed or when goods are included in our measure of progress as progress relevant costs, which is when they are restricted to a specific customer’s project.

Inventory, Net

Inventory primarily consists of integrated systems, batteries and related equipment, enclosures, inverters, and spare parts which are used in ongoing battery storage product and solutions projects. Inventory is stated at the lower of cost or net realizable value with cost being determined by the specific identification method. Costs include cost of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. The Company periodically reviews its inventory for potential obsolescence and write down of its inventory, as appropriate, to net realizable value based on its assessment of usefulness and marketability conditions.

Software Development Costs

Our software development costs primarily relate to three categories: (i) internal-use software development costs, (ii) hosting arrangements which are service contracts, and (iii) external-use software development costs. We capitalize costs incurred to purchase or develop software for internal use and software to be sold or leased externally.

Internal-use software development costs are capitalized during the application development stage in accordance with ASC 350-40, Internal-Use Software. These capitalized costs are reflected in “Intangible assets, net” on the condensed consolidated balance sheets and are amortized over the estimated useful life of the software. Our internal-use software relates to our (i) SaaS customer offerings and is amortized to “Cost of goods and services” and (ii) internally developed solutions and are amortized to “Depreciation and amortization.” The useful life of our internal-use software development costs is generally 3 to 5 years.

During the three months ended December 31, 2025 and 2024, the Company capitalized $2.4 million and $1.8 million, respectively, of internal-use software.

Software development costs associated with hosting arrangements are capitalized during the application development stage. These are generally cloud-computing arrangements that are service contracts. The capitalized costs are reflected in “Other non-current assets” on the condensed consolidated balance sheets and are amortized to “General and administrative” once ready for intended use over the estimated useful life of the hosted software. The useful life of our software development costs associated with hosting arrangements is generally the period the Company expects to benefit from its right to access the hosted software plus consideration for any renewal or cancellation periods, which is generally 5 to 7 years.

During the three months ended December 31, 2025 and 2024, the Company capitalized $1.0 million and $10.7 million, respectively, of software development costs related to hosting arrangements.

External-use software development costs developed to be sold or leased externally are capitalized upon the establishment of technological feasibility for a product in accordance with ASC 985-20, Software to be Sold or Leased Externally. These software development costs are reflected in “Intangible assets, net” on our condensed consolidated balance sheets and amortized to “Cost of goods and services” on a product basis by the greater of the straight-line method over the estimated economic life of the product or the ratio that current gross revenues for a product bear to the total current and anticipated future gross revenues for that product. The useful life of our external-use software development costs is generally 5 years.

During the three months ended December 31, 2025 and 2024, the Company capitalized $1.2 million and $0.9 million, respectively, of external-use software to be sold.

Government Incentives and Grants

The Company is entitled to the Section 45X Advanced Manufacturing Production Tax Credit (the “AMPC”) provided by the IRA (which went into effect in 2023), as modified by the One Big Beautiful Bill Act (“OBBBA”) (which went into effect in 2025). The Company recognizes the production tax credits as a reduction to the related cost of goods and services, when there is reasonable assurance that the Company will be able to claim the credits (i.e., upon recognition of revenue and cost of goods and services related to the sold eligible equipment). During the three months ended December 31, 2025 and 2024 the Company recognized a reduction to cost of goods and services of $5.1 million and $0.0 million.

Fair Value Measurements

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs and to minimize the use of unobservable inputs. The following fair value hierarchy, defined by ASC 820, Fair Value Measurements, is used to classify assets and liabilities based on the observable inputs and unobservable inputs used to value the assets and liabilities:

Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 inputs include those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted prices, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace.

Level 3—Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. The Company does not have significant recurring Level 3 fair value measurements.

The Company’s cash equivalents include cash on hand and highly liquid investments readily convertible to cash, with an original maturity of 90 days or less when purchased. Fair value of cash equivalents approximates the carrying amount. The carrying amounts of trade receivables and accounts payable, approximate fair values due to their short maturities.

The fair value of the Company’s foreign currency derivatives is measured on a recurring basis by comparing the contracted forward exchange rate to the current market exchange rate. The foreign currency derivatives are categorized as Level 2 in the fair value hierarchy, as the inputs to the derivative pricing model are generally observable and do not contain a high level of subjectivity. Refer to “Note 18 – Derivatives and Hedging” for details regarding the Company’s derivatives and hedging activities.

The Company estimates the fair value of its 2030 Convertible Senior Notes (defined below) using commonly accepted valuation methodologies and market-based risk measurements that are directly observable, such as unadjusted quoted prices in markets that are not active (Level 2). Refer to “Note 12 – Convertible Senior Notes, Net” for further details.

Derivatives and Hedging

The Company records all derivatives at their gross fair values on the condensed consolidated balance sheets. The accounting for the gains or losses resulting from changes in the fair value of derivatives depends on the intended use of the derivatives, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.

Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are considered cash flow hedges. The gains or losses from designated cash flow hedges are deferred in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The gains or losses will be presented in the same income statement line item as the earnings effect of the hedged item. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. The change in fair value of the components excluded from the assessment of effectiveness are recognized in current period earnings. The changes in fair value of derivatives that are not designated for hedge accounting are recognized in current period earnings.

Convertible Senior Notes, Net

In December 2024, the Company issued $400.0 million aggregate principal amount of 2.25% convertible senior notes due 2030 (the “2030 Convertible Senior Notes”). The Company accounts for its 2030 Convertible Senior Notes as a liability in their entirety, measured at amortized cost. Debt issuance costs incurred in connection with the issuance of the Company’s 2030 Convertible Senior Notes are reflected in the condensed consolidated balance sheets as a direct deduction from the carrying amount of the outstanding 2030 Convertible Senior Notes. These costs are amortized using the effective

interest rate method over the terms of the 2030 Convertible Senior Notes and are included within interest expense on the condensed consolidated statements of operations.

In connection with the issuance of the 2030 Convertible Senior Notes, the Company entered into privately negotiated capped call transactions with certain counterparties. The capped call transactions are generally expected to offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2030 Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, with such reduction and/or offset subject to a cap. Refer to “Note 12 – Convertible Senior Notes, Net” for further details.

Recent Accounting Standards Adopted

The following table presents accounting standards adopted during the three months ended December 31, 2025.


Standard	Description	Period of Adoption	Effect on the financial statements and other significant matters
Accounting Standards Update (“ASU”) No. 2025-12: Codification Improvements	ASU 2025-12 makes updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments affect a wide variety of Topics in the Codification and apply to all reporting entities within the scope of the affected accounting guidance.	As of the three months ended December 31, 2025.	Issue 20: Clarify Guidance for the Transfer of Receivables from Contracts with Customers was early adopted by the Company and applied on the Company’s sale of receivables. Refer to “Note 19 – Sale of Receivables” for further details.

Recent Accounting Standards Not Yet Adopted

The following table presents accounting standards not yet adopted:


Standard	Description	Required date of adoption	Effect on the financial statements and other significant matters
ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures	ASU 2023-09 adopts certain amendments to improve the effectiveness of income tax disclosures, including jurisdictional information, by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid, disaggregated by jurisdiction.	ASU 2023-09 is effective for the Company’s annual report for fiscal year ending September 30, 2026.	The Company is evaluating the impact this guidance will have on income tax disclosures.
SEC Final Rule Release Nos. 33-11275; 34-99678: The Enhancement and Standardization of Climate-Related Disclosures for Investors	SEC Final Rule Release Nos. 33-11275; 34-99678 requires registrants to provide certain climate-related information in their registration statements and annual reports, including climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. In addition, certain disclosures related to severe weather events and other natural conditions will be required in registrants’ annual reports.	SEC Final Rule Release Nos. 33-11275; 34-99678 is effective for the Company’s annual report for fiscal year ending September 30, 2026.	The Company is evaluating the impact this guidance will have on climate-related disclosures.


ASU No. 2024-03: Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	ASU 2024-03 requires disclosure of qualitative and quantitative information about certain costs and expenses in the notes to the financial statements on an interim and annual basis. ASU No. 2025-01: Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, was subsequently issued and clarified the effective date of ASU 2024-03.	ASU 2024-03 is effective for the Company’s annual report for fiscal year ending September 30, 2028 and interim reporting periods beginning from January 1, 2028.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-05: Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets	ASU 2025-05 amends ASC 326-20 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.	ASU 2025-05 is effective for the Company’s annual report for fiscal year ending September 30, 2027 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-06: Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	ASU 2025-06 makes targeted improvements to ASC 350-40 and amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The amendments supersede the guidance on Web site development costs in ASC 350-50 and relocate that guidance, along with the recognition requirements for development costs specific to Web sites, to ASC 350-40.	ASU 2025-06 is effective for the Company’s annual report for fiscal year ending September 30, 2029 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-09: Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	ASU 2025-09 amends certain aspects of the hedge accounting guidance in ASC 815. The amendments are intended to more closely align hedge accounting with the economics of an entity’s risk management activities.	ASU 2025-09 is effective for the Company’s annual report for fiscal year ending September 30, 2028 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-10: Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities	ASU 2025-10 adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants. In developing the ASU’s recognition and measurement framework, the FASB largely leveraged the guidance in IAS 20.	ASU 2025-10 is effective for the Company’s annual report for fiscal year ending September 30, 2030 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.


ASU No. 2025-11: Interim Reporting (Topic 270): Narrow-Scope Improvements	ASU 2025-11 improves the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods and add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.	ASU 2025-11 is effective for the Company’s interim reports within fiscal year ending September 30, 2029.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-12: Codification Improvements	ASU 2025-12 makes updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments affect a wide variety of Topics in the Codification and apply to all reporting entities within the scope of the affected accounting guidance.	ASU 2025-12 is effective for the Company’s annual report for fiscal year ending September 30, 2028 and interim periods within that annual reporting period. Early adoption is permitted in both interim and annual reporting periods, and the Company may elect to early adopt the amendments on an issue-by-issue basis.	Issue 20 was early adopted by the Company and applied for the Company’s sale of receivables. The Company is evaluating the impact of other Issues in this guidance will have on its disclosures.

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Dec. 31, 2025	Sep. 30, 2025
Preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	133,188,976	132,014,571
Common stock, shares outstanding (in shares)	132,220,374	131,164,365
Class B-1 common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	134,325,805	134,325,805
Common stock, shares issued (in shares)	51,499,195	51,499,195
Common stock, shares outstanding (in shares)	51,499,195	51,499,195
Class B-2 common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Goodwill - Narrative (Details) - USD ($)	3 Months Ended
Goodwill - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Commitments and Contingencies

3 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees, Commitments, Letters of Credit, and Surety Bonds

As of December 31, 2025, the Company had outstanding bank guarantees, parent company guarantees, letters of credit, and surety bonds issued as performance security arrangements associated with a number of our customer projects. In addition, we have a limited number of parent company guarantees and letters of credit issued as payment security to certain vendors. These contractual commitments are all accounted for off-balance sheet. In the event that we fail to perform under a project backstopped by such credit support, the customer or vendor, respectively, may demand performance and/or payment, as applicable, pursuant to the terms of the project contract or vendor contract and applicable credit support instrument from the Company, surety, or bank, as the case may be. Our relationship with our sureties is such that we will indemnify the sureties for any damages and expenses they incur in connection with any of the bonds they issue on our behalf and we may be required to post collateral to support the bonds. With respect to letters of credit, in the event of non-performance under a contract, direct obligations to repay the banks may arise. The Company expects that its performance and payment obligations secured by these bank guarantees, parent company guarantees, letters of credit, and surety bonds will generally be completed in the ordinary course of business and in accordance with the applicable contractual terms.


	Amount (in $ millions)	Number of Agreements	Maximum Exposure Range for Each Agreement (in $ millions)
Guarantees and commitments	$4,968	93	$0 - 422.6
Letters of credit under bilateral credit facilities	6	5	0.1 - 3
Letters of credit under 2024 Revolver	122	36	0 - 22.5
Surety bonds	611	69	0 - 79.2
Total	$5,707	203

Purchase Commitments

The Company has commitments for minimum volumes or spend under master supply agreements with our vendors. The majority of the commitments are for purchases of battery cells and modules. Liquidated damages apply if the minimum purchase volumes or spend are not met. The Company currently expects to meet the minimum committed volumes of purchases and spend. The following table presents our future minimum purchase commitments by fiscal year, primarily for battery cells and modules, and liquidated damages, if the minimum purchase volumes or spend are not met, as of December 31, 2025:


in thousands	Purchase Commitment		Liquidated Damages
2026	68,244		—
2027	1,224,096		92,796
2028	864,920		58,100
2029	244,120		8,100
2030 and thereafter	237,000		$	8,100
Total	$	2,638,380	$	167,096

The Company makes advance payments as capacity guarantees pursuant to purchase agreements with our suppliers. As of December 31, 2025, $50.6 million is recorded within “Advances to suppliers” and $46.5 million is recorded within “Other non-current assets” on the condensed consolidated balance sheets.

Product Performance Guarantees

Typical energy storage products and solutions contracts and long-term service agreements contain provisions for performance liquidated damages payments if the energy storage solution fails to meet the guaranteed performance thresholds at completion of the project or throughout the service agreement period.

Warranties

The Company provides both assurance and service-type warranties to its customers. The Company recognizes revenue for service-type warranties, which are referred to as extended warranties, using a straight-line approach over the service period.

The Company provides assurance-type warranties, apart from the service-type warranties described above, related to the successful operation of battery-based energy storage solutions which typically extend from one to five years, beginning at the commercial operation date or substantial completion date, depending on the contract terms. The warranties are considered assurance-type warranties which provide a guarantee of quality of the products. The Company records an estimate of future warranty cost over the period of construction, consistent with transfer of control and revenue recognition. Additionally, we accrue estimated liability cost of specific reserves or recalls when they are probable and estimable if identified. Warranty expense is recorded as a component of “Costs of goods and services” in the Company’s condensed consolidated statements of operations.

The Company’s assurance-type warranties are often backed by supplier covered warranties for major original equipment manufacturers (OEMs) such as batteries and inverters, which is included in our estimated warranty liability. For warranty obligations covered by supplier warranties, the Company records a corresponding asset for the contractually recoverable amounts due to the fact that the contracts are enforceable, the suppliers are financially viable, and we have a history of satisfying claims with our suppliers. The asset is recorded within “Other current assets” and “Other non-current assets” on the condensed consolidated balance sheets.

As of December 31, 2025 and September 30, 2025, the Company accrued the below estimated warranty liabilities, which the table reflects three months activity and twelve months activity, respectively:


In thousands	December 31, 2025		September 30, 2025
Warranty balance, beginning	$	51,807	$	40,242
Warranties issued and assumed in period	3,729		22,409
Change in estimates	—		3,173
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(2,505)		(14,017)
Warranty balance, ending	$	53,031	$	51,807
Less: Recoverable warranty costs from suppliers	24,758		23,578
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$	28,273	$	28,229

The key inputs and assumptions used to estimate our warranty liability are: (1) the expected failure rate, representing the number of units projected to fail or require repair; and (2) the per unit cost to repair or replace, including shipping, labor, and equipment costs.

The assurance warranty liability and related warranty asset are reviewed quarterly and may be adjusted based on actual results, performance trends, or other qualitative factors. These estimates are subject to uncertainty, and differences between the actual failure rates or replacement costs and our assumptions may result in material changes.

Legal Contingencies

From time to time, the Company may be involved in litigation, government investigations, and other regulatory or legal proceedings relating to claims that arise out of our operations and businesses and that cover a wide range of matters, including, but not limited to, securities litigation, intellectual property matters, commercial and contract disputes, insurance and property damage claims, labor and employment claims, torts and personal injury claims, product liability claims, environmental claims, fire safety claims, and warranty claims. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. It is reasonably possible that some matters could have an unfavorable result to the Company and could require the Company to pay damages or make expenditures in amounts that could be material.

2021 Overheating Event at Customer Facility

As we previously reported, on September 4, 2021, a 300 MW energy storage facility owned by one of our customers experienced an overheating event. Fluence served as the energy storage technology provider and designed and installed portions of the facility, which was completed in the fiscal year ended September 30, 2021. The customer alleged that Fluence was partially liable for the incident, and Fluence denied those allegations. Following the incident, the customer made substantial changes to the facility’s fire suppression system without Fluence’s involvement. In December 2025, the matter was settled for an immaterial amount by the Company in conjunction with its insurers and subcontractors on confidential terms. The settlement includes a full release of the claims against the Company and no admission of responsibility or ultimate liability by the Company for the 2021 incident. As reported by the customer, it has other pending issues with the facility related to a more recent incident in January 2025 that have resulted in litigation against the customer and others, but not Fluence. Notwithstanding the December 2025 settlement with the customer, we may be subject to legal and regulatory proceedings relating to these matters or other similar proceedings arising in the ordinary course of our business. The outcome of these proceedings is inherently uncertain, and we cannot predict the timing or resolution of any such matters.

2023 Project-Related Litigation

In October 2023, Fluence filed a complaint in the Superior Court of California, Contra Costa County, against Diablo Energy Storage, LLC, Empire Business Park, LLC, the Bank of New York Mellon and others, seeking approximately $37.0 million in damages arising from the supply and construction of an energy storage facility for the defendants, including for the defendants’ nonpayment of contractual amounts owed. On or about November 10, 2023, Defendant Diablo Energy Storage, LLC filed a cross-complaint against Fluence, seeking a minimum of $25.0 million of alleged damages and disgorgement of all compensation received by Fluence for the project, in the amount of approximately $230.0 million. The disgorgement claim was based upon an alleged deficiency in Fluence’s contractor license. In December 2025, Fluence obtained a court dismissal of Diablo’s $230.0 million disgorgement claim. Fluence denies the other allegations in the cross-complaint and intends to vigorously defend against them and to enforce our claims against the defendants. We are currently not able to estimate the impact, if any, that this litigation may have on our reputation or financial results, or on market adoption of our products and solutions.

SEC Investigation

On February 22, 2024, as previously disclosed, a short-seller report was published about the Company (the “Short Seller Report”). In response to the Short Seller Report, the Audit Committee of the Company’s Board of Directors completed an internal investigation, with the assistance of outside counsel and forensic accountants, into the allegations in the Short Seller Report. The Company has been informed that the SEC is conducting a formal investigation and asking for certain information regarding our financial reporting. The Company is fully cooperating with the SEC’s investigation. While we are unable to predict the likely outcome of this matter or the potential cost, exposure or duration of the process, based on the information we currently possess, we do not expect the total potential cost to be material to our financial condition.

Securities Class Actions

On March 11, 2025, a putative federal securities class action complaint captioned Abramov v. Fluence Energy, Inc. et al. (Case No. 1:25-cv-00444) was filed in the United States District Court, Eastern District of Virginia, against the Company and certain of the Company’s executive officers. On April 15, 2025, a putative federal securities class action complaint captioned Kramer v. Fluence Energy, Inc. et al. (Case No. 1:25-cv-00634) was filed in the United States District Court, Eastern District of Virginia, against the Company, certain of the Company’s current and former executive officers, AES Grid Stability, and AES. Both actions purported to be brought on behalf of a purported class of stockholders, and asserted violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Rule 10b-5 promulgated thereunder. The complaints sought unspecified damages and other relief. On May 30, 2025, the United States District Court, Eastern District of Virginia ordered the consolidation of the Abramov and Kramer cases, captioned the consolidated matter In re Fluence Energy, Inc. Securities Litigation (Case No. 1:25-cv-00444-PTG-IDD) and appointed a lead plaintiff and lead counsel. The court-appointed lead plaintiff subsequently filed a consolidated complaint that asserts claims under Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder against the Company, AES Grid Stability, AES, and certain of the Company’s former and current executive officers. The consolidated complaint seeks unspecified damages and other relief. The defendants filed a motion to dismiss the consolidated complaint on July 11, 2025. The Company does not believe the consolidated complaint states any meritorious claim and intends to defend this case vigorously.

Shareholder Derivative Actions

On March 25, 2025, a purported stockholder, Raffi Elmajian, filed a shareholder derivative complaint captioned Elmajian v. Nebreda et al. in the United States District Court, Eastern District of Virginia (Case No. 1:25-cv-521) against current and former officers and directors of the Company, naming the Company as a nominal defendant. On April 3, 2025, a purported stockholder, Diaa Al Amad, filed a second shareholder derivative complaint captioned Al Amad v. Nebreda et al. in the United States District Court, Eastern District of Virginia (Case No. 1:25-cv-577) against current and former officers and directors of the Company, naming the Company as a nominal defendant. Both derivative complaints allege claims under Section 14(a) of the Exchange Act and Rule 14-9 promulgated thereunder, and breaches of fiduciary duties, among other claims. The actions purport to be brought derivatively on behalf of the Company and seek damages and other various relief. On April 22, 2025, the United States District Court, Eastern District of Virginia ordered the consolidation of the Elmajian and Al Amad cases, captioned In re Fluence Energy, Inc. Shareholder Derivative Litigation (Case No.: 1:25-cv-00521). On July 21, 2025, the United States District Court, Eastern District of Virginia ordered a stay on all proceedings and deadlines in the consolidated derivative matter until resolution of the consolidated securities class action detailed above. On January 16, 2026, a purported stockholder, Jung Jae Hyung, filed a shareholder derivative complaint captioned Hyung v. Nebreda et al. in the United States District Court for the District of Delaware (Case No. 1:26-cv-00050) against current and former officers and directors of the Company, naming the Company as a nominal defendant. The Company believes the claims in the complaints are without merit and intends to defend the matter vigorously.

Summary of Significant Accounting Policies and Estimates - Software Development Costs (Details) $ in Millions	3 Months Ended
	Dec. 31, 2025 USD ($) Category	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of categories \| Category	3
Capitalized internal-use software
Finite-Lived Intangible Assets [Line Items]
Capitalized software costs	$ 2.4	$ 1.8
Capitalized internal-use software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	3 years
Capitalized internal-use software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Hosting Arrangements
Finite-Lived Intangible Assets [Line Items]
Capitalized software costs	$ 1.0	10.7
Hosting Arrangements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Hosting Arrangements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years
External-Use Software Development Cost
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Capitalized software costs	$ 1.2	$ 0.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt (Details) - 2024 Revolver - Line of Credit	Aug. 06, 2024 USD ($)	Dec. 31, 2025 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000
Outstanding borrowings		$ 0
Letters of credit outstanding, amount		121,700,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Leverage ratio	3.50
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Line cap additional threshold amount	$ 150,000,000
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Line cap additional threshold amount	$ 100,000,000
Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Interest rate	2.00%
Revolving Credit Facility \| Adjust Term SOFR Rate, Adjusted EURIBOR Rate, Or Adjusted Term CORRA Rate
Line of Credit Facility [Line Items]
Interest rate	3.00%
Revolving Credit Facility \| Daily Simple RFR
Line of Credit Facility [Line Items]
Interest rate	3.00%
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Letter of credit participation fee	0.50%
Letter of Credit Issued
Line of Credit Facility [Line Items]
Long term debt		$ 378,300,000

Supply Chain Financing	3 Months Ended
Supply Chain Financing	Dec. 31, 2025
Payables and Accruals [Abstract]
Supply Chain Financing	Supply Chain Financing The Company provides certain of our suppliers with access to a supply chain financing program through a certain third-party financing institution (the “SCF Bank”). This program allows the Company to seek extended payment terms up to 120 days with our suppliers and allows our suppliers to monetize their receivables prior to the payment due date, subject to a discount. The Company does not pledge any assets as collateral under this program. Once a supplier elects to participate in this program and reaches an agreement with SCF Bank, the supplier chooses which individual invoices to sell to the SCF Bank. The Company then pays SCF Bank on the applicable due date. The Company has no economic interest in a supplier’s decision to sell an underlying receivable to SCF Bank. The agreements between our suppliers and SCF Bank are solely at their discretion and are negotiated directly between those two parties. Our suppliers’ ability to continue using such agreements is primarily dependent upon the strength of our financial condition and guarantees issued by AES and Siemens Corporation, a subsidiary of Siemens, pursuant to the terms of the Credit Support and Reimbursement Agreement. As of December 31, 2025, AES and Siemens Corporation issued guarantees of $50 million each, for a total of $100 million, to SCF Bank on our behalf. For the three months ended December 31, 2025, no suppliers were actively participating in this supply chain financing program. The Company had no outstanding obligations confirmed as valid under the program as of December 31, 2025. The Company entered into a new $150.0 million supply chain financing arrangement (the “New SCF Facility”) with a third-party financial institution (the “New SCF Bank”) on August 8, 2025. This New SCF Facility allows the Company to seek extended payment terms with our suppliers and allows our suppliers to monetize their receivables prior to the payment due date, subject to a discount. Such sales are at the sole discretion of the supplier, and on terms and conditions that are negotiated between the supplier and the New SCF Bank. The Company is not a party to the arrangement between its suppliers and the New SCF Bank and the Company has no economic interest in a supplier’s decision to sell an underlying receivable to the New SCF Bank. The Company does not provide secured legal assets or other forms of guarantees under this arrangement, nor do any of the Company’s affiliates. Under the New SCF Facility, the Company is required to maintain a liquidity ratio of 2:1 as of the last day of each calendar month. Liquidity ratio is defined as the ratio of (i) liquidity to (ii) the sum of (x) the aggregate outstanding notional amount of all receivables, bills of exchange or similar negotiable instruments purchased by the original SCF Bank under the existing supply chain financing arrangement described above and (y) the aggregate outstanding notional amount of payables outstanding under this New SCF Facility. Liquidity under the New SCF Facility includes the Company’s cash and cash equivalents and aggregate availability under the Company’s committed credit facilities, including the 2024 Revolver. For the three months ended December 31, 2025, two suppliers participated in the New SCF Facility. The payment terms the Company has with the suppliers who participate in the New SCF Facility are generally consistent with the typical terms the Company has with the suppliers who do not participate. The Company had outstanding obligations of $11.4 million confirmed as valid under the program as of December 31, 2025. All outstanding payments owed under the program are recorded within “Accounts Payable” on the condensed consolidated balance sheets.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Inventory, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025
Inventory [Line Items]
Cost	$ 564,747	$ 485,908
Provision	(24,109)	(30,893)
Net	540,638	455,015
Integrated Systems, batteries, and other equipment
Inventory [Line Items]
Cost	541,684	463,493
Provision	(24,088)	(30,891)
Net	517,596	432,602
Spare parts
Inventory [Line Items]
Cost	23,063	22,415
Provision	(21)	(2)
Net	$ 23,042	$ 22,413

Accruals and Provisions (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025
Supplier Finance Program [Line Items]
Accruals for software development costs	$ 48	$ 23
Provisions for expected project losses	14,298	15,684
Current portion of warranty accrual	22,017	20,765
Total	278,024	246,235
Nonrelated Party
Supplier Finance Program [Line Items]
Accruals	240,719	203,410
Related Party
Supplier Finance Program [Line Items]
Accruals	$ 942	$ 6,353

Convertible Senior Notes, Net - Net Carrying Value and Fair Value of Convertible Senior Notes (Details) - Convertible Senior Notes 2030 - Convertible Debt - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal Amount	$ 400,000,000	$ 400,000,000
Unamortized Debt Issuance Costs	(8,746,000)
Long-term debt, fair value	488,976,000
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Net Carrying Amount	$ 391,254,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
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- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

Summary of Significant Accounting Policies and Estimates - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 452,563	$ 690,768
Restricted cash	25,211	23,862
Total cash, cash equivalents and restricted cash	$ 477,774	$ 714,630	$ 654,409	$ 518,706

Summary of Significant Accounting Policies and Estimates (Policies)

3 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Accounting

Consolidation

The accompanying condensed consolidated financial statements include the accounts of Fluence Energy, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Non-Controlling Interest

Use of Estimates

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash on-hand and highly liquid investments readily convertible to cash, with an original maturity of 90 days or less when purchased.

Revenue and Cost Recognition

Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities.

Customer payments are due upon meeting certain milestones as defined in the contract, which are generally consistent with contract-specific phases of a project.

Pre-contract costs with no future benefit are expensed in the period in which they are incurred. Generally, pre-contract costs are not material.

Inventory, Net

Software Development Costs

During the three months ended December 31, 2025 and 2024, the Company capitalized $2.4 million and $1.8 million, respectively, of internal-use software.

During the three months ended December 31, 2025 and 2024, the Company capitalized $1.0 million and $10.7 million, respectively, of software development costs related to hosting arrangements.

Government Incentives and Grants

Fair Value Measurements

Derivatives and Hedging

Convertible Senior Notes, Net

The Company accounts for its 2030 Convertible Senior Notes as a liability in their entirety, measured at amortized cost. Debt issuance costs incurred in connection with the issuance of the Company’s 2030 Convertible Senior Notes are reflected in the condensed consolidated balance sheets as a direct deduction from the carrying amount of the outstanding 2030 Convertible Senior Notes. These costs are amortized using the effective

interest rate method over the terms of the 2030 Convertible Senior Notes and are included within interest expense on the condensed consolidated statements of operations.

Recent Accounting Standards Adopted and Recent Accounting Standards Not Yet Adopted

The following table presents accounting standards adopted during the three months ended December 31, 2025.


Standard	Description	Period of Adoption	Effect on the financial statements and other significant matters
Accounting Standards Update (“ASU”) No. 2025-12: Codification Improvements	ASU 2025-12 makes updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments affect a wide variety of Topics in the Codification and apply to all reporting entities within the scope of the affected accounting guidance.	As of the three months ended December 31, 2025.	Issue 20: Clarify Guidance for the Transfer of Receivables from Contracts with Customers was early adopted by the Company and applied on the Company’s sale of receivables. Refer to “Note 19 – Sale of Receivables” for further details.

Recent Accounting Standards Not Yet Adopted

The following table presents accounting standards not yet adopted:


Standard	Description	Required date of adoption	Effect on the financial statements and other significant matters
ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures	ASU 2023-09 adopts certain amendments to improve the effectiveness of income tax disclosures, including jurisdictional information, by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid, disaggregated by jurisdiction.	ASU 2023-09 is effective for the Company’s annual report for fiscal year ending September 30, 2026.	The Company is evaluating the impact this guidance will have on income tax disclosures.
SEC Final Rule Release Nos. 33-11275; 34-99678: The Enhancement and Standardization of Climate-Related Disclosures for Investors	SEC Final Rule Release Nos. 33-11275; 34-99678 requires registrants to provide certain climate-related information in their registration statements and annual reports, including climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. In addition, certain disclosures related to severe weather events and other natural conditions will be required in registrants’ annual reports.	SEC Final Rule Release Nos. 33-11275; 34-99678 is effective for the Company’s annual report for fiscal year ending September 30, 2026.	The Company is evaluating the impact this guidance will have on climate-related disclosures.


ASU No. 2024-03: Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	ASU 2024-03 requires disclosure of qualitative and quantitative information about certain costs and expenses in the notes to the financial statements on an interim and annual basis. ASU No. 2025-01: Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, was subsequently issued and clarified the effective date of ASU 2024-03.	ASU 2024-03 is effective for the Company’s annual report for fiscal year ending September 30, 2028 and interim reporting periods beginning from January 1, 2028.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-05: Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets	ASU 2025-05 amends ASC 326-20 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.	ASU 2025-05 is effective for the Company’s annual report for fiscal year ending September 30, 2027 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-06: Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	ASU 2025-06 makes targeted improvements to ASC 350-40 and amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The amendments supersede the guidance on Web site development costs in ASC 350-50 and relocate that guidance, along with the recognition requirements for development costs specific to Web sites, to ASC 350-40.	ASU 2025-06 is effective for the Company’s annual report for fiscal year ending September 30, 2029 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-09: Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	ASU 2025-09 amends certain aspects of the hedge accounting guidance in ASC 815. The amendments are intended to more closely align hedge accounting with the economics of an entity’s risk management activities.	ASU 2025-09 is effective for the Company’s annual report for fiscal year ending September 30, 2028 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-10: Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities	ASU 2025-10 adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants. In developing the ASU’s recognition and measurement framework, the FASB largely leveraged the guidance in IAS 20.	ASU 2025-10 is effective for the Company’s annual report for fiscal year ending September 30, 2030 and interim periods within that annual reporting period.	The Company is evaluating the impact this guidance will have on its disclosures.


ASU No. 2025-11: Interim Reporting (Topic 270): Narrow-Scope Improvements	ASU 2025-11 improves the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods and add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.	ASU 2025-11 is effective for the Company’s interim reports within fiscal year ending September 30, 2029.	The Company is evaluating the impact this guidance will have on its disclosures.
ASU No. 2025-12: Codification Improvements	ASU 2025-12 makes updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments affect a wide variety of Topics in the Codification and apply to all reporting entities within the scope of the affected accounting guidance.	ASU 2025-12 is effective for the Company’s annual report for fiscal year ending September 30, 2028 and interim periods within that annual reporting period. Early adoption is permitted in both interim and annual reporting periods, and the Company may elect to early adopt the amendments on an issue-by-issue basis.	Issue 20 was early adopted by the Company and applied for the Company’s sale of receivables. The Company is evaluating the impact of other Issues in this guidance will have on its disclosures.

Income (loss) per Share

Leases

The Company’s right-of-use assets and lease liabilities primarily relate to offices, warehouses, and production lines. The Company’s leases generally have remaining lease terms of one year to nine years. Certain of the Company’s leases contain renewal, extension, or termination options. The Company assesses each option on an individual basis and will only include options reasonably certain of exercise in the lease term. The Company generally considers the

base term to be the term provided in the contract. None of the Company’s operating lease agreements contain material options to purchase the leased property, material residual value guarantees, or material restrictions or covenants.

Revenue from Contracts with Customers - Geographical Regions (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 475,234	$ 186,788
Americas (North, Central, and South America)
Disaggregation of Revenue [Line Items]
Total revenue	333,782	97,341
APAC (Asia Pacific)
Disaggregation of Revenue [Line Items]
Total revenue	68,033	29,805
EMEA (Europe, Middle-East, and Africa)
Disaggregation of Revenue [Line Items]
Total revenue	$ 73,419	$ 59,642

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Revenue from Contracts with Customers - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Nonrelated Party
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning of period	$ 640,457	$ 274,499
Additions	306,679	342,560
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(142,647)	(44,324)
Deferred revenue end of period	804,489	572,735
Related Party
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning of period	79,916	38,162
Additions	15,235	2,351
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(36,536)	(7,344)
Deferred revenue end of period	$ 58,615	$ 33,169

Revenue from Contracts with Customers

3 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue is primarily derived from sales of our energy storage products and solutions. The following table presents the Company’s revenue disaggregated by product or service type:


In thousands	Three Months Ended December 31,
	2025		2024
Revenue from energy storage products and solutions	$	450,881	$	169,752
Revenue from services	22,489		15,666
Revenue from digital applications and solutions	1,864		1,370
Total	$	475,234	$	186,788

The following table presents the Company’s revenue disaggregated by geographical region. Revenues are attributed to regions based on location of customers:


In thousands	Three Months Ended December 31,
	2025		2024
Americas (North, Central, and South America)	$	333,782	$	97,341
APAC (Asia Pacific)	68,033		29,805
EMEA (Europe, Middle-East, and Africa)	73,419		59,642
Total	$	475,234	$	186,788

Customer Concentration

For the three months ended December 31, 2025, the Company’s top three customers, in the aggregate, accounted for approximately 57% of total revenue.

For the three months ended December 31, 2024, the Company’s top two customers, in the aggregate, accounted for approximately 50% of total revenue.

Deferred Revenue

Deferred revenue from related parties is included in the Company’s condensed consolidated balance sheets. The following table provides information about deferred revenue from contracts with customers:


In thousands	Three Months Ended December 31,
	2025		2024
Deferred revenue, beginning of period	$	640,457	$	274,499
Additions	306,679		342,560
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(142,647)		(44,324)
Deferred revenue end of period	$	804,489	$	572,735


In thousands	Three Months Ended December 31,
	2025		2024
Deferred revenue from related parties, beginning of period	$	79,916	$	38,162
Additions	15,235		2,351
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(36,536)		(7,344)
Deferred revenue from related parties, end of period	$	58,615	$	33,169

Remaining Performance Obligations

The Company’s remaining performance obligations (“backlog”) represent the unrecognized revenue value of its 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.

As of December 31, 2025, the Company had $5.5 billion of remaining performance obligations related to contractual commitments, of which we expect to recognize in revenue approximately 57% to 62% in the next 12 months, with the remainder recognized in revenue in periods thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3.4	$ 2.3
Capitalized software amortization expense	$ 1.8	$ 1.3

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Leases

3 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The amounts of assets and liabilities and other information for the Company’s operating and finance leases are as follows:


In thousands	Balance Sheet Caption	December 31, 2025		September 30, 2025
Right-of-use assets:
Operating leases	Other non-current assets	$	9,783	$	11,256
Finance leases	Property and equipment, net	19,989		22,057
Total right-of-use assets		29,772		33,313

Lease liabilities:
Operating leases	Other current liabilities	$	6,816	$	6,789
	Other non-current liabilities	3,516		5,044
Finance leases	Other current liabilities	2,554		3,492

Total lease liabilities		$	12,886	$	15,325

Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 5,288	$ 5,308
Cost of goods and services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	504	883
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	221	423
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	823	238
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3,740	$ 3,764

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Narrative (Details)	1 Months Ended	3 Months Ended		12 Months Ended
Stock-Based Compensation - Narrative (Details)	Apr. 30, 2022 shares	Dec. 31, 2025 USD ($) round metric $ / shares shares	Dec. 31, 2024 USD ($)	Sep. 30, 2021 USD ($) shares	Sep. 30, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $		$ 5,288,000	$ 5,308,000
Financial performance metric \| metric		2
Cumulative adjusted EBITDA during performance period, percentage		65.00%
Cumulative revenue during performance period, percentage		35.00%
Performance period		2 years
Award settlement period		60 days
Threshold performance, percentage		0.00%
Nispera \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $		$ 6,900,000
Granted (in shares)		0
Class B units issued (in shares)	531,202
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		50.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		200.00%
The Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding, options (in shares)		1,739,395
Unrecognized stock compensation expense \| $		$ 0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class A common stock reserved (in shares)				9,500,000
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $				$ 0
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan \| The Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period (in years)		10 years
Options outstanding, weighted average exercise price per share (usd per share) \| $ / shares		$ 2.45
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service requirement (in years)		3 years
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan \| 2021 Plan \| 6 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.33%
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan \| 2021 Plan \| 18 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.33%
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan \| 2021 Plan \| 30 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.33%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		2,081,778			2,232,320
Deferred revenue \| $		$ 21,100,000
Granted (in shares)		620,337
Non Qualified Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service requirement (in years)		3 years
Granted (in shares)		0
Non Qualified Stock Option \| 6 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.33%
Non Qualified Stock Option \| 18 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.33%
Non Qualified Stock Option \| 30 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.33%
Non Qualified Stock Option \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock compensation expense \| $		$ 1,200,000
Granted (in shares)		435,302
Outstanding performance share units (“PSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		1,046,209
Deferred revenue \| $		$ 9,300,000
Granted (in shares)		502,304
Rounds of grants \| round		2