0001868941-24-000045 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Mar. 31, 2024	Sep. 30, 2023
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)	128,081,961	119,593,409
Common stock, shares outstanding (in shares)	127,387,538	118,903,435
Class B-1 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)	51,499,195	58,586,695
Common stock, shares outstanding (in shares)	51,499,195	58,586,695
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

Intangible Assets, Net

6 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

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


In thousands	March 31, 2024						September 30, 2023
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Patents and licenses	$	28,674	$	(11,969)	$	16,705	$	28,673	$	(11,002)	$	17,671
Developed technology	29,663		(6,485)		23,178		29,430		(5,218)		24,212
Customer relationship	4,334		(1,611)		2,723		4,277		(1,233)		3,044
Trade names/Trademarks	5,276		(3,655)		1,621		5,265		(3,337)		1,928
Capitalized internal-use software	10,478		(1,515)		8,963		6,458		(762)		5,696
Capitalized software to be sold	4,295		(313)		3,982		3,266		(65)		3,201

Total	$	82,720	$	(25,548)	$	57,172	$	77,369	$	(21,617)	$	55,752

Intangible assets are amortized over their estimated useful lives on a straight-line basis. Total amortization expense for the three months ended March 31, 2024 and 2023 was $1.7 million and $1.4 million, respectively. The amortization expense for the three months ended March 31, 2024 included $0.6 million for capitalized software. No capitalized software amortization expense was recorded for the three months ended March 31, 2023. Total amortization expense for the six months ended March 31, 2024 and 2023 was $3.9 million and $2.9 million, respectively. The amortization expense for the six months ended March 31, 2024 included $1.0 million for capitalized software. No capitalized software amortization expense was recorded for the six months ended March 31, 2023.

Intangible Assets, Net (Details) - USD ($)	3 Months Ended		6 Months Ended
Intangible Assets, Net (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 82,720,000		$ 82,720,000		$ 77,369,000
Accumulated Amortization	(25,548,000)		(25,548,000)		(21,617,000)
Net	57,172,000		57,172,000		55,752,000
Amortization expense	1,700,000	$ 1,400,000	3,900,000	$ 2,900,000
Capitalized software amortization expense	600,000	$ 0	1,000,000.0	$ 0
Patents and licenses
Finite-Lived Intangible Assets [Line Items]
Cost	28,674,000		28,674,000		28,673,000
Accumulated Amortization	(11,969,000)		(11,969,000)		(11,002,000)
Net	16,705,000		16,705,000		17,671,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Cost	29,663,000		29,663,000		29,430,000
Accumulated Amortization	(6,485,000)		(6,485,000)		(5,218,000)
Net	23,178,000		23,178,000		24,212,000
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Cost	4,334,000		4,334,000		4,277,000
Accumulated Amortization	(1,611,000)		(1,611,000)		(1,233,000)
Net	2,723,000		2,723,000		3,044,000
Trade names/Trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	5,276,000		5,276,000		5,265,000
Accumulated Amortization	(3,655,000)		(3,655,000)		(3,337,000)
Net	1,621,000		1,621,000		1,928,000
Capitalized internal-use software
Finite-Lived Intangible Assets [Line Items]
Cost	10,478,000		10,478,000		6,458,000
Accumulated Amortization	(1,515,000)		(1,515,000)		(762,000)
Net	8,963,000		8,963,000		5,696,000
Capitalized software to be sold
Finite-Lived Intangible Assets [Line Items]
Cost	4,295,000		4,295,000		3,266,000
Accumulated Amortization	(313,000)		(313,000)		(65,000)
Net	$ 3,982,000		$ 3,982,000		$ 3,201,000

Income Taxes	6 Months Ended
Income Taxes	Mar. 31, 2024
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 $1.7 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate for the three months ended March 31, 2024 and 2023 was 11.5% and 0.3%, respectively. For the three months ended March 31, 2024, the Company’s effective tax rate differs from the U.S. statutory tax rate of 21% primarily due to valuation allowances. For the three months ended March 31, 2023, the Company’s effective tax rate differs from the U.S. statutory tax rate of 21% primarily due to flow-through losses attributable to the Founders, valuation allowances, and foreign exchange gains. Income tax benefit was $2.9 million and $0.7 million for the six months ended March 31, 2024 and 2023, respectively. The effective tax rate for the six months ended March 31, 2024 and 2023 was 7.0% and 1.0%, respectively. For the six months ended March 31, 2024, the Company’s effective tax rate differs from the U.S. statutory tax rate of 21% primarily due to valuation allowances. For the six months ended March 31, 2023, the Company’s effective tax rate differs from the U.S. statutory tax rate of 21% primarily due to flow-through losses attributable to the Founders, valuation allowances, and foreign exchange gains. As of each of March 31, 2024 and September 30, 2023, 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 March 31, 2024 and September 30, 2023, 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 Company’s Tax Receivable Agreement, dated as of November 1, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC and the Founders (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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Current Accruals and Provisions (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Payables and Accruals [Abstract]
Accruals	$ 133,251	$ 148,906
Provisions for expected project losses	12,988	12,072
Current portion of warranty accrual	13,374	11,245
Total	$ 159,613	$ 172,223

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount of remaining performance obligations		$ 3,700.0
Change in estimate of transaction price	$ 84.1	$ 81.8
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Two Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenue percentage		72.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Three Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenue percentage			58.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations		60.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected time period of satisfaction (in years)		12 months

Goodwill - Narrative (Details) - USD ($)	6 Months Ended
Goodwill - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0

Debt - Pledged as Collateral (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Line of Credit Facility [Line Items]
Financing receivable, amount transferred	$ 30,900	$ 24,300
Proceeds from borrowing against note receivable - pledged as collateral	$ 27,000	$ 21,100
Interest income, net			$ 1,261	$ 2,075	$ 3,254	$ 2,731
Interest Income, Operating					2,300
Interest expense					2,100
Asset-Backed Securities, Securitized Loans and Receivables
Line of Credit Facility [Line Items]
Interest income, net					$ 200

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References + Details

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
John Zahurancik [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		John Zahurancik, Senior Vice President and President, Americas On March 14, 2024, Mr. Zahurancik modified his existing Rule 10b5-1 sales plan (the “Amended Zahurancik Plan”), initially adopted on December 15, 2023. The Amended Zahurancik Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c). The Amended Zahurancik Plan provides for the potential exercise of vested stock options and the associated sale of up to an aggregate of 25,000 shares of Class A common stock. The Zahurancik Plan terminates on the earlier of (i) June 20, 2024, or (ii) such date the Amended Zahurancik Plan is otherwise terminated according to its terms. Mr. Zahurancik sold no shares under his original Rule 10b5-1 sales plan prior to modification on March 14, 2024.
Name	John Zahurancik
Title	Senior Vice President and President,
Adoption Date	March 14, 2024
Arrangement Duration	102 days
Aggregate Available	25,000	25,000

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Roll Forward]
Goodwill, Beginning of the period	$ 26,020	$ 24,851
Foreign currency adjustment	246	1,093
Goodwill, End of the period	$ 26,266	$ 25,944

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Intangible Assets, Net (Tables)

6 Months Ended

Mar. 31, 2024

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	March 31, 2024						September 30, 2023
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Patents and licenses	$	28,674	$	(11,969)	$	16,705	$	28,673	$	(11,002)	$	17,671
Developed technology	29,663		(6,485)		23,178		29,430		(5,218)		24,212
Customer relationship	4,334		(1,611)		2,723		4,277		(1,233)		3,044
Trade names/Trademarks	5,276		(3,655)		1,621		5,265		(3,337)		1,928
Capitalized internal-use software	10,478		(1,515)		8,963		6,458		(762)		5,696
Capitalized software to be sold	4,295		(313)		3,982		3,266		(65)		3,201

Total	$	82,720	$	(25,548)	$	57,172	$	77,369	$	(21,617)	$	55,752

Inventory, Net (Tables)

6 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory consisted of the following:


In thousands	March 31, 2024						September 30, 2023
	Cost		Provision		Net		Cost		Provision		Net
Cubes, batteries, and other equipment	$	318,374	$	(13,971)	$	304,403	$	221,711	$	(105)	$	221,606
Spare parts	4,932		(276)		4,656		3,469		(172)		3,297
Total	$	323,306	$	(14,247)	$	309,059	$	225,180	$	(277)	$	224,903

Stock-Based Compensation (Tables)

6 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Outstanding Options Granted

The following table summarizes activity under the 2021 Incentive Plan for the six months ended March 31, 2024:


			Number of RSUs
Outstanding as of October 1, 2023			1,843,570
Granted			885,980
Vested			(375,663)
Forfeited			(242,284)
Outstanding as of March 31, 2024			2,111,603

Schedule of Stock Based Compensation Expense

Stock-based compensation expense was recorded as follows:


In thousands	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Cost of goods and services	$	1,121	$	1,256	$	2,380	$	2,156
Research and development	665		1,596		1,391		3,956
Sales and marketing	378		454		673		972
General and administrative	4,472		3,980		7,822		8,679
Total	$	6,636	$	7,286	$	12,266	$	15,763

Debt	6 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Revolving Credit Facility On November 1, 2021, the Company entered into a credit agreement for a revolving credit facility (the “Revolver”), by and among Fluence Energy, LLC, as borrower, Fluence Energy, Inc., as parent guarantor, the subsidiary guarantors party thereto, the lenders party thereto and JP Morgan Chase Bank, N.A., as administrative agent and collateral agent (as amended, the “Revolving Credit Agreement”). The Revolver was secured by a (i) first priority pledge of the equity securities of Fluence Energy, LLC and its subsidiaries and (ii) first priority security interests in, and mortgages on, substantially all tangible and intangible personal property and material fee-owned real property of Fluence Energy, LLC, the parent guarantor and each subsidiary guarantor party thereto, in each case, subject to customary exceptions and limitations. The aggregate amount of commitments was $200.0 million. The Revolving Credit Agreement was terminated effective November 22, 2023, in conjunction with the entry into the ABL Credit Agreement (as further described below). The Revolving Credit Agreement provided that borrowings under the Revolver bore interest at (i) with respect to loans comprising a Term Benchmark Borrowing (as defined in the Revolving Credit Agreement), the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, or the AUD Rate (each as defined in the Revolving Credit Agreement), as applicable, plus 3.0%, (ii) with respect to loans comprising an ABR Borrowing (as defined in the Revolving Credit Agreement), the Alternate Base Rate (as defined in the Revolving Credit Agreement) plus 2.0%, or (iii) with respect to each RFR Loan (as defined in the Revolving Credit Agreement), the applicable Daily Simple RFR (as defined in the Revolving Credit Agreement) plus 3.1193%, in each instance subject to customary benchmark replacement provisions. Fluence Energy, LLC was required to pay to the lenders a commitment fee of 0.55% per annum on the average daily unused portion of the revolving commitments through maturity. The Revolver also provided for up to $200.0 million in letter of credit issuances, which required customary issuance and administration fees, as well as a fronting fee payable to each issuer thereof and a letter of credit participation fee of 2.75% per annum payable to the lenders. The Revolving Credit Agreement contained covenants that, among other things, restricted our ability to incur additional indebtedness; incur liens; sell, transfer, or dispose of property and assets; make investments or acquisitions; make dividends, distributions, or other restricted payments; and engage in affiliate transactions. Under the terms of the Revolving Credit Agreement, Fluence Energy, LLC and its subsidiaries were limited in their ability to pay cash dividends to, lend to, or make other investments in Fluence Energy, Inc., subject to certain exceptions. In addition, we were required to maintain (i) minimum liquidity and gross revenue requirements, in each case, until consolidated EBITDA reached $150.0 million for the most recent four consecutive fiscal quarters and we made an election, and (ii) thereafter, a maximum total leverage ratio and a minimum interest coverage ratio. Such covenants were tested on a quarterly basis. Asset-Based Lending Facility On November 22, 2023, the Company entered into an asset-based syndicated credit agreement (the “ABL Credit Agreement”) by and among Fluence Energy, LLC, as parent borrower, Fluence Energy, Inc., as parent, the other borrowers party thereto, the other guarantors party thereto, the lenders party thereto (the “ABL Lenders”), and Barclays Bank PLC (“Barclays”), as administrative agent, which was amended by the Master Assignment and Assumption and Issuing Bank Joinder, effective December 15, 2023, Amendment No. 1, dated April 8, 2024 (“Amendment No. 1”), and Amendment No. 2, dated May 8, 2024 (“Amendment No. 2”), which provides for revolving commitments in an aggregate principal amount of $400.0 million (the "ABL Facility"). The ABL Facility is secured by (i) a first priority pledge of Fluence Energy, Inc.’s equity interests in Fluence Energy, LLC and (ii) first priority security interests in, and mortgages on, substantially all tangible and intangible personal property and material fee-owned real property of Fluence Energy, Inc., Fluence Energy, LLC and Fluence Energy Global Production Operation, LLC, in each case, subject to customary exceptions and limitations. Borrowings under the ABL Facility will mature, and lending commitments thereunder will terminate, on November 22, 2027. As of March 31, 2024, borrowing availability under the ABL Facility was determined by a borrowing base calculation that was based on specified percentages of U.S. eligible inventory, net orderly liquidation value of most recent inventory appraisal, and U.S. eligible in-transit inventory, less the aggregate amount of any reserves. Pursuant to the terms of Amendment No. 2, borrowing base calculation under the ABL Facility was expanded to also include borrowing base qualified cash, which is defined as the lesser of (a) the aggregate amount of cash (other than restricted cash) of the borrowers that is held in a specific borrowing base qualified cash account as of the applicable date of determination and (b) $100.0 million. After the deposit of any funds into the borrowing base qualified cash account, such funds are required to remain in the borrowing base qualified cash account subject to the satisfaction of certain conditions. The Company is obligated to provide a borrowing base certificate to lenders twenty days following the end of each calendar month, except during a reporting trigger period where it will provide such certificates on a weekly basis. Pursuant to Amendment No. 1, the ABL Credit Agreement was amended to provide that during the period from March 29, 2024 through and including May 10, 2024, to the extent that no event of default was outstanding under the ABL Credit Agreement and there was no aggregate revolving credit exposure by the ABL Lenders thereunder, then in the event of a full cash dominion period, Barclays was not required to initiate daily cash sweeps of the Company’s controlled accounts. During the full cash dominion period existing between March 29, 2024 and May 8, 2024, Barclays did not initiate any daily cash sweeps of the Company’s controlled accounts. After giving effect to Amendment No. 2, unless a Covenant Relief Period (as defined below) has occurred and is continuing, the ABL Credit Agreement provides for a full cash dominion period (a) if an event of default is occurring or (b) beginning on the date on which Excess Availability (as defined below) is less than the greater of (i) 12.5% of the Line Cap and (ii) if the borrowing base then in effect is (A) less than $200.0 million, $25.0 million and (B) greater than or equal to $200.0 million, $50.0 million. Upon entering into Amendment No. 2, the Company is no longer in a full cash dominion period as a Covenant Relief Period is currently in effect. Excess Availability is defined under the ABL Facility as an amount equal to (a) the lesser of (i) the total commitments of all ABL Lenders and (ii) the borrowing base, minus (b) total revolving extensions of credit then outstanding. Line Cap is defined under the ABL Facility as the lesser of the total commitments of the ABL Lenders and the borrowing base. Covenant Relief Period is defined under the ABL Facility as a period during which (a) no default or event of default has occurred and continuing and (b) either of the following shall exist: (i) the aggregate revolving credit exposure of the ABL Lenders is not greater than $0 or (ii) each of (A) the amount of aggregate borrowings under the ABL Facility is not greater than $0; (ii) the non-cash collateralized LC exposure (as defined under the ABL Credit Agreement) is not greater than $15.0 million, and (C) the borrowing base exceeds the sum of all lenders’ letter of credit exposure. In addition, Amendment No. 1 amended the ABL Credit Agreement to provide that during the period from March 29, 2024 through and including May 10, 2024, to the extent that there was no aggregate revolving credit exposure by the ABL Lenders thereunder, then the amount of required Excess Availability was zero. After giving effect to Amendment No. 2, the Company agreed that it will not, and its subsidiaries will not, permit Total Liquidity (as defined in the ABL Credit Agreement) at any time to be less than the greater of (i) 20% of the Line Cap then in effect and (ii) (A) if the borrowing base then in effect is less than $200.0 million, $50.0 million and (B) if the borrowing base then in effect is greater than or equal to $200.0 million, $64.0 million. In addition, unless a Covenant Relief Period is then in effect, the Company agreed that it will not, and its subsidiaries will not, permit Excess Availability at any time to be less than the greater of (i) $15.0 million and (ii) 10% of the Line Cap then in effect. The ABL Credit Agreement sets forth that (i) loans comprising each ABR Borrowing (as defined in the ABL Credit Agreement) shall bear interest at the Alternate Base Rate (as defined in the ABL Credit Agreement) plus an additional margin ranging from 1.00% to 1.50%, (ii) loans comprising each Canadian Prime Loan Borrowing (as defined in the ABL Credit Agreement) shall bear interest at the Canadian Prime Rate (as defined in the ABL Credit Agreement) plus an additional margin ranging from 1.00% to 1.50%, and (iii) the loans comprising each Term Benchmark Borrowing (as defined in the ABL Credit Agreement) shall bear interest at the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate or Adjusted Term CORRA (each as defined in the ABL Credit Agreement), as applicable, plus an additional margin ranging from 2.00% to 2.50%, in each instance subject to customary benchmark replacement provisions. Fluence Energy, LLC is required to pay to the ABL Lenders a commitment fee on the average daily unused portion of the commitments through maturity, which shall accrue at the rate of (a) until the last day of the first full calendar quarter following the closing of the ABL Facility, 0.450% per annum, and (b) thereafter, 0.450% per annum if average revolving loan utilization is less than or equal to 50% and 0.375% per annum if average revolving loan utilization is greater than 50%. The ABL Facility also provides for a letter of credit sublimit in the amount of $200.0 million, if certain conditions are met. Each letter of credit issuance will be conditioned upon, among other conditions, the payment of certain customary issuance and administration fees, as well as payment of a fronting fee to each issuer thereof and payment of a letter of credit participation fee payable to the ABL Lenders. The ABL Credit Agreement contains customary covenants for this type of financing, including, but not limited to, covenants that restrict our 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 ABL 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 ABL 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 Fluence Energy, Inc., subject to certain exceptions. In addition, if certain payment conditions under the ABL Credit Agreement are satisfied, including the satisfaction of a minimum excess availability requirement, then additional specified transactions may be made by the Company and its subsidiaries. Such covenants will be tested on a quarterly basis and upon certain restricted payments, the incurrence of indebtedness, certain dispositions, and other specified transactions. As of March 31, 2024, giving effect to the terms of Amendment No. 1, we were in compliance with all such applicable covenants or maintained availability above such covenant triggers. As of the date of this Report, giving effect to the terms of Amendment No. 2, we are in a Covenant Relief Period and to the extent applicable and required during a Covenant Relief Period, we are in compliance with any such applicable covenants or maintained availability above such applicable covenant triggers. As of each of March 31, 2024 and the date of this Report, we had no borrowings under the ABL Facility and no letters of credit outstanding. Based on the borrowing base certificate in effect on each of March 31, 2024 and the date of this Report, we had $0.9 million of borrowing capacity and no borrowing capacity under the ABL Facility, respectively, in each case giving effect to the applicable terms of the ABL Credit Agreement then in effect. Borrowings Against Note Receivable - Pledged as Collateral In December 2022, the Company transferred $24.3 million in customer receivables to Standard Chartered Bank (“SCB”) in the Philippines for proceeds of $21.1 million. The receivables all related to our largest customer in that country. The underlying receivables transferred were previously aggregated into a long term note, with interest, and a maturity date of September 30, 2024. In April 2023, the Company aggregated into an additional long term note and transferred an additional $30.9 million in receivables with the same customer to SCB for proceeds of $27.0 million, upon substantially similar terms as the December 2022 transfer and has a maturity date of December 27, 2024. These transactions are treated as secured borrowings as the Company did not transfer the entire note receivables due from the customer to SCB. The Company continues to receive quarterly interest income from the customer, while SCB is responsible for collecting payments on the principal balances which represent the initial receivable balances from the customer. The Company has no other continuing involvement or exposure related to the underlying receivables. For the six months ended March 31, 2024, the Company recorded net interest income of $0.2 million, which represents the aggregate of $2.3 million in interest income and $2.1 million in interest expense recorded in “Interest income, net.”

- 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 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: 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 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: 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//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ (1,666,000)	$ (126,000)	$ (2,901,000)	$ (740,000)
Effective tax rate	11.50%	0.30%	7.00%	1.00%
Unrecognized tax benefits	$ 0		$ 0		$ 0

- Definition

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

+ References + Details

Investment in Joint Venture (Details) - USD ($) $ in Thousands		6 Months Ended
	Aug. 05, 2022	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Payments for purchase of investment in joint venture		$ 0	$ 5,013
India Partnership
Schedule of Equity Method Investments [Line Items]
Payments for purchase of investment in joint venture	$ 5,000
Outstanding borrowings	$ 15,000
Interest percentage	50.00%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Total revenue	$ 623,141	$ 698,186	$ 987,097	$ 1,008,646
Cost of goods and services	558,961	667,373	886,531	965,793
Gross profit	64,180	30,813	100,566	42,853
Operating expenses:
Research and development	17,427	22,551	32,867	41,713
Sales and marketing	15,792	10,401	26,498	19,193
General and administrative	44,067	31,778	81,795	63,045
Depreciation and amortization	2,482	2,669	4,965	5,093
Interest income, net	(1,261)	(2,075)	(3,254)	(2,731)
Other expense (income), net	215	3,012	(972)	(8,130)
Loss before income taxes	(14,542)	(37,523)	(41,333)	(75,330)
Income tax benefit	(1,666)	(126)	(2,901)	(740)
Net loss	(12,876)	(37,397)	(38,432)	(74,590)
Less: Net loss attributable to the non-controlling interest	(3,707)	(12,542)	(12,520)	(25,093)
Net loss attributable to Fluence Energy, Inc.	$ (9,169)	$ (24,855)	$ (25,912)	$ (49,497)
Weighted average number of Class A common shares outstanding
Weighted average number of Class A common shares outstanding, basic (in shares)	126,843,301	116,266,838	123,962,636	115,825,339
Weighted average number of Class A common shares outstanding, diluted (in shares)	126,843,301	116,266,838	123,962,636	115,825,339
Loss per share of Class A common stock
Loss per share of Class A common stock, basic (in usd per share)	$ (0.07)	$ (0.21)	$ (0.21)	$ (0.43)
Loss per share of Class A common stock, diluted (in usd per share)	$ (0.07)	$ (0.21)	$ (0.21)	$ (0.43)
Foreign currency translation (loss) gain, net of income tax expense (benefit) of $(0.2) million in the three months ended March 31, 2024, $0.1 million in the six months ended March 31, 2024, and $0.1 million in the three months ended March 31, 2023, and $0.4 million six months ended March 31, 2023	$ (1,603)	$ (1,469)	$ 32	$ (5,054)
Total other comprehensive (loss) income	(1,603)	(1,469)	32	(5,054)
Total comprehensive loss	(14,479)	(38,866)	(38,400)	(79,644)
Comprehensive loss attributable to non-controlling interest	(4,170)	(13,036)	(12,527)	(26,798)
Total comprehensive loss attributable to Fluence Energy, Inc.	(10,309)	(25,830)	(25,873)	(52,846)
Nonrelated Party
Total revenue	280,652	405,110	528,034	614,564
Related Party
Total revenue	342,489	293,076	459,063	394,082
Cost of goods and services	4,363	2,169	5,512	8,576
Operating expenses:
Research and development	0	121	134	312
Sales and marketing	42	32	42	45
General and administrative	1,528	490	3,705	520
Other expense (income), net	$ 1,508	$ 0	$ 1,508	$ 0

Supply Chain Financing (Tables)

6 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Supplier Finance Program

The Company’s outstanding obligations confirmed as valid under its supplier financing program for periods ended March 31, 2024, and September 30, 2023, are as follows:


In thousands	March 31, 2024		September 30, 2023
Obligations outstanding at the beginning of the period	$	30,001	$	24,728
Invoices issued during the period	106,841		35,115
Invoices paid during the period	(85,142)		(29,842)
Obligations outstanding at the end of the period	$	51,700	$	30,001

Revenue from Contracts with Customers - Geographical Regions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 623,141	$ 698,186	$ 987,097	$ 1,008,646
Americas (North, Central and South America)
Disaggregation of Revenue [Line Items]
Total revenue	533,774	557,197	792,991	733,668
APAC (Asia Pacific)
Disaggregation of Revenue [Line Items]
Total revenue	58,208	73,637	140,079	93,197
EMEA (Europe, Middle-East, and Africa)
Disaggregation of Revenue [Line Items]
Total revenue	$ 31,159	$ 67,352	$ 54,027	$ 181,781

- 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, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Goodwill

6 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

No impairment was recognized for the six months ended March 31, 2024 or 2023. The following table presents the goodwill activity for the six months ended March 31, 2024 and 2023:


In thousands	March 31,
	2024		2023
Goodwill, Beginning of the period	$	26,020	$	24,851
Foreign currency adjustment	246		1,093

Goodwill, End of the period	$	26,266	$	25,944

Current Accruals and Provisions (Tables)

6 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Current Accruals and Provisions

Current accruals and provisions consisted of the following:


In thousands	March 31, 2024		September 30, 2023
Accruals	$	133,251	$	148,906
Provisions for expected project losses	12,988		12,072
Current portion of warranty accrual	13,374		11,245
Total	$	159,613	$	172,223

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY, MEMBERS' EQUITY (DEFICIT), AND MEZZANINE EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Foreign currency translation gain (loss), income tax (expense) benefit	$ 0.2	$ 0.1	$ 0.1	$ 0.4

Summary of Significant Accounting Policies and Estimates - Dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Class B-1 common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	51,499,195	58,586,695	51,499,195	58,586,695
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)	4,607,929	7,377,287	4,607,929	7,377,287
Outstanding pre-IPO phantom units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	256,935	513,865	256,935	513,865
Outstanding restricted stock units (“RSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,111,603	2,041,431	2,111,603	2,041,431
Outstanding restricted stock units (“RSUs”) \| Nispera
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	354,134	531,202	354,134	531,202
Outstanding performance share units (“PSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	381,226	0	381,226	0
Outstanding non-qualified stock options (“NQSOs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	165,521	0	165,521	0

Stock-Based Compensation

6 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

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 IPO on November 1, 2021 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 March 31, 2024, 4,607,929 stock options under the Option Plan remain outstanding with unrecognized stock compensation expense of less than $0.1 million.

Phantom Units

Employees, directors, and consultants were granted compensation under the Phantom Equity Incentive Plan (the “Phantom Incentive Plan”). As of September 30, 2021, the Company determined that achievement of the performance conditions related to awards granted under the Phantom Incentive Plan was not probable and therefore, no expense was recognized for the phantom units during the fiscal year ended September 30, 2021. The completion of the IPO on November 1, 2021 resulted in achievement of the performance condition for the majority of the underlying awards granted under the Phantom Incentive Plan. At the completion of the IPO, a portion of the awards to the Company’s officers were modified, extending out the vesting period. All outstanding awards relate to those held by the Company’s officers as a result of the modification. The Company will not make any further awards under the Phantom Incentive Plan.

As of March 31, 2024, 256,935 phantom unit awards previously issued remained outstanding with unrecognized stock compensation expense of $0.2 million.

2021 Stock-Based Compensation Plan

During fiscal year 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, non-qualified stock options, PSUs, and RSUs. Employee 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 2021 Incentive Plan is accounted for as an equity plan. 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. 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 six months ended March 31, 2024:


			Number of RSUs
Outstanding as of October 1, 2023			1,843,570
Granted			885,980
Vested			(375,663)
Forfeited			(242,284)
Outstanding as of March 31, 2024			2,111,603

As of March 31, 2024, 2,111,603 RSUs previously issued remained outstanding with unrecognized stock compensation expense of $23.4 million.

Non-Qualified Stock Options

During the six months ended March 31, 2024, the Company granted 165,521 non-qualified stock options to purchase Class A common stock under the 2021 Incentive Plan with a weighted average exercise price of $22.31. 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 March 31, 2024, 165,521 non-qualified stock options previously issued pursuant to the 2021 Incentive Plan remained outstanding with unrecognized stock compensation expense of $1.9 million.

Performance Share Units

During the six months ended March 31, 2024, the Company granted 381,226 PSUs redeemable for Class A common stock under the 2021 Incentive Plan. The 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 shares no more than 60 days after September 30, 2026. The performance criteria for all current PSUs is based on target revenue and adjusted EBITDA for the performance period set by the Compensation and Human Resources Committee of the Company’s Board of Directors. 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 March 31, 2024, 381,226 PSUs previously issued remained outstanding with unrecognized stock compensation expense of $7.1 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 will be recognized on a straight-line basis over the remaining service period that was stipulated in each holder’s original restricted stock agreement.

Stock-based compensation expense

Stock-based compensation expense was recorded as follows:


In thousands	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Cost of goods and services	$	1,121	$	1,256	$	2,380	$	2,156
Research and development	665		1,596		1,391		3,956
Sales and marketing	378		454		673		972
General and administrative	4,472		3,980		7,822		8,679
Total	$	6,636	$	7,286	$	12,266	$	15,763

Summary of Significant Accounting Policies and Estimates (Tables)

6 Months Ended

Mar. 31, 2024

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:


	March 31, 2024		September 30, 2023
Controlling Interest Ownership	71.21	%	66.99	%
Non-Controlling Interest Ownership (AES)	28.79	%	33.01	%

Schedule of 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	March 31, 2024		September 30, 2023
Cash and cash equivalents	$	411,798	$	345,896
Restricted cash	106,605		106,835
Restricted cash included in “Other non-current assets”	23,079		10,000
Total cash, cash equivalents and restricted cash	$	541,482	$	462,731

Restrictions on Cash and Cash Equivalents

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


in thousands	March 31, 2024		September 30, 2023
Collateral for credit card program	$	2,808	$	2,644
Collateral for outstanding bank guarantees	94,293		102,586
Collateral for surety program	9,396		—
Term deposits	108		1,605
Collateral for surety program included in “Other non-current assets”	23,079		10,000
Total restricted cash	$	129,684	$	116,835

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 March 31,		Six Months Ended March 31,
	2024	2023	2024	2023
Class B-1 common stock	51,499,195	58,586,695	51,499,195	58,586,695
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan	4,607,929	7,377,287	4,607,929	7,377,287
Outstanding pre-IPO phantom units	256,935	513,865	256,935	513,865
Outstanding restricted stock units (“RSUs”)	2,111,603	2,041,431	2,111,603	2,041,431
Outstanding performance share units (“PSUs”)	381,226	—	381,226	—
Outstanding non-qualified stock options (“NQSOs”)	165,521	—	165,521	—
Outstanding restricted stock (“Nispera equity”)	354,134	531,202	354,134	531,202

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share of Class A common stock for the three and six months ended March 31, 2024 and 2023, respectively, have been computed as follows:


	Three Months Ended March 31,				Six Months Ended March 31,
In thousands, except share and per share amounts	2024		2023		2024		2023
Net loss	$	(12,876)	$	(37,397)	$	(38,432)	$	(74,590)
Less: Net loss attributable to the non-controlling interest	(3,707)		(12,542)		(12,520)		(25,093)
Net loss attributable to Fluence Energy, Inc.	$	(9,169)	$	(24,855)	$	(25,912)	$	(49,497)

Weighted average number of Class A common stock - basic and diluted	126,843,301		116,266,838		123,962,636		115,825,339
Loss per share of Class A common stock - basic and diluted	$	(0.07)	$	(0.21)	$	(0.21)	$	(0.43)

Accounting Standards Update and Change in Accounting Principle

The following table presents accounting standards adopted during the six months ended March 31, 2024.


Standard	Description	Period of Adoption	Effect on the financial statements and other significant matters
Accounting Standards Update (“ASU”) No. 2022-04: Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations	ASU 2022-04 requires entities to disclose the key terms of supplier finance programs they use in connection with the purchase of goods and services, along with the amount of obligations outstanding at the end of each period and an annual roll forward of such obligations. This standard does not affect the recognition, measurement, or financial statement presentation of supplier finance program obligations.	As of the three months ended December 31, 2023.	The Company presented the key terms of its supply chain financing programs along with a roll forward of activity in “Footnote 16 - Supply Chain Financing.” There was no impact as a result of the adoption on financial statement presentation or results of operations for any period presented.

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. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The update requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in this update do not change or remove those disclosure requirements. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments.	ASU 2023-07 is effective for the Company’s annual report for fiscal year ending September 30, 2025.	The Company is evaluating the impact that this guidance will have on its disclosures. The Company only has one reportable segment.
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.

Commitment and Contingencies - Warranty Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty balance, beginning	$ 26,909	$ 1,625
Warranties issued and assumed in period	5,227	12,168
Change in estimates	0	8,288
Change in balance sheet presentation		10,307
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(1,799)	(5,479)
Warranty balance, ending	30,337	26,909
Less: supplier recoveries balance at end of period	11,678	10,307
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$ 18,659	$ 16,602

Commitment and Contingencies

6 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees, Commitments, Letter of Credits, and Surety Bonds

As of March 31, 2024, 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 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.

The following table summarizes our contingent contractual obligations as of March 31, 2024. 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	$1,954	53	$0.1 - 445.8
Letters of credit under bilateral credit facilities (a)	87	31	0 - 29.5
Letters of credit under ABL Credit Agreement	—	—	0 - 0
Surety bonds	648	53	0 - 81.9
Total	$2,689	137

(a) In conjunction with the termination of the Revolving Credit Agreement on November 22, 2023 (as described above in “Note 10 – Debt”), the outstanding letters of credit under the terminated agreement were transferred to a bilateral credit facility with JP Morgan Chase Bank, N.A.

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 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 modules, and liquidated damages, if the minimum purchase volumes or spend are not met, as of March 31, 2024:


in thousands	Purchase Commitments		Liquidated Damages
2024	$	45,389	$	—
2025	336,841		8,970
2026	753,083		16,200
2027	750,000		16,200
2028 and thereafter	2,250,000		48,600

Total	$	4,135,313	$	89,970

The Company makes advance payments as capacity guarantees pursuant to purchase agreements with our suppliers. As of March 31, 2024, $23.4 million is recorded within “Advances to suppliers” and $42.0 million is recorded in advances to suppliers within “Other non-current assets” on the condensed balance sheets.

Negotiations with our Largest Battery Module Vendor

In December 2021, the Company entered negotiations with our largest battery module vendor to amend the battery supply agreement. As part of the discussions, the vendor sought to renegotiate the price the Company would pay for battery modules purchased in calendar year 2022 as well as those expected to be purchased during the remainder of calendar year 2022 and calendar year 2023. As part of these negotiations, the Company also discussed settlement of contractual claims by Fluence to the vendor. These negotiations continued throughout calendar year 2022. On December 15, 2022, the Company finalized an agreement with the vendor, amending the supply agreement and resolving Fluence’s claims. The approximately $19.5 million settlement for the Company’s claims was recognized as a reduction of costs of goods and services for the six months ended March 31, 2023.

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 is party to both assurance and service-type warranties for various lengths of time. The Company recognizes revenue for service-type warranties using a straight-line approach.

The Company provides a limited warranty related to the successful operation of battery-based energy storage solutions, apart from the service-type warranties described above and are normally provided for a limited period of time from one to five years, after the commercial operation date or substantial completion depending on the contract terms. The warranties are considered assurance-type warranties which provide a guarantee of quality of the products. For assurance-type warranties, the Company records an estimate of future warranty cost over the period of construction, consistent with transfer of control and revenue recognition on the equipment or battery-based energy storage products. Furthermore, we accrue the 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. The Company records a corresponding asset for a portion of the warranty cost to be covered by the supplier warranty 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 March 31, 2024 and September 30, 2023, the Company accrued the below estimated warranty liabilities, which the table reflects six months activity and twelve months activity, respectively:


In thousands	March 31, 2024		September 30, 2023
Warranty balance, beginning	$	26,909	1,625
Warranties issued and assumed in period	5,227		12,168
Change in estimates	—		8,288
Change in balance sheet presentation	—		10,307
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(1,799)		(5,479)
Warranty balance, ending	$	30,337	$	26,909
Less: Recoverable warranty costs from suppliers	11,678		10,307
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$	18,659	$	16,602

Effective March 31, 2023, the Company updated its estimation model for calculating the recurring warranty reserve rate, which is a key input into our estimated assurance-type warranty liability. We then subsequently updated the presentation effective September 30, 2023, to present the full warranty liability and record a corresponding asset for recoverable warranty costs from suppliers.

The key inputs and assumptions used by us to estimate our warranty liability are: (1) the number of units expected to fail or be replaced over time (i.e., failure rate); and (2) the per unit cost of replacement, including shipping, labor costs, and costs for equipment necessary for repair or replacement that are expected to be incurred to replace or repair failed units over time (i.e., repair or replacement cost). The Company’s Safety and Quality department has primary responsibility to determine the estimated failure rates for each generation of product.

The key inputs and assumptions used in calculating the estimated assurance warranty liability are reviewed by management on as needed basis. The Company may make additional adjustments to the estimated assurance warranty liability based on our comparison of actual warranty results to expected results for significant differences or based on performance trends or other qualitative factors. If actual failure rates, or replacement costs differ from our estimates in future periods, changes to these estimates may be required, resulting in increases or decreases in our estimated assurance warranty liability which may be material. As we are in an evolving market, there is a degree of estimation uncertainty regarding our estimated recurring warranty accrual rate.

Legal Contingencies

From time to time, the Company may be involved in litigation relating to claims that arise out of our operations and businesses and that cover a wide range of matters, including, but not limited to, 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, 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

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 designed and installed portions of the facility, which was completed in fiscal year 2021. No injuries were reported from the incident. The facility was taken offline as teams from Fluence, our customer, and the battery designer/manufacturer investigated the incident. Our customer released initial findings in the second fiscal quarter of 2022 on what it contends is the root cause of the incident. At this time, Fluence cannot comment on or accept the customer’s stated findings. The customer’s stated findings, if ultimately confirmed and proven, could relate to certain scopes of work for which Fluence or its subcontractors could be responsible. The customer’s stated findings, however, could also relate to certain scopes of work for which other parties were responsible and/or relate to other causes, including the design and installation of portions of the facility over which Fluence did not have responsibility or control. The customer has alleged that Fluence is liable for the incident. Fluence has denied liability. No formal legal proceedings have been commenced, but it is reasonably possible that litigation may result from this matter if a resolution cannot be achieved. Any such dispute would also likely include claims by Fluence and counterclaims by the customer relating to disputed costs arising from the original design and construction of the facility. The customer announced in July of 2022 that a large portion of the facility was back online. We are currently not able to estimate the impact that this incident may have on our financial results. To date, we do not believe that this incident has impacted the market’s adoption of our products.

2022 Overheating Event at Customer Facility

On April 18, 2022, a 10 MW energy storage facility in Chandler, Arizona owned by AES experienced an overheating event. Fluence served as the energy storage technology provider for the facility, which was completed in 2019, and Fluence previously provided maintenance services for the facility. There were no injuries. The facility has been taken offline as teams from Fluence, AES, and the battery manufacturer continue to investigate the incident. We are currently not able to estimate the impact, if any, that this incident may have on our reputation or financial results, or on market adoption of our products.

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. Fluence denies the allegations in the cross-complaint and intends to vigorously defend 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.

Organization and Operations	6 Months Ended
Organization and Operations	Mar. 31, 2024
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 March 31, 2024 (this “Report”). Upon the completion of our initial public offering (“IPO”) on November 1, 2021, Fluence Energy, Inc. became 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 March 31, 2024, Fluence Energy, LLC had subsidiaries operating in Germany, Australia, Philippines, Chile, the Netherlands, the United States, India, Singapore, United Kingdom, Canada, Taiwan, Ireland, 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. When used in a historical context that is prior to the completion of the IPO, “we,” “us,” “our” or “the Company” refers to Fluence Energy, LLC and its subsidiaries. The Company’s fiscal year begins on October 1 and ends on September 30. References to “fiscal year 2023” and “fiscal year 2024” refer to the twelve months ended September 30, 2023 and September 30, 2024, 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. Siemens Industry Redemption On June 30, 2022, Siemens Industry exercised its redemption right pursuant to the terms of the Third Amended and Restated Limited Liability Company Agreement of Fluence Energy, LLC (the “LLC Agreement”) with respect to its entire holding of 58,586,695 LLC Interests of Fluence Energy, LLC, together with the corresponding cancellation of an equivalent number of shares of Class B-1 common stock of Fluence Energy, Inc. (the “Siemens Redemption”). The Company elected to settle the Siemens Redemption through the issuance of 58,586,695 shares of the Company’s Class A common stock. The Siemens Redemption settled on July 7, 2022. The Siemens Redemption increased the beneficial ownership interest of the Company in Fluence Energy, LLC to 66.08% as of June 30, 2022. The impact of the change in ownership interest did not result in a change in control. The Siemens Redemption has been accounted for as an equity transaction and the carrying amount of non-controlling interest has been adjusted. Secondary Offering and AES Redemption On December 8, 2023, AES Grid Stability, Siemens Pension-Trust e.V. (“Siemens Pension Trust”), and Qatar Holding LLC (“QHL” and together with AES Grid Stability and Siemens Pension Trust in such context, the “Selling Stockholders”) closed an underwritten public offering (the “Offering”) of 18,000,000 shares of Class A common stock of the Company by the Selling Stockholders. The Company did not sell any of its shares of Class A common stock in the Offering and the Company did not receive any proceeds from the Offering. Pursuant to the terms of the Company’s Registration Rights Agreement, dated as of November 1, 2021, by and among the Company and the Original Equity Owners (as defined therein), the Company paid $0.7 million in certain expenses of the Selling Stockholders related to the Offering, while the Selling Stockholders paid all applicable underwriting discounts and commissions. In conjunction with the Offering, AES Grid Stability exercised its redemption right pursuant to the terms of the LLC Agreement with respect to 7,087,500 LLC Interests held by AES Grid Stability, together with the corresponding cancellation of an equivalent number of shares of Class B-1 common stock of the Company (the “AES Redemption”). The Company elected to settle the AES Redemption through the issuance of 7,087,500 shares of the Company’s Class A common stock. The AES Redemption settled on December 8, 2023. All of the 7,087,500 shares issued to AES Grid Stability in connection with the AES Redemption were sold in the Offering. The AES Redemption increased the beneficial ownership interest of the Company in Fluence Energy, LLC to 71.12% as of December 8, 2023. The impact of the change in ownership interest did not result in a change in control. The AES Redemption has been accounted for as an equity transaction and the carrying amount of the non-controlling interest has been adjusted. Refer to “condensed consolidated statements of changes in stockholders’ equity” included herein for more information on the impacts of the redemption to stockholder’s equity.

Leases

6 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

The Company’s right-of-use assets and lease liabilities primarily relate to offices and warehouses. The Company’s leases generally have remaining lease terms of one year to three years. The Company's leases are all classified as operating leases. 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 lease agreements contain material options to purchase the leased property, material residual value guarantees, or material restrictions or covenants.

The amounts of assets and liabilities and other information for our operating leases are as follows:


In thousands	Balance Sheet Caption	March 31, 2024		September 30, 2023
Assets:
Right of use asset - operating leases	Other non-current assets	$	5,162	$	2,857

Liabilities:
Current portion of operating lease liabilities	Other current liabilities	$	2,785	$	1,569
Operating lease liabilities, net of current portion	Other non-current liabilities	2,512		1,334

Investment in Joint Venture	6 Months Ended
Investment in Joint Venture	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Venture	Investment in Joint Venture On August 5, 2022, Fluence Energy Singapore PTE. LTD., a subsidiary of Fluence Energy, LLC, and ReNew Power entered into an agreement to form a partnership in India for an initial investment of $5.0 million, plus a line of credit of $15.0 million each for a 50% interest in the partnership. The Company funded the investment and the joint venture commenced operations in the first quarter of fiscal year 2023. The investment is recorded in “Other non-current assets” on our condensed consolidated balance sheet. The investment is accounted for under the equity method with results being reported by Fluence one quarter in arrears. The joint venture is not considered a variable interest entity and we do not consolidate the joint venture as we do not hold a controlling financial interest. The Company recorded an insignificant equity method loss on the investment for the six months ended March 31, 2024.

Inventory, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Inventory [Line Items]
Cost	$ 323,306	$ 225,180
Provision	(14,247)	(277)
Net	309,059	224,903
Cubes, batteries, and other equipment
Inventory [Line Items]
Cost	318,374	221,711
Provision	(13,971)	(105)
Net	304,403	221,606
Spare parts
Inventory [Line Items]
Cost	4,932	3,469
Provision	(276)	(172)
Net	$ 4,656	$ 3,297

Commitment and Contingencies - Guarantees (Details) $ in Millions	Mar. 31, 2024 USD ($) agreement
Other Commitments [Line Items]
Amount (in $ millions)	$ 2,689.0
Number of Agreements \| agreement	137
Guarantees and commitments
Other Commitments [Line Items]
Amount (in $ millions)	$ 1,954.0
Number of Agreements \| agreement	53
Guarantees and commitments \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement (in $ millions)	$ 0.1
Guarantees and commitments \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement (in $ millions)	445.8
Letters of credit under bilateral credit facilities (a)
Other Commitments [Line Items]
Amount (in $ millions)	$ 87.0
Number of Agreements \| agreement	31
Letters of credit under bilateral credit facilities (a) \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement (in $ millions)	$ 0.0
Letters of credit under bilateral credit facilities (a) \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement (in $ millions)	29.5
Letters of credit under ABL Credit Agreement
Other Commitments [Line Items]
Amount (in $ millions)	$ 0.0
Number of Agreements \| agreement	0
Letters of credit under ABL Credit Agreement \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement (in $ millions)	$ 0.0
Letters of credit under ABL Credit Agreement \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement (in $ millions)	0.0
Surety bonds
Other Commitments [Line Items]
Amount (in $ millions)	$ 648.0
Number of Agreements \| agreement	53
Surety bonds \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement (in $ millions)	$ 0.0
Surety bonds \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement (in $ millions)	$ 81.9

Sale of Receivable under Master Receivables Purchase Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Feb. 27, 2024
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items]
Written notice period		30 days
Net proceeds sale of receivable	$ 71,500
Factoring income	1,500
Factoring discount	$ 1,500
Maximum
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items]
Purchasing receivables outstanding amount		$ 75,000

Inventory, Net

6 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory, Net

Inventory consisted of the following:


In thousands	March 31, 2024						September 30, 2023
	Cost		Provision		Net		Cost		Provision		Net
Cubes, batteries, and other equipment	$	318,374	$	(13,971)	$	304,403	$	221,711	$	(105)	$	221,606
Spare parts	4,932		(276)		4,656		3,469		(172)		3,297
Total	$	323,306	$	(14,247)	$	309,059	$	225,180	$	(277)	$	224,903

Summary of Significant Accounting Policies and Estimates - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 411,798	$ 345,896
Restricted cash	106,605	106,835
Restricted cash included in “Other non-current assets”	23,079	10,000
Total cash, cash equivalents and restricted cash	$ 541,482	$ 462,731	$ 312,581	$ 429,721

Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Taxes recoverable	$ 17,910	$ 16,411
Advance payments	1,007	1,102
Prepaid expenses	9,973	3,470
Prepaid insurance	7,712	674
Derivative assets	3,295	2,310
Other	5,970	7,107
Total	$ 45,867	$ 31,074

Commitment and Contingencies - Purchase Commitments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Purchase Commitments
2024	$ 45,389
2025	336,841
2026	753,083
2027	750,000
2028 and thereafter	2,250,000
Purchase Obligation, Total	4,135,313
Liquidated Damages
Liquidated Damages
2024	0
2025	8,970
2026	16,200
2027	16,200
2028 and thereafter	48,600
Other Commitment, Total	$ 89,970

Commitment and Contingencies (Tables)

6 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligations


	Amount (in $ millions)	Number of Agreements	Maximum Exposure Range for Each Agreement (in $ millions)
Guarantees and commitments	$1,954	53	$0.1 - 445.8
Letters of credit under bilateral credit facilities (a)	87	31	0 - 29.5
Letters of credit under ABL Credit Agreement	—	—	0 - 0
Surety bonds	648	53	0 - 81.9
Total	$2,689	137

Long-Term Purchase Commitment

The following table presents our future minimum purchase commitments by fiscal year, primarily for battery modules, and liquidated damages, if the minimum purchase volumes or spend are not met, as of March 31, 2024:


in thousands	Purchase Commitments		Liquidated Damages
2024	$	45,389	$	—
2025	336,841		8,970
2026	753,083		16,200
2027	750,000		16,200
2028 and thereafter	2,250,000		48,600

Total	$	4,135,313	$	89,970

Schedule of Warranty Liabilities

As of March 31, 2024 and September 30, 2023, the Company accrued the below estimated warranty liabilities, which the table reflects six months activity and twelve months activity, respectively:


In thousands	March 31, 2024		September 30, 2023
Warranty balance, beginning	$	26,909	1,625
Warranties issued and assumed in period	5,227		12,168
Change in estimates	—		8,288
Change in balance sheet presentation	—		10,307
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(1,799)		(5,479)
Warranty balance, ending	$	30,337	$	26,909
Less: Recoverable warranty costs from suppliers	11,678		10,307
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$	18,659	$	16,602

Summary of Significant Accounting Policies and Estimates - Software Development Costs (Details) $ in Millions	6 Months Ended
	Mar. 31, 2024 USD ($) Category	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of Categories \| Category	3
Capitalized internal-use software
Finite-Lived Intangible Assets [Line Items]
Capitalized software costs	$ 0.0	$ 4.0
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
External-Use Software Development Cost
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Capitalized software costs	$ 0.0	1.0
Hosting Arrangements
Finite-Lived Intangible Assets [Line Items]
Capitalized software costs	$ 13.0	$ 0.0

Summary of Significant Accounting Policies and Estimates (Policies)

6 Months Ended

Mar. 31, 2024

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

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 a 71.21% interest as of March 31, 2024. 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.

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 relative fair value allocations to contingencies with multiple

elements, 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; accrued bonuses; and various project-related provisions including, but not limited to, estimated losses, warranty obligations, and liquidated damages.

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 consolidated balance sheets.

The Company typically retains cash for operations within one or more bank accounts. These 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 these 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.

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 March 31, 2024, 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 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. Each storage product is customized depending on the customer’s energy needs. Customer payments are due upon meeting certain milestones that are consistent with contract-specific phases of a project. The Company determines the transaction price based on the consideration expected to be received which includes estimates of liquidated damages (“LDs”) or other variable consideration that are included in the transaction price in accordance with ASC 606. We assess any variable consideration using an expected value method. The transaction price identified is allocated to each distinct performance obligation to deliver a good or service based on the relative standalone selling prices. Generally, the Company’s contracts to design and build battery-based storage products are determined to have one performance obligation. 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.

The Company recognizes revenue over time as we transfer control of our product to the customer. This transfer of control to the customer is supported by clauses in the contracts, that provides enforceable rights to payment of the transaction price associated with work performed to date for products that do not have an alternative use to the Company and/or as the project is built and control transfers depending on the contract terms.

Revenue for these performance obligations is recognized using the percentage of completion method based on cost incurred as a percentage of total estimated contract costs. Standard inventory materials (including batteries, enclosures, chillers, and others, which are assembled into “cubes”) that could be used interchangeably on other projects are included in our measure of progress when they are integrated into, or restricted to, the production of the customer’s project. Due to the significance of the costs associated with cubes, our judgment on when such costs should be included in the measure of progress has a material impact on revenue recognition. Contract costs include all direct material and labor costs related to contract performance. Pre-contract costs with no future benefit are expensed in the period in which they are incurred. 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 future period. When a loss is forecasted for a contract, the full amount of the anticipated loss is recognized in the period in which it is determined that a loss will occur. Refer to “Loss Contracts” below for further discussion.

Our contracts generally provide our customers the right to liquidated damages 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 penalty or LD amount when recognizing revenue. 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 and/or will not meet performance contractual specifications. The existence and measurement of liquidated damages 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 liquidated damages is estimated using the expected value of the consideration to be received.

Fluence may incur additional costs to execute on the performance of a contract. When this happens, we typically attempt to recover the revenue associated with 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 revenue as costs are recognized immediately when incurred and the revenue from the change order is recognized as an increase to contract price when it is legally enforceable, which is usually upon signing a respective change order or equivalent document confirming the claim acceptance by customer. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities.

For our sale of 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 consideration 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.

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 maintenance, monitoring, and other minor services. The Company accounts for the services as a single performance obligation as the services are substantially the same and have the same pattern of transfer to customers. We typically recognize revenue overtime using a straight-line recognition method for these types of services. The Company believes using a time-based method to measure progress is appropriate as the performance obligations are satisfied evenly over time. Revenue is recognized by dividing the total transaction price over the service period.

Some of these agreements also provide a commitment to perform certain augmentation activities which could require us to install 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 other contracts 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 respective contract terms. These represent a stand-ready obligation in which the customer benefits evenly overtime, for 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 and Solutions: 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), and ERCOT (Texas) markets. Fluence Nispera is an asset performance management (APM) 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.

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 control of goods are transferred to the customers, which is generally based upon International Commercial Terms (commonly referred to as ‘‘incoterms’’) stated in corresponding supply agreements or purchase orders. Standard inventory materials that could be used interchangeably on other projects are included in cost of goods sold when they are integrated into, or restricted to, the production of a customer’s project.

Deferred Revenue: Deferred revenue represents the excess billings to date over the amount of revenue recognized to date. Contract advances represent amounts received by the Company upon signing of the related contracts with customers. The advances are offset proportionately against progress billings. Any outstanding portion is included in deferred revenue on the accompanying consolidated balance sheets.

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 in “Current liabilities — Accruals and provisions” and “Cost of goods and services” on the Company’s consolidated balance sheets and consolidated statements of operations and comprehensive loss, respectively.

Inventory, Net

Inventory consists of cubes, batteries and equipment, enclosures, inverters, and spare parts which are used in ongoing battery storage projects for sale. 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 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 “General and administrative.” The useful life of our internal-use software development costs is generally 3 to 5 years.

During the six months ended March 31, 2024 and March 31, 2023, the Company capitalized $4.0 million and $0.0 million, respectively, of internal-use software.

Internal-use 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 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 internal-use 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.

During the six months ended March 31, 2024 and March 31, 2023, the Company capitalized $13.0 million and $0.0 million, respectively, of 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 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 six months ended March 31, 2024 and March 31, 2023, the Company capitalized $1.0 million and $0.0 million, respectively, of external-use software to be sold.

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 term deposits with original maturity of less than 90 days and are recorded at amortized cost. Fair value of cash equivalents approximates the carrying amount. The carrying amounts of trade receivables, accounts payable and short-term debt obligations such as current portion of borrowings against note receivable - pledged as collateral, approximate fair values due to their short maturities.

Loss per Share

As of March 31, 2024, the Company’s amended and restated certificate of incorporation authorizes three classes of common stock: Class A, Class B-1, and Class B-2. 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 losses 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 net 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 and Class B-2 common stock are not entitled to receive any distributions or dividends. When a common unit of Fluence Energy, LLC is redeemed for cash or Class A common stock, at the Company’s election, by a Founder who holds shares of our Class B-1 or Class B-2 common stock, as applicable, such Founder will be required to surrender a share of Class B-1 or Class B-2 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 or Class B-2 common stock in the computation of basic loss per share. As we have incurred losses for all periods presented, diluted loss per share is equal to basic loss per share because the effect of potentially dilutive securities would be antidilutive.

Recent Accounting Standards Adopted and Recent Accounting Standards Not Yet Adopted

Recent Accounting Standards Adopted

The following table presents accounting standards adopted during the six months ended March 31, 2024.


Standard	Description	Period of Adoption	Effect on the financial statements and other significant matters
Accounting Standards Update (“ASU”) No. 2022-04: Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations	ASU 2022-04 requires entities to disclose the key terms of supplier finance programs they use in connection with the purchase of goods and services, along with the amount of obligations outstanding at the end of each period and an annual roll forward of such obligations. This standard does not affect the recognition, measurement, or financial statement presentation of supplier finance program obligations.	As of the three months ended December 31, 2023.	The Company presented the key terms of its supply chain financing programs along with a roll forward of activity in “Footnote 16 - Supply Chain Financing.” There was no impact as a result of the adoption on financial statement presentation or results of operations for any period presented.

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. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The update requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in this update do not change or remove those disclosure requirements. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments.	ASU 2023-07 is effective for the Company’s annual report for fiscal year ending September 30, 2025.	The Company is evaluating the impact that this guidance will have on its disclosures. The Company only has one reportable segment.
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.

Leases

Supply Chain Financing

6 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Supply Chain Financing

The Company has provided certain of our suppliers with access to a supply chain financing program through a third-party financing institution (“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 the program. Once a supplier elects to participate in the 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 invoice 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. As of March 31, 2024, AES and Siemens Corporation, a subsidiary of Siemens, issued guarantees of $50 million each, for a total of $100 million, to SCF Bank on our behalf. The Company’s outstanding obligations confirmed as valid under its supplier financing program for periods ended March 31, 2024, and September 30, 2023, are as follows:


In thousands	March 31, 2024		September 30, 2023
Obligations outstanding at the beginning of the period	$	30,001	$	24,728
Invoices issued during the period	106,841		35,115
Invoices paid during the period	(85,142)		(29,842)
Obligations outstanding at the end of the period	$	51,700	$	30,001

As of March 31, 2024, four suppliers were actively participating in the supply chain financing program. All outstanding payments owed under the program are recorded within “Accounts payable” on the condensed consolidated balance sheets.

Related-Party Transactions

6 Months Ended

Mar. 31, 2024

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 March 31, 2024, 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 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 product 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 3 - 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 six months ended March 31, 2024, the Company recognized $3.9 million in revenue from consulting services with AES.

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

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 and comprehensive loss.

Administrative and Service Agreements

For the six months ended March 31, 2024, the Company has received a limited scope of consulting services from Siemens Advanta, a subsidiary of Siemens AG, and limited treasury services related to executing trades for derivative contracts from The AES Corporation.

In addition, a secondment arrangement with Siemens Industry is currently in place, pursuant to which Siemens Industry has seconded an employee to Fluence Energy, LLC through December 31, 2024. During the term of the secondment, Fluence Energy, LLC has the authority to supervise the employee in all respects and will reimburse Siemens Industry for the employee’s salary, employer required taxes, applicable bonuses, benefits, and services attendant to the employee’s relocation.

The costs of consulting services are recorded in “Costs of goods and services” or “General and administrative expenses” depending on the scope or nature of the underlying project. The other administrative service agreements are recorded in “General and administrative expenses” on the Company’s condensed consolidated statement of operations and comprehensive loss.

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 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 and comprehensive loss.

Refer to “Note 16 - Supply Chain Financing” for details of the related party guarantees associated with the supply chain financing program.

Balance Sheet Related Party Transactions

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


In thousands	March 31, 2024		September 30, 2023
Accounts receivable	$	20,090	$	7,945
Unbilled receivables	43,549		50,569
Total receivables from related parties	63,639		58,514
Advances to suppliers	46,286		17,592
Total advances to suppliers with related parties	46,286		17,592
Accounts payable	3,903		2,477
Deferred revenue	46,694		110,274
Accrued liabilities	8,449		3,737
Total deferred revenue and payables with related parties	$	59,046	$	116,488

Receivables from related parties and payables and deferred revenue 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.

Income Statement Related Party Transactions

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


In thousands	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Revenue	$	342,489	$	293,076	$	459,063	$	394,082
Cost of goods and services	4,363		2,169		5,512		8,576
Research and development expenses	—		121		134		312
Sales and marketing expenses	42		32		42		45
General and administrative expenses	1,528		490		3,705		520
Other expense (income), net (a)	(1,508)		—		(1,508)		—

(a) Represents factoring income from a subsidiary of AES related to receivables sold under the Master Receivable Purchase Agreement (“MRPA”). The corresponding cost paid to the purchaser was $1.5 million and is recorded in “Sales and marketing expense” and is not considered a related party transaction. Pursuant to the MRPA, Fluence Energy, LLC may sell certain receivables for any of our customers that choose to participate in the program. Refer to “Note 17 - Sale of Receivables” for more details.

- 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 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: 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 7: 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//1943274/2147483575/946-220-S99-1

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))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-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)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Debt - Revolving Credit Facility (Details)			6 Months Ended
Debt - Revolving Credit Facility (Details)	Mar. 31, 2024 USD ($)	Nov. 01, 2021 USD ($)	Mar. 31, 2024 USD ($)	May 08, 2024 USD ($)	Apr. 08, 2024 USD ($)	Mar. 29, 2024	Sep. 30, 2023 quarter	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)
Asset-Based Lending Facility \| Line of Credit
Line of Credit Facility [Line Items]
Remaining borrowing capacity	$ 900,000		$ 900,000
Revolving Credit Facility \| The Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity								$ 200,000,000.0	$ 200,000,000
Commitment fee		0.55%
Minimum liquidity and gross revenue requirement of consolidated EBITDA		$ 150,000,000
Revolving Credit Facility \| The Revolver \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate		2.00%
Revolving Credit Facility \| The Revolver \| London Interbank Offered Rate (LIBOR) Or Euro Interbank Offered Rate (EURIBOR) \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate		3.00%
Revolving Credit Facility \| The Revolver \| Daily Simple RFR \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate		3.1193%
Revolving Credit Facility \| The Revolver \| Line of Credit
Line of Credit Facility [Line Items]
EBITDA threshold period \| quarter							4
Revolving Credit Facility \| Asset-Based Lending Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment fee	0.45%
Line cap excess availability threshold percent	12.50%		12.50%			0.00%
Borrowing base amount	$ 200,000,000		$ 200,000,000
Covenant, line cap, one	$ 25,000,000		$ 25,000,000
Commitment fee threshold percent	50.00%		50.00%
Total liquidity, line cap, threshold percentage	20.00%		20.00%
Borrowing base qualified cash threshold	$ 100,000,000		$ 100,000,000
Monthly borrowing base certificate threshold days			20 days
Line cap additional threshold amount	50,000,000		$ 50,000,000
long term debt	$ 0		0
Revolving Credit Facility \| Asset-Based Lending Facility \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Line cap excess availability threshold percent				10.00%
Borrowing base amount				$ 200,000,000
Total liquidity, line cap, threshold percentage				20.00%
Borrowing base qualified cash threshold				$ 100,000,000
Line cap additional threshold amount				50,000,000
Revolving Credit Facility \| Asset-Based Lending Facility \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fee	0.375%
Line cap additional threshold percent	$ 15,000,000		15,000,000
Revolving Credit Facility \| Asset-Based Lending Facility \| Line of Credit \| Minimum \| Subsequent Event
Line of Credit Facility [Line Items]
Line cap additional threshold percent				$ 15,000,000
Revolving Credit Facility \| Asset-Based Lending Facility \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fee	0.45%
Revolving Credit Facility \| Asset-Based Lending Facility \| Base Rate \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Interest rate	1.00%
Revolving Credit Facility \| Asset-Based Lending Facility \| Base Rate \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Interest rate	1.50%
Revolving Credit Facility \| Asset-Based Lending Facility \| Prime Rate \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Interest rate	1.00%
Revolving Credit Facility \| Asset-Based Lending Facility \| Prime Rate \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Interest rate	1.50%
Revolving Credit Facility \| Asset-Based Lending Facility \| Adjust Term SOFR Rate, Adjusted EURIBOR Rate, Or Adjusted Term CORRA Rate \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Interest rate	2.00%
Revolving Credit Facility \| Asset-Based Lending Facility \| Adjust Term SOFR Rate, Adjusted EURIBOR Rate, Or Adjusted Term CORRA Rate \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Interest rate	2.50%
Revolving Credit Facility \| Asset-Based Lending Facility \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 400,000,000
Letter of Credit \| The Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Letter of credit participation fee		2.75%
Letter of Credit \| Asset-Based Lending Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200,000,000		200,000,000
long term debt	$ 0		$ 0

Other Current Assets

6 Months Ended

Mar. 31, 2024

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

Other Current Assets

Other current assets consisted of the following amounts:


In thousands	March 31, 2024		September 30, 2023
Taxes recoverable	$	17,910	$	16,411
Advance payments	1,007		1,102
Prepaid expenses	9,973		3,470
Prepaid insurance	7,712		674
Derivative assets (a)	3,295		2,310
Other	5,970		7,107
Total	$	45,867	$	31,074

(a) Derivative assets primarily represent forward contracts which are used predominantly to mitigate foreign exchange rate exposure on costs incurred on customer projects. Gains and losses on forward contracts are recorded to cost of goods and services.

Stock-Based Compensation - RSUS (Details) - Outstanding restricted stock units (“RSUs”)	6 Months Ended
	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning balance (in shares)	1,843,570
Granted (in shares)	885,980
Vested (in shares)	(375,663)
Forfeited (in shares)	(242,284)
Outstanding, Ending balance (in shares)	2,111,603

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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 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 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: 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 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	Nov. 10, 2023	Oct. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Loss Contingencies [Line Items]
Advances to suppliers			$ 110,759		$ 107,947
Advances to suppliers			42,000
Settlement amount				$ 19,500
Current portion of warranty accrual			$ 30,337		$ 26,909	$ 1,625
Fluence v.s. Diablo Energy Storage
Loss Contingencies [Line Items]
Damages sought, value	$ 25,000	$ 37,000
Estimated litigation liability	$ 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]
Advances to suppliers			$ 23,400

Related-Party Transactions - Balance Sheet Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Accounts receivable	$ 63,639	$ 58,514
Unbilled receivables	132,955	192,064
Advances to suppliers	110,759	107,947
Accounts payable	244,191	62,899
Accrued liabilities	25,784	52,174
Total deferred revenue and payables with related parties	159,613	172,223
Factoring discount	1,500
Related Party
Related Party Transaction [Line Items]
Accounts receivable	20,090	7,945
Unbilled receivables	43,549	50,569
Total receivables from related parties	63,639	58,514
Advances to suppliers	46,286	17,592
Total advances to suppliers with related parties	46,286	17,592
Accounts payable	3,903	2,477
Deferred revenue	46,694	110,274
Accrued liabilities	8,449	3,737
Total deferred revenue and payables with related parties	$ 59,046	$ 116,488

Organization and Operations (Details)			6 Months Ended
Organization and Operations (Details)	Dec. 08, 2023 USD ($) shares	Jul. 07, 2022 shares	Mar. 31, 2024 segment $ / shares	Mar. 31, 2024 reportable_segment $ / shares	Sep. 30, 2023 $ / shares	Sep. 30, 2022 shares	Nov. 01, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments \| segment			1
Number of reportable segments			1	1
Class of Stock [Line Items]
Public offering expenses \| $							$ 700,000
Class A common stock
Class of Stock [Line Items]
Par value, Class A common stock (in usd per share) \| $ / shares			$ 0.00001	$ 0.00001	$ 0.00001
Class A common stock \| Redemption
Class of Stock [Line Items]
Shares sold in offering (in shares)	7,087,500	58,586,695
Class A common stock \| Second Offering
Class of Stock [Line Items]
Shares sold in offering (in shares)	0
Aggregate net proceeds from stock offering \| $	$ 0
Selling Stockholders \| Class A common stock \| Second Offering
Class of Stock [Line Items]
Shares sold in offering (in shares)	18,000,000
Fluence Energy, LLC \| Siemens Industry
Class of Stock [Line Items]
Investment owned (in shares)						58,586,695
Investment owned, balance, percentage						66.08%
Fluence Energy, LLC \| AES Grid Stability
Class of Stock [Line Items]
Investment owned (in shares)	7,087,500
Fluence Energy, LLC \| AES Grid Stability \| Redemption
Class of Stock [Line Items]
Investment owned, balance, percentage	71.12%

Other Current Assets (Tables)

6 Months Ended

Mar. 31, 2024

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

Schedule of Other Current Assets

Other current assets consisted of the following amounts:


In thousands	March 31, 2024		September 30, 2023
Taxes recoverable	$	17,910	$	16,411
Advance payments	1,007		1,102
Prepaid expenses	9,973		3,470
Prepaid insurance	7,712		674
Derivative assets (a)	3,295		2,310
Other	5,970		7,107
Total	$	45,867	$	31,074

Supply Chain Financing (Details) $ in Thousands	6 Months Ended	12 Months Ended
Supply Chain Financing (Details) $ in Thousands	Mar. 31, 2024 USD ($) parties supplier	Sep. 30, 2023 USD ($)
Payables and Accruals [Abstract]
Extended payment terms period	120 days
Number of parties involved \| parties	2
Supplier Finance Program [Line Items]
Number of suppliers \| supplier	4
Supplier Finance Program, Obligation [Roll Forward]
Obligations outstanding at the beginning of the period	$ 30,001	$ 24,728
Invoices issued during the period	106,841	35,115
Invoices paid during the period	(85,142)	(29,842)
Obligations outstanding at the end of the period	51,700	$ 30,001
Affiliated Entity
Supplier Finance Program [Line Items]
Guarantees issued	100,000
AES Grid Stability \| Affiliated Entity
Supplier Finance Program [Line Items]
Guarantees issued	50,000
Siemens Industry \| Affiliated Entity
Supplier Finance Program [Line Items]
Guarantees issued	$ 50,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (38,432)	$ (74,590)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	5,971	5,093
Amortization of debt issuance costs	1,037	457
Inventory provision (benefit)	13,970	(422)
Stock-based compensation expense	12,266	15,763
Deferred income taxes	295	(1,276)
Changes in operating assets and liabilities:
Trade receivables, net	9,753	(244,433)
Unbilled receivables	59,869	(8,756)
Receivables from related parties	1,941	23,683
Advances to suppliers	(36,504)	(3,793)
Inventory	(96,382)	(103,464)
Other current assets	(47,890)	3,148
Other non-current assets	14,337	(292)
Accounts payable	181,142	93,447
Deferred revenue and payables with related parties	(57,469)	(112,586)
Deferred revenue	114,568	300,007
Current accruals and provisions	(12,861)	(77,681)
Taxes payable	(9,646)	3,702
Other current liabilities	1,643	10,511
Other non-current liabilities	(27,360)	8,071
Net cash provided by (used in) operating activities	90,248	(163,411)
Investing activities
Proceeds from maturities of short-term investments	0	41,603
Payments for purchase of investment in joint venture	0	(5,013)
Capital expenditures on software	(5,018)	0
Purchase of property and equipment	(2,473)	(1,087)
Net cash (used in) provided by investing activities	(7,491)	35,503
Financing activities
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(88)	(288)
Debt Issuance Costs	(4,299)	0
Payments for acquisitions	(3,892)	0
Proceeds from exercise of stock options	1,648	2,956
Proceeds from borrowing against note receivable - pledged as collateral	0	21,142
Net cash (used in) provided by financing activities	(6,631)	23,810
Effect of exchange rate changes on cash and cash equivalents	2,625	(13,042)
Net increase (decrease) in cash, cash equivalents, and restricted cash	78,751	(117,140)
Cash, cash equivalents, and restricted cash as of the beginning of the period	541,482	312,581
Cash, cash equivalents, and restricted cash as of the end of the period	462,731	429,721
Supplemental Cash Flows Information
Interest paid	1,098	511
Cash paid for income taxes	$ 1,309	$ 585

Revenue from Contracts with Customers

6 Months Ended

Mar. 31, 2024

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 March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Revenue from energy storage products and solutions	$	613,736	$	693,937	$	970,678	$	1,000,175
Revenue from services	8,066		3,090		13,812		6,531
Revenue from digital applications and solutions	1,339		1,159		2,607		1,940

Total	$	623,141	$	698,186	$	987,097	$	1,008,646

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 March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Americas (North, Central and South America)	$	533,774	$	557,197	$	792,991	$	733,668
APAC (Asia Pacific)	58,208		73,637		140,079		93,197
EMEA (Europe, Middle-East, and Africa)	31,159		67,352		54,027		181,781
Total	$	623,141	$	698,186	$	987,097	$	1,008,646

Customer Concentration

For the six months ended March 31, 2024, the Company’s top two customers, in the aggregate, accounted for approximately 72% of total revenue.

For the six months ended March 31, 2023, the Company’s top three customers, in the aggregate, accounted for approximately 58% of total revenue.

Deferred Revenue

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


In thousands	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Deferred revenue, beginning of period	$	382,832	$	469,098	$	273,164	$	273,073
Additions	138,571		261,903		265,239		549,743
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(122,764)		(146,576)		(139,764)		(238,391)
Deferred revenue, end of period	$	398,639	$	584,425	$	398,639	$	584,425


In thousands	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Deferred revenue from related parties, beginning of period	$	258,232	$	350,895	$	110,274	$	300,697
Additions	21,156		51,860		29,602		140,390
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(232,694)		(215,798)		(93,182)		(254,130)
Deferred revenue from related parties, end of period	$	46,694	$	186,957	$	46,694	$	186,957

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 March 31, 2024, the Company had $3.7 billion of remaining performance obligations related to contractual commitments, of which, we expect to recognize in revenue approximately 60% in the next 12 months, with the remainder recognized in revenue in periods thereafter.

Variable Consideration

As of March 31, 2024 and September 30, 2023, transaction prices have been reduced to reflect variable consideration of $81.8 million and $84.1 million, respectively. Variable consideration primarily relates to the Company’s customers’ rights to liquidated damages in the event a specified milestone has not been met or equipment is not delivered to contract specifications. Variable consideration is estimated using the expected-value method which computes a weighted average amount based on a range of potential outcomes. In contracts in which a significant reversal may occur, we constrain the amount of revenue recognized based on our estimations using the expected-value method.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY, MEMBERS' EQUITY (DEFICIT), AND MEZZANINE EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A	Common Stock Class A	Common Stock Class B	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock	Non-Controlling interest
Beginning balance (in shares) at Sep. 30, 2022			114,873,121	58,586,695
Beginning balance, Treasury Stock (in shares) at Sep. 30, 2022								550,904
Beginning balance at Sep. 30, 2022	$ 629,208		$ 1	$ 0	$ 542,602	$ (104,544)	$ 2,784	$ (5,013)	$ 193,378
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(74,590)					(49,497)			(25,093)
Stock-based compensation expense and related vesting (in shares)			308,260
Stock-based compensation expense	15,763				15,763
Repurchase of Class A common stock placed into Treasury (in shares)			(21,347)					21,347
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(288)							$ (288)
Effect of remeasurement of non-controlling interest due to other share transactions	0				1,901				(1,901)
Proceeds from exercise of stock options, (in shares)			1,326,426
Proceeds from exercise of stock options	2,956				2,956
Foreign currency translation (loss) gain, net of income tax expense (benefit) of $(0.2) million in the three months ended March 31, 2024, $0.1 million in the six months ended March 31, 2024, and $0.1 million in the three months ended March 31, 2023, and $0.4 million six months ended March 31, 2023	(5,054)						(3,349)		(1,705)
Ending balance (in shares) at Mar. 31, 2023			116,486,460	58,586,695
Ending balance, Treasury Stock (in shares) at Mar. 31, 2023								572,251
Ending balance at Mar. 31, 2023	567,995		$ 1	$ 0	563,222	(154,041)	(565)	$ (5,301)	164,679
Beginning balance (in shares) at Dec. 31, 2022			116,072,991	58,586,695
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2022								572,251
Beginning balance at Dec. 31, 2022	599,017		$ 1	$ 0	554,924	(129,186)	410	$ (5,301)	178,169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(37,397)					(24,855)			(12,542)
Stock-based compensation expense and related vesting (in shares)			127,576
Stock-based compensation expense	7,286				7,286
Effect of remeasurement of non-controlling interest due to other share transactions	0				454				(454)
Proceeds from exercise of stock options, (in shares)			285,893
Proceeds from exercise of stock options	558				558
Foreign currency translation (loss) gain, net of income tax expense (benefit) of $(0.2) million in the three months ended March 31, 2024, $0.1 million in the six months ended March 31, 2024, and $0.1 million in the three months ended March 31, 2023, and $0.4 million six months ended March 31, 2023	(1,469)						(975)		(494)
Ending balance (in shares) at Mar. 31, 2023			116,486,460	58,586,695
Ending balance, Treasury Stock (in shares) at Mar. 31, 2023								572,251
Ending balance at Mar. 31, 2023	567,995		$ 1	$ 0	563,222	(154,041)	(565)	$ (5,301)	164,679
Beginning balance (in shares) at Sep. 30, 2023		118,903,435	118,903,435	58,586,695
Beginning balance, Treasury Stock (in shares) at Sep. 30, 2023								689,974
Beginning balance at Sep. 30, 2023	556,330		$ 1	$ 0	581,104	(174,164)	3,202	$ (7,797)	153,984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(38,432)					(25,912)			(12,520)
Stock-based compensation expense and related vesting (in shares)			375,663
Stock-based compensation expense	12,246				12,246
Repurchase of Class A common stock placed into Treasury (in shares)			(4,449)					(4,449)
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(88)							$ (88)
Effect of Siemens Industry redemption of class B-1 common stock for class A common stock (in shares)			(7,087,500)	(7,087,500)
Effect of AES redemption of Class B-1 common stock for Class A common stock	0				21,428				(21,428)
Effect of remeasurement of non-controlling interest due to other share transactions (in shares)			354,134
Effect of remeasurement of non-controlling interest due to other share transactions	0				1,367				(1,367)
Proceeds from exercise of stock options, (in shares)			671,255
Proceeds from exercise of stock options	1,648				1,648
Foreign currency translation (loss) gain, net of income tax expense (benefit) of $(0.2) million in the three months ended March 31, 2024, $0.1 million in the six months ended March 31, 2024, and $0.1 million in the three months ended March 31, 2023, and $0.4 million six months ended March 31, 2023	32						39		(7)
Ending balance (in shares) at Mar. 31, 2024		127,387,538	127,387,538	51,499,195
Ending balance, Treasury Stock (in shares) at Mar. 31, 2024								694,423
Ending balance at Mar. 31, 2024	531,736		$ 1	$ 0	617,793	(200,076)	3,241	$ (7,885)	118,662
Beginning balance (in shares) at Dec. 31, 2023			126,967,942	51,499,195
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2023								689,974
Beginning balance at Dec. 31, 2023	539,155		$ 1	$ 0	610,230	(190,907)	4,382	$ (7,797)	123,246
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(12,876)					(9,169)			(3,707)
Stock-based compensation expense and related vesting (in shares)			205,863
Stock-based compensation expense	6,616				6,616
Repurchase of Class A common stock placed into Treasury (in shares)			(4,449)					(4,449)
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(88)							$ (88)
Effect of remeasurement of non-controlling interest due to other share transactions	0				415				(415)
Proceeds from exercise of stock options, (in shares)			218,182
Proceeds from exercise of stock options	532				532
Foreign currency translation (loss) gain, net of income tax expense (benefit) of $(0.2) million in the three months ended March 31, 2024, $0.1 million in the six months ended March 31, 2024, and $0.1 million in the three months ended March 31, 2023, and $0.4 million six months ended March 31, 2023	(1,603)						(1,141)		(462)
Ending balance (in shares) at Mar. 31, 2024		127,387,538	127,387,538	51,499,195
Ending balance, Treasury Stock (in shares) at Mar. 31, 2024								694,423
Ending balance at Mar. 31, 2024	$ 531,736		$ 1	$ 0	$ 617,793	$ (200,076)	$ 3,241	$ (7,885)	$ 118,662

Subsequent Events	6 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 8, 2024, the Company entered into Amendment No. 1 to the ABL Credit Agreement. Amendment No. 1 amended the ABL Credit Agreement to provide that during the period from March 29, 2024 through and including May 10, 2024, to the extent that no event of default was outstanding under the ABL Credit Agreement and there was no aggregate revolving credit exposure by the ABL Lenders thereunder, then in the event of a full cash dominion period, Barclays was not required to initiate daily cash sweeps of the Company’s controlled accounts. In addition, Amendment No. 1 amended the ABL Credit Agreement to provide that during the period from March 29, 2024 through and including May 10, 2024, to the extent that there was no aggregate revolving credit exposure by the ABL Lenders thereunder, then the amount of required Excess Availability was zero. On May 8, 2024, the Company entered into Amendment No. 2 to the ABL Credit Agreement. Amendment No. 2 expands the borrowing base calculation under the ABL Credit Agreement to include borrowing base qualified cash, which is defined as the lesser of (a) the aggregate amount of cash (other than restricted cash) of the borrowers that is held in a specific borrowing base qualified cash account and (b) $100.0 million. After the deposit of any funds into the borrowing base qualified cash account, borrowers must satisfy certain release conditions prior to the transfer of funds out of the borrowing base qualified cash account. Amendment No. 2 also amended the ABL Credit Agreement to provide that if a Covenant Relief Period has occurred and is continuing, then there shall be no full cash dominion period under the ABL Credit Agreement. Amendment No. 2 also amended the ABL Credit Agreement to provide that the Company will not, and its subsidiaries will not, permit Total Liquidity (as defined in the ABL Credit Agreement) at any time to be less than the greater of (i) (i) 20% of the Line Cap then in effect and (ii) (A) if the borrowing base then in effect is less than $200.0 million, $50.0 million and (B) if the borrowing base then in effect is greater than or equal to $200.0 million, $64.0 million, and unless a Covenant Relief Period is then in effect, the Company agreed that it will not, and its subsidiaries will not, permit Excess Availability to be less than the greater of (i) $15.0 million and (ii) 10% of the Line Cap then in effect.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,169)	$ (24,855)	$ (25,912)	$ (49,497)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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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 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

6 Months Ended

Mar. 31, 2024

Leases [Abstract]

Assets and Liabilities, Operating Lease

The amounts of assets and liabilities and other information for our operating leases are as follows:


In thousands	Balance Sheet Caption	March 31, 2024		September 30, 2023
Assets:
Right of use asset - operating leases	Other non-current assets	$	5,162	$	2,857

Liabilities:
Current portion of operating lease liabilities	Other current liabilities	$	2,785	$	1,569
Operating lease liabilities, net of current portion	Other non-current liabilities	2,512		1,334

Related-Party Transactions (Tables)

6 Months Ended

Mar. 31, 2024

Schedule of Related Party Transactions

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


In thousands	March 31, 2024		September 30, 2023
Accounts receivable	$	20,090	$	7,945
Unbilled receivables	43,549		50,569
Total receivables from related parties	63,639		58,514
Advances to suppliers	46,286		17,592
Total advances to suppliers with related parties	46,286		17,592
Accounts payable	3,903		2,477
Deferred revenue	46,694		110,274
Accrued liabilities	8,449		3,737
Total deferred revenue and payables with related parties	$	59,046	$	116,488

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


In thousands	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Revenue	$	342,489	$	293,076	$	459,063	$	394,082
Cost of goods and services	4,363		2,169		5,512		8,576
Research and development expenses	—		121		134		312
Sales and marketing expenses	42		32		42		45
General and administrative expenses	1,528		490		3,705		520
Other expense (income), net (a)	(1,508)		—		(1,508)		—

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Foreign currency translation gain (loss), income tax (expense) benefit	$ 0.2	$ 0.1	$ 0.1	$ 0.4

Revenue from Contracts with Customers (Tables)

6 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

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 March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Revenue from energy storage products and solutions	$	613,736	$	693,937	$	970,678	$	1,000,175
Revenue from services	8,066		3,090		13,812		6,531
Revenue from digital applications and solutions	1,339		1,159		2,607		1,940

Total	$	623,141	$	698,186	$	987,097	$	1,008,646

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 March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Americas (North, Central and South America)	$	533,774	$	557,197	$	792,991	$	733,668
APAC (Asia Pacific)	58,208		73,637		140,079		93,197
EMEA (Europe, Middle-East, and Africa)	31,159		67,352		54,027		181,781
Total	$	623,141	$	698,186	$	987,097	$	1,008,646

Change in Contract Liability

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


In thousands	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Deferred revenue, beginning of period	$	382,832	$	469,098	$	273,164	$	273,073
Additions	138,571		261,903		265,239		549,743
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(122,764)		(146,576)		(139,764)		(238,391)
Deferred revenue, end of period	$	398,639	$	584,425	$	398,639	$	584,425


In thousands	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Deferred revenue from related parties, beginning of period	$	258,232	$	350,895	$	110,274	$	300,697
Additions	21,156		51,860		29,602		140,390
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(232,694)		(215,798)		(93,182)		(254,130)
Deferred revenue from related parties, end of period	$	46,694	$	186,957	$	46,694	$	186,957

Current Accruals and Provisions

6 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Current Accruals and Provisions

Accruals mainly represent milestones not yet invoiced for inventory such as, but not limited to, batteries, cubes, and inverters. 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. Current accruals and provisions consisted of the following:


In thousands	March 31, 2024		September 30, 2023
Accruals	$	133,251	$	148,906
Provisions for expected project losses	12,988		12,072
Current portion of warranty accrual	13,374		11,245
Total	$	159,613	$	172,223

- 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
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Reference 3: 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 10: 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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+ Details

Leases - Assets and Liabilities Operating (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Assets
Right of use asset - operating leases	$ 5,162	$ 2,857
Liabilities:
Current portion of operating lease liabilities	2,785	1,569
Operating lease liabilities, net of current portion	$ 2,512	$ 1,334

Leases - Narrative (Details)	Mar. 31, 2024
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	3 years

Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 6,636	$ 7,286	$ 12,266	$ 15,763
Cost of goods and services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,121	1,256	2,380	2,156
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	665	1,596	1,391	3,956
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	378	454	673	972
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,472	$ 3,980	$ 7,822	$ 8,679

- 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

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2021	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 6,636,000	$ 7,286,000	$ 12,266,000	$ 15,763,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage Paid Out Below-Threshold Performance				0.00%
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%
Nispera \| Outstanding restricted stock units (“RSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 6,900,000
Class B units issued (in shares)	531,202
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)		$ 2.45		$ 2.45
Shares outstanding, options (in shares)		4,607,929		4,607,929
Unrecognized stock compensation expense		$ 100,000		$ 100,000
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 phantom units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						$ 0
Shares outstanding (in shares)		256,935		256,935
Unrecognized Stock Compensation Expense, not options		$ 200,000		$ 200,000
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 expense						$ 0
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 restricted stock units (“RSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		2,111,603		2,111,603			1,843,570
Unrecognized Stock Compensation Expense, not options		$ 23,400,000		$ 23,400,000
Granted (in shares)				885,980
Outstanding performance share units (“PSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		381,226		381,226
Unrecognized Stock Compensation Expense, not options		$ 7,100,000		$ 7,100,000
Non Qualified Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock compensation expense		$ 1,900,000		$ 1,900,000
Service requirement (in years)				3 years
Granted (in shares)				165,521
Options granted, Weighted average exercise price per share (usd per share)				$ 22.31

Summary of Significant Accounting Policies and Estimates - Non-controlling Interest (Details)	Mar. 31, 2024	Sep. 30, 2023
Fluence Energy, LLC
Noncontrolling Interest [Line Items]
Fluence Energy, LLC percentage owned	71.21%	66.99%
AES Grid Stability
Noncontrolling Interest [Line Items]
Founders percentage owned	28.79%	33.01%

Summary of Significant Accounting Policies and Estimates

6 Months Ended

Mar. 31, 2024

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


	March 31, 2024		September 30, 2023
Controlling Interest Ownership	71.21	%	66.99	%
Non-Controlling Interest Ownership (AES)	28.79	%	33.01	%

Unaudited Interim Financial Information

The accompanying condensed consolidated financial statements as of March 31, 2024, and for the three and six months ended March 31, 2024 and 2023 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, 2023 filed with the SEC on November 29, 2023 (the “2023 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 March 31, 2024, the results of its operations for the three and six months ended March 31, 2024 and 2023, and its cash flows for the six months ended March 31, 2024 and 2023. The financial data and other information disclosed in these notes related to the three and six months ended March 31, 2024 and 2023 are also unaudited. The results for the three and six months ended March 31, 2024 and 2023 are not necessarily indicative of results for the full year ending September 30, 2024 and 2023, any other interim periods, or any future year or period. The balance sheet as of September 30, 2023 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 2023 Annual Report.

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.

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	March 31, 2024		September 30, 2023
Cash and cash equivalents	$	411,798	$	345,896
Restricted cash	106,605		106,835
Restricted cash included in “Other non-current assets”	23,079		10,000
Total cash, cash equivalents and restricted cash	$	541,482	$	462,731

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


in thousands	March 31, 2024		September 30, 2023
Collateral for credit card program	$	2,808	$	2,644
Collateral for outstanding bank guarantees	94,293		102,586
Collateral for surety program	9,396		—
Term deposits	108		1,605
Collateral for surety program included in “Other non-current assets”	23,079		10,000
Total restricted cash	$	129,684	$	116,835

Revenue and Cost Recognition

Inventory, Net

Software Development Costs

During the six months ended March 31, 2024 and March 31, 2023, the Company capitalized $4.0 million and $0.0 million, respectively, of internal-use software.

During the six months ended March 31, 2024 and March 31, 2023, the Company capitalized $13.0 million and $0.0 million, respectively, of development costs related to hosting arrangements.

During the six months ended March 31, 2024 and March 31, 2023, the Company capitalized $1.0 million and $0.0 million, respectively, of external-use software to be sold.

Fair Value Measurements

Loss per Share

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


	Three Months Ended March 31,		Six Months Ended March 31,
	2024	2023	2024	2023
Class B-1 common stock	51,499,195	58,586,695	51,499,195	58,586,695
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan	4,607,929	7,377,287	4,607,929	7,377,287
Outstanding pre-IPO phantom units	256,935	513,865	256,935	513,865
Outstanding restricted stock units (“RSUs”)	2,111,603	2,041,431	2,111,603	2,041,431
Outstanding performance share units (“PSUs”)	381,226	—	381,226	—
Outstanding non-qualified stock options (“NQSOs”)	165,521	—	165,521	—
Outstanding restricted stock (“Nispera equity”)	354,134	531,202	354,134	531,202

Basic and diluted net loss per share of Class A common stock for the three and six months ended March 31, 2024 and 2023, respectively, have been computed as follows:


	Three Months Ended March 31,				Six Months Ended March 31,
In thousands, except share and per share amounts	2024		2023		2024		2023
Net loss	$	(12,876)	$	(37,397)	$	(38,432)	$	(74,590)
Less: Net loss attributable to the non-controlling interest	(3,707)		(12,542)		(12,520)		(25,093)
Net loss attributable to Fluence Energy, Inc.	$	(9,169)	$	(24,855)	$	(25,912)	$	(49,497)

Weighted average number of Class A common stock - basic and diluted	126,843,301		116,266,838		123,962,636		115,825,339
Loss per share of Class A common stock - basic and diluted	$	(0.07)	$	(0.21)	$	(0.21)	$	(0.43)

Recent Accounting Standards Adopted

The following table presents accounting standards adopted during the six months ended March 31, 2024.


Standard	Description	Period of Adoption	Effect on the financial statements and other significant matters
Accounting Standards Update (“ASU”) No. 2022-04: Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations	ASU 2022-04 requires entities to disclose the key terms of supplier finance programs they use in connection with the purchase of goods and services, along with the amount of obligations outstanding at the end of each period and an annual roll forward of such obligations. This standard does not affect the recognition, measurement, or financial statement presentation of supplier finance program obligations.	As of the three months ended December 31, 2023.	The Company presented the key terms of its supply chain financing programs along with a roll forward of activity in “Footnote 16 - Supply Chain Financing.” There was no impact as a result of the adoption on financial statement presentation or results of operations for any period presented.

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. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The update requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in this update do not change or remove those disclosure requirements. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments.	ASU 2023-07 is effective for the Company’s annual report for fiscal year ending September 30, 2025.	The Company is evaluating the impact that this guidance will have on its disclosures. The Company only has one reportable segment.
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.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. Interest income of $3.2 million and $4.7 million for the three and six months ended March 31, 2023, respectively, was reclassified from other expense (income), net to interest income, net on the condensed consolidated statement of operations and comprehensive loss. The reclassification had no impact on loss before income taxes or net loss for any period presented. Provision on loss contracts, net of $2.0 million for the six months ended March 31, 2023, was reclassified to current accruals and provisions on the condensed consolidated statement of cash flows. The reclassification had no impact on cash provided by (used in) operations for the period presented.

Sale of Receivable under Master Receivables Purchase Agreement	6 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Sale of Receivable under Master Receivables Purchase Agreement	Sale of Receivables under 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 may be terminated by either party at any time by 30 days’ prior written notice. Fluence Energy, LLC has granted CACIB a security interest in the Purchased Receivables, and proceeds thereof, as more fully described in the MRPA, in order to perfect CACIB’s ownership interest in the Purchased Receivables and secure the payment and performance of all obligations of Fluence Energy, LLC to CACIB under the MRPA. The MRPA contains other customary representations and warranties and covenants. When receivables are sold under the MRPA, they are sold without recourse, and our continuing involvement is limited to their servicing, for which the Company receives a fee commensurate with the service provided and therefore no servicing asset or liability related to these receivables was recognized for any period presented. The fair value of the sold receivables approximated their book value due to their short-term nature. For the three months ended March 31, 2024, we sold receivables to CACIB under the MRPA for net proceeds of $71.5 million. At the date of the true sale, the receivables were de-recognized in their entirety from the consolidated balance sheet. We charged a fee to our customer, primarily for providing extended payment terms, in relation to the sale of receivables. We recorded factoring income of $1.5 million and related factoring discount of $1.5 million during the period. The factoring income is recorded in “Other expense (income), net” and the factoring discount is recorded in “Sales and marketing expense” on the condensed consolidated statements of operations and comprehensive loss. Proceeds from the sold receivables 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

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+ Details

Cover - shares	6 Months Ended
Cover - shares	Mar. 31, 2024	May 06, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	Large 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	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		127,896,832
Class B-1 common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		51,499,195

Summary of Significant Accounting Policies and Estimates - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other expense (income), net	$ (215)	$ (3,012)	$ 972	$ 8,130
Personnel related liabilities	$ 25,784		25,784		$ 52,174
Current accruals and provisions			$ (12,861)	(77,681)
Revision of Prior Period, Reclassification, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other expense (income), net		3,200		4,700
Interest income, net		$ 3,200		4,700
Gain (Loss) on Contract Termination				2,000
Current accruals and provisions				$ 2,000

- 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 the cost of borrowed funds accounted for as interest expense.

+ References + Details

Related-Party Transactions - Statement of Operations and Comprehensive Loss Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Total revenue	$ 623,141	$ 698,186	$ 987,097	$ 1,008,646
Cost of goods and services	558,961	667,373	886,531	965,793
Research and development	17,427	22,551	32,867	41,713
Sales and marketing	15,792	10,401	26,498	19,193
General and administrative	44,067	31,778	81,795	63,045
Other expense (income), net	(215)	(3,012)	972	8,130
Related Party
Related Party Transaction [Line Items]
Total revenue	342,489	293,076	459,063	394,082
Cost of goods and services	4,363	2,169	5,512	8,576
Research and development	0	121	134	312
Sales and marketing	42	32	42	45
General and administrative	1,528	490	3,705	520
Other expense (income), net	$ (1,508)	$ 0	$ (1,508)	$ 0

- Definition

+ References

+ Details

Subsequent Events (Details) - Revolving Credit Facility - Asset-Based Lending Facility - Line of Credit - USD ($) $ in Millions	May 08, 2024	Mar. 31, 2024	Mar. 29, 2024
Subsequent Event [Line Items]
Borrowing base qualified cash threshold		$ 100.0
Total liquidity, line cap, threshold percentage		20.00%
Borrowing base amount		$ 200.0
Line cap additional threshold amount		50.0
Additional threshold amount		$ 64.0
Line cap excess availability threshold percent		12.50%	0.00%
Subsequent Event
Subsequent Event [Line Items]
Borrowing base qualified cash threshold	$ 100.0
Total liquidity, line cap, threshold percentage	20.00%
Borrowing base amount	$ 200.0
Line cap additional threshold amount	50.0
Additional threshold amount	$ 64.0
Line cap excess availability threshold percent	10.00%
Minimum
Subsequent Event [Line Items]
Line cap additional threshold percent		$ 15.0
Minimum \| Subsequent Event
Subsequent Event [Line Items]
Line cap additional threshold percent	$ 15.0

Summary of Significant Accounting Policies and Estimates - Recently Reported Accounting (Details) - 6 months ended Mar. 31, 2024	segment	reportable_segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1	1

Revenue from Contracts with Customers - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Nonrelated Party
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning of period	$ 382,832	$ 469,098	$ 273,164	$ 273,073
Additions	138,571	261,903	265,239	549,743
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(122,764)	(146,576)	(139,764)	(238,391)
Deferred revenue, end of period	398,639	584,425	398,639	584,425
Related Party
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning of period	258,232	350,895	110,274	300,697
Additions	21,156	51,860	29,602	140,390
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(232,694)	(215,798)	(93,182)	(254,130)
Deferred revenue, end of period	$ 46,694	$ 186,957	$ 46,694	$ 186,957

Summary of Significant Accounting Policies and Estimates - Earnings (Loss) per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024 USD ($) class $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) class $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of classes of common stock \| class	3		3
Net loss	$ (12,876)	$ (37,397)	$ (38,432)	$ (74,590)
Less: Net loss attributable to the non-controlling interest	(3,707)	(12,542)	(12,520)	(25,093)
Net loss attributable to Fluence Energy, Inc.	$ (9,169)	$ (24,855)	$ (25,912)	$ (49,497)
Weighted average number of Class A common shares outstanding, basic (in shares) \| shares	126,843,301	116,266,838	123,962,636	115,825,339
Weighted average number of Class A common shares outstanding, diluted (in shares) \| shares	126,843,301	116,266,838	123,962,636	115,825,339
Loss per share of Class A common stock, basic (in usd per share) \| $ / shares	$ (0.07)	$ (0.21)	$ (0.21)	$ (0.43)
Loss per share of Class A common stock, diluted (in usd per share) \| $ / shares	$ (0.07)	$ (0.21)	$ (0.21)	$ (0.43)

- 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.

+ References

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of Net Income (Loss) attributable to noncontrolling interest.

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+ Details

Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Total revenue	$ 623,141	$ 698,186	$ 987,097	$ 1,008,646
Provision for receivables from related parties	$ 0		0		$ 0
Consulting Services Revenue
Related Party Transaction [Line Items]
Total revenue			$ 3,900
AES Grid Stability \| Class B-1 common stock \| Fluence Energy, Inc
Related Party Transaction [Line Items]
Investment owned (in shares)	51,499,195		51,499,195
Siemens Industry \| Class A common stock \| Fluence Energy, Inc
Related Party Transaction [Line Items]
Investment owned (in shares)	51,499,195		51,499,195
Related Party
Related Party Transaction [Line Items]
Total revenue	$ 342,489	$ 293,076	$ 459,063	$ 394,082

Summary of Significant Accounting Policies and Estimates - Cash Restrictions (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 106,605	$ 106,835
Restricted cash included in “Other non-current assets”	23,079	10,000
Total restricted cash	129,684	116,835
Credit Card Program Collateral
Cash and Cash Equivalents [Line Items]
Restricted cash	2,808	2,644
Outstanding Bank Guarantee Collateral
Cash and Cash Equivalents [Line Items]
Restricted cash	94,293	102,586
Surety Program Collateral
Cash and Cash Equivalents [Line Items]
Restricted cash	9,396	0
Restricted cash included in “Other non-current assets”	23,079	10,000
Term Deposit
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 108	$ 1,605

Goodwill (Tables)

6 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents the goodwill activity for the six months ended March 31, 2024 and 2023:


In thousands	March 31,
	2024		2023
Goodwill, Beginning of the period	$	26,020	$	24,851
Foreign currency adjustment	246		1,093

Goodwill, End of the period	$	26,266	$	25,944

- Definition

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

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+ Details

Revenue from Contracts with Customers - Revenue by Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 623,141	$ 698,186	$ 987,097	$ 1,008,646
Revenue from energy storage products and solutions
Disaggregation of Revenue [Line Items]
Total revenue	613,736	693,937	970,678	1,000,175
Revenue from services
Disaggregation of Revenue [Line Items]
Total revenue	8,066	3,090	13,812	6,531
Revenue from digital applications and solutions
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,339	$ 1,159	$ 2,607	$ 1,940

- 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

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 411,798	$ 345,896
Restricted cash	106,605	106,835
Trade receivables, net	86,798	103,397
Unbilled receivables	132,955	192,064
Receivables from related parties	63,639	58,514
Advances to suppliers	110,759	107,947
Inventory, net	309,059	224,903
Current portion of notes receivable - pledged as collateral	55,251	24,330
Other current assets	45,867	31,074
Total current assets	1,322,731	1,194,960
Non-current assets:
Property and equipment, net	13,512	12,771
Intangible assets, net	57,172	55,752
Goodwill	26,266	26,020
Deferred income tax asset	85	86
Note receivable - pledged as collateral	0	30,921
Other non-current assets	110,077	31,639
Total non-current assets	207,112	157,189
Total assets	1,529,843	1,352,149
Current liabilities:
Accounts payable	244,191	62,899
Deferred revenue and payables with related parties	59,046	116,488
Current portion of borrowings against note receivable - pledged as collateral	52,667	22,539
Personnel related liabilities	25,784	52,174
Accruals and provisions	159,613	172,223
Taxes payable	22,023	29,465
Other current liabilities	11,150	16,711
Total current liabilities	973,113	745,663
Non-current liabilities:
Deferred income tax liability	5,159	4,794
Borrowings against note receivable - pledged as collateral	0	28,024
Other non-current liabilities	19,835	17,338
Total non-current liabilities	24,994	50,156
Total liabilities	998,107	795,819
Stockholders’ Equity:
Preferred stock, $0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2024 and September 30, 2023	0	0
Treasury stock, at cost	(7,885)	(7,797)
Additional paid-in capital	617,793	581,104
Accumulated other comprehensive income	3,241	3,202
Accumulated deficit	(200,076)	(174,164)
Total stockholders’ equity attributable to Fluence Energy, Inc.	413,074	402,346
Non-Controlling interests	118,662	153,984
Total stockholders’ equity	531,736	556,330
Total liabilities and stockholders’ equity	1,529,843	1,352,149
Nonrelated Party
Current liabilities:
Deferred revenue	398,639	273,164
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