0001868941-24-000059 | 10-Q | XBRL Viewer

Revenue from Contracts with Customers

9 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

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 June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Revenue from energy storage products and solutions	$	472,569	$	530,268	$	1,443,786	$	1,529,766
Revenue from services	9,545		4,816		22,818		11,347
Revenue from digital applications and solutions	1,203		1,267		3,810		3,884

Total	$	483,317	$	536,351	$	1,470,414	$	1,544,997

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 June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Americas (North, Central and South America)	$	202,971	$	439,804	$	995,963	$	1,173,473
APAC (Asia Pacific)	104,330		29,882		244,409		123,078
EMEA (Europe, Middle-East, and Africa)	176,016		66,665		230,042		248,446
Total	$	483,317	$	536,351	$	1,470,414	$	1,544,997

Customer Concentration

For the nine months ended June 30, 2024, the Company’s top two customers, in the aggregate, accounted for approximately 59% of total revenue.

For the nine months ended June 30, 2023, the Company’s top four customers, in the aggregate, accounted for approximately 62% of total revenue.

Deferred Revenue

Deferred revenue from related parties is included 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 June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Deferred revenue, beginning of period	$	398,639	$	584,425	$	273,164	$	273,073
Additions	192,851		167,361		335,808		452,069
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(181,878)		(299,717)		(199,360)		(273,073)
Deferred revenue, end of period	$	409,612	$	452,069	$	409,612	$	452,069


In thousands	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Deferred revenue from related parties, beginning of period	$	46,694	$	186,957	$	110,274	$	300,697
Additions	19,052		47,489		35,980		138,781
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(29,004)		(84,146)		(109,512)		(289,178)
Deferred revenue from related parties, end of period	$	36,742	$	150,300	$	36,742	$	150,300

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 June 30, 2024, the Company had $4.5 billion of remaining performance obligations related to contractual commitments, of which, we expect to recognize in revenue approximately 50% in the next 12 months, with the remainder recognized in revenue in periods thereafter.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Commitments and Contingencies

9 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees, Commitments, Letters of Credit, and Surety Bonds

As of June 30, 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 June 30, 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	$2,887	62	$0.1 - 405
Letters of credit under bilateral credit facilities (a)	78	31	0 - 28.9
Letters of credit under ABL Credit Agreement	—	—	0 - 0
Surety bonds	660	53	0 - 81.9
Total	$3,625	146

(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 June 30, 2024:


in thousands	Purchase Commitments		Liquidated Damages
2024	$	13,292	$	—
2025	201,749		3,180
2026	753,083		16,200
2027	750,000		16,200
2028 and thereafter	2,250,000		48,600

Total	$	3,968,124	$	84,180

The Company makes advance payments as capacity guarantees pursuant to purchase agreements with our suppliers. As of June 30, 2024, $51.5 million is recorded within “Advances to suppliers” on the condensed consolidated 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 nine months ended June 30, 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, which are referred to as extended warranties, using a straight-line approach over the service period.

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 June 30, 2024 and September 30, 2023, the Company accrued the below estimated warranty liabilities, which the table reflects nine months activity and twelve months activity, respectively:


In thousands	June 30, 2024		September 30, 2023
Warranty balance, beginning	$	26,909	$	1,625
Warranties issued and assumed in period	7,687		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	(3,128)		(5,479)
Warranty balance, ending	$	31,468	$	26,909
Less: Recoverable warranty costs from suppliers	12,130		10,307
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$	19,338	$	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 and related warranty asset are reviewed by management on a quarterly basis. The Company may make additional adjustments to the estimated assurance warranty liability and related warranty asset 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 and related warranty asset 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, government investigations, and other regulatory or legal proceedings relating to claims that arise out of our operations and businesses and that cover a wide range of matters, including, but not limited to, 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.

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.

SEC Investigation

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

Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Taxes recoverable	$ 15,013	$ 16,411
Advance payments	637	1,102
Prepaid expenses	12,339	3,470
Prepaid insurance	4,404	674
Current portion of recoverable warranty costs from suppliers	5,208	4,041
Other	4,852	5,376
Total	$ 42,453	$ 31,074

Derivatives and Hedging (Tables)

9 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedging Instruments

The fair value of the Company’s cash flow hedges as well as their classification on the condensed consolidated balance sheets as of June 30, 2024 and September 30, 2023 are as follows:


In thousands	June 30, 2024						September 30, 2023
In thousands	Notional Value		Other Current Assets		Other Current Liabilities		Notional Value		Other Current Assets		Other Current Liabilities
Foreign currency forward contracts	$	242,933	$	531	$	3,033	$	—	$	—	$	—

The gains or losses resulting from changes in fair value of the Company’s cash flow hedges recognized in accumulated other comprehensive (loss) income for the three and nine months ended June 30, 2024 and 2023 are as follows:


In thousands	Three Months Ended June 30				Nine Months Ended June 30
	2024		2023		2024		2023
Foreign currency forward contracts, net of tax	$	(3,243)	$	—	$	(1,883)	$	—

The amounts recognized within “Revenue” in the condensed consolidated statements of operations and comprehensive loss with respect to the Company’s cash flow hedges for the three and nine months ended June 30, 2024 and 2023 are as follows:


In thousands	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Foreign currency forward contracts	$	72	$	—	$	158	$	—

The following table details the changes in the cumulative impact of the loss on derivatives designated for hedge accounting for the nine months ended June 30, 2024:


In thousands	June 30, 2024
Beginning balance	$	—
Amount recognized in accumulated other comprehensive (loss) income	(1,883)
Amount reclassified from accumulated other comprehensive (loss) income into earnings	—
Ending balance	$	(1,883)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 388,242	$ 345,896
Restricted cash	101,988	106,835
Trade receivables, net	93,497	103,397
Unbilled receivables	96,002	192,064
Receivables from related parties	100,945	58,514
Advances to suppliers	155,648	107,947
Inventory, net	469,934	224,903
Current portion of notes receivable - pledged as collateral	55,251	24,330
Other current assets	42,453	31,074
Total current assets	1,503,960	1,194,960
Non-current assets:
Property and equipment, net	13,586	12,771
Intangible assets, net	58,628	55,752
Goodwill	26,337	26,020
Deferred income tax asset	85	86
Note receivable - pledged as collateral	0	30,921
Other non-current assets	87,357	31,639
Total non-current assets	185,993	157,189
Total assets	1,689,953	1,352,149
Current liabilities:
Accounts payable	321,880	65,376
Current portion of borrowings against note receivable - pledged as collateral	53,714	22,539
Personnel related liabilities	41,435	52,174
Accruals and provisions	213,339	175,960
Taxes payable	32,619	29,465
Other current liabilities	15,365	16,711
Total current liabilities	1,124,706	745,663
Non-current liabilities:
Deferred income tax liability	5,143	4,794
Borrowings against note receivable - pledged as collateral	0	28,024
Other non-current liabilities	21,927	17,338
Total non-current liabilities	27,070	50,156
Total liabilities	1,151,776	795,819
Stockholders’ Equity:
Preferred stock, $0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and September 30, 2023	0	0
Treasury stock, at cost	(9,040)	(7,797)
Additional paid-in capital	627,923	581,104
Accumulated other comprehensive income	1,572	3,202
Accumulated deficit	(199,291)	(174,164)
Total stockholders’ equity attributable to Fluence Energy, Inc.	421,165	402,346
Non-Controlling interests	117,012	153,984
Total stockholders’ equity	538,177	556,330
Total liabilities and stockholders’ equity	1,689,953	1,352,149
Nonrelated Party
Current liabilities:
Deferred revenue	409,612	273,164
Related Party
Current assets:
Unbilled receivables	83,790	50,569
Receivables from related parties	17,155	7,945
Advances to suppliers	51,732	17,592
Current liabilities:
Accounts payable	5,383	2,477
Deferred revenue	36,742	110,274
Accruals and provisions	5,771	3,737
Other current liabilities	150	324
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

Related-Party Transactions - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Accounts receivable	$ 100,945	$ 58,514
Unbilled receivables	96,002	192,064
Advances to suppliers	155,648	107,947
Accounts payable	321,880	65,376
Accruals and provisions	213,339	175,960
Other current liabilities	15,365	16,711
Related Party
Related Party Transaction [Line Items]
Accounts receivable	17,155	7,945
Unbilled receivables	83,790	50,569
Total receivables from related parties	100,945	58,514
Advances to suppliers	51,732	17,592
Accounts payable	5,383	2,477
Deferred revenue	36,742	110,274
Accruals and provisions	5,771	3,737
Other current liabilities	$ 150	$ 324

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Goodwill, Beginning of the period	$ 26,020	$ 24,851
Foreign currency adjustment	317	1,435
Goodwill, End of the period	$ 26,337	$ 26,286

- Definition

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

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+ Details

Stock-Based Compensation

9 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Option Plan

In 2020, the Company established the 2020 Unit Option Plan (the “Option Plan”) under which employees, directors, and consultants, were originally granted non-qualified options to purchase Class A-1 units of Fluence Energy, LLC. As of September 30, 2021, the Company determined that achievement of the performance conditions related to awards granted under the Option Plan was not probable and therefore, no expense was recognized for the non-qualified options during the fiscal year ended September 30, 2021. The completion of the 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 June 30, 2024, 3,492,867 stock options under the Option Plan remain outstanding with no unrecognized stock compensation expense.

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 June 30, 2024, there are no phantom unit awards previously issued outstanding and there is no unrecognized stock compensation expense.

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 nine months ended June 30, 2024:


			Number of RSUs
Outstanding as of October 1, 2023			1,843,570
Granted			937,783
Vested			(582,177)
Forfeited			(311,389)
Outstanding as of June 30, 2024			1,887,787

As of June 30, 2024, 1,887,787 RSUs previously issued remained outstanding with unrecognized stock compensation expense of $18.7 million.

Non-Qualified Stock Options

During the nine months ended June 30, 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 June 30, 2024, 165,521 non-qualified stock options previously issued pursuant to the 2021 Incentive Plan remained outstanding with unrecognized stock compensation expense of $1.5 million.

Performance Share Units

During the nine months ended June 30, 2024, the Company granted 386,373 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 June 30, 2024, 386,373 PSUs previously issued remained outstanding with estimated unrecognized stock compensation expense of $6.1 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 (a)	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Cost of goods and services	$	824	$	1,208	$	3,203	$	3,364
Research and development	509		305		1,901		4,261
Sales and marketing	412		601		1,084		1,573
General and administrative	4,395		3,563		12,217		12,242
Total	$	6,140	$	5,677	$	18,405	$	21,440

(a) Includes incentive awards that will be settled in shares and incentive awards that will be settled in cash.

Sale of Receivable under Master Receivables Purchase Agreement (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2024	Feb. 27, 2024
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items]
Written notice period		30 days
Net proceeds sale of receivable	$ 71.5
Factoring income	1.5
Factoring discount	$ 1.5
Maximum
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items]
Purchasing receivables outstanding amount		$ 75.0

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 4,229,000	$ (1,318,000)	$ 1,328,000	$ (2,058,000)
Effective tax rate	79.70%	3.60%	(3.70%)	1.80%
Unrecognized tax benefits	$ 0		$ 0		$ 0

- Definition

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

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+ Details

Inventory, Net

9 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventory, Net

Inventory consisted of the following:


In thousands	June 30, 2024						September 30, 2023
	Cost		Provision		Net		Cost		Provision		Net
Cubes, batteries, and other equipment	$	478,417	$	(15,513)	$	462,904	$	221,711	$	(105)	$	221,606
Spare parts	7,261		(231)		7,030		3,469		(172)		3,297
Total	$	485,678	$	(15,744)	$	469,934	$	225,180	$	(277)	$	224,903

Supply Chain Financing

9 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2024 and September 30, 2023, are as follows:


In thousands	June 30, 2024		September 30, 2023
Obligations outstanding at the beginning of the period	$	30,001	$	24,728
Invoices issued during the period	147,319		35,115
Invoices paid during the period	(136,034)		(29,842)
Obligations outstanding at the end of the period	$	41,286	$	30,001

As of June 30, 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.

Debt - Pledged as Collateral (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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			$ 1,300	$ 1,520	$ 4,554	$ 4,251
Interest Income, Operating					3,500
Interest expense					3,300
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.

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+ Details

Organization and Operations	9 Months Ended
Organization and Operations	Jun. 30, 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 June 30, 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 June 30, 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. 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 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.

Revenue from Contracts with Customers - Geographical Regions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 483,317	$ 536,351	$ 1,470,414	$ 1,544,997
Americas (North, Central and South America)
Disaggregation of Revenue [Line Items]
Total revenue	202,971	439,804	995,963	1,173,473
APAC (Asia Pacific)
Disaggregation of Revenue [Line Items]
Total revenue	104,330	29,882	244,409	123,078
EMEA (Europe, Middle-East, and Africa)
Disaggregation of Revenue [Line Items]
Total revenue	$ 176,016	$ 66,665	$ 230,042	$ 248,446

- 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.

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+ Details

Intangible Assets, Net

9 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

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


In thousands	June 30, 2024						September 30, 2023
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Patents and licenses	$	28,674	$	(12,452)	$	16,222	$	28,673	$	(11,002)	$	17,671
Developed technology	29,730		(7,116)		22,614		29,430		(5,218)		24,212
Customer relationship	4,363		(1,807)		2,556		4,277		(1,233)		3,044
Trade names/Trademarks	5,279		(3,814)		1,465		5,265		(3,337)		1,928
Capitalized internal-use software	13,462		(2,117)		11,345		6,458		(762)		5,696
Capitalized software to be sold	4,910		(484)		4,426		3,266		(65)		3,201

Total	$	86,418	$	(27,790)	$	58,628	$	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 June 30, 2024 and 2023 was $2.2 million and $1.9 million, respectively. The amortization expense for the three months ended June 30, 2024 and 2023 included $0.8 million and $0.5 million for capitalized software, respectively. Total amortization expense for the nine months ended June 30, 2024 and 2023 was $6.2 million and $5.3 million, respectively. The amortization expense for the nine months ended June 30, 2024 and 2023 included $1.8 million and $0.5 million for capitalized software, respectively.

Stock-Based Compensation - RSUS (Details) - Outstanding restricted stock units (“RSUs”)	9 Months Ended
	Jun. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning balance (in shares)	1,843,570
Granted (in shares)	937,783
Vested (in shares)	(582,177)
Forfeited (in shares)	(311,389)
Outstanding, Ending balance (in shares)	1,887,787

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill - Narrative (Details) - USD ($)	9 Months Ended
Goodwill - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0

Summary of Significant Accounting Policies and Estimates - Dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class B-1 common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	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)	445,959	5,911,672	3,492,867	5,911,672
Outstanding pre-IPO phantom units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	256,935	0	256,935
Outstanding restricted stock units (“RSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,076,589	1,963,673	1,887,787	1,963,673
Outstanding restricted stock units (“RSUs”) \| Nispera
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	37,221	354,134	177,067	354,134
Outstanding performance share units (“PSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	356,973	0	386,373	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

Leases - Narrative (Details)	Jun. 30, 2024
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	5 years

Leases

9 Months Ended

Jun. 30, 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 five 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	June 30, 2024		September 30, 2023
Assets:
Right of use asset - operating leases	Other non-current assets	$	6,944	$	2,857

Liabilities:
Current portion of operating lease liabilities	Other current liabilities	$	2,848	$	1,569
Operating lease liabilities, net of current portion	Other non-current liabilities	4,263		1,334

Cover - shares	9 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 05, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q3
Amendment Flag	false
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		128,991,227
Class B-1 common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		51,499,195

Summary of Significant Accounting Policies and Estimates - Revenue and Cost Recognition (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Change in estimate of transaction price		$ 75.5	$ 84.1
Revenue recognized on change order	$ 8.9	$ 16.3

Summary of Significant Accounting Policies and Estimates - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other expense (income), net	$ (562)	$ 733	$ 410	$ 8,862
Accruals and provisions	(213,339)		(213,339)		$ (175,960)
Related Party
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other expense (income), net	0	0	(1,508)	0
Accruals and provisions	(5,771)		(5,771)		(3,737)
Deferred revenue	(36,742)		(36,742)		(110,274)
Revision of Prior Period, Reclassification, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other expense (income), net	3,000		7,700
Interest income, net	$ 3,000		$ 7,700
Deferred revenue		$ 8,600		$ 8,600
Revision of Prior Period, Reclassification, Adjustment \| Related Party \| Accounts Payable With Related Parties
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accruals and provisions					2,500
Deferred revenue					2,500
Revision of Prior Period, Reclassification, Adjustment \| Related Party \| Accruals With Related Parties
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accruals and provisions					3,700
Deferred revenue					$ 3,700

- 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 interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Purchase Commitments
2024	$ 13,292
2025	201,749
2026	753,083
2027	750,000
2028 and thereafter	2,250,000
Purchase Obligation, Total	3,968,124
Liquidated Damages
Liquidated Damages
2024	0
2025	3,180
2026	16,200
2027	16,200
2028 and thereafter	48,600
Other Commitment, Total	$ 84,180

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A	Common Stock	Common Stock Class A	Common Stock Class B	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	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 income (loss)	(109,636)						(72,888)			(36,748)
Stock-based compensation (in shares)				667,048
Stock-based compensation	21,440					21,440
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards (in shares)				94,884					94,884
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(1,619)								$ (1,619)
Effect of remeasurement of non-controlling interest due to other share transactions	0					3,778				(3,778)
Proceeds from exercise of stock options (in shares)				2,838,033
Proceeds from exercise of stock options	6,030					6,030
Impact of foreign currency translation and cash flow hedges, net of tax	25							38		(13)
Ending balance (in shares) at Jun. 30, 2023				118,283,318	58,586,695
Ending balance, Treasury Stock (in shares) at Jun. 30, 2023									645,788
Ending balance at Jun. 30, 2023	545,449			$ 1	$ 0	573,850	(177,431)	2,822	$ (6,632)	152,839
Beginning balance (in shares) at Mar. 31, 2023				116,486,460	58,586,695
Beginning balance, Treasury Stock (in shares) at Mar. 31, 2023									572,251
Beginning balance at Mar. 31, 2023	567,995			$ 1	$ 0	563,222	(154,041)	(565)	$ (5,301)	164,679
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(35,045)						(23,390)			(11,655)
Stock-based compensation (in shares)				358,788
Stock-based compensation	5,677					5,677
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards (in shares)				73,537					73,537
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(1,331)									(1,331)
Effect of remeasurement of non-controlling interest due to other share transactions	0					1,877				(1,877)
Proceeds from exercise of stock options (in shares)				1,511,607
Proceeds from exercise of stock options	3,074					3,074
Impact of foreign currency translation and cash flow hedges, net of tax	5,079							3,387		1,692
Ending balance (in shares) at Jun. 30, 2023				118,283,318	58,586,695
Ending balance, Treasury Stock (in shares) at Jun. 30, 2023									645,788
Ending balance at Jun. 30, 2023	545,449			$ 1	$ 0	573,850	(177,431)	2,822	$ (6,632)	152,839
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 income (loss)	(37,357)						(25,127)			(12,230)
Stock-based compensation (in shares)				839,112
Stock-based compensation	18,386					18,386
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards (in shares)			72,971	72,971
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(1,243)								$ (1,243)
Effect of AES 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					2,633				(2,633)
Proceeds from exercise of stock options (in shares)				1,782,372
Proceeds from exercise of stock options	4,372					4,372
Impact of foreign currency translation and cash flow hedges, net of tax	(2,311)							(1,630)		(681)
Ending balance (in shares) at Jun. 30, 2024		128,893,582		128,893,582	51,499,195
Ending balance, Treasury Stock (in shares) at Jun. 30, 2024									762,945
Ending balance at Jun. 30, 2024	538,177			$ 1	$ 0	627,923	(199,291)	1,572	$ (9,040)	117,012
Beginning balance (in shares) at Mar. 31, 2024				127,387,538	51,499,195
Beginning balance, Treasury Stock (in shares) at Mar. 31, 2024									694,423
Beginning balance at Mar. 31, 2024	531,736			$ 1	$ 0	617,793	(200,076)	3,241	$ (7,885)	118,662
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,075						785			290
Stock-based compensation (in shares)				463,449
Stock-based compensation	6,140					6,140
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards (in shares)				68,522					68,522
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(1,155)								$ (1,155)
Effect of remeasurement of non-controlling interest due to other share transactions	0					1,266				(1,266)
Proceeds from exercise of stock options (in shares)				1,111,117
Proceeds from exercise of stock options	2,724					2,724
Impact of foreign currency translation and cash flow hedges, net of tax	(2,343)							(1,669)		(674)
Ending balance (in shares) at Jun. 30, 2024		128,893,582		128,893,582	51,499,195
Ending balance, Treasury Stock (in shares) at Jun. 30, 2024									762,945
Ending balance at Jun. 30, 2024	$ 538,177			$ 1	$ 0	$ 627,923	$ (199,291)	$ 1,572	$ (9,040)	$ 117,012

Debt - Revolving Credit Facility (Details)				9 Months Ended
Debt - Revolving Credit Facility (Details)	Aug. 06, 2024 USD ($)	Mar. 31, 2024	Nov. 01, 2021	Jun. 30, 2024 USD ($)	Aug. 07, 2024 USD ($)	Apr. 08, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Asset-Based Lending Facility \| Line of Credit
Line of Credit Facility [Line Items]
Remaining borrowing capacity				$ 11,300,000
2024 Revolver \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000
long term debt	0				$ 0
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%
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 \| Asset-Based Lending Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment fee		0.45%
Borrowing base qualified cash threshold				$ 100,000,000.0
Monthly borrowing base certificate threshold days				20 days
Covenant excess availability percentage				12.50%
Borrowing base amount				$ 200,000,000
Covenant, line cap, one				25,000,000
Line cap additional threshold amount				$ 50,000,000
Total liquidity, line cap, threshold percentage				20.00%
Additional threshold amount				$ 64,000,000
Covenant relief excess availability percentage				10.00%
Commitment fee threshold percent				50.00%
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
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
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 400,000,000
Revolving Credit Facility \| 2024 Revolver \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Leverage ratio	3.50
Revolving Credit Facility \| 2024 Revolver \| Line of Credit \| Minimum \| Subsequent Event
Line of Credit Facility [Line Items]
Line cap additional threshold amount	$ 100,000,000
Revolving Credit Facility \| 2024 Revolver \| Line of Credit \| Maximum \| Subsequent Event
Line of Credit Facility [Line Items]
Line cap additional threshold amount	$ 150,000,000
Revolving Credit Facility \| 2024 Revolver \| Base Rate \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Interest rate	2.00%
Revolving Credit Facility \| 2024 Revolver \| Daily Simple RFR \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Interest rate	3.00%
Revolving Credit Facility \| 2024 Revolver \| Adjust Term SOFR Rate, Adjusted EURIBOR Rate, Or Adjusted Term CORRA Rate \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Interest rate	3.00%
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
long term debt				$ 0
Letter of Credit \| 2024 Revolver \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Letter of credit participation fee	0.50%
long term debt	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 785	$ (23,390)	$ (25,127)	$ (72,888)

- Definition

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

+ References

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+ Details

Related-Party Transactions

9 Months Ended

Jun. 30, 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 June 30, 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 nine months ended June 30, 2024, the Company recognized $5.3 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 nine months ended June 30, 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	June 30, 2024		September 30, 2023
Accounts receivable	$	17,155	$	7,945
Unbilled receivables	83,790		50,569
Total receivables from related parties	$	100,945	$	58,514
Advances to suppliers	51,732		$	17,592
Accounts payable	5,383		2,477
Deferred revenue	36,742		110,274
Accruals and provisions	5,771		3,737
Other current liabilities	150		324

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

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 June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Revenue	$	155,226	$	104,735	$	614,289	$	502,669
Cost of goods and services	4,110		2,420		9,622		10,996
Research and development expenses	—		585		134		897
Sales and marketing expenses	—		90		42		135
General and administrative expenses	1,622		842		5,328		1,362
Other expense (income), net (a)	—		—		(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 under Master Receivables Purchase Agreement” 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
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers (Tables)

9 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


In thousands	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Revenue from energy storage products and solutions	$	472,569	$	530,268	$	1,443,786	$	1,529,766
Revenue from services	9,545		4,816		22,818		11,347
Revenue from digital applications and solutions	1,203		1,267		3,810		3,884

Total	$	483,317	$	536,351	$	1,470,414	$	1,544,997

Schedule of Revenue by Geographical Regions

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


In thousands	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Americas (North, Central and South America)	$	202,971	$	439,804	$	995,963	$	1,173,473
APAC (Asia Pacific)	104,330		29,882		244,409		123,078
EMEA (Europe, Middle-East, and Africa)	176,016		66,665		230,042		248,446
Total	$	483,317	$	536,351	$	1,470,414	$	1,544,997

Schedule of Change in Contract Liability

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


In thousands	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Deferred revenue, beginning of period	$	398,639	$	584,425	$	273,164	$	273,073
Additions	192,851		167,361		335,808		452,069
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(181,878)		(299,717)		(199,360)		(273,073)
Deferred revenue, end of period	$	409,612	$	452,069	$	409,612	$	452,069


In thousands	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Deferred revenue from related parties, beginning of period	$	46,694	$	186,957	$	110,274	$	300,697
Additions	19,052		47,489		35,980		138,781
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(29,004)		(84,146)		(109,512)		(289,178)
Deferred revenue from related parties, end of period	$	36,742	$	150,300	$	36,742	$	150,300

Commitments and Contingencies - Guarantees (Details) $ in Millions	Jun. 30, 2024 USD ($) agreement
Other Commitments [Line Items]
Amount	$ 3,625.0
Number of Agreements \| agreement	146
Guarantees and commitments
Other Commitments [Line Items]
Amount	$ 2,887.0
Number of Agreements \| agreement	62
Guarantees and commitments \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	$ 0.1
Guarantees and commitments \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	405.0
Letters of credit under bilateral credit facilities
Other Commitments [Line Items]
Amount	$ 78.0
Number of Agreements \| agreement	31
Letters of credit under bilateral credit facilities \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	$ 0.0
Letters of credit under bilateral credit facilities \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	28.9
Letters of credit under ABL Credit Agreement
Other Commitments [Line Items]
Amount	$ 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	$ 0.0
Letters of credit under ABL Credit Agreement \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	0.0
Surety bonds
Other Commitments [Line Items]
Amount	$ 660.0
Number of Agreements \| agreement	53
Surety bonds \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	$ 0.0
Surety bonds \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	$ 81.9

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies (Tables)

9 Months Ended

Jun. 30, 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	$2,887	62	$0.1 - 405
Letters of credit under bilateral credit facilities (a)	78	31	0 - 28.9
Letters of credit under ABL Credit Agreement	—	—	0 - 0
Surety bonds	660	53	0 - 81.9
Total	$3,625	146

Schedule of 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 June 30, 2024:


in thousands	Purchase Commitments		Liquidated Damages
2024	$	13,292	$	—
2025	201,749		3,180
2026	753,083		16,200
2027	750,000		16,200
2028 and thereafter	2,250,000		48,600

Total	$	3,968,124	$	84,180

Schedule of Warranty Liabilities

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


In thousands	June 30, 2024		September 30, 2023
Warranty balance, beginning	$	26,909	$	1,625
Warranties issued and assumed in period	7,687		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	(3,128)		(5,479)
Warranty balance, ending	$	31,468	$	26,909
Less: Recoverable warranty costs from suppliers	12,130		10,307
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$	19,338	$	16,602

Stock-Based Compensation (Tables)

9 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Options Granted

The following table summarizes activity under the 2021 Incentive Plan for the nine months ended June 30, 2024:


			Number of RSUs
Outstanding as of October 1, 2023			1,843,570
Granted			937,783
Vested			(582,177)
Forfeited			(311,389)
Outstanding as of June 30, 2024			1,887,787

Schedule of Stock Based Compensation Expense

Stock-based compensation expense was recorded as follows:


In thousands (a)	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Cost of goods and services	$	824	$	1,208	$	3,203	$	3,364
Research and development	509		305		1,901		4,261
Sales and marketing	412		601		1,084		1,573
General and administrative	4,395		3,563		12,217		12,242
Total	$	6,140	$	5,677	$	18,405	$	21,440

(a) Includes incentive awards that will be settled in shares and incentive awards that will be settled in cash.

Other Current Assets (Tables)

9 Months Ended

Jun. 30, 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	June 30, 2024		September 30, 2023
Taxes recoverable	$	15,013	$	16,411
Advance payments	637		1,102
Prepaid expenses	12,339		3,470
Prepaid insurance	4,404		674
Current portion of recoverable warranty costs from suppliers	5,208		4,041
Other	4,852		5,376
Total	$	42,453	$	31,074

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
	Nov. 10, 2023	Oct. 31, 2023	Jun. 30, 2024	Sep. 30, 2023
Loss Contingencies [Line Items]
Advance payment			$ 155,648	$ 107,947
Settlement amount			$ 19,500
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]
Advance payment			$ 51,500

Debt	9 Months Ended
Debt	Jun. 30, 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. 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 (the “ABL Joinder”), Amendment No. 1, dated April 8, 2024 (“Amendment No. 1”), and Amendment No. 2, dated May 8, 2024 (“Amendment No. 2”), which provided for revolving commitments in an aggregate principal amount of $400.0 million (the "ABL Facility"). The ABL Facility was 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 were scheduled to mature, and lending commitments thereunder would terminate, on November 22, 2027. As of June 30, 2024, borrowing availability under the ABL Facility was determined by a borrowing base calculation 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, as well as potential borrowing base qualified cash, less the aggregate amount of any reserves. Borrowing base qualified cash was defined as the lesser of (a) the aggregate amount of cash (other than restricted cash) held in a specific borrowing base qualified cash account and (b) $100.0 million. The Company was 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 would provide such certificates on a weekly basis. After giving effect to Amendment No. 2, unless a Covenant Relief Period (as defined below) had occurred and was continuing, the ABL Credit Agreement provided for a full cash dominion period (a) if an event of default was occurring or (b) beginning on the date on which Excess Availability (as defined below) was less than the greater of (i) 12.5% of the Line Cap (as defined below) and (ii) if the borrowing base then in effect was (A) less than $200.0 million, $25.0 million and (B) greater than or equal to $200.0 million, $50.0 million. Excess Availability was defined 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 outstanding revolving extensions of credit. Line Cap was defined as the lesser of the total commitments of the ABL Lenders and the borrowing base. A Covenant Relief Period was defined as a period during which (a) no default or event of default had occurred and continuing and (b) either of the following shall exist: (i) the aggregate revolving credit exposure of the ABL Lenders was not greater than $0 or (ii) each of (A) the amount of aggregate borrowings under the ABL Facility was not greater than $0; (B) the non-cash collateralized LC exposure (as defined under the ABL Credit Agreement) was not greater than $15.0 million, and (C) the borrowing base exceeded the sum of all lenders’ letter of credit exposure. Total liquidity under the ABL Facility was required to not be less than the greater of (i) 20% of the Line Cap and (ii) (A) if the borrowing base was less than $200.0 million, $50.0 million and (B) if the borrowing base was greater than or equal to $200.0 million, $64.0 million. In addition, unless we were in a Covenant Relief Period, the Company could not permit Excess Availability to be less than the greater of (i) $15.0 million and (ii) 10% of the Line Cap. The ABL Credit Agreement set forth that (i) loans comprising each ABR Borrowing bore interest at the Alternate Base Rate plus an additional margin ranging from 1.00% to 1.50%, (ii) loans comprising each Canadian Prime Loan Borrowing bore interest at the Canadian Prime Rate plus an additional margin ranging from 1.00% to 1.50%, and (iii) the loans comprising each Term Benchmark Borrowing bore interest at the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate or Adjusted Term CORRA, 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 was required to pay to the ABL Lenders a commitment fee on the average daily unused portion of the commitments through maturity, which accrued 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 was less than or equal to 50% and 0.375% per annum if average revolving loan utilization was greater than 50%. The ABL Facility also provided for a letter of credit sublimit in the amount of $200.0 million, if certain conditions were met. Each letter of credit issuance was 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. Capitalized terms used in this paragraph that are not otherwise defined are defined in the ABL Credit Agreement. The ABL Credit Agreement contained customary covenants for this type of financing, including, but not limited to, covenants that restricted 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 limited our ability to make certain payments, including dividends and distributions on Fluence Energy, LLC’s equity, the Company’s equity and other restricted payments. 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. If certain payment conditions under the ABL Credit Agreement were satisfied, then additional specified transactions could have been made by the Company. Such covenants were tested on a quarterly basis and upon the occurrence of other certain restricted payments, the incurrence of indebtedness, certain dispositions, and other specified transactions. As of June 30, 2024, we were in a Covenant Relief Period and were in compliance with all such applicable covenants or maintained availability above such applicable covenant triggers. As of June 30, 2024, we had no borrowings under the ABL Facility and no letters of credit outstanding. Based on the borrowing base certificate in effect as of June 30, 2024, we had $11.3 million of borrowing capacity above the Excess Availability minimum in the ABL Facility. 2024 Revolver On August 6, 2024 (the "Amendment Effective Date"), Fluence Energy, Inc. entered into Amendment Number Three ("Amendment No. 3") to that certain ABL Credit Agreement by and among Fluence Energy, LLC, as parent borrower, the Company, as parent, the other borrowers party thereto, the other guarantors party thereto, the lenders party thereto, and Citibank, N.A., as administrative agent (as successor to Barclays Bank PLC) (such agreement, as so amended, the "2024 Credit Agreement") in order to (i) convert the existing ABL Facility to a senior secured cash flow revolving credit facility in an initial aggregate principal amount of up to $500.0 million (the "2024 Revolver"), (ii) replace Barclays as administrative agent under the 2024 Credit Agreement with Citibank, N.A., and (iii) make certain other modifications to the 2024 Credit Agreement as set forth therein. Capitalized terms used in this subsection that are not otherwise defined are defined in the 2024 Credit Agreement. The 2024 Revolver is secured by (i) a first priority pledge of the Company's equity interests in Fluence Energy, LLC and Fluence Energy Global Production Operation, LLC, (ii) first priority security interests in substantially all tangible and intangible personal property of the Company, Fluence Energy, LLC, Fluence Energy Global Production Operation, LLC and certain of its foreign subsidiaries, in each case, subject to customary exceptions and limitations, and (iii) a pledge of the Company's equity interests in certain of its foreign subsidiaries and security interests in certain assets of such foreign subsidiaries. The 2024 Credit Agreement sets forth that (i) loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus 2.00%, (ii) loans comprising each Term Benchmark Borrowing shall bear interest at the Term SOFR Rate or the Adjusted EURIBOR Rate, as applicable, plus 3.00%, and (iii) the loans comprising each RFR Borrowing shall bear interest at the Daily Simple RFR plus 3.00%, in each instance subject to customary benchmark replacement provisions including, but not limited to, alternative benchmark rates, customary spread adjustments with respect to borrowings in foreign currencies and benchmark replacement conforming changes. Fluence Energy, LLC is required to pay to the lenders a commitment fee on the average daily unused portion of the commitments through maturity, which shall accrue at the rate of 0.50% per annum. The 2024 Credit Agreement provides for a cash draw sublimit of $150.0 million as well as a letter of credit sublimit in the amount of $500.0 million if certain conditions are met. The 2024 Credit Agreement contains customary covenants for this type of financing, including, but not limited to, covenants that restrict our and certain of our subsidiary’s ability to: incur indebtedness; incur liens; sell, transfer, or dispose of property and assets; make investments or acquisitions; pay dividends, make distributions or other restricted payments; and engage in affiliate transactions. The 2024 Credit Agreement limits our ability to make certain payments, including dividends and distributions on Fluence Energy, LLC's equity, the Company's equity and other restricted payments. Under the terms of the 2024 Credit Agreement, Fluence Energy, LLC and its subsidiaries are currently limited in their ability to pay cash dividends to, lend to, or make other investments in the Company, subject to certain exceptions. In addition, we are required to maintain (i) from the Amendment Effective Date through December 31, 2025, Total Liquidity of no less than $150,000,000, (ii) from January 1, 2026 and thereafter, Total Liquidity of no less than $100,000,000 or a Consolidated Leverage Ratio as of the last day of any Measurement Period not to exceed 3.50:1.00, and (iii) certain other financial requirements at each Guarantor Coverage Test Date. Such covenants will be tested on a quarterly basis and upon the occurrence of other certain restricted payments, the incurrence of indebtedness, certain dispositions, and other specified transactions. The 2024 Credit Agreement contains customary events of default for this type of financing. If an event of default occurs with respect to a borrower, the lenders will be able to, among other things, terminate the commitments immediately, cash collateralize any outstanding letters of credit, declare any loans outstanding to be due and payable in whole or in part, and exercise other rights and remedies. The maturity date and the date of termination of lending commitments under the 2024 Credit Agreement both remain unchanged at November 22, 2027. There are no borrowings and no letters of credit outstanding under the 2024 Credit Agreement as of August 7, 2024. 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 nine months ended June 30, 2024, the Company recorded net interest income of $0.2 million, which represents the aggregate of $3.5 million in interest income and $3.3 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
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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 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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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+ Details

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount of remaining performance obligations	$ 4,500.0
Percentage of remaining performance obligations	50.00%
Change in estimate of transaction price	$ 75.5		$ 84.1
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Two Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenue percentage	59.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Four Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenue percentage		62.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected time period of satisfaction (in years)	12 months

Sale of Receivable under Master Receivables Purchase Agreement	9 Months Ended
	Jun. 30, 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 nine months ended June 30, 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 condensed 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.

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+ Details

Derivatives and Hedging - Changes in the Cumulative Impact (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2024 USD ($)
AOCI Attributable To Parent Before Reclassification And Tax [Roll Forward]
Beginning balance	$ 556,330
Ending balance	538,177
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable To Parent Before Reclassification And Tax [Roll Forward]
Beginning balance	0
Amount recognized in accumulated other comprehensive (loss) income	(1,883)
Amount reclassified from accumulated other comprehensive (loss) income into earnings	0
Ending balance	$ (1,883)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

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-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Summary of Significant Accounting Policies and Estimates - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 388,242	$ 345,896
Restricted cash	101,988	106,835
Restricted cash included in “Other non-current assets”	23,078	10,000
Total cash, cash equivalents and restricted cash	$ 513,308	$ 462,731	$ 416,096	$ 429,721

Related-Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Total revenue	$ 483,317,000	$ 536,351,000	$ 1,470,414,000	$ 1,544,997,000
Provision for receivables from related parties	$ 0		0		$ 0
Consulting Services Revenue
Related Party Transaction [Line Items]
Total revenue			$ 5,300,000
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

Derivatives and Hedging

9 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

Certain of the Company’s foreign operations expose the Company to fluctuations of foreign exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the functional currency of the transacting party. The Company’s primary exposure results from the foreign currency impact of intercompany sales of inventory to regional entities by the Company’s centralized procurement entity. These intercompany sales are denominated

in the functional currency of the regional entities, primarily the Euro, the British Pound and the Australian dollar, while the functional currency of the centralized procurement entity is the U.S. dollar. This introduces foreign exchange risk on the revenues recorded for such intercompany sales. The Company enters into foreign currency forward contracts to manage its exposure to fluctuations in foreign exchange rates. These contracts are entered into with large, reputable financial institutions that are monitored for counterparty credit risks.

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

The Company currently also has foreign currency forward contracts that are not designated as hedges and the changes in fair value of such derivatives are recognized in current period earnings. As of June 30, 2024, the impact on our condensed consolidated financial statements was not significant.

Cash Flow Hedges

The fair value of the Company’s cash flow hedges as well as their classification on the condensed consolidated balance sheets as of June 30, 2024 and September 30, 2023 are as follows:


In thousands	June 30, 2024						September 30, 2023
In thousands	Notional Value		Other Current Assets		Other Current Liabilities		Notional Value		Other Current Assets		Other Current Liabilities
Foreign currency forward contracts	$	242,933	$	531	$	3,033	$	—	$	—	$	—


In thousands	Three Months Ended June 30				Nine Months Ended June 30
	2024		2023		2024		2023
Foreign currency forward contracts, net of tax	$	(3,243)	$	—	$	(1,883)	$	—


In thousands	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Foreign currency forward contracts	$	72	$	—	$	158	$	—

The following table details the changes in the cumulative impact of the loss on derivatives designated for hedge accounting for the nine months ended June 30, 2024:


In thousands	June 30, 2024
Beginning balance	$	—
Amount recognized in accumulated other comprehensive (loss) income	(1,883)
Amount reclassified from accumulated other comprehensive (loss) income into earnings	—
Ending balance	$	(1,883)

Revenue from Contracts with Customers - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Nonrelated Party
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning of period	$ 398,639	$ 584,425	$ 273,164	$ 273,073
Additions	192,851	167,361	335,808	452,069
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(181,878)	(299,717)	(199,360)	(273,073)
Deferred revenue, end of period	409,612	452,069	409,612	452,069
Related Party
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning of period	46,694	186,957	110,274	300,697
Additions	19,052	47,489	35,980	138,781
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(29,004)	(84,146)	(109,512)	(289,178)
Deferred revenue, end of period	$ 36,742	$ 150,300	$ 36,742	$ 150,300

Subsequent Events (Details) - 2024 Revolver - Line of Credit - Subsequent Event - USD ($)	Aug. 07, 2024	Aug. 06, 2024
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 150,000,000
long term debt	$ 0	0
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 500,000,000

- Definition

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

+ References + Details

Related-Party Transactions (Tables)

9 Months Ended

Jun. 30, 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	June 30, 2024		September 30, 2023
Accounts receivable	$	17,155	$	7,945
Unbilled receivables	83,790		50,569
Total receivables from related parties	$	100,945	$	58,514
Advances to suppliers	51,732		$	17,592
Accounts payable	5,383		2,477
Deferred revenue	36,742		110,274
Accruals and provisions	5,771		3,737
Other current liabilities	150		324

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 June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Revenue	$	155,226	$	104,735	$	614,289	$	502,669
Cost of goods and services	4,110		2,420		9,622		10,996
Research and development expenses	—		585		134		897
Sales and marketing expenses	—		90		42		135
General and administrative expenses	1,622		842		5,328		1,362
Other expense (income), net (a)	—		—		(1,508)		—

Goodwill

9 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

No impairment was recognized for the nine months ended June 30, 2024 or 2023. The following table presents the goodwill activity for the nine months ended June 30, 2024 and 2023:


In thousands	June 30,
	2024		2023
Goodwill, Beginning of the period	$	26,020	$	24,851
Foreign currency adjustment	317		1,435

Goodwill, End of the period	$	26,337	$	26,286

Accruals and Provisions (Tables)

9 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accruals and Provisions

Accruals and provisions consisted of the following:


In thousands	June 30, 2024		September 30, 2023
Accruals	$	177,395	$	148,906
Accruals with related parties	5,771		3,737
Provisions for expected project losses	16,013		12,072
Current portion of warranty accrual	14,160		11,245
Total	$	213,339	$	175,960

Commitments and Contingencies - Warranty Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 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	7,687	12,168
Change in estimates	0	8,288
Change in balance sheet presentation	0	10,307
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(3,128)	(5,479)
Warranty balance, ending	31,468	26,909
Less: Recoverable warranty costs from suppliers	12,130	10,307
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$ 19,338	$ 16,602

Leases (Tables)

9 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of 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	June 30, 2024		September 30, 2023
Assets:
Right of use asset - operating leases	Other non-current assets	$	6,944	$	2,857

Liabilities:
Current portion of operating lease liabilities	Other current liabilities	$	2,848	$	1,569
Operating lease liabilities, net of current portion	Other non-current liabilities	4,263		1,334

Summary of Significant Accounting Policies and Estimates - Software Development Costs (Details) $ in Millions	9 Months Ended
	Jun. 30, 2024 USD ($) Category	Jun. 30, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of categories \| Category	3
Capitalized internal-use software
Finite-Lived Intangible Assets [Line Items]
Capitalized software costs	$ 7.0	$ 5.5
Capitalized internal-use software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	3 years
Capitalized internal-use software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Hosting Arrangements
Finite-Lived Intangible Assets [Line Items]
Capitalized software costs	$ 24.6	0.0
External-Use Software Development Cost
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Capitalized software costs	$ 1.6	$ 1.8

- 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

Derivatives and Hedging - Schedule of Cash Flow Hedging Instruments (Details) - Foreign currency forward contracts - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Foreign Currency Fair Value Hedge Derivative [Line Items]
Notional Value	$ 242,933		$ 242,933		$ 0
Other Current Assets	531		531		0
Other Current Liabilities	3,033		3,033		$ 0
Foreign currency forward contracts, net of tax	(3,243)	$ 0	(1,883)	$ 0
Foreign currency forward contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Foreign currency forward contracts	$ 72	$ 158	$ 0	$ 0

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Jun. 30, 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)	129,656,527	119,593,409
Common stock, shares outstanding (in shares)	128,893,582	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)	134,325,805	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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (37,357)	$ (109,636)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	10,395	7,739
Amortization of debt issuance costs	1,420	457
Inventory provision (benefit)	15,467	(1,097)
Stock-based compensation	18,386	21,440
Deferred income taxes	295	(1,276)
Changes in operating assets and liabilities:
Trade receivables, net	4,811	(66,036)
Unbilled receivables	97,076	(17,315)
Receivables from related parties	(42,424)	55,432
Advances to suppliers	(46,999)	(8,142)
Inventory	(257,916)	145,982
Other current assets	(35,381)	5,192
Other non-current assets	(8,029)	(30,984)
Accounts payable	256,264	(139,244)
Accruals and provisions	37,139	(83,518)
Taxes payable	1,913	12,004
Other current liabilities	22,425	24,593
Other non-current liabilities	(25,838)	11,432
Net cash provided by (used in) operating activities	69,156	(160,487)
Investing activities
Proceeds from maturities of short-term investments	0	111,674
Payments for purchase of investment in joint venture	0	(5,013)
Capital expenditures on software	(8,606)	(7,284)
Purchase of property and equipment	(4,838)	(1,877)
Net cash (used in) provided by investing activities	(13,444)	97,500
Financing activities
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(1,243)	(1,618)
Debt Issuance Costs	(5,004)	0
Payments for acquisitions	(3,892)	0
Proceeds from exercise of stock options	4,372	6,030
Proceeds from borrowing against note receivable - pledged as collateral	0	48,176
Net cash (used in) provided by financing activities	(5,767)	52,588
Effect of exchange rate changes on cash and cash equivalents	632	(3,226)
Net increase (decrease) in cash, cash equivalents, and restricted cash	50,577	(13,625)
Cash, cash equivalents, and restricted cash as of the beginning of the period	513,308	416,096
Cash, cash equivalents, and restricted cash as of the end of the period	462,731	429,721
Supplemental Cash Flows Information
Interest paid	2,178	955
Cash paid for income taxes	1,719	928
Related Party
Changes in operating assets and liabilities:
Deferred revenue	(73,564)	(155,534)
Nonrelated Party
Changes in operating assets and liabilities:
Deferred revenue	$ 131,073	$ 168,024

Other Current Assets

9 Months Ended

Jun. 30, 2024

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

Other Current Assets

Other current assets consisted of the following amounts:


In thousands	June 30, 2024		September 30, 2023
Taxes recoverable	$	15,013	$	16,411
Advance payments	637		1,102
Prepaid expenses	12,339		3,470
Prepaid insurance	4,404		674
Current portion of recoverable warranty costs from suppliers	5,208		4,041
Other	4,852		5,376
Total	$	42,453	$	31,074

Subsequent Events	9 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 2024 Revolver On August 6, 2024, we entered into Amendment No. 3 to ABL Credit Agreement, providing for the 2024 Revolver. Fluence Energy, Inc. entered into Amendment No. 3 in order to (i) convert the existing ABL Facility to a senior secured cash flow revolving credit facility in an initial aggregate principal amount of up to $500.0 million, (ii) replace Barclays as administrative agent under the 2024 Credit Agreement with Citibank, N.A., and (iii) make certain other modifications to the 2024 Credit Agreement as set forth therein. The maturity date and the date of termination of lending commitments under the 2024 Credit Agreement both remain unchanged at November 22, 2027. There are no borrowings under the 2024 Credit Agreement as of August 7, 2024. See "Note 10. Debt" for additional information.

Intangible Assets, Net (Tables)

9 Months Ended

Jun. 30, 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	June 30, 2024						September 30, 2023
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Patents and licenses	$	28,674	$	(12,452)	$	16,222	$	28,673	$	(11,002)	$	17,671
Developed technology	29,730		(7,116)		22,614		29,430		(5,218)		24,212
Customer relationship	4,363		(1,807)		2,556		4,277		(1,233)		3,044
Trade names/Trademarks	5,279		(3,814)		1,465		5,265		(3,337)		1,928
Capitalized internal-use software	13,462		(2,117)		11,345		6,458		(762)		5,696
Capitalized software to be sold	4,910		(484)		4,426		3,266		(65)		3,201

Total	$	86,418	$	(27,790)	$	58,628	$	77,369	$	(21,617)	$	55,752

Organization and Operations (Details)			9 Months Ended
Organization and Operations (Details)	Dec. 08, 2023 USD ($) shares	Jul. 07, 2022 shares	Jun. 30, 2024 segment	Jun. 30, 2024 reportable_segment	Jun. 30, 2022 shares	Nov. 01, 2021 USD ($)
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 \| 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%

Accruals and Provisions

9 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

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. Accruals and provisions consisted of the following:


In thousands	June 30, 2024		September 30, 2023
Accruals	$	177,395	$	148,906
Accruals with related parties	5,771		3,737
Provisions for expected project losses	16,013		12,072
Current portion of warranty accrual	14,160		11,245
Total	$	213,339	$	175,960

- Definition

The entire disclosure for long-term contracts or programs.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(c)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(d)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/912/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478685/912-310-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478685/912-310-50-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478788/912-405-45-4

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477623/912-405-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477623/912-405-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 910
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482332/910-20-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(c)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

Inventory, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Inventory [Line Items]
Cost	$ 485,678	$ 225,180
Provision	(15,744)	(277)
Net	469,934	224,903
Cubes, batteries, and other equipment
Inventory [Line Items]
Cost	478,417	221,711
Provision	(15,513)	(105)
Net	462,904	221,606
Spare parts
Inventory [Line Items]
Cost	7,261	3,469
Provision	(231)	(172)
Net	$ 7,030	$ 3,297

Investment in Joint Venture	9 Months Ended
Investment in Joint Venture	Jun. 30, 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 nine months ended June 30, 2024.

Summary of Significant Accounting Policies and Estimates - Recently Reported Accounting (Details) - 9 months ended Jun. 30, 2024	segment	reportable_segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1	1

Stock-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2021	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 6,140,000	$ 5,677,000	$ 18,405,000	$ 21,440,000
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				$ 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)		3,492,867		3,492,867
Unrecognized stock compensation expense		$ 0		$ 0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class A common stock reserved (in shares)		9,500,000		9,500,000
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation						$ 0
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service requirement (in years)				3 years
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan \| 2021 Plan \| 6 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				33.33%
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan \| 2021 Plan \| 18 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				33.33%
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan \| 2021 Plan \| 30 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				33.33%
Outstanding pre-IPO phantom units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation						$ 0
Shares outstanding (in shares)		0		0
Unrecognized stock compensation expense, not options		$ 0		$ 0
Outstanding restricted stock units (“RSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		1,887,787		1,887,787			1,843,570
Unrecognized stock compensation expense, not options		$ 18,700,000		$ 18,700,000
Non Qualified Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock compensation expense		$ 1,500,000		$ 1,500,000
Service requirement (in years)				3 years
Granted (in shares)				165,521
Options granted, weighted average exercise price per share (usd per share)				$ 22.31
Outstanding performance share units (“PSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		386,373		386,373
Unrecognized stock compensation expense, not options		$ 6,100,000		$ 6,100,000

Inventory, Net (Tables)

9 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory consisted of the following:


In thousands	June 30, 2024						September 30, 2023
	Cost		Provision		Net		Cost		Provision		Net
Cubes, batteries, and other equipment	$	478,417	$	(15,513)	$	462,904	$	221,711	$	(105)	$	221,606
Spare parts	7,261		(231)		7,030		3,469		(172)		3,297
Total	$	485,678	$	(15,744)	$	469,934	$	225,180	$	(277)	$	224,903

Summary of Significant Accounting Policies and Estimates - Non-controlling Interest (Details)	Jun. 30, 2024	Sep. 30, 2023
Fluence Energy, LLC
Noncontrolling Interest [Line Items]
Fluence Energy, LLC percentage owned	71.45%	66.99%
AES Grid Stability
Noncontrolling Interest [Line Items]
Founders percentage owned	28.55%	33.01%

Summary of Significant Accounting Policies and Estimates (Tables)

9 Months Ended

Jun. 30, 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:


	June 30, 2024		September 30, 2023
Controlling Interest Ownership	71.45	%	66.99	%
Non-Controlling Interest Ownership (AES)	28.55	%	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	June 30, 2024		September 30, 2023
Cash and cash equivalents	$	388,242	$	345,896
Restricted cash	101,988		106,835
Restricted cash included in “Other non-current assets”	23,078		10,000
Total cash, cash equivalents and restricted cash	$	513,308	$	462,731

Schedule of Restrictions on Cash and Cash Equivalents

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


in thousands	June 30, 2024		September 30, 2023
Collateral for credit card program	$	2,795	$	2,644
Collateral for outstanding bank guarantees	88,087		102,586
Collateral for surety program	9,428		—
Term deposits	1,678		1,605
Collateral for surety program included in “Other non-current assets”	23,078		10,000
Total restricted cash	$	125,066	$	116,835

Schedule of Dilutive Securities

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


	Three Months Ended June 30,		Nine Months Ended June 30,
	2024	2023	2024	2023
Class B-1 common stock	—	58,586,695	51,499,195	58,586,695
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan	445,959	5,911,672	3,492,867	5,911,672
Outstanding pre-IPO phantom units	—	256,935	—	256,935
Outstanding restricted stock units (“RSUs”)	1,076,589	1,963,673	1,887,787	1,963,673
Outstanding performance share units (“PSUs”)	356,973	—	386,373	—
Outstanding non-qualified stock options (“NQSOs”)	165,521	—	165,521	—
Outstanding restricted stock (“Nispera equity”)	37,221	354,134	177,067	354,134

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net income (loss) per share of Class A common stock for the three and nine months ended June 30, 2024 and 2023, respectively, have been computed as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
In thousands, except share and per share amounts	2024		2023		2024		2023
Net income (loss)	$	1,075	$	(35,045)	$	(37,357)	$	(109,636)
Less: Net income (loss) attributable to the non-controlling interest	290		(11,655)		(12,230)		(36,748)
Net income (loss) attributable to Fluence Energy, Inc.	$	785	$	(23,390)	$	(25,127)	$	(72,888)

Weighted average number of Class A common stock:
Basic	127,910,081		117,456,282		125,273,648		116,368,987
Diluted	184,219,065		117,456,282		125,273,648		116,368,987
Net income (loss) per share of Class A common stock:
Basic	$	0.01	$	(0.20)	$	(0.20)	$	(0.63)
Diluted	$	—	$	(0.20)	$	(0.20)	$	(0.63)

Schedule of Accounting Standards Update and Change in Accounting Principle

The following table presents accounting standards adopted during the nine months ended June 30, 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.

Summary of Significant Accounting Policies and Estimates

9 Months Ended

Jun. 30, 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

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 71.45% interest as of June 30, 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. The table below summarizes the ownership structure at the end of each respective period:


	June 30, 2024		September 30, 2023
Controlling Interest Ownership	71.45	%	66.99	%
Non-Controlling Interest Ownership (AES)	28.55	%	33.01	%

Unaudited Interim Financial Information

The accompanying condensed consolidated financial statements as of June 30, 2024, and for the three and nine months ended June 30, 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 June 30, 2024, the results of its operations for the three and nine months ended June 30, 2024 and 2023, and its cash flows for the nine months ended June 30, 2024 and 2023. The financial data and other information disclosed in these notes related to the three and nine months ended June 30, 2024 and 2023 are also unaudited. The results for the three and nine months ended June 30, 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

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; transaction price estimates with variable consideration; accrued bonuses; and various project-related provisions including, but not limited to, estimated losses, warranty obligations.

Cash, Cash Equivalents, and Restricted Cash

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

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

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	June 30, 2024		September 30, 2023
Cash and cash equivalents	$	388,242	$	345,896
Restricted cash	101,988		106,835
Restricted cash included in “Other non-current assets”	23,078		10,000
Total cash, cash equivalents and restricted cash	$	513,308	$	462,731

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


in thousands	June 30, 2024		September 30, 2023
Collateral for credit card program	$	2,795	$	2,644
Collateral for outstanding bank guarantees	88,087		102,586
Collateral for surety program	9,428		—
Term deposits	1,678		1,605
Collateral for surety program included in “Other non-current assets”	23,078		10,000
Total restricted cash	$	125,066	$	116,835

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 June 30, 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 provide 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 a 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. 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. 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. As of June 30, 2024 and September 30, 2023, transaction prices have been reduced to reflect estimates of variable consideration primarily related to liquidated damages of $75.5 million and $84.1 million, respectively.

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 proportionate revenue, since costs are recognized immediately when incurred and the revenue is recognized based upon the transaction price, which is usually increased upon signing a respective change order with the customer. For the three months and nine months ended June 30, 2024, we recognized approximately $8.9 million and $16.3 million, respectively, in revenue from changes in transaction prices during the period, in which the performance obligations were substantially satisfied in previous quarterly periods.

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

For our energy storage products and solutions, services, and digital applications contracts where there are multiple performance obligations in a single contract or we sign separate contracts at or near the same time with the same customer that meet the criteria for combination, the Company allocates the 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 extended warranty, maintenance, monitoring, and other services. The Company accounts for the services as separate performance obligations from the battery-based energy storage products and solutions. The extended warranty services are typically considered a separate performance obligation from the maintenance, monitoring and other services. We typically recognize revenue ratably over the terms of the services using a straight-line recognition method. The Company believes using a time-based method to measure progress is appropriate as the performance obligations are satisfied evenly over the terms of services. Revenue is recognized for each of the performance obligations by dividing the allocated transaction price over the service period.

Some of 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 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 primarily consists of cubes, batteries and related 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 nine months ended June 30, 2024 and June 30, 2023, the Company capitalized $7.0 million and $5.5 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 nine months ended June 30, 2024 and June 30, 2023, the Company capitalized $24.6 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 nine months ended June 30, 2024 and June 30, 2023, the Company capitalized $1.6 million and $1.8 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 cash on hand and highly liquid investments readily convertible to cash, with an original maturity of 90 days or less when purchased. Fair value of cash equivalents approximates the carrying amount.

The carrying amounts of trade receivables, 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.

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

Derivatives and Hedging

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

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

Income (Loss) per Share

As of June 30, 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. Income (loss) per share is calculated and reported under the “two-class” method. The “two-class” method is an earnings allocation method under which income (loss) per share is calculated for each class of common stock considering both distributions declared or accumulated and participation rights in undistributed income (losses) as if all such income (loss) had been distributed during the period.

Basic income (loss) per share of Class A common stock is computed by dividing net income (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 income (loss) per share of Class A common stock is computed by adjusting the net income (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 income (loss) per share.

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

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


	Three Months Ended June 30,		Nine Months Ended June 30,
	2024	2023	2024	2023
Class B-1 common stock	—	58,586,695	51,499,195	58,586,695
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan	445,959	5,911,672	3,492,867	5,911,672
Outstanding pre-IPO phantom units	—	256,935	—	256,935
Outstanding restricted stock units (“RSUs”)	1,076,589	1,963,673	1,887,787	1,963,673
Outstanding performance share units (“PSUs”)	356,973	—	386,373	—
Outstanding non-qualified stock options (“NQSOs”)	165,521	—	165,521	—
Outstanding restricted stock (“Nispera equity”)	37,221	354,134	177,067	354,134

Basic and diluted net income (loss) per share of Class A common stock for the three and nine months ended June 30, 2024 and 2023, respectively, have been computed as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
In thousands, except share and per share amounts	2024		2023		2024		2023
Net income (loss)	$	1,075	$	(35,045)	$	(37,357)	$	(109,636)
Less: Net income (loss) attributable to the non-controlling interest	290		(11,655)		(12,230)		(36,748)
Net income (loss) attributable to Fluence Energy, Inc.	$	785	$	(23,390)	$	(25,127)	$	(72,888)

Weighted average number of Class A common stock:
Basic	127,910,081		117,456,282		125,273,648		116,368,987
Diluted	184,219,065		117,456,282		125,273,648		116,368,987
Net income (loss) per share of Class A common stock:
Basic	$	0.01	$	(0.20)	$	(0.20)	$	(0.63)
Diluted	$	—	$	(0.20)	$	(0.20)	$	(0.63)

Recent Accounting Standards Adopted

The following table presents accounting standards adopted during the nine months ended June 30, 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 $3.0 million and $7.7 million for the three and nine months ended June 30, 2023, respectively, were 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 income (loss) before income taxes or net income (loss) for any period presented.

Accounts payable with related parties of $2.5 million and Accruals with related parties of $3.7 million as of September 30, 2023, were reclassified from Deferred revenue and payables with related parties to Accounts payable and Accruals and provisions, respectively, on the condensed consolidated balance sheet. The reclassification had no impact on the total current liabilities for any period presented. Corresponding reclassifications were also reflected on the condensed consolidated statement of cash flows for the nine months ended June 30, 2023. The reclassifications had no impact on cash provided by (used in) operations for the period presented.

Provision on loss contracts, net of $8.6 million for the nine months ended June 30, 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.

Goodwill (Tables)

9 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents the goodwill activity for the nine months ended June 30, 2024 and 2023:


In thousands	June 30,
	2024		2023
Goodwill, Beginning of the period	$	26,020	$	24,851
Foreign currency adjustment	317		1,435

Goodwill, End of the period	$	26,337	$	26,286

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Supply Chain Financing (Details) $ in Thousands	9 Months Ended	12 Months Ended
Supply Chain Financing (Details) $ in Thousands	Jun. 30, 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	147,319	35,115
Invoices paid during the period	(136,034)	(29,842)
Obligations outstanding at the end of the period	41,286	$ 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

Income Taxes	9 Months Ended
Income Taxes	Jun. 30, 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 expense (benefit) was $4.2 million and $(1.3) million for the three months ended June 30, 2024 and 2023, respectively. The effective tax rate for the three months ended June 30, 2024 and 2023 was 79.7% and 3.6%, respectively. For the three months ended June 30, 2024, the Company’s effective tax rate differs from the U.S. statutory tax rate of 21% primarily due to valuation allowances and pre-tax income in foreign tax jurisdictions without historical losses. For the three months ended June 30, 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 Founder, AES Grid Stability, valuation allowances, and foreign exchange losses. Income tax expense (benefit) was $1.3 million and $(2.1) million for the nine months ended June 30, 2024 and 2023, respectively. The effective tax rate for the nine months ended June 30, 2024 and 2023 was (3.7)% and 1.8%, respectively. For the nine months ended June 30, 2024, the Company’s effective tax rate differs from the U.S. statutory tax rate of 21% primarily due to valuation allowances and pre-tax income in foreign tax jurisdictions without historical losses. For the nine months ended June 30, 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 Founder, AES Grid Stability, valuation allowances, and foreign exchange gains. As of each of June 30, 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 June 30, 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Accruals and Provisions (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Supplier Finance Program [Line Items]
Provisions for expected project losses	$ 16,013	$ 12,072
Current portion of warranty accrual	14,160	11,245
Total	213,339	175,960
Nonrelated Party
Supplier Finance Program [Line Items]
Accruals	177,395	148,906
Related Party
Supplier Finance Program [Line Items]
Accruals	$ 5,771	$ 3,737

Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 86,418		$ 86,418		$ 77,369
Accumulated Amortization	(27,790)		(27,790)		(21,617)
Net	58,628		58,628		55,752
Amortization expense	2,200	$ 1,900	6,200	$ 5,300
Capitalized software amortization expense	800	$ 500	1,800	$ 500
Patents and licenses
Finite-Lived Intangible Assets [Line Items]
Cost	28,674		28,674		28,673
Accumulated Amortization	(12,452)		(12,452)		(11,002)
Net	16,222		16,222		17,671
Developed technology
Finite-Lived Intangible Assets [Line Items]
Cost	29,730		29,730		29,430
Accumulated Amortization	(7,116)		(7,116)		(5,218)
Net	22,614		22,614		24,212
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Cost	4,363		4,363		4,277
Accumulated Amortization	(1,807)		(1,807)		(1,233)
Net	2,556		2,556		3,044
Trade names/Trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	5,279		5,279		5,265
Accumulated Amortization	(3,814)		(3,814)		(3,337)
Net	1,465		1,465		1,928
Capitalized internal-use software
Finite-Lived Intangible Assets [Line Items]
Cost	13,462		13,462		6,458
Accumulated Amortization	(2,117)		(2,117)		(762)
Net	11,345		11,345		5,696
Capitalized software to be sold
Finite-Lived Intangible Assets [Line Items]
Cost	4,910		4,910		3,266
Accumulated Amortization	(484)		(484)		(65)
Net	$ 4,426		$ 4,426		$ 3,201

Summary of Significant Accounting Policies and Estimates - Loss per Share (Details)	Jun. 30, 2024 class
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of classes of common stock	3

Supply Chain Financing (Tables)

9 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Supplier Finance Program

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


In thousands	June 30, 2024		September 30, 2023
Obligations outstanding at the beginning of the period	$	30,001	$	24,728
Invoices issued during the period	147,319		35,115
Invoices paid during the period	(136,034)		(29,842)
Obligations outstanding at the end of the period	$	41,286	$	30,001

Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 6,140	$ 5,677	$ 18,405	$ 21,440
Cost of goods and services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	824	1,208	3,203	3,364
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	509	305	1,901	4,261
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	412	601	1,084	1,573
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4,395	$ 3,563	$ 12,217	$ 12,242

- 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

Summary of Significant Accounting Policies and Estimates (Policies)

9 Months Ended

Jun. 30, 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

Use of Estimates

Cash, Cash Equivalents, and Restricted Cash

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

Revenue and Cost Recognition

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

Inventory, Net

Software Development Costs

During the nine months ended June 30, 2024 and June 30, 2023, the Company capitalized $7.0 million and $5.5 million, respectively, of internal-use software.

During the nine months ended June 30, 2024 and June 30, 2023, the Company capitalized $24.6 million and $0.0 million, respectively, of development costs related to hosting arrangements.

During the nine months ended June 30, 2024 and June 30, 2023, the Company capitalized $1.6 million and $1.8 million, respectively, of external-use software to be sold.

Fair Value Measurements

Derivatives and Hedging

Income (Loss) per Share

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

Recent Accounting Standards Adopted and Recent Accounting Standards Not Yet Adopted

Recent Accounting Standards Adopted

The following table presents accounting standards adopted during the nine months ended June 30, 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

Investment in Joint Venture (Details) - USD ($) $ in Thousands		9 Months Ended
	Aug. 05, 2022	Jun. 30, 2024	Jun. 30, 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		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total revenue	$ 483,317	$ 536,351	$ 1,470,414	$ 1,544,997
Cost of goods and services	400,272	514,531	1,286,803	1,480,324
Gross profit	83,045	21,820	183,611	64,673
Operating expenses:
Research and development	14,976	9,918	47,843	51,631
Sales and marketing	14,773	10,106	41,271	29,299
General and administrative	45,106	38,145	126,901	101,190
Depreciation and amortization	3,624	2,267	8,589	7,360
Interest income, net	(1,300)	(1,520)	(4,554)	(4,251)
Other expense (income), net	562	(733)	(410)	(8,862)
Income (loss) before income taxes	5,304	(36,363)	(36,029)	(111,694)
Income tax expense (benefit)	4,229	(1,318)	1,328	(2,058)
Net income (loss)	1,075	(35,045)	(37,357)	(109,636)
Less: Net income (loss) attributable to the non-controlling interest	290	(11,655)	(12,230)	(36,748)
Net income (loss) attributable to Fluence Energy, Inc.	$ 785	$ (23,390)	$ (25,127)	$ (72,888)
Weighted average number of Class A common shares outstanding:
Weighted average number of Class A common shares outstanding, basic (in shares)	127,910,081	117,456,282	125,273,648	116,368,987
Weighted average number of Class A common shares outstanding, diluted (in shares)	184,219,065	117,456,282	125,273,648	116,368,987
Income (loss) per share of Class A common stock:
Net income (loss) per share of Class A common stock, basic (in usd per share)	$ 0.01	$ (0.20)	$ (0.20)	$ (0.63)
Net income (loss) per share of Class A common stock, diluted (in usd per share)	$ 0	$ (0.20)	$ (0.20)	$ (0.63)
Impact of foreign currency translation and cash flow hedges, net of tax	$ (2,343)	$ 5,079	$ (2,311)	$ 25
Total other comprehensive (loss) income	(2,343)	5,079	(2,311)	25
Total comprehensive loss	(1,268)	(29,966)	(39,668)	(109,611)
Comprehensive loss attributable to non-controlling interest	(384)	(9,963)	(12,911)	(36,761)
Total comprehensive loss attributable to Fluence Energy, Inc.	(884)	(20,003)	(26,757)	(72,850)
Nonrelated Party
Total revenue	328,091	431,616	856,125	1,042,328
Related Party
Total revenue	155,226	104,735	614,289	502,669
Cost of goods and services	4,110	2,420	9,622	10,996
Operating expenses:
Research and development	0	585	134	897
Sales and marketing	0	90	42	135
General and administrative	1,622	842	5,328	1,362
Other expense (income), net	$ 0	$ 0	$ 1,508	$ 0

Summary of Significant Accounting Policies and Estimates - Cash Restrictions (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 101,988	$ 106,835
Restricted cash included in “Other non-current assets”	23,078	10,000
Total restricted cash	125,066	116,835
Collateral for credit card program
Cash and Cash Equivalents [Line Items]
Restricted cash	2,795	2,644
Collateral for outstanding bank guarantees
Cash and Cash Equivalents [Line Items]
Restricted cash	88,087	102,586
Collateral for surety program
Cash and Cash Equivalents [Line Items]
Restricted cash	9,428	0
Restricted cash included in “Other non-current assets”	23,078	10,000
Term deposits
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 1,678	$ 1,605

Leases - Assets and Liabilities Operating (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Assets
Right of use asset - operating leases	$ 6,944	$ 2,857
Liabilities:
Current portion of operating lease liabilities	2,848	1,569
Operating lease liabilities, net of current portion	$ 4,263	$ 1,334

Revenue from Contracts with Customers - Revenue by Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 483,317	$ 536,351	$ 1,470,414	$ 1,544,997
Revenue from energy storage products and solutions
Disaggregation of Revenue [Line Items]
Total revenue	472,569	530,268	1,443,786	1,529,766
Revenue from services
Disaggregation of Revenue [Line Items]
Total revenue	9,545	4,816	22,818	11,347
Revenue from digital applications and solutions
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,203	$ 1,267	$ 3,810	$ 3,884

- 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

Summary of Significant Accounting Policies and Estimates - Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income (loss)	$ 1,075	$ (35,045)	$ (37,357)	$ (109,636)
Less: Net income (loss) attributable to the non-controlling interest	290	(11,655)	(12,230)	(36,748)
Net income (loss) attributable to Fluence Energy, Inc.	$ 785	$ (23,390)	$ (25,127)	$ (72,888)
Weighted average number of Class A common shares outstanding, basic (in shares)	127,910,081	117,456,282	125,273,648	116,368,987
Weighted average number of Class A common shares outstanding, diluted (in shares)	184,219,065	117,456,282	125,273,648	116,368,987
Net income (loss) per share of Class A common stock, basic (in usd per share)	$ 0.01	$ (0.20)	$ (0.20)	$ (0.63)
Net income (loss) per share of Class A common stock, diluted (in usd per share)	$ 0	$ (0.20)	$ (0.20)	$ (0.63)

- Definition

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

+ References

+ Details

- 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

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Related-Party Transactions - Statement of Operations and Comprehensive Loss Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Revenue	$ 483,317	$ 536,351	$ 1,470,414	$ 1,544,997
Cost of goods and services	400,272	514,531	1,286,803	1,480,324
Research and development expenses	14,976	9,918	47,843	51,631
Sales and marketing expenses	14,773	10,106	41,271	29,299
General and administrative expenses	45,106	38,145	126,901	101,190
Other expense (income), net	(562)	733	410	8,862
Factoring discount			1,500
Related Party
Related Party Transaction [Line Items]
Revenue	155,226	104,735	614,289	502,669
Cost of goods and services	4,110	2,420	9,622	10,996
Research and development expenses	0	585	134	897
Sales and marketing expenses	0	90	42	135
General and administrative expenses	1,622	842	5,328	1,362
Other expense (income), net	$ 0	$ 0	$ (1,508)	$ 0

- Definition

+ References

+ Details