0001868941-24-000070 | 10-K | XBRL Viewer

Schedule of Income Before Income Tax, Domestic and Foreign

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 September 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 September 30, 2024 and September 30, 2023, are as follows:


In thousands	September 30, 2024		September 30, 2023
Obligations outstanding at the beginning of the period	$	30,001	$	24,728
Invoices issued during the period	243,655		35,115
Invoices paid during the period	(192,367)		(29,842)
Obligations outstanding at the end of the period	$	81,289	$	30,001

As of September 30, 2024, two suppliers were actively participating in the supply chain financing program. All outstanding payments owed under the program are recorded within “Accounts payable” on the consolidated balance sheets.

Inventory, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Inventory [Line Items]
Cost	$ 207,743	$ 225,180
Provision	(25,142)	(277)
Net	182,601	224,903
Cubes, batteries, and other equipment
Inventory [Line Items]
Cost	200,171	221,711
Provision	(25,012)	(105)
Net	175,159	221,606
Spare parts
Inventory [Line Items]
Cost	7,572	3,469
Provision	(130)	(172)
Net	$ 7,442	$ 3,297

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

The following table presents the components of income (loss) before income tax (in thousands):


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Domestic	$	(33,983)	$	(100,356)	$	(213,764)
Foreign	73,556		87		(74,056)
Income (loss) before income taxes	$	39,573	$	(100,269)	$	(287,820)

Schedule of Components of Income Tax Expense (Benefit)

The major components of income tax expense/(benefit) were as follows:


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Current income tax expense:
Domestic	$	1,948	$	—	$	—
Foreign	13,700		1,349		1,234
Deferred income tax expense (benefit):
Domestic	—		—		—
Foreign	(6,719)		2,541		(243)
Withholding income tax expense:
Domestic	—		—		—
Foreign	277		659		366
Total income tax expense	$	9,206	$	4,549	$	1,357

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to the Company’s effective tax rate.


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Statutory rate	21.0	%	21.0	%	21.0	%
State taxes	(1.9)	%	3.1	%	1.7	%
Rate change	52.6	%	(15.5)	%	—	%
Flow-through losses	3.3	%	(9.3)	%	(9.5)	%
Foreign rate differential	14.3	%	2.2	%	1.0	%
Withholding taxes	0.7	%	(0.7)	%	(0.1)	%
Valuation allowance	(118.6)	%	(12.9)	%	(15.2)	%
Permanent differences	(12.2)	%	7.8	%	1.2	%
U.S. tax on foreign earnings	50.6	%	—	%	—	%
Return to provision adjustments	14.2	%	(1.0)	%	—	%
Other items, net	(0.7)	%	0.8	%	(0.6)	%
Effective tax rate	23.3	%	(4.5)	%	(0.5)	%

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax is generated by Fluence Energy, Inc. and its foreign subsidiaries and is comprised of the following:


in thousands	September 30,
	2024		2023
Deferred Tax Assets
Inventory	$	129,341	$	79,086
Investment in Fluence Energy, LLC	333,489		298,422
Deferred revenue	27,374		41,690
Tax loss carryforwards	47,765		75,730
Unrealized foreign exchange losses	5,270		4,630
Share-based compensation	3,843		3,887
Other deferred tax assets	2,047		726
Total deferred tax assets	549,129		504,171
Valuation allowance	(377,218)		(371,669)
Net deferred tax assets	171,911		132,502
Deferred Tax Liabilities
Trade receivables	(20,043)		(5,081)
Intangible assets	(3,697)		(3,470)
Accrued and other liabilities	(140,401)		(123,169)
Unrealized foreign exchange gains	(5,612)		(4,985)
Other deferred tax liabilities	(392)		(505)
Total deferred tax liabilities	(170,145)		(137,210)
Total net deferred tax assets (liabilities)	$	1,766	$	(4,708)

Schedule II Valuation And Qualifying Accounts

12 Months Ended

Sep. 30, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation And Qualifying Accounts

SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS


			Additions
in thousands	Balance at beginning of period		Charged to costs and expenses		Charged to other accounts			Balance at end of period
Deferred tax asset valuation allowance:
Fiscal year ended September 30, 2022	$	11,632	$	43,561	$	299,211	(1)	$	354,404
Fiscal year ended September 30, 2023	$	354,404	$	6,825	$	10,439	(1)	$	371,668
Fiscal year ended September 30, 2024	$	371,668	$	(44,126)	$	49,676	(1)	$	377,218

(1) Amount relates primarily to a valuation allowance established on deferred tax assets related to our investment in Fluence Energy, LLC.

Debt - Pledged as Collateral (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Sep. 16, 2024	Apr. 30, 2023	Dec. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Line of Credit Facility [Line Items]
Financing receivable, amount transferred	$ 24,300	$ 30,900	$ 24,300
Proceeds from borrowing against note receivable - pledged as collateral		$ 27,000	$ 21,100
Interest income, net				$ 5,676	$ 5,388	$ 326
Interest Income, Operating				4,400	3,400
Interest expense				4,100	2,400
Asset-Backed Securities, Securitized Loans and Receivables
Line of Credit Facility [Line Items]
Interest income, net				$ 300	$ 1,000

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

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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

12 Months Ended

Sep. 30, 2024

Goodwill

Goodwill is assessed for impairment annually each year on the first day of the Company’s fourth quarter, or when impairment indicators exist. No impairment was recognized for the fiscal years ended September 30, 2024, 2023, and 2022.

The following table presents the goodwill activity:


in thousands	September 30,
	2024		2023
Goodwill, Beginning of the period	$	26,020	$	24,851
Foreign currency adjustment	1,462		1,169

Goodwill, End of the period	$	27,482	$	26,020

Leases (Tables)

12 Months Ended

Sep. 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	September 30,
		2024		2023
Assets:
Right of use asset - operating leases	Other non-current assets	$	8,186	$	2,857

Liabilities:
Current portion of operating lease liabilities	Other current liabilities	$	3,064	$	1,569
Operating lease liabilities, net of current portion	Other non-current liabilities	5,492		1,334
		$	8,556	$	2,903

Schedule of Lease Cost

Components of total lease cost for the fiscal years ended September 30, 2024, 2023, and 2022 were as follows:


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Lease cost
Operating lease cost	$	3,326	$	1,939	$	1,713
Short-term and variable lease cost	3,789		17,123		765
Sublease income	—		(194)		(182)
Total lease cost	$	7,115	$	18,868	$	2,296

Supplemental information related to the Company’s leases for the fiscal years ended September 30, 2024, 2023 and 2022 was as follows:


in thousands	Fiscal Year Ended September 30,
	2024			2023			2022
Cash paid for amounts included in the measurements of lease liabilities	$	3,003		$	2,246		1,880
Right-of-use assets obtained in exchange for new operating lease liabilities	$	6,536		$	1,024		918
Weighted average remaining lease term - operating leases	4.0 years			2.0 years			1.4 years
Weighted average discount rate - operating leases	6.96		%	7.20		%	3.17	%

Schedule of Maturity of Lease Payments

Total remaining lease payments under the Company’s leases for each of the succeeding years are as follows (in thousands):


Year Ended September 30,	Operating Leases
2025	$	3,535
2026	2,681
2027	1,222
2028	801
2029	468
Thereafter	1,142
Total lease payments	9,849
Less: Interest	(1,293)
Present value of lease liabilities	$	8,556

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 5.6	$ 4.3	$ 2.4

Derivatives and Hedging - Changes in the Cumulative Impact (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2024 USD ($)
AOCI Attributable To Parent Before Reclassification And Tax [Roll Forward]
Beginning balance	$ 556,330
Ending balance	607,139
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable To Parent Before Reclassification And Tax [Roll Forward]
Beginning balance	0
Loss recognized in accumulated other comprehensive (loss) income	(7,394)
Loss reclassified from accumulated other comprehensive (loss) income into earnings	1,118
Ending balance	$ (6,276)

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

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

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

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Revenue from Contract with Customer [Abstract]

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Nov. 10, 2023	Oct. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Loss Contingencies [Line Items]
Advance payment			$ 174,532	$ 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			$ 78,000

Schedule I Condensed Financial Information of Registrant - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 448,685	$ 345,896
Other receivables	362,523	58,514
Total current assets	1,680,443	1,194,960
Non-current assets:
Total non-current assets	221,745	157,189
Total assets	1,902,188	1,352,149
Current liabilities:
Accounts payable	436,744	65,376
Accruals and provisions	338,311	175,960
Taxes payable	57,929	29,465
Total current liabilities	1,258,835	745,663
Other non-current liabilities	29,100	17,338
Total non-current liabilities	36,214	50,156
Total liabilities	1,295,049	795,819
Stockholders’ equity:
Preferred stock, $0.00001 per share, 10,000,000 share authorized; no shares issued and outstanding as of September 30, 2024 and 2023	0	0
Treasury stock, at cost	(9,460)	(7,797)
Additional paid-in capital	634,851	581,104
Accumulated deficit	(151,448)	(174,164)
Total stockholders’ equity attributable to Fluence Energy, Inc.	472,104	402,346
Total liabilities, stockholders’ equity	1,902,188	1,352,149
Related Party
Current assets:
Other receivables	92,183	7,945
Current liabilities:
Accounts payable	3,410	2,477
Accruals and provisions	6,099	3,737
Other non-current liabilities	1,507	0
Parent
Current assets:
Cash and cash equivalents	267	67
Other receivables	443	368
Total current assets	710	435
Non-current assets:
Investment in subsidiaries	802,606	779,640
Total non-current assets	802,606	779,640
Total assets	803,316	780,075
Current liabilities:
Accruals and provisions	74	0
Taxes payable	1,955	6
Total current liabilities	4,906	1,667
Total non-current liabilities	1,507	0
Total liabilities	6,413	1,667
Commitments and Contingencies (Note 3)
Stockholders’ equity:
Preferred stock, $0.00001 per share, 10,000,000 share authorized; no shares issued and outstanding as of September 30, 2024 and 2023	0	0
Treasury stock, at cost	(9,460)	(7,797)
Additional paid-in capital	965,562	959,406
Distribution from Fluence Energy, LLC	9,460	7,797
Contribution to Fluence Energy, LLC	(15,641)	(10,306)
Accumulated deficit	(153,018)	(170,692)
Total stockholders’ equity attributable to Fluence Energy, Inc.	796,903	778,408
Total liabilities, stockholders’ equity	803,316	780,075
Parent \| Nonrelated Party
Current liabilities:
Accounts payable	74	0
Parent \| Related Party
Current liabilities:
Accounts payable	2,803	1,661
Other non-current liabilities	1,507	0
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class A common stock \| Parent
Stockholders’ equity:
Common stock	0	0
Class B-1 common stock
Stockholders’ equity:
Common stock	0	0
Class B-1 common stock \| Parent
Stockholders’ equity:
Common stock	0	0
Class B-2 common stock
Current liabilities:
Commitments and Contingencies (Note 3)
Stockholders’ equity:
Common stock	0	0
Class B-2 common stock \| Parent
Stockholders’ equity:
Common stock	$ 0	$ 0

Revenue from Contracts with Customers (Tables)

12 Months Ended

Sep. 30, 2024

Schedule of Disaggregation of Revenue

The following table presents the Company’s revenue disaggregated by revenue type:


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Revenue from sale of energy storage products and solutions	$	2,648,013	$	2,197,633	$	1,180,093
Revenue from services	45,353		15,992		16,038
Revenue from digital applications	5,196		4,353		2,472

Total	$	2,698,562	$	2,217,978	$	1,198,603

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	Fiscal Year Ended September 30,
	2024		2023		2022
Americas (North, Central and South America)(a)	$	1,593,003	$	1,645,107	$	837,935
APAC (Asia Pacific)	579,255		266,077		178,233
EMEA (Europe, Middle-East and Africa)	526,304		306,794		182,435
Total	$	2,698,562	$	2,217,978	$	1,198,603

(a) Revenue from United States of America was $1,442.0 million, $1,495.0 million and $582.3 million for fiscal years 2024, 2023 and 2022, respectively.

Schedule of Change in Contract Liability

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


in thousands	September 30,
	2024		2023		2022
Deferred revenue beginning of period	$	273,164	$	273,073	$	71,365
Additions	224,423		273,164		269,883
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(223,088)		(273,073)		(68,175)
Deferred revenue end of period	$	274,499	$	273,164	$	273,073


in thousands	September 30,
	2024		2023		2022
Deferred revenue from related parties beginning of period	$	110,274	$	300,697	$	220,122
Additions	37,382		98,891		300,577
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(109,494)		(289,314)		(220,002)
Deferred revenue from related parties end of period	$	38,162	$	110,274	$	300,697

Schedule I Condensed Financial Information of Registrant - CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2022	Nov. 01, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
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
Parent
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, par value (in usd per share)	$ 0.01000	$ 0.01000
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
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value (in usd per share)	$ 0.01000	$ 0.01000		$ 0.00001
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	130,207,845	119,593,409
Common stock, shares outstanding (in shares)	129,421,797	118,903,435
Class A common stock \| Parent
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value (in usd per share)	$ 0.01000	$ 0.01000		$ 0.00001
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	130,207,845	119,593,409
Common stock, shares outstanding (in shares)	129,421,797	118,903,435
Class B-1 common stock
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value (in usd per share)	$ 0.00001	$ 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-1 common stock \| Parent
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value (in usd per share)	$ 0.01000	$ 0.01000
Common stock, shares authorized (in shares)	134,325,805	134,325,805
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
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in usd per share)	$ 0.01000	$ 0.01000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class B-2 common stock \| Parent
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value (in usd per share)	$ 0.01000	$ 0.01000
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

Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 23,875	$ 26,920	$ 44,131
Cost of goods and services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4,079	4,164	8,523
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,309	5,062	7,846
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,486	2,024	4,149
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 16,001	$ 15,670	$ 23,613

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

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Commitments and Contingencies - Guarantees (Details) $ in Millions	Sep. 30, 2024 USD ($) agreement
Other Commitments [Line Items]
Amount	$ 3,729.0
Number of Agreements \| agreement	144
Guarantees and commitments
Other Commitments [Line Items]
Amount	$ 3,139.0
Number of Agreements \| agreement	66
Guarantees and commitments \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	$ 0.0
Guarantees and commitments \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	420.0
Letters of credit under bilateral credit facilities
Other Commitments [Line Items]
Amount	$ 7.0
Number of Agreements \| agreement	4
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	3.0
Letters of credit under 2024 Credit Agreement
Other Commitments [Line Items]
Amount	$ 75.0
Number of Agreements \| agreement	28
Letters of credit under 2024 Credit Agreement \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	$ 0.0
Letters of credit under 2024 Credit Agreement \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	28.0
Surety bonds
Other Commitments [Line Items]
Amount	$ 508.0
Number of Agreements \| agreement	46
Surety bonds \| Minimum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	$ 0.0
Surety bonds \| Maximum
Other Commitments [Line Items]
Maximum Exposure Range for Each Agreement	$ 79.0

Business Combination - Narrative (Details) - Nispera - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2022	Sep. 30, 2024
Business Acquisition [Line Items]
Investment amount	$ 33,445
Cash paid to investors	27,100	$ 3,700
Assumption of debt	$ 2,600
Debt paid to investors period		18 months
Outstanding restricted stock units (“RSUs”)
Business Acquisition [Line Items]
Class B units issued (in shares)	531,202
Service requirement (in years)	3 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

Summary of Significant Accounting Policies and Estimates

12 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies and Estimates

Principles of Accounting and Consolidation

The accompanying 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 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 71.53% interest as of September 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:


	September 30,
	2024		2023
Controlling Interest Ownership	71.53	%	66.99	%
Non-Controlling Interest Ownership (AES)	28.47	%	33.01	%

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying 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 and warranty obligations.

Cash, Cash Equivalents, and Restricted Cash

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

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


	September 30,
in thousands	2024		2023
Cash and cash equivalents	$	448,685	$	345,896
Restricted cash	46,089		106,835
Restricted cash included in “Other non-current assets”	23,932		10,000
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	518,706	$	462,731

Restricted cash consisted of the following:


	September 30,
in thousands	2024		2023
Collateral for credit card program	$	2,757	$	2,644
Collateral for outstanding bank guarantees	31,360		102,586
Collateral for surety program	9,551		—
Term deposits	2,421		1,605
Collateral for surety program included in “Other non-current assets”	23,932		10,000
Total restricted cash	$	70,021	$	116,835

Receivables

Trade receivables represent actual billings that are generally due within 30 days from the invoice date, and do not bear interest. Unbilled receivables represent the excess of revenues recognized over billings to date on certain contracts. Receivables are carried at amounts billed, less any reserves for credit losses, if any. The Company periodically assesses collectability of accounts receivable and records an expected credit loss for the estimated uncollectible amount when deemed appropriate. As of September 30, 2024 and 2023, reserve for credit losses was approximately $2.9 million and $0.2 million, respectively.

Advances are given to suppliers based on the contract terms of respective agreements and are presented on a separate line on the consolidated balance sheets. These advances are recovered through the receipt of goods and services mainly used in the production of energy storage products.

Leases

The Company accounts for its leases in accordance with ASC 842, Leases. The Company leases offices, land, warehouses, and equipment. Leases are categorized at their commencement date and lease-related assets and liabilities are recognized for all leases with an initial term of 12 months or greater. The Company evaluates renewal options at commencement and on an ongoing basis and includes options that are reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. The Company’s incremental borrowing rate is used to determine the present value of the lease payments over the lease term for leases, as these leases typically do not have a stated borrowing rate. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Refer to “Note 8 - Leases” in these consolidated financial statements for our policies and disclosures related to leases.

Foreign Currency Transactions

An entity’s functional currency is the currency of the primary economic environment in which the entity operates and is generally the currency in which the entity generates and expends cash. The reporting currency of the Company is the U.S. dollar. For all Fluence subsidiary entities whose functional currency is not in U.S. Dollar, the balance sheet and income statement are translated into US Dollar using the ending balance sheet rate and weighted average rate, respectively. Translation adjustments are included as a separate component on the consolidated statement of comprehensive income (loss), and in “Effect of exchange rate changes on cash and cash equivalents” on the consolidated statement of cash flows. Foreign currency transaction gains and losses are a result of the effect of exchange rate changes on transactions denominated in currencies other than the functional currency of the respective subsidiary entity. Transaction gains and losses are recognized in “Other (income) expense, net” in the consolidated statements of operations.

Business Combinations

A business combination is an acquisition of a business from an entity not under common control and is accounted for using the acquisition method. Identifiable assets acquired and liabilities assumed are recognized at fair value on the acquisition date. Goodwill is calculated as the excess of the fair value of the consideration transferred over the fair value of the net assets recognized and represents the future economic benefits arising from the other net assets acquired that could not be individually identified and separately recognized. Fair value measurements may require us to make significant estimates and assumptions. A measurement period, which could be up to one year from the date of the acquisition, exists to identify and measure the assets acquired and liabilities assumed. During the measurement period, provisional amounts may be recognized, and those amounts may subsequently be prospectively adjusted to reflect any new information about facts and circumstances that existed at the acquisition date that, if known, would have affected the measurement of these amounts. At the end of the measurement period, any subsequent changes would not be recognized under the acquisition method but would instead follow other accounting principles, which would generally impact earnings.

Collaborative Arrangements

Under ASC 808, Collaborative Arrangements, a collaboration arrangement exists when the parties, who are active participants in a joint operating activity, are exposed to significant risks and rewards. In September 2020, Fluence entered into a supply agreement with a battery manufacturer to design, develop, manufacture and sell a lithium-ion battery module and related system. Under the agreement, Fluence has the right to further develop and sell certain intellectual property that will be developed under the arrangement and owned by the manufacturer in exchange for royalty payments. Further, the manufacturer has the right to further develop and sell certain intellectual property that will be developed and owned by Fluence in exchange for royalties payable to Fluence. Development costs paid by Fluence to the manufacturer are presented as “Research and development expenses.” Purchases of batteries under the supply agreement will be presented as “Inventory” and “Cost of goods and services.” Royalties payable to the manufacturer are due upon resale to customers and will be presented as “Cost of goods and services.” Royalties due to Fluence will be presented as “Other (income) expense, net.” Fluence paid $0.0 million, $1.2 million, and $1.9 million, during the fiscal years ended September 30, 2024, 2023 and 2022, respectively, which was presented as “Research & development expenses” in the consolidated statement of operations.

Revenue and Cost Recognition

The Company’s revenue recognition policy included herein is based on the application of ASC 606. As of September 30, 2024, the Company’s revenue was generated primarily from sale of energy storage products and solutions, providing operational services related to energy storage products, and digital applications. We may refer to our energy storage products as “energy storage solutions” throughout these consolidated financial statements and use this term interchangeably as it is more reflective of the full offering available and provided to our customers.

Revenue from Sale of Energy Storage Products and Solutions: The Company enters into contracts with utility companies, developers, and commercial and industrial customers to design and build battery-based energy storage products. Our projects have a lead time from date of contract execution to substantial completion, typically ranging from approximately twelve up to eighteen months. Generally, we must design the project, as each storage solution is customized depending on the customer’s energy needs, procure the major equipment, obtain manufacturing slots from our contract manufacturers, coordinate the logistics, and assemble the solution prior to delivery and installation at our customer project sites. These actions must be completed timely to adhere to customer schedules and milestones. Depending on the scope of the project we may be responsible for the installation of the equipment. After the equipment is installed, we are responsible for commissioning. The Company recognizes revenue over time as we transfer control of our product to the customer. This transfer of control to the customer occurs as the project is being built in accordance with the contract or 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. Revenue is recognized using the percentage of completion (“POC”) method based on actual cost incurred as a percentage of total estimated contract costs. Standard inventory materials (including batteries, enclosures, chillers, and others, which are assembled into “cubes”) that could be used interchangeably on other projects are included in our measure of progress when they are integrated into, or restricted to a specific customer’s project such that we no longer have the ability to direct their use for other purposes. Contract costs include all direct material and labor costs related to contract performance. As the cost of the assembled cubes comprise a substantial portion of the total estimated contract costs, our pattern of revenue recognition may vary materially from period to period. Our judgement on when costs should be included in the measure of progress has a material impact on revenue recognition.

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

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

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

Our contracts generally provide our customers the right to liquidated damages (“LDs”) against Fluence in the event specified milestones are not met on time or equipment is not delivered according to contract specifications. Liquidated damages are accounted for as variable consideration and the contract price is reduced by the expected LD amount when recognizing revenue. The existence and measurement of LDs may also be impacted by our judgments about the probability of favorable outcomes of customer disputes involving whether certain events qualify as force majeure or the reason for the events that caused project delays. Variable consideration for LDs is estimated using the expected value method. As of September 30, 2024 and 2023, transaction prices have been reduced to reflect estimates of variable consideration primarily related to LDs of $78.4 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 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 fiscal years ended September 30, 2024 and 2023, we recognized $11.0 million and $26.3 million, respectively, in revenue from changes in transaction prices during the period, in which the performance obligations were substantially satisfied in previous periods.

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

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

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

Pre-contract costs with no future benefit are expensed in the period in which they are incurred.

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

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

Revenue from Digital Applications: The Company provides access to proprietary cloud-based Software-as-a-Service (“SaaS”) offerings through several market facing applications. These applications currently include Fluence Mosaic and Fluence Nispera. Fluence Mosaic is an intelligent bidding software for utility-scale storage and renewable assets, helping to enable customers to optimize asset trading in wholesale electricity markets. Fluence Mosaic is currently available in the NEM (Australia), CAISO (California), 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.

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

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

Cost of Goods and Services: Cost of goods and services consists primarily of product costs, including purchased materials and supplies, as well as costs related to shipping, customer support, product warranty and personnel. Personnel costs in cost of goods and services includes both direct labor costs as well as costs attributable to any individuals whose activities relate to the transformation of raw materials or component parts into finished goods or the transportation of materials to the customer. Cost of goods and services are recognized when services are performed, or control of goods are transferred to the customers. 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 the customer’s project.

Inventory, Net

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

obsolescence and write down of its inventory, as appropriate, to net realizable value based on its assessment of usefulness and marketability conditions.

Software Development Costs

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

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

As of September 30, 2024 and 2023, the Company capitalized $8.9 million and $6.4 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.

As of September 30, 2024 and 2023, the Company capitalized $37.4 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.

As of September 30, 2024 and 2023, the Company capitalized $2.3 million and $3.3 million, respectively, of external-use software.

Impairment of Long-Lived Assets

The Company evaluates the recoverability of its property and equipment and intangible assets whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The assets are considered impaired when their future undiscounted cash flows are less than the carrying value and fair value is less than their carrying value. Impairment charges are calculated as the difference between the discounted expected future cash flows, or other accepted valuation techniques to determine fair value, and the assets’ carrying amount at the date of the triggering event.

Intangible Assets

Intangible assets are stated at their historical cost and amortized on a straight-line basis over their expected useful lives. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

Operating Expenses

Operating expenses include research and development, sales and marketing, general and administrative expenses, and depreciation and amortization. Research and development expenses consist of personnel-related costs across our global research and development (“R&D”) centers for engineers engaged in the design and development and testing of our integrated products and technologies and costs of materials and services procured for research and development projects. Sales and marketing expenses consist primarily of personnel-related expenses, including salaries, stock-based compensation, employee benefits and factoring discounts on receivables sold. General and administrative expenses consist primarily of personnel-related expenses, including salaries, stock-based compensation, and employee benefits, for our executives, finance, human resources, information technology, engineering and legal organizations that do not relate directly to the sales or research and development functions. General and administrative expenses also consist of travel expenses, facilities costs, information technology costs, bad debt expense, and fees for professional services. Professional services consist of audit, legal, tax, insurance, information technology, and other costs. Depreciation consists of costs

associated with property, plant, and equipment (“PP&E”) and amortization of intangibles consisting of patents, licenses, and developed technology over their expected period of use.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses were $3.3 million, $1.4 million, and $1.4 million for the fiscal years ended September 30, 2024, 2023 and 2022 respectively.

Income (Loss) per Share

As of September 30, 2024, the Company has 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 earnings 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 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 by a Founder who holds shares of our Class B-1 or Class B-2 common stock, 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 where 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 outstanding for each period that were excluded from the computation of diluted loss per share:


	Fiscal Year Ended September 30,
	2024	2023	2022
Class B-1 common stock	—	58,586,695	58,586,695
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan	511,756	5,351,585	8,923,121
Outstanding phantom units	—	256,935	605,591
Outstanding restricted stock units (“RSUs”)	1,103,968	1,843,570	2,156,893
Outstanding performance share units (“PSUs”)	300,387	—	—
Outstanding non-qualified stock options (“NQSOs”)	162,419	—	—
Outstanding restricted stock (“Nispera equity”)	49,171	354,134	531,202

In October 2021, the existing limited liability company agreement of Fluence Energy, LLC was amended and restated which recapitalized all existing interests in the Company on the basis of a 14.79-for-1 split. All shares and per share information has been retroactively adjusted to give effect to the recapitalization for all periods presented, unless otherwise indicated.

All earnings or loss prior to and up to November 1, 2021, the date of completion of the IPO, were entirely allocable to non-controlling interest and, as a result, loss per share information is not applicable for reporting periods prior to this date. Consequently, only the net income (loss) allocable to Fluence Energy, Inc. from the period subsequent to November 1, 2021 is included in the net income (loss) attributable to the stockholders of Class A common stock for the fiscal years ended September 30, 2024, 2023 and 2022.

Basic and diluted income (loss) per share of Class A common stock for the periods presented has been computed as follows, where income (loss) represents the numerator and weighted-average shares represent the denominator:


	Fiscal Year Ended September 30,
	2024					2023					2022
In thousands, except share and per share amounts	Income		Shares	$ per Share		Loss		Shares	$ per Share		Loss		Shares	$ per Share
Basic Income (Loss) per Share
Net income (loss) attributable to Fluence Energy, Inc.	$	22,716	126,180,011	$	0.18	$	(69,620)	116,448,602	$	(0.60)	$	(104,485)	69,714,054	$	(1.50)
Effect of Dilutive Securities
Class B-1 common stock	2,105		52,835,363			—		—			—		—
Pre-IPO options	—		3,799,239			—		—			—		—
Phantom units	—		105,468			—		—			—		—
RSUs	—		826,469			—		—			—		—
PSUs	—		71,535			—		—			—		—
NQSOs	—		318			—		—			—		—
Nispera equity	—		216,429			—		—			—		—
Diluted Income (Loss) per Share
Net income (loss) attributable to Fluence Energy, Inc.	$	24,821	184,034,832	$	0.13	$	(69,620)	116,448,602	$	(0.60)	$	(104,485)	69,714,054	$	(1.50)

Income Taxes

Fluence Energy, LLC is treated as a partnership for U.S. federal income tax purposes. As such, the members are individually liable for their own distributable share of taxable income or loss. After our IPO, we are now subject to U.S. federal and state income taxes with respect to our allocable share of any taxable income or loss of Fluence Energy, LLC, and we will be taxed at the prevailing corporate tax rates.

We will continue to be subject to foreign income taxes with respect to our foreign subsidiaries. Foreign subsidiaries of the Company account for income taxes and the related accounts in accordance with ASC 740, Income Taxes. Under ASC 740, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.

The Company recognizes the tax benefits from uncertain tax positions if it is more likely than not that the position will be sustained on examination by the taxing authorities. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.

The preparation of income tax returns requires the use of management’s estimates and interpretations which may be subjected to review by the respective taxing authorities and may result in an assessment of additional taxes, penalties, and interest.

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 21 – Derivatives and Hedging” for details regarding the Company’s derivatives and hedging activities.

Short-term Investments and Marketable Securities: We obtain pricing from level 1 inputs which includes information from quoted market prices, pricing vendors or quotes from brokers/dealers. We conduct reviews of our primary pricing vendors to determine whether the inputs used in the vendor’s pricing processes are deemed to be observable. The fair value of U.S. Treasury securities and government-related securities, corporate bonds and notes and common stock is generally determined using standard observable inputs, including reported trades, quoted market prices, matrix pricing, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets and/or benchmark securities. Marketable securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in “Other (income) expense, net” in the accompanying statements of operations. The table below represents activity on the investments for the fiscal years ended September 30, 2024 and 2023.


in thousands	September 30, 2024		September 30, 2023
Beginning balance	$	—	$	110,355
Contributions / (withdrawals)	—		(111,674)
Changes in fair market value	—		1,319

Ending Balance	$	—	$	—

Derivatives and Hedging

The Company records all derivatives at their gross fair values on the 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.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

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 consolidated balance sheet. The reclassification had no impact on the total current liabilities for any period presented. Corresponding reclassifications were also reflected on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 and 2022. The reclassifications had no impact on cash provided by (used in) operations for the period presented.

Provision on loss contracts, net of $6.1 million and $30.0 million for the fiscal years ended September 30, 2023 and 2022, respectively, was reclassified to current accruals and provisions on the consolidated statement of cash flows. The reclassification had no impact on cash provided by (used in) operations for the period presented.

Recent Accounting Standards Adopted

The following table presents accounting standards adopted in 2024:


Standard	Description	Date 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 “Note 19 - 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.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Organization and Operations (Details)					12 Months Ended
Organization and Operations (Details)	Dec. 08, 2023 USD ($) shares	Jul. 07, 2022 shares	Nov. 01, 2021 USD ($) $ / shares shares	Dec. 27, 2020 USD ($) shares	Sep. 30, 2024 segment $ / shares shares	Sep. 30, 2023 $ / shares	Jun. 30, 2022 $ / shares shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments \| segment					1
Number of reportable segments \| segment					1
Class of Stock [Line Items]
Number of operating segments \| segment					1
Number of reportable segments \| segment					1
Public offering expenses \| $			$ 700,000
QIA Florence Holdings LLC (QFH)
Class of Stock [Line Items]
Investment amount \| $				$ 125,000,000.0
Class B units issued (in shares)				18,493,275
Fluence Energy, LLC
Class of Stock [Line Items]
Investment owned (in shares)			54,143,275
Fluence Energy, LLC percentage owned			31.60%		71.53%	66.99%
Founders percentage owned			68.40%
Fluence Energy, LLC \| Founders
Class of Stock [Line Items]
Investment owned (in shares)			117,173,390
Fluence Energy, LLC \| Siemens Industry
Class of Stock [Line Items]
Investment owned (in shares)							58,586,695
Investment owned percentage							66.08%
Fluence Energy, LLC \| AES Grid Stability
Class of Stock [Line Items]
Investment owned (in shares)	7,087,500
Fluence Energy, Inc \| Third Party Investor
Class of Stock [Line Items]
Investment owned percentage			65.80%
Fluence Energy, Inc \| Qatar Holding LLC
Class of Stock [Line Items]
Investment owned percentage			34.20%
Redemption \| Fluence Energy, LLC \| AES Grid Stability
Class of Stock [Line Items]
Investment owned percentage	71.12%
Class A common stock
Class of Stock [Line Items]
Par value, Class A common stock (in usd per share) \| $ / shares			$ 0.00001		$ 0.01000	$ 0.01000
Class A common stock \| Fluence Energy, Inc \| Third Party Investor
Class of Stock [Line Items]
Investment owned (in shares)			35,650,000
Class A common stock \| Fluence Energy, Inc \| Qatar Holding LLC
Class of Stock [Line Items]
Investment owned (in shares)					18,493,275
Class A common stock \| IPO
Class of Stock [Line Items]
Shares sold in offering (in shares)			35,650,000
Public offering price per share (in usd per share) \| $ / shares			$ 28.00
Aggregate net proceeds from stock offering \| $			$ 935,800,000
Class A common stock \| Over-Allotment Option
Class of Stock [Line Items]
Shares sold in offering (in shares)			4,650,000
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 \| Secondary Offering
Class of Stock [Line Items]
Shares sold in offering (in shares)	0
Aggregate net proceeds from stock offering \| $	$ 0
Class A common stock \| Secondary Offering \| Selling Stockholders
Class of Stock [Line Items]
Shares sold in offering (in shares)	18,000,000
Class B-1 common stock
Class of Stock [Line Items]
Par value, Class A common stock (in usd per share) \| $ / shares					$ 0.00001	$ 0.00001	$ 0.00001
Class B-1 common stock \| Fluence Energy, Inc \| Founders
Class of Stock [Line Items]
Investment owned (in shares)			117,173,390

Summary of Significant Accounting Policies and Estimates (Tables)

12 Months Ended

Sep. 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:


	September 30,
	2024		2023
Controlling Interest Ownership	71.53	%	66.99	%
Non-Controlling Interest Ownership (AES)	28.47	%	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 consolidated balance sheets.


	September 30,
in thousands	2024		2023
Cash and cash equivalents	$	448,685	$	345,896
Restricted cash	46,089		106,835
Restricted cash included in “Other non-current assets”	23,932		10,000
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	518,706	$	462,731

Schedule of Restrictions on Cash and Cash Equivalents

Restricted cash consisted of the following:


	September 30,
in thousands	2024		2023
Collateral for credit card program	$	2,757	$	2,644
Collateral for outstanding bank guarantees	31,360		102,586
Collateral for surety program	9,551		—
Term deposits	2,421		1,605
Collateral for surety program included in “Other non-current assets”	23,932		10,000
Total restricted cash	$	70,021	$	116,835

Schedule of Dilutive Securities

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


	Fiscal Year Ended September 30,
	2024	2023	2022
Class B-1 common stock	—	58,586,695	58,586,695
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan	511,756	5,351,585	8,923,121
Outstanding phantom units	—	256,935	605,591
Outstanding restricted stock units (“RSUs”)	1,103,968	1,843,570	2,156,893
Outstanding performance share units (“PSUs”)	300,387	—	—
Outstanding non-qualified stock options (“NQSOs”)	162,419	—	—
Outstanding restricted stock (“Nispera equity”)	49,171	354,134	531,202

Schedule of Earnings Per Share, Basic and Diluted


	Fiscal Year Ended September 30,
	2024					2023					2022
In thousands, except share and per share amounts	Income		Shares	$ per Share		Loss		Shares	$ per Share		Loss		Shares	$ per Share
Basic Income (Loss) per Share
Net income (loss) attributable to Fluence Energy, Inc.	$	22,716	126,180,011	$	0.18	$	(69,620)	116,448,602	$	(0.60)	$	(104,485)	69,714,054	$	(1.50)
Effect of Dilutive Securities
Class B-1 common stock	2,105		52,835,363			—		—			—		—
Pre-IPO options	—		3,799,239			—		—			—		—
Phantom units	—		105,468			—		—			—		—
RSUs	—		826,469			—		—			—		—
PSUs	—		71,535			—		—			—		—
NQSOs	—		318			—		—			—		—
Nispera equity	—		216,429			—		—			—		—
Diluted Income (Loss) per Share
Net income (loss) attributable to Fluence Energy, Inc.	$	24,821	184,034,832	$	0.13	$	(69,620)	116,448,602	$	(0.60)	$	(104,485)	69,714,054	$	(1.50)

Schedule of Short-Term Investments

The table below represents activity on the investments for the fiscal years ended September 30, 2024 and 2023.


in thousands	September 30, 2024		September 30, 2023
Beginning balance	$	—	$	110,355
Contributions / (withdrawals)	—		(111,674)
Changes in fair market value	—		1,319

Ending Balance	$	—	$	—

Schedule of Accounting Standards Update and Change in Accounting Principle

The following table presents accounting standards adopted in 2024:


Standard	Description	Date 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 “Note 19 - 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.

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 - Narrative (Details)	Sep. 30, 2024
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	10 years

Schedule I Condensed Financial Information of Registrant (Tables)

12 Months Ended

Sep. 30, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

CONDENSED BALANCE SHEETS

(PARENT COMPANY ONLY)

(U.S. Dollars in Thousands, except share and per share amounts)


	September 30,
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	267	$	67
Other receivables	443		368
Total current assets	710		435
Non-current assets:

Investment in subsidiaries	802,606		779,640
Total non-current assets	802,606		779,640
Total assets	$	803,316	$	780,075
Liabilities, and stockholders’ equity
Current liabilities:
Accounts payable	74		—
Accounts payable - related party	2,803		1,661
Accruals and provisions	74		—
Taxes payable	1,955		6
Total current liabilities	4,906		1,667
Non-current liabilities:
Other non-current liabilities - related party	1,507		—
Total non-current liabilities	1,507		—
Total liabilities	6,413		1,667
Commitments and Contingencies (Note 3)
Stockholders’ Equity:
Preferred stock, $0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and 2023	—		—
Class A common stock, $0.00001 par value per share,1,200,000,000 shares authorized; 130,207,845 shares issued and 129,421,797 shares outstanding as of September 30, 2024; 119,593,409 shares issued and 118,903,435 shares outstanding as of September 30, 2023	—		—
Class B-1 common stock, $0.00001 par value per share, 134,325,805 shares authorized; 51,499,195 shares issued and outstanding as of September 30, 2024; 58,586,695 shares issued and outstanding as of September 30, 2023	—		—
Class B-2 common stock, $0.00001 par value per share, 200,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and 2023	—		—
Treasury stock, at cost	(9,460)		(7,797)
Additional paid-in capital	965,562		959,406
Distribution from Fluence Energy, LLC	9,460		7,797
Contribution to Fluence Energy, LLC	(15,641)		(10,306)
Accumulated deficit	(153,018)		(170,692)
Total stockholders’ equity	796,903		778,408
Total liabilities, stockholders’ equity	$	803,316	$	780,075

Schedule of Condensed Statement of Operations and Comprehensive Loss

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(PARENT COMPANY ONLY)

(U.S. Dollars in Thousands)


	Fiscal Year Ended September 30,
	2024		2023		2022
Revenue	$	—	$	—	$	—
Revenue from related parties	—		—		—
Total Revenue	—		—		—
Operating expenses:
General and administrative	1,837		1,478		855
Other expense, net	1,507		8		—
Equity in net income (loss) of subsidiaries	28,008		(68,133)		(103,630)
Income (loss) before income taxes	24,664		(69,620)		(104,485)
Income tax expense	1,948		—		—
Net income (loss)	$	22,716	$	(69,620)	$	(104,485)
Net income (loss) attributable to non-controlling interest	—		—		—
Net income (loss) attributable to Fluence Energy, Inc.	$	22,716	$	(69,620)	$	(104,485)

(Loss) gain on foreign currency translation, net of tax	(411)		408		2,854
Loss on cash flow hedges, net of tax	(4,480)		—		—
Actuarial (loss) gain on pension liabilities, net of tax	(151)		10		141
Total other comprehensive (loss) income	(5,042)		418		2,995
Total comprehensive income (loss)	$	17,674	$	(69,202)	$	(101,490)

Schedule of Condensed Statements of Cash Flows

CONDENSED STATEMENTS OF CASH FLOWS

(PARENT COMPANY ONLY)

(U.S. Dollars in Thousands)


	Fiscal Year Ended September 30,
	2024		2023		2022
Operating activities
Net income (loss)	$	22,716	$	(69,620)	$	(104,485)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:



Equity in net income (loss) of subsidiaries	(28,008)		68,133		103,630
Stock-based compensation expense	821		443		666


Changes in operating assets and liabilities:
Other receivables	(75)		(348)		(19)






Accounts payable	74		—		—
Accounts payable - related party	1,142		1,453		208
Accruals and provisions	74		—		—
Taxes payable	1,949		6		—








Other non-current liabilities - related party	1,507
Net cash provided by operating activities	200		67		—
Investing activities
Purchase of LLC interests in Fluence Energy, LLC	—		—		(947,990)



Net cash used in investing activities	—		—		(947,990)
Financing activities






Distributions from Fluence Energy, LLC	1,663		2,784		5,013
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(1,663)		(2,784)		(5,013)
Proceeds from exercise of stock options	5,335		7,203		3,103
Contributions to Fluence Energy, LLC	(5,335)		(7,203)		(3,103)

Proceeds from issuance of Class A common stock sold in an IPO, net of underwriting discounts and commissions	—		—		947,990



Net cash provided by financing activities	—		—		947,990
Effect of exchange rate changes on cash and cash equivalents	—		—		—
Net increase in cash and cash equivalents	200		67		—
Cash, cash equivalents, as of the beginning of the period	67		—		—
Cash, cash equivalents, as of the end of the period	$	267	$	67	$	—

Organization and Operations	12 Months Ended
Organization and Operations	Sep. 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (this “Report”). Upon the completion of our 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., will pay income taxes with respect to their allocable shares of its net taxable income. As of September 30, 2024, Fluence Energy, LLC had subsidiaries including Fluence Energy GmbH in Germany, Fluence Energy Pty Ltd. in Australia, Fluence Energy Inc. in the Philippines, Fluence Energy Chile SpA in Chile, Fluence Energy B.V. in Netherlands, Fluence Energy Global Production Operation, LLC in the United States, Fluence BESS India Private Ltd in India, Fluence Energy AG in Switzerland, Fluence Energy UK Ltd. in the United Kingdom, Fluence Energy Canada Inc in Canada, Fluence Energy Singapore Pte Ltd in Singapore, Fluence Energy Taiwan Ltd. in Taiwan, and Fluence Energy Ireland Limited in Ireland. Except where the content clearly indicates otherwise, reference to “Fluence,” “we,” “us,” “our” or “the Company” refers to Fluence Energy, Inc. and all of its direct and indirect subsidiaries, including Fluence Energy, LLC. When used in a historical context that is prior to the completion of the IPO, “we,” “us,” “our” or “the Company” refer to Fluence Energy, LLC and its subsidiaries. Our fiscal year begins on October 1 and ends on September 30. References to “fiscal year 2022,” “fiscal year 2023,” and “fiscal year 2024” refer to the fiscal years ended September 30, 2022, 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. QFH’s Investment in Fluence Energy, LLC On December 27, 2020, Fluence Energy, LLC entered into an agreement with QIA Florence Holdings LLC (“QFH” or the “Blocker Company”) for a $125.0 million investment and in exchange, QFH was issued 18,493,275 Class B units of Fluence Energy, LLC. QFH is an affiliate of the Qatar Investment Authority (“QIA”), the sovereign wealth fund of Qatar, and its subsidiaries and affiliates. At September 30, 2021, the investment was recognized at carrying value within mezzanine equity on the consolidated balance sheets. As part of the transactions related to our initial public offering, which closed on November 1, 2021, QFH elected to convert their Class B units to the common stock of Fluence Energy, Inc., which was a conversion available to all of the holders of Fluence Energy, LLC Class A and Class B units. Accordingly, as of September 30, 2024, no mezzanine equity is recorded on the consolidated balance sheets. Initial Public Offering and Related Transactions On November 1, 2021, the Company completed an initial public offering (the “IPO”) and a series of organization transactions (collectively with the IPO, the “Transactions”), in which the Company issued and sold 35,650,000 shares of its Class A common stock, par value $0.00001 per share (the “Class A common stock”), at the public offering price of $28.00 per share, which includes the exercise by the underwriters of their option to purchase an additional 4,650,000 shares of the Class A common stock. The net proceeds to the Company from the IPO were $935.8 million, after deducting underwriting discounts and offering expenses paid by the Company. Immediately following the consummation of the Transactions: •Fluence Energy, Inc. became a holding company. As the sole managing member of Fluence Energy, LLC, Fluence Energy, Inc. controlled and continues to control the business and affairs of Fluence Energy, LLC and its direct and indirect subsidiaries; •Fluence Energy, Inc. owned, directly or indirectly, 54,143,275 LLC Interests, representing approximately 31.6% of the economic interest in Fluence Energy, LLC; •the Founders owned 117,173,390 LLC Interests in Fluence Energy, LLC, representing approximately 68.4% of the economic interest in Fluence Energy, LLC; •the public investors in our IPO owned 35,650,000 shares of Class A common stock of Fluence Energy, Inc., representing approximately 65.8% of the economic interest in Fluence Energy, Inc.; •Qatar Holding LLC owned 18,493,275 shares of Class A common stock of Fluence Energy, Inc., representing approximately 34.2% of the economic interest in Fluence Energy, Inc.; and •the Founders owned 117,173,390 shares of Class B-1 common stock of Fluence Energy, Inc. Siemens Industry Redemption On June 30, 2022, Siemens Industry, Inc. 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, together with the corresponding cancellation of an equivalent number of shares of Class B-1 common stock of Fluence Energy, Inc., par value $0.00001 per share (“Class B-1 common stock”) (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. Refer to “Consolidated statements of changes in stockholders’ equity, members’ equity (deficit) and mezzanine equity” included herein for more information on the impacts of this redemption to stockholders’ equity. 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 “Consolidated statements of changes in stockholders’ equity, members’ equity (deficit) and mezzanine equity” included herein for more information on the impacts of this redemption to stockholders’ equity.

Income Taxes

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents the components of income (loss) before income tax (in thousands):


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Domestic	$	(33,983)	$	(100,356)	$	(213,764)
Foreign	73,556		87		(74,056)
Income (loss) before income taxes	$	39,573	$	(100,269)	$	(287,820)

The major components of income tax expense/(benefit) were as follows:


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Current income tax expense:
Domestic	$	1,948	$	—	$	—
Foreign	13,700		1,349		1,234
Deferred income tax expense (benefit):
Domestic	—		—		—
Foreign	(6,719)		2,541		(243)
Withholding income tax expense:
Domestic	—		—		—
Foreign	277		659		366
Total income tax expense	$	9,206	$	4,549	$	1,357

The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to the Company’s effective tax rate.


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Statutory rate	21.0	%	21.0	%	21.0	%
State taxes	(1.9)	%	3.1	%	1.7	%
Rate change	52.6	%	(15.5)	%	—	%
Flow-through losses	3.3	%	(9.3)	%	(9.5)	%
Foreign rate differential	14.3	%	2.2	%	1.0	%
Withholding taxes	0.7	%	(0.7)	%	(0.1)	%
Valuation allowance	(118.6)	%	(12.9)	%	(15.2)	%
Permanent differences	(12.2)	%	7.8	%	1.2	%
U.S. tax on foreign earnings	50.6	%	—	%	—	%
Return to provision adjustments	14.2	%	(1.0)	%	—	%
Other items, net	(0.7)	%	0.8	%	(0.6)	%
Effective tax rate	23.3	%	(4.5)	%	(0.5)	%

In fiscal year 2024, the effective tax rate differs from the U.S. statutory tax rate of 21% primarily due to increases in profitability in foreign jurisdictions with statutory tax rates higher than the U.S. and the U.S. taxation of the increased foreign earnings driven by the Global Intangible Low-Taxed Income inclusion in the current year.

Deferred income tax is generated by Fluence Energy, Inc. and its foreign subsidiaries and is comprised of the following:


in thousands	September 30,
	2024		2023
Deferred Tax Assets
Inventory	$	129,341	$	79,086
Investment in Fluence Energy, LLC	333,489		298,422
Deferred revenue	27,374		41,690
Tax loss carryforwards	47,765		75,730
Unrealized foreign exchange losses	5,270		4,630
Share-based compensation	3,843		3,887
Other deferred tax assets	2,047		726
Total deferred tax assets	549,129		504,171
Valuation allowance	(377,218)		(371,669)
Net deferred tax assets	171,911		132,502
Deferred Tax Liabilities
Trade receivables	(20,043)		(5,081)
Intangible assets	(3,697)		(3,470)
Accrued and other liabilities	(140,401)		(123,169)
Unrealized foreign exchange gains	(5,612)		(4,985)
Other deferred tax liabilities	(392)		(505)
Total deferred tax liabilities	(170,145)		(137,210)
Total net deferred tax assets (liabilities)	$	1,766	$	(4,708)

As of September 30, 2024 and 2023, the Company did not have material undistributed foreign earnings. The Company has not recorded a deferred tax liability on the undistributed earnings from its foreign subsidiaries, as such earnings are considered to be indefinitely reinvested.

Global intangible low-taxed income (“GILTI”) earned by controlled foreign corporations must be included currently in the gross income of the controlled foreign corporations’ U.S. parent. Under GAAP, the Company can make an accounting policy election to either treat taxes due on the GILTI inclusion as a current period expense or factor such amounts into measurement of deferred taxes. The Company has elected to record GILTI impacts as a current period expense.

The foreign net operating loss carryforwards as of September 30, 2024 and 2023 are approximately $186.2 million and $263.1 million, respectively. Approximately $22.1 million of the foreign net operating losses will expire between fiscal year 2025 and fiscal year 2034. The federal and state net operating loss carryforwards as of September 30, 2024 and 2023 are approximately $135.8 million ($51.1 million federal and $84.7 million state) and $182.2 million ($107.1 million federal and $75.1 million state), respectively. The federal and state net operating loss carryforwards are attributable to Fluence Energy, Inc., a corporate entity which, upon IPO on November 1, 2021, became the holding company of Fluence Energy, LLC. The federal net operating losses have an unlimited carryforward period. Approximately $73.5 million of state net operating losses will expire between fiscal year 2032 and fiscal year 2044.

As of September 30, 2024 and 2023, the Company had recorded a valuation allowance of $377.2 million and $371.7 million, respectively. In fiscal year 2023, the valuation allowances were recorded against deferred tax assets of the Company’s German, Australian, Philippines, Singapore, Netherlands, and United Kingdom subsidiaries, as well as Fluence Energy, Inc. As a holding company, Fluence Energy, Inc. recorded deferred tax assets primarily related to its investment in Fluence Energy, LLC. In fiscal year 2024, the Company released valuation allowances that were recorded against deferred tax assets of the Company’s subsidiaries in Australia and the United Kingdom. The Company determined that based on the weight of available evidence, including cumulative income, it is more likely-than-not that the net deferred tax assets would be realized. For the remaining entities with previously recorded valuation allowances, including the Company’s German, Philippines, Netherlands, and Taiwan subsidiaries and Fluence Energy, Inc., the Company maintains that based on the weight of available evidence, including cumulative losses, it is more-likely-than-not that the net deferred tax assets will not be realized and recorded a valuation allowance against such deferred tax assets.

The net increase in the valuation allowance of $5.5 million in fiscal year 2024 is due to a $48.2 million increase recorded through equity, a $44.1 million decrease in valuation allowance related to current year activity in jurisdictions with full valuation allowances of $33.8 million, as well as the release of valuation allowance in Australia and the United Kingdom subsidiaries of $10.3 million, and a $1.5 million increase related to currency translation adjustments. Further, a future reversal of $2.6 million of the valuation allowance on deferred tax assets as of September 30, 2024, would be accounted for as an increase in equity. For fiscal year 2023, the net increase in the valuation allowance was $17.3 million.

As of September 30, 2024 and 2023, the Company has not recorded any unrecognized tax benefits. All tax jurisdictions remain subject to examination by foreign, federal, and state taxing authorities with the exception of Germany for the tax periods 2018 to 2020 for which the entity was issued a Cancellation Reservation of Review, which permanently closed these periods for audit. The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense.

The entire disclosure for income tax.

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Schedule of Related Party Transactions

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 3,326	$ 1,939	$ 1,713
Short-term and variable lease cost	3,789	17,123	765
Sublease income	0	(194)	(182)
Total lease cost	$ 7,115	$ 18,868	$ 2,296

Debt - Revolving Credit Facility (Details)			12 Months Ended
Debt - Revolving Credit Facility (Details)	Aug. 06, 2024 USD ($)	Nov. 01, 2021	Sep. 30, 2024 USD ($)	Apr. 08, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
2024 Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000
Outstanding borrowings			$ 0
Letters of credit outstanding			$ 74,900,000
Revolving Credit Facility \| The Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 200,000,000.0	$ 200,000,000
Commitment fee		0.55%
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
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
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
Line of Credit Facility [Line Items]
Line cap additional threshold amount	$ 100,000,000
Revolving Credit Facility \| 2024 Revolver \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Line cap additional threshold amount	$ 150,000,000
Revolving Credit Facility \| 2024 Revolver \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate	2.00%
Revolving Credit Facility \| 2024 Revolver \| Daily Simple RFR \| Line of Credit
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
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
Letter of Credit \| 2024 Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Letter of credit participation fee	0.50%
Letter of Credit Issued \| 2024 Revolver \| Line of Credit
Line of Credit Facility [Line Items]
long term debt			$ 425,100,000

Related-Party Transactions (Tables)

12 Months Ended

Sep. 30, 2024

The following table presents the components of receivables from related parties and payables to related parties on the Company’s consolidated balance sheets:


in thousands	September 30,
	2024		2023
Accounts receivable	$	92,183	$	7,945
Unbilled receivables	270,340		50,569
Total receivables from related parties	362,523		58,514
Advances to suppliers	32,074		17,592
Accounts payable	3,410		2,477
Deferred revenue	38,162		110,274
Accruals and provisions	6,099		3,737
Other current liabilities	428		324
Other non-current liabilities	1,507		—

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


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Revenue(a)	$	1,096,999	$	653,809	$	646,332
Cost of goods and services(b)	50,653		15,925		19,753
Research and development	192		912		141
Sales and marketing	123		135		1,679
General and administrative	6,113		5,215		4,918
Other (income) expense, net(c)	(571)		—		—

(a) Revenue from AES and its affiliates was $1,082.3 million, $642.7 million, and $631.0 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively.

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

(c) 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 $2.1 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 20 - Sale of Receivables under Master Receivables Purchase Agreement” for more details. This is offset by $1.5 million of expense due to estimated payments due to related parties under the Tax Receivable Agreement to be realized as of September 30, 2024.

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2022	Nov. 01, 2021
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)	$ 0.01000	$ 0.01000		$ 0.00001
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	130,207,845	119,593,409
Common stock, shares outstanding (in shares)	129,421,797	118,903,435
Class B-1 common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 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
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in usd per share)	$ 0.01000	$ 0.01000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income (loss)	$ 30,367	$ (104,818)	$ (289,177)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	14,482	10,665	7,108
Amortization of debt issuance costs	3,091	914	778
Inventory provision (recovery)	23,972	(1,029)	2,529
Stock-based compensation	23,855	26,920	44,131
Deferred income taxes	(6,719)	2,542	516
Changes in operating assets and liabilities:
Trade receivables	(114,577)	(13,397)	(29,161)
Unbilled receivables	24,747	(50,503)	(36,550)
Receivables from related parties	(303,963)	53,611	(78,666)
Advances to suppliers	(64,258)	(36,490)	(45,024)
Inventory	21,731	432,767	(265,477)
Other current assets	(10,986)	(36,828)	1,364
Other non-current assets	(28,100)	(16,632)	(35,208)
Accounts payable	370,124	(242,268)	150,507
Deferred revenue with related parties	(72,201)	(191,431)	80,575
Deferred revenue	(9,796)	(6,934)	201,028
Current accruals and provisions	160,206	(12,360)	(2,522)
Taxes payable	22,799	15,753	(1,779)
Other current liabilities	18,185	39,467	6,362
Other non-current liabilities	(23,274)	18,124	(3,719)
Insurance proceeds received	0	0	10,000
Net cash provided by (used in) operating activities	79,685	(111,927)	(282,385)
Investing activities
Purchase of equity securities	0	0	(1,124)
Proceeds from maturities of short-term investments	0	111,674	0
Purchases of short-term investments	0	0	(110,144)
Payments for purchase of investment in joint venture	0	(5,013)	0
Capital expenditures on software	(10,860)	(9,235)	0
Payments for acquisition of businesses, net of cash acquired	0	0	(29,215)
Purchase of property and equipment	(8,115)	(2,989)	(7,934)
Net cash (used in) provided by investing activities	(18,975)	94,437	(148,417)
Financing activities
Repayment of promissory notes – related parties	0	0	(50,000)
Repayment of line of credit	0	0	(50,000)
Proceeds from borrowing against note receivable - pledged as collateral	0	48,176	0
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(1,663)	(2,784)	(5,013)
Proceeds from exercise of stock options	5,335	7,203	3,103
Payment of transaction costs related to issuance of Class B membership units	0	0	(6,320)
Payments of debt issuance costs	(8,456)	0	(3,375)
Proceeds from issuance of Class A common stock sold in an IPO, net of underwriting discounts and commissions	0	0	935,761
Payments of deferred equity issuance cost	0	0	(7,103)
Payments for acquisitions	(3,892)	0	0
Net cash (used in) provided by financing activities	(8,676)	52,595	817,053
Effect of exchange rate changes on cash and cash equivalents	3,941	(2,095)	5,401
Net increase (decrease) in cash and cash equivalents	55,975	33,010	391,652
Cash, cash equivalents, and restricted cash as of the beginning of the period	462,731	429,721	38,069
Cash, cash equivalents, and restricted cash as of the end of the period	518,706	462,731	429,721
Supplemental disclosure of cash flow information
Interest paid	3,022	2,336	1,127
Cash paid for income taxes	$ 2,661	$ 1,240	$ 2,068

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Sep. 30, 2024	Nov. 20, 2024	Mar. 31, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--09-30
Document Period End Date	Sep. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,060
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to the 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended September 30, 2024.
Entity Central Index Key	0001868941
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		129,621,279
Class B-1 common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		51,499,195

Revenue from Contracts with Customers - Geographical Regions (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,698,562	$ 2,217,978	$ 1,198,603
Americas (North, Central and South America)
Disaggregation of Revenue [Line Items]
Total revenue	1,593,003	1,645,107	837,935
APAC (Asia Pacific)
Disaggregation of Revenue [Line Items]
Total revenue	579,255	266,077	178,233
EMEA (Europe, Middle-East and Africa)
Disaggregation of Revenue [Line Items]
Total revenue	526,304	306,794	182,435
United States of America
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,442,000	$ 1,495,000	$ 582,300

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.

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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Property, Plant and Equipment [Abstract]

Property and Equipment, Net

12 Months Ended

Sep. 30, 2024

Property and Equipment, Net

Property and equipment are stated at amortized cost and consisted of the following:


in thousands	September 30, 2024						September 30, 2023
	Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net
Machinery and Equipment	$	12,571	$	5,087	$	7,484	$	9,898	$	2,934	$	6,964
Construction in Progress	3,434		—		3,434		2,093		—		2,093
IT Equipment	7,683		4,674		3,009		4,454		1,878		2,576
Furniture and Fixtures	1,421		1,003		418		1,234		753		481
Leasehold Improvements	1,653		1,494		159		1,512		1,374		138
Other	3,319		2,473		846		2,742		2,223		519
Total	$	30,081	$	14,731	$	15,350	$	21,933	$	9,162	$	12,771

Total depreciation expense was $5.6 million, $4.3 million and $2.4 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively.

Property and equipment are depreciated over the estimated useful lives of the respective assets on a straight-line basis. The range of estimated lives for the respective assets is as follows:


Machinery and equipment			10 years
IT equipment			3 years
Furniture and fixtures			5 years
Leasehold Improvements			10 years, or lease term if shorter
Other			5 years

Revenue from Contracts with Customers - Revenue by Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,698,562	$ 2,217,978	$ 1,198,603
Revenue from sale of energy storage products and solutions
Disaggregation of Revenue [Line Items]
Total revenue	2,648,013	2,197,633	1,180,093
Revenue from services
Disaggregation of Revenue [Line Items]
Total revenue	45,353	15,992	16,038
Revenue from digital applications
Disaggregation of Revenue [Line Items]
Total revenue	$ 5,196	$ 4,353	$ 2,472

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.

Schedule I Condensed Financial Information of Registrant - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 01, 2021	Oct. 27, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Consolidated Entities [Line Items]
Proceeds from issuance of Class A common stock sold in an IPO, net of underwriting discounts and commissions			$ 0	$ 0	$ 935,761
Accounts payable			(436,744)	(65,376)
Tax receivable agreement payments			1,500
Parent
Consolidated Entities [Line Items]
Proceeds from issuance of Class A common stock sold in an IPO, net of underwriting discounts and commissions	$ 948,000		0	0	$ 947,990
Tax receivable agreement tax benefit payment percentage		85.00%
Parent \| Consolidation, Eliminations
Consolidated Entities [Line Items]
Accounts payable			$ 2,800	$ 1,500
Class A common stock
Consolidated Entities [Line Items]
Par value, Class A common stock (in usd per share)	$ 0.00001		$ 0.01000	$ 0.01000
Class A common stock \| Parent
Consolidated Entities [Line Items]
Par value, Class A common stock (in usd per share)	$ 0.00001		$ 0.01000	$ 0.01000
Class A common stock \| IPO
Consolidated Entities [Line Items]
Shares sold in offering (in shares)	35,650,000
Public offering price per share (in usd per share)	$ 28.00
Class A common stock \| IPO \| Parent
Consolidated Entities [Line Items]
Shares sold in offering (in shares)	35,650,000
Public offering price per share (in usd per share)	$ 28.00
Class A common stock \| Over-Allotment Option
Consolidated Entities [Line Items]
Shares sold in offering (in shares)	4,650,000
Class A common stock \| Over-Allotment Option \| Parent
Consolidated Entities [Line Items]
Shares sold in offering (in shares)	4,650,000

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Deferred Tax Assets
Inventory	$ 129,341	$ 79,086
Investment in Fluence Energy, LLC	333,489	298,422
Deferred revenue	27,374	41,690
Tax loss carryforwards	47,765	75,730
Unrealized foreign exchange losses	5,270	4,630
Share-based compensation	3,843	3,887
Other deferred tax assets	2,047	726
Total deferred tax assets	549,129	504,171
Valuation allowance	(377,218)	(371,669)
Net deferred tax assets	171,911	132,502
Deferred Tax Liabilities
Trade receivables	(20,043)	(5,081)
Intangible assets	(3,697)	(3,470)
Accrued and other liabilities	(140,401)	(123,169)
Unrealized foreign exchange gains	(5,612)	(4,985)
Other deferred tax liabilities	(392)	(505)
Total deferred tax liabilities	(170,145)	(137,210)
Total net deferred tax assets (liabilities)	$ 1,766
Total net deferred tax assets (liabilities)		$ (4,708)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 30,367	$ (104,818)	$ (289,177)
(Loss) gain on foreign currency translation, net of tax	(598)	586	5,091
Loss on cash flow hedges, net of tax	(6,276)	0	0
Actuarial (loss) gain on pension liabilities, net of tax	(211)	15	251
Total other comprehensive (loss) income	(7,085)	601	5,342
Total comprehensive income (loss)	23,282	(104,217)	(283,835)
Comprehensive income (loss) attributable to non-controlling interest	5,608	(35,015)	(182,345)
Total comprehensive income (loss) attributable to Fluence Energy, Inc.	$ 17,674	$ (69,202)	$ (101,490)

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

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

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Revenue from Contracts with Customers - Contract Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Nonrelated Party
Deferred Revenue [Roll Forward]
Deferred revenue beginning of period	$ 273,164	$ 273,073	$ 71,365
Additions	224,423	273,164	269,883
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(223,088)	(273,073)	(68,175)
Deferred revenue end of period	274,499	273,164	273,073
Related Party
Deferred Revenue [Roll Forward]
Deferred revenue beginning of period	110,274	300,697	220,122
Additions	37,382	98,891	300,577
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(109,494)	(289,314)	(220,002)
Deferred revenue end of period	$ 38,162	$ 110,274	$ 300,697

Summary of Significant Accounting Policies and Estimates - Reclassifications (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accruals and provisions	$ (338,311)	$ (175,960)
Related Party
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accruals and provisions	(6,099)	(3,737)
Deferred revenue	$ (38,162)	(110,274)
Revision of Prior Period, Reclassification, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred revenue		6,100	$ 30,000
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

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.

Debt	12 Months Ended
Debt	Sep. 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, the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, or the AUD Rate, as applicable, plus 3.0%, (ii) with respect to loans comprising an ABR Borrowing, the Alternate Base Rate plus 2.0%, or (iii) with respect to each RFR Loan, the applicable Daily Simple RFR 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. Capitalized terms used in this paragraph that are not otherwise defined were defined in the Revolving Credit Agreement. 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. 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 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 (a) the lesser of (i) the total commitments of 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 ABL Lenders and the borrowing base. A Covenant Relief Period was a period during which no default had occurred and was continuing and (b) either of the following existed: (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 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 ABL 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. 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 are tested on a quarterly basis and upon the occurrence of other certain restricted payments, the incurrence of indebtedness, certain dispositions, and other specified transactions. As of September 30, 2024, we were in compliance with all such covenants. The 2024 Credit Agreement contains customary events of default for this type of financing. If an event of default occurs with respect to a borrower, the lenders will be able to, among other things, terminate the commitments immediately, cash collateralize any outstanding letters of credit, declare any loans outstanding to be due and payable in whole or in part, and exercise other rights and remedies. The maturity date and the date of termination of lending commitments under the 2024 Credit Agreement both remain unchanged at November 22, 2027. As of September 30, 2024, there are no cash borrowings under the 2024 Revolver, and there are $74.9 million letters of credit outstanding under the 2024 Revolver, with remaining availability of $425.1 million, net of letters of credit issued. 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. On September 16, 2024, the $24.3 million of receivables were paid in full, resulting in release of the corresponding note and borrowing. As of September 30, 2024, the Company recorded net interest income of $0.3 million, which represents the net of $4.4 million in interest income and $4.1 million in interest expense recorded in “Interest income, net.” As of September 30, 2023, the Company recorded net interest income of $1.0 million, which represents the aggregate of $3.4 million in interest income and $2.4 million in interest expense.

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.

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Sale of Receivable under Master Receivables Purchase Agreement	12 Months Ended
	Sep. 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 fiscal year ended September 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 consolidated balance sheets. 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 $2.1 million and related factoring discount of $2.1 million during the period. The factoring income is recorded in “Other (income) expense, net” and the factoring discount is recorded in “Sales and marketing expense” on the consolidated statements of operations. Proceeds from the sold receivables are reflected in operating cash flows on the consolidated statements of cash flows.

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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Income Taxes - Components of Loss Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (33,983)	$ (100,356)	$ (213,764)
Foreign	73,556	87	(74,056)
Income (loss) before income taxes	$ 39,573	$ (100,269)	$ (287,820)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 135,800	$ 182,200
Valuation allowance	377,218	371,669
Increase (decrease) in valuation allowance	5,500	17,300
AUSTRALIA
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	33,800
UNITED KINGDOM
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	10,300
Equity related to IPO and other organizational transactions
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	48,200
Current year activity in jurisidictions
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	44,100
Currency translation adjustment
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	1,500
Increase in equity
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	(2,600)
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	186,200	263,100
Operating loss carryforwards subject to expiration	22,100
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	51,100	107,100
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	84,700	$ 75,100
Operating loss carryforwards subject to expiration	$ 73,500

Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
2025	$ 10,026
2026	8,853
2027	7,283
2028	6,229
2029	5,212
Thereafter	16,487
Net	60,002	$ 55,752
Finite-Lived Intangible Assets, Excluding Software In-Process
Finite-Lived Intangible Assets [Line Items]
Net	54,090
Internally developed software projects in process
Finite-Lived Intangible Assets [Line Items]
Net	$ 5,912

Leases - Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
2025	$ 3,535
2026	2,681
2027	1,222
2028	801
2029	468
Thereafter	1,142
Total lease payments	9,849
Less: Interest	(1,293)
Present value of lease liabilities	$ 8,556	$ 2,903

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY MEMBERS’ EQUITY (DEFICIT) AND MEZZANINE EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Class B-1 common stock	Members’ capital contributions	Common Stock Class A Common Stock	Common Stock Class B-1 common stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-Controlling interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance, LLC	$ (173,434)				$ 106,152			$ 0	$ (279,301)		$ (285)		$ 0
Beginning balance at Sep. 30, 2021	117,235
Mezzanine Equity
Effect of the Transactions related to the IPO	(117,235)
Ending balance at Sep. 30, 2022	0
Beginning balance (in shares) at Sep. 30, 2021						0	0
Beginning balance, Treasury Stock (in shares) at Sep. 30, 2021												0
Beginning balance at Sep. 30, 2021		$ (59)				$ 0	$ 0			$ (59)		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(289,177)
Other comprehensive income prior to the Transactions, net of income tax	5,342
Effect of the Transactions (in shares)						18,493,275
Effect of the Transactions related to the IPO	117,234				(106,152)			(24,091)	279,301		75		(31,899)
Issuance of Class A Common stock in IPO, net of issuance costs (in shares)						35,650,000
Issuance of Class A common stock in IPO, net of issuance costs	935,761							295,740					640,021
Founders stock issuance (in shares)							117,173,390
Founders stock issuance	1						$ 1
Stock-based compensation (in shares)						1,427,662
Stock-based compensation	35,450							35,450
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards (in shares)						550,904						550,904
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(5,013)											$ (5,013)
Effect of redemption of class B-1 common stock for class A common stock (in shares)						(58,586,695)	(58,586,695)
Effect of redemption of Class B-1 common stock for Class A common stock	0					$ 1	$ (1)	227,699					(227,699)
Effect of remeasurement of non-controlling interest due to other share transactions	0							4,701					(4,701)
Proceeds from exercise of stock options (in shares)						1,266,393
Proceeds from exercise of stock options	3,103							3,103
Gain (Loss) on foreign currency translation, net of tax	5,091
Actuarial gain on pension liabilities, net of tax	251
Loss on cash flow hedges, net of tax	0
Ending balance (in shares) at Sep. 30, 2022						114,873,121	58,586,695
Ending balance, Treasury Stock (in shares) at Sep. 30, 2022												550,904
Ending balance at Sep. 30, 2022	629,208					$ 1	$ 0	542,602	(104,544)		2,784	$ (5,013)	193,378
Ending Balance, LLC at Sep. 30, 2022					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance, LLC					$ 0
Net income (loss)	(104,818)								(69,620)				(35,198)
Other comprehensive income prior to the Transactions, net of income tax	601
Stock-based compensation (in shares)						1,171,496
Stock-based compensation	26,920							26,920
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards (in shares)						139,070						139,070
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(2,784)											$ (2,784)
Effect of remeasurement of non-controlling interest due to other share transactions	0							4,379					(4,379)
Proceeds from exercise of stock options (in shares)						2,997,888
Proceeds from exercise of stock options	7,203							7,203
Gain (Loss) on foreign currency translation, net of tax	586										408		178
Actuarial gain on pension liabilities, net of tax	15										10		5
Loss on cash flow hedges, net of tax	0
Ending balance (in shares) at Sep. 30, 2023			118,903,435	58,586,695		118,903,435	58,586,695
Ending balance, Treasury Stock (in shares) at Sep. 30, 2023												689,974
Ending 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)	30,367								22,716				7,651
Other comprehensive income prior to the Transactions, net of income tax	(7,085)
Stock-based compensation (in shares)						997,721
Stock-based compensation	23,855							23,855
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards (in shares)						96,074						96,074
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(1,663)											$ (1,663)
Effect of redemption of class B-1 common stock for class A common stock (in shares)						(7,087,500)	(7,087,500)
Effect of 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							3,129					(3,129)
Proceeds from exercise of stock options (in shares)						2,175,081
Proceeds from exercise of stock options	5,335							5,335
Gain (Loss) on foreign currency translation, net of tax	(598)										(411)		(187)
Actuarial gain on pension liabilities, net of tax	(211)										(151)		(60)
Loss on cash flow hedges, net of tax	(6,276)										(4,480)		(1,796)
Ending balance (in shares) at Sep. 30, 2024			129,421,797	51,499,195		129,421,797	51,499,195
Ending balance, Treasury Stock (in shares) at Sep. 30, 2024												786,048
Ending balance at Sep. 30, 2024	$ 607,139					$ 1	$ 0	$ 634,851	$ (151,448)		$ (1,840)	$ (9,460)	$ 135,035

Leases - Assets and Liabilities Operating (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Assets
Right of use asset - operating leases	$ 8,186	$ 2,857
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets
Liabilities:
Current portion of operating lease liabilities	$ 3,064	$ 1,569
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating lease liabilities, net of current portion	$ 5,492	$ 1,334
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Present value of lease liabilities	$ 8,556	$ 2,903

Accruals and Provisions

12 Months Ended

Sep. 30, 2024

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	September 30,
	2024		2023
Accruals	$	287,566	$	148,906
Accruals with related parties	6,099		3,737
Accruals for software development costs	10,903		—
Provisions for expected project losses	14,652		12,072
Current portion of warranty accrual	19,091		11,245


Total	$	338,311	$	175,960

The entire disclosure for long-term contracts or programs.

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-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

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Purchase Commitments
2025	$ 108,146
2026	753,576
2027	750,000
2028	750,000
2029 and thereafter	1,500,000
Total	3,861,722
Liquidated Damages
Total	1,500
Liquidated Damages
Liquidated Damages
2025	0
2026	16,200
2027	16,200
2028	16,200
2029 and thereafter	32,400
Total	$ 81,000

Inventory, Net

12 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventory, Net

Inventory consisted of the following:


in thousands	September 30, 2024						September 30, 2023
	Cost		Provision		Net		Cost		Provision		Net
Cubes, batteries, and other equipment	$	200,171	$	(25,012)	$	175,159	$	221,711	$	(105)	$	221,606
Spare parts	7,572		(130)		7,442		3,469		(172)		3,297
Total	$	207,743	$	(25,142)	$	182,601	$	225,180	$	(277)	$	224,903

Commitments and Contingencies - Warranty Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 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	19,554	12,168
Change in estimates	(1,692)	8,288
Change in balance sheet presentation	0	10,307
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(4,529)	(5,479)
Warranty balance, ending	40,242	26,909
Less: Recoverable warranty costs from suppliers	12,704	10,307
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$ 27,538	$ 16,602

Derivatives and Hedging

12 Months Ended

Sep. 30, 2024

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 consolidated statements of operations (i.e., when control of the inventory is passed to third-party customers and revenue is recognized). The change in fair value of the components excluded from the assessment of effectiveness, including changes in the spot-forward differential and counterparty non-performance risk, will also be recognized within revenue in the consolidated statements of operations.

The Company 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 September 30, 2024, the impact on our 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 consolidated balance sheets as of September 30, 2024 and September 30, 2023 are as follows:


In thousands	September 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	$	106,650	$	—	$	5,498	$	—	$	—	$	—

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 fiscal years ended September 30, 2024 and 2023 are as follows:


In thousands	Fiscal Year Ended September 30,
	2024		2023
Foreign currency forward contracts, net of tax	$	(7,394)	$	—

The amounts recognized within “Revenue” in the consolidated statements of operations with respect to the Company’s cash flow hedges for the fiscal years ended September 30, 2024 and 2023 are as follows:


In thousands	Fiscal Year Ended September 30,
	2024		2023
Foreign currency forward contracts	$	(8,544)	$	—

The following table details the changes in the cumulative impact of the loss on derivatives designated for hedge accounting for the fiscal year ended September 30, 2024:


In thousands	September 30, 2024
Beginning balance	$	—
Loss recognized in accumulated other comprehensive (loss) income	(7,394)
Loss reclassified from accumulated other comprehensive (loss) income into earnings	1,118
Ending balance	$	(6,276)

Commitments and Contingencies (Tables)

12 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Contractual Obligations

The following table summarizes contractual obligations as of September 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.


Contractual Obligations	Amount (in $ millions)		Number of Agreements	Maximum Exposure Range for Each Agreement (in $ millions)
Guarantees and commitments	$	3,139	66	0 - 420
Letters of credit under bilateral credit facilities	7		4	0 - 3
Letters of credit under 2024 Credit Agreement	75		28	0 - 28
Surety bonds	508		46	0 - 79
Total	$	3,729	144

Schedule of Purchase Commitments

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 September 30, 2024.


in thousands	Purchase Commitments		Liquidated Damages
2025	$	108,146	$	—
2026	753,576		16,200
2027	750,000		16,200

2028	750,000		16,200
2029 and thereafter	1,500,000		32,400
Total	$	3,861,722	$	81,000

Schedule of Product Warranty Liability

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


	September 30,
In thousands	2024		2023
Warranty balance, beginning	$	26,909	$	1,625
Warranties issued and assumed in period	19,554		12,168
Change in estimates	(1,692)		8,288
Change in balance sheet presentation	—		10,307
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(4,529)		(5,479)
Warranty balance, ending	40,242		26,909
Less: Recoverable warranty costs from suppliers	12,704		10,307
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$	27,538	$	16,602

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 448,685	$ 345,896
Restricted cash	46,089	106,835
Trade receivables, net	216,458	103,397
Unbilled receivables	172,115	192,064
Receivables from related parties	362,523	58,514
Advances to suppliers	174,532	107,947
Inventory, net	182,601	224,903
Current portion of notes receivable - pledged as collateral	30,921	24,330
Other current assets	46,519	31,074
Total current assets	1,680,443	1,194,960
Non-current assets:
Property and equipment, net	15,350	12,771
Intangible assets, net	60,002	55,752
Goodwill	27,482	26,020
Deferred income tax asset, net	8,880	86
Note receivable - pledged as collateral	0	30,921
Other non-current assets	110,031	31,639
Total non-current assets	221,745	157,189
Total assets	1,902,188	1,352,149
Current liabilities:
Accounts payable	436,744	65,376
Current portion of borrowings against note receivable - pledged as collateral	30,360	22,539
Personnel related liabilities	58,584	52,174
Accruals and provisions	338,311	175,960
Taxes payable	57,929	29,465
Other current liabilities	24,246	16,711
Total current liabilities	1,258,835	745,663
Non-current liabilities:
Deferred income tax liability	7,114	4,794
Borrowings against note receivable - pledged as collateral	0	28,024
Other non-current liabilities	29,100	17,338
Total non-current liabilities	36,214	50,156
Total liabilities	1,295,049	795,819
Stockholders’ equity:
Preferred stock, $0.00001 per share, 10,000,000 share authorized; no shares issued and outstanding as of September 30, 2024 and 2023	0	0
Treasury stock, at cost	(9,460)	(7,797)
Additional paid-in capital	634,851	581,104
Accumulated other comprehensive (loss) income	(1,840)	3,202
Accumulated deficit	(151,448)	(174,164)
Total stockholders’ equity attributable to Fluence Energy, Inc.	472,104	402,346
Non-controlling interest	135,035	153,984
Total stockholders’ equity	607,139	556,330
Total liabilities, stockholders’ equity	1,902,188	1,352,149
Nonrelated Party
Current liabilities:
Deferred revenue	274,499	273,164
Related Party
Current assets:
Receivables from related parties	92,183	7,945
Advances to suppliers	32,074	17,592
Current liabilities:
Accounts payable	3,410	2,477
Deferred revenue	38,162	110,274
Accruals and provisions	6,099	3,737
Other current liabilities	428	324
Non-current liabilities:
Other non-current liabilities	1,507	0
Class A common stock
Stockholders’ equity:
Common stock	$ 1	$ 1
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Class B-1 common stock
Stockholders’ equity:
Common stock	$ 0	$ 0
Common stock, shares authorized (in shares)	134,325,805	200,000,000
Class B-2 common stock
Non-current liabilities:
Commitments and Contingencies (Note 14)
Stockholders’ equity:
Common stock	$ 0	$ 0

Business Combination - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Recognized amounts of identifiable assets and liabilities assumed:
Goodwill		$ 27,482	$ 26,020	$ 24,851
Nispera
Business Acquisition [Line Items]
Investment amount	$ 33,445
Recognized amounts of identifiable assets and liabilities assumed:
Cash	489
Accounts receivables and other assets	189
Accounts payable and other liabilities	(386)
Deferred revenue	(679)
Deferred tax liabilities	(3,454)
Total net identifiable assets acquired and liabilities assumed	16,909
Goodwill	16,536
Trademarks \| Nispera
Recognized amounts of identifiable assets and liabilities assumed:
Intangible assets	$ 750
Useful life (in years)	11 years
Developed technology \| Nispera
Recognized amounts of identifiable assets and liabilities assumed:
Intangible assets	$ 16,500
Useful life (in years)	12 years
Customer relationship \| Nispera
Recognized amounts of identifiable assets and liabilities assumed:
Intangible assets	$ 3,500
Useful life (in years)	6 years

Related-Party Transactions - Statement of Operations and Comprehensive Loss Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Revenue	$ 2,698,562	$ 2,217,978	$ 1,198,603
Cost of goods and services	2,357,482	2,077,023	1,260,957
Research and development	66,195	66,307	60,142
Sales and marketing	63,842	41,114	37,207
General and administrative	172,996	136,308	116,710
Other (income) expense, net	7,276	6,952	(4,625)
Factoring discount	2,100
Tax receivable agreement payments	1,500
Related Party
Related Party Transaction [Line Items]
Revenue	1,096,999	653,809	646,332
Cost of goods and services	50,653	15,925	19,753
Research and development	192	912	141
Sales and marketing	123	135	1,679
General and administrative	6,113	5,215	4,918
Other (income) expense, net	(571)	0	0
Related Party \| AES and affiliates
Related Party Transaction [Line Items]
Revenue	$ 1,082,300	$ 642,700	$ 631,000

Summary of Significant Accounting Policies and Estimates - Recent Accounting Standards Adopted (Details)	12 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Audit Information	12 Months Ended
Audit Information	Sep. 30, 2024
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, VA

Property and Equipment, Net - Amortized Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Cost	$ 30,081	$ 21,933
Accumulated Depreciation	14,731	9,162
Net	15,350	12,771
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Cost	12,571	9,898
Accumulated Depreciation	5,087	2,934
Net	7,484	6,964
Construction in Progress
Property, Plant and Equipment [Line Items]
Cost	3,434	2,093
Accumulated Depreciation	0	0
Net	3,434	2,093
IT Equipment
Property, Plant and Equipment [Line Items]
Cost	7,683	4,454
Accumulated Depreciation	4,674	1,878
Net	3,009	2,576
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Cost	1,421	1,234
Accumulated Depreciation	1,003	753
Net	418	481
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Cost	1,653	1,512
Accumulated Depreciation	1,494	1,374
Net	159	138
Other
Property, Plant and Equipment [Line Items]
Cost	3,319	2,742
Accumulated Depreciation	2,473	2,223
Net	$ 846	$ 519

Leases

12 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

ASC 842 requires lessees to recognize assets and liabilities for most leases. The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of an identified asset

for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract, and (2) the customer has the right to control the use of the identified asset. Lessees are required to classify leases as either finance or operating leases. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease.

The Company’s right-of-use assets and lease liabilities primarily relate to offices and warehouses. The Company’s leases have remaining lease terms of one year to ten 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 Company does not recognize a lease liability or right-of-use asset on the balance sheet for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Leases (with terms greater than twelve months) are recorded on the consolidated balance sheets at the present value of the minimum lease payments not yet paid. As the Company’s leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date to calculate the present value of future lease payments. Certain leases include payments that are based solely on an index or rate. These variable lease payments are included in the calculation of the ROU asset and lease liability and are initially measured using the index or rate at the lease commencement date. Other variable lease payments, such as payments based on use and for property taxes, insurance, or common area maintenance that are based on actual assessments are excluded from the ROU asset and lease liability and are expensed as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes adjustments for lease incentives, deferred rent, lease prepayments and initial direct costs of obtaining the lease, such as commissions.

Certain lease contracts contain nonlease components such as maintenance and utilities. The Company has made an accounting policy election, as allowed under ASC 842-10-15-37, to capitalize both the lease component and nonlease components of its contracts as a single lease component for its right-of-use assets. This election applies at the asset class level.

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


in thousands	Balance Sheet Caption	September 30,
		2024		2023
Assets:
Right of use asset - operating leases	Other non-current assets	$	8,186	$	2,857

Liabilities:
Current portion of operating lease liabilities	Other current liabilities	$	3,064	$	1,569
Operating lease liabilities, net of current portion	Other non-current liabilities	5,492		1,334
		$	8,556	$	2,903

Components of total lease cost for the fiscal years ended September 30, 2024, 2023, and 2022 were as follows:


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Lease cost
Operating lease cost	$	3,326	$	1,939	$	1,713
Short-term and variable lease cost	3,789		17,123		765
Sublease income	—		(194)		(182)
Total lease cost	$	7,115	$	18,868	$	2,296

Supplemental information related to the Company’s leases for the fiscal years ended September 30, 2024, 2023 and 2022 was as follows:


in thousands	Fiscal Year Ended September 30,
	2024			2023			2022
Cash paid for amounts included in the measurements of lease liabilities	$	3,003		$	2,246		1,880
Right-of-use assets obtained in exchange for new operating lease liabilities	$	6,536		$	1,024		918
Weighted average remaining lease term - operating leases	4.0 years			2.0 years			1.4 years
Weighted average discount rate - operating leases	6.96		%	7.20		%	3.17	%

Total remaining lease payments under the Company’s leases for each of the succeeding years are as follows (in thousands):


Year Ended September 30,	Operating Leases
2025	$	3,535
2026	2,681
2027	1,222
2028	801
2029	468
Thereafter	1,142
Total lease payments	9,849
Less: Interest	(1,293)
Present value of lease liabilities	$	8,556

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Billions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount of remaining performance obligations	$ 4.5
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Two Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenue percentage	50.00%	49.00%	63.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations	50.00%
Expected time period of satisfaction (in years)	12 months

Schedule I Condensed Financial Information of Registrant - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Oct. 31, 2021	Sep. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Condensed Income Statements, Captions [Line Items]
Total revenue			$ 2,698,562	$ 2,217,978	$ 1,198,603
Operating expenses:
General and administrative			172,996	136,308	116,710
Income (loss) before income taxes			39,573	(100,269)	(287,820)
Income tax expense			9,206	4,549	1,357
Net income (loss)	$ (20,317)	$ (268,860)	30,367	(104,818)	(289,177)
Net income (loss) attributable to non-controlling interest			7,651	(35,198)	(184,692)
Net income (loss) attributable to Fluence Energy, Inc.			22,716	(69,620)	(104,485)
(Loss) gain on foreign currency translation, net of tax			(598)	586	5,091
Loss on cash flow hedges, net of tax			(6,276)	0	0
Actuarial (loss) gain on pension liabilities, net of tax			(211)	15	251
Total other comprehensive (loss) income	$ 175	$ 5,167	(7,085)	601	5,342
Total comprehensive income (loss)			23,282	(104,217)	(283,835)
Consolidated Entities, Excluding Affiliated Entities, Parent
Condensed Income Statements, Captions [Line Items]
Total revenue			0	0	0
Affiliated Entity, Parent
Condensed Income Statements, Captions [Line Items]
Total revenue			0	0	0
Parent
Condensed Income Statements, Captions [Line Items]
Total revenue			0	0	0
Operating expenses:
General and administrative			1,837	1,478	855
Other expense, net			1,507	8	0
Equity in net income (loss) of subsidiaries			28,008	(68,133)	(103,630)
Income (loss) before income taxes			24,664	(69,620)	(104,485)
Income tax expense			1,948	0	0
Net income (loss)			22,716	(69,620)	(104,485)
Net income (loss) attributable to non-controlling interest			0	0	0
Net income (loss) attributable to Fluence Energy, Inc.			22,716	(69,620)	(104,485)
(Loss) gain on foreign currency translation, net of tax			(411)	408	2,854
Loss on cash flow hedges, net of tax			(4,480)	0	0
Actuarial (loss) gain on pension liabilities, net of tax			(151)	10	141
Total other comprehensive (loss) income			(5,042)	418	2,995
Total comprehensive income (loss)			$ 17,674	$ (69,202)	$ (101,490)

Supply Chain Financing (Tables)

12 Months Ended

Sep. 30, 2024

Schedule of Supplier Finance Program

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


In thousands	September 30, 2024		September 30, 2023
Obligations outstanding at the beginning of the period	$	30,001	$	24,728
Invoices issued during the period	243,655		35,115
Invoices paid during the period	(192,367)		(29,842)
Obligations outstanding at the end of the period	$	81,289	$	30,001

Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 90,706	$ 77,369
Accumulated Amortization	(30,704)	(21,617)
Net	$ 60,002	55,752
Patents and licenses
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	15 years
Cost	$ 28,765	28,673
Accumulated Amortization	(12,950)	(11,002)
Net	$ 15,815	17,671
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	12 years
Cost	$ 30,842	29,430
Accumulated Amortization	(7,966)	(5,218)
Net	$ 22,876	24,212
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	6 years
Cost	$ 4,624	4,277
Accumulated Amortization	(2,104)	(1,233)
Net	$ 2,520	3,044
Tradenames/Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	8 years
Cost	$ 5,329	5,265
Accumulated Amortization	(3,984)	(3,337)
Net	$ 1,345	1,928
Capitalized internal-use software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	4 years
Cost	$ 15,562	6,458
Accumulated Amortization	(3,010)	(762)
Net	$ 12,552	5,696
Capitalized software to be sold
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	5 years
Cost	$ 5,584	3,266
Accumulated Amortization	(690)	(65)
Net	$ 4,894	$ 3,201

Stock-Based Compensation

12 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Option Plan

In 2020, Fluence Energy, LLC established the 2020 Unit Option Plan (the “Option Plan”) whereby 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 unexercised options will continue to be governed by the terms of the existing Option Plan. The Option Plan is accounted for as an equity plan. The Company will not grant any further awards under the Option Plan.

The following table summarizes the unit option activity under the Option Plan:


	Number of options	Weighted average exercise price per option		Weighted average remaining contractual term (years)




Outstanding as of October 1, 2023	5,351,585	$	2.45	7.51
Exercised	(2,175,081)	2.45
Forfeited	(76,346)	2.45
Outstanding and exercisable as of September 30, 2024	3,100,158	$	2.45	6.51

The total intrinsic value of the stock options outstanding under the Option Plan during the fiscal year ended September 30, 2024 was $62.8 million. As of September 30, 2024, the Option Plan had no unrecognized stock compensation expense.

The total intrinsic value of the stock options issued under the Option Plan that were exercised during the years ended September 30, 2024, 2023 and 2022, was $40.0 million, $56.3 million and $13.0 million, respectively.

Phantom Units

Employees, directors, and consultants were granted compensation under Fluence Energy, LLC’s 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. The Company will not make any further awards under the Phantom Incentive Plan. The following table presents information concerning the outstanding Phantom Units granted by the Company:


						Number of Units





Outstanding as of October 1, 2023						256,935
Granted						—
Vested						(256,935)
Forfeited						—
Outstanding as of September 30, 2024						—

As of September 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 reserves 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, performance share units (“PSUs”), and restricted stock units (“RSUs”). Stock-based awards currently issued pursuant to the 2021 Incentive Plan that are expected to be settled by issuing shares of Class A common stock are recorded as equity awards. The Company accounts for forfeitures as they occur.

Restricted Stock Units

RSUs granted under the 2021 Incentive Plan vest ratably at one-third annually on the anniversary of the grant date over a three-year period. 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 fiscal year ended September 30, 2024:


	Number of RSUs	Weighted Average Grant Date Fair Values
Outstanding as of October 1, 2023	1,843,570	$	20.20
Granted	1,014,917	20.68
Vested	(740,786)	20.27
Forfeited	(357,283)	19.61
Outstanding as of September 30, 2024	1,760,418	$	20.57

The granted RSUs generally vest in three equal annual installments. Total compensation cost related to non-vested awards not yet recognized as of September 30, 2024, was $14.9 million and is expected to be recognized over a weighted average period of 1.9 years.

Non-Qualified Stock Options

During the fiscal year ended September 30, 2024, the Company granted 187,379 non-qualified stock options to purchase Class A common stock under the 2021 Incentive Plan with a weighted average exercise price of $21.70. 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.


	Number of Options	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding as of October 1, 2023	—	—		0
Granted	187,379	$	21.70	9.29
Vested	—	—		—
Forfeited	—	—		—
Outstanding as of September 30, 2024	187,379	21.70		9.29

The total intrinsic value of the non-qualified stock options outstanding during the fiscal year ended September 30, 2024 was $0.2 million. Total compensation cost related to non-vested awards not yet recognized as of September 30, 2024 totaled $1.5 million, and is expected to be recognized over a weighted average period of 2.0 years.

There were no non-qualified stock options issued under the 2021 Incentive Plan that are exercisable as of September 30, 2024. The number of options expected to vest is equal to the number of options granted, which reflects no expected forfeiture.

Performance Share Units

During the fiscal year ended September 30, 2024, the Company granted 410,494 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 cumulative revenue and cumulative adjusted EBITDA for the two-fiscal year performance period of 2024 and 2025 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 vesting 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 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.


	Number of Units	Weighted Average Grant Date Fair Values
Outstanding as of October 1, 2023	—	—
Granted	410,494	$	21.58
Vested	—	—
Forfeited	(19,462)	20.84
Outstanding as of September 30, 2024	391,032	$	21.61

As of September 30, 2024, 391,032 PSUs previously issued remained outstanding with estimated unrecognized stock compensation expense of $5.3 million and is expected to be recognized over a weighted average period of 2.0 years.

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.

In connection with the Phantom Unit Plan and grant of phantom units thereunder, the Company incurred $3.0 million in stock-based compensation expense which was settled in cash for the fiscal year end September 30, 2022.

In relation to awards previously granted to the Company’s former CEO (Coughlin), who served as a director of the Company through the date of the IPO, in connection with separation, the Coughlin award modification 1) accelerated the vesting of phantom units to the IPO date that would have otherwise vested on the six-month anniversary of the consummation, and 2) accelerated the vesting of unit options to the IPO date that would have otherwise vested on April 2, 2022 assuming continued service. The resolution stipulates that the awards subject to accelerated vesting were to be settled fully in cash, using the IPO price to calculate the settlement value. All other equity awards granted to the individual were concurrently cancelled. Incremental stock-based compensation expense related to the modification was $5.7 million, which was recognized fully during the three months ended December 31, 2021.

Stock-based compensation expense

The stock-based compensation expense was recorded as follows (in thousands):


	Fiscal Year Ended September 30,
in thousands (a)	2024		2023		2022
Cost of goods and services	$	4,079	$	4,164	$	8,523
Research and development	2,309		5,062		7,846
Sales and marketing	1,486		2,024		4,149
General and administrative	16,001		15,670		23,613
Total stock-based compensation expense	$	23,875	$	26,920	$	44,131

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

Inventory, Net (Tables)

12 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory consisted of the following:


in thousands	September 30, 2024						September 30, 2023
	Cost		Provision		Net		Cost		Provision		Net
Cubes, batteries, and other equipment	$	200,171	$	(25,012)	$	175,159	$	221,711	$	(105)	$	221,606
Spare parts	7,572		(130)		7,442		3,469		(172)		3,297
Total	$	207,743	$	(25,142)	$	182,601	$	225,180	$	(277)	$	224,903

Goodwill - Narrative (Details) - USD ($)	12 Months Ended
Goodwill - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0	$ 0

Related-Party Transactions

12 Months Ended

Sep. 30, 2024

Related-Party Transactions

Related parties are primarily represented by AES and Siemens, their respective subsidiaries, and other entities under common control, and other entities in which Siemens and AES have significant influence. As of September 30, 2024, AES holds 51,499,195 shares of Class B-1 common stock of Fluence Energy, Inc. and Siemens holds an aggregate of 51,499,195 shares of Class A common stock of Fluence Energy, Inc.

Capital Contributions from Members

In June 2021, Siemens made a $6.3 million capital contribution in cash to the Company in exchange for certain amendments to the Company’s limited liability company agreement.

Borrowings from Related Parties

On August 11, 2021, the Company borrowed $25.0 million each from AES and Siemens, in the form of subordinated promissory notes, each bearing interest at 2.86% per annum. The promissory notes were paid off in full on November 1, 2021 using proceeds from the IPO. All related party borrowings were for general working capital needs. There were no new related party borrowings during the fiscal year ended September 30, 2024.

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 fiscal year ended September 30, 2024 and 2023, we have recognized $8.0 million and $12.3 million, respectively, in revenue from consulting services with related parties.

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

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

Administrative and Service Agreements

For the fiscal year ended September 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 AES.

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 consolidated statement of operations.

Guarantees

Fluence paid performance guarantee fees to its affiliates in exchange for guaranteeing Fluence’s performance obligations under certain contracts with Fluence’s customers, which are based on the affiliates’ weighted-average cost for bank guarantees and their per annum cost with a reasonable markup. These guarantees are provided pursuant to the Amended and Restated Credit Support and Reimbursement Agreement, dated June 9, 2021, with AES and Siemens Industry 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 consolidated statements of operations.

Refer to “Note 19 - Supply Chain Financing” for details of the related party guarantees associated with the supply chain financing program.

Balance Sheet Related Party Transactions

The following table presents the components of receivables from related parties and payables to related parties on the Company’s consolidated balance sheets:


in thousands	September 30,
	2024		2023
Accounts receivable	$	92,183	$	7,945
Unbilled receivables	270,340		50,569
Total receivables from related parties	362,523		58,514
Advances to suppliers	32,074		17,592
Accounts payable	3,410		2,477
Deferred revenue	38,162		110,274
Accruals and provisions	6,099		3,737
Other current liabilities	428		324
Other non-current liabilities	1,507		—

Receivables, deferred revenue, accounts payables, accruals and provisions and other current and non-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.

Revenue and Expenses

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


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Revenue(a)	$	1,096,999	$	653,809	$	646,332
Cost of goods and services(b)	50,653		15,925		19,753
Research and development	192		912		141
Sales and marketing	123		135		1,679
General and administrative	6,113		5,215		4,918
Other (income) expense, net(c)	(571)		—		—

(a) Revenue from AES and its affiliates was $1,082.3 million, $642.7 million, and $631.0 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively.

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

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Related-Party Transactions - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Accounts receivable	$ 362,523	$ 58,514
Advances to suppliers	174,532	107,947
Accounts payable	436,744	65,376
Accruals and provisions	338,311	175,960
Other current liabilities	24,246	16,711
Other non-current liabilities	29,100	17,338
Related Party
Related Party Transaction [Line Items]
Accounts receivable	92,183	7,945
Unbilled receivables	270,340	50,569
Total receivables from related parties	362,523	58,514
Advances to suppliers	32,074	17,592
Accounts payable	3,410	2,477
Deferred revenue	38,162	110,274
Accruals and provisions	6,099	3,737
Other current liabilities	428	324
Other non-current liabilities	$ 1,507	$ 0

Derivatives and Hedging (Tables)

12 Months Ended

Sep. 30, 2024

Schedule of Cash Flow Hedging Instruments

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


In thousands	September 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	$	106,650	$	—	$	5,498	$	—	$	—	$	—


In thousands	Fiscal Year Ended September 30,
	2024		2023
Foreign currency forward contracts, net of tax	$	(7,394)	$	—


In thousands	Fiscal Year Ended September 30,
	2024		2023
Foreign currency forward contracts	$	(8,544)	$	—

The following table details the changes in the cumulative impact of the loss on derivatives designated for hedge accounting for the fiscal year ended September 30, 2024:


In thousands	September 30, 2024
Beginning balance	$	—
Loss recognized in accumulated other comprehensive (loss) income	(7,394)
Loss reclassified from accumulated other comprehensive (loss) income into earnings	1,118
Ending balance	$	(6,276)

Summary of Significant Accounting Policies and Estimates - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 448,685	$ 345,896
Restricted cash	46,089	106,835
Restricted cash included in “Other non-current assets”	23,932	10,000
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 518,706	$ 462,731	$ 429,721	$ 38,069

Intangible Assets, Net

12 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

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


in thousands	Weighted Average Estimated Useful Lives	September 30, 2024						September 30, 2023
		Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Patents and licenses	15 years	$	28,765	$	(12,950)	$	15,815	$	28,673	$	(11,002)	$	17,671
Developed technology	12 years	30,842		(7,966)		22,876		$	29,430	$	(5,218)	$	24,212
Customer relationship	6 years	4,624		(2,104)		2,520		4,277		(1,233)		3,044
Tradenames/Trademarks	8 years	5,329		(3,984)		1,345		5,265		(3,337)		1,928
Capitalized internal-use software	4 years	15,562		(3,010)		12,552		6,458		(762)		5,696
Capitalized software to be sold	5 years	5,584		(690)		4,894		3,266		(65)		3,201
Total		$	90,706	$	(30,704)	$	60,002	$	77,369	$	(21,617)	$	55,752

Intangible assets are amortized over the estimated useful lives of the respective assets on a straight-line basis. Total amortization expense was $9.1 million, $6.6 million, and $4.6 million for the fiscal years ended September 30, 2024, 2023, and 2022, respectively. The amortization expense included $2.9 million, $0.8 million, and $0.0 million for capitalized software for the fiscal years ended September 30, 2024, 2023, and 2022, respectively.

Total future amortization expense for finite-lived intangible assets was estimated as follows:


in thousands	Future Amortization Expenses
2025	$	10,026
2026	8,853
2027	7,283
2028	6,229
2029	5,212
Thereafter	16,487
Subtotal	54,090
Internally developed software projects in process	5,912
Total	$	60,002

Summary of Significant Accounting Policies and Estimates - Schedule of Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to Fluence Energy, Inc., Basic	$ 22,716	$ (69,620)	$ (104,485)
Basic (in shares)	126,180,011	116,448,602	69,714,054
Basic (in usd per share)	$ 0.18	$ (0.60)	$ (1.50)
Net income (loss) attributable to Fluence Energy, Inc., Diluted	$ 24,821	$ (69,620)	$ (104,485)
Diluted (in shares)	184,034,832	116,448,602	69,714,054
Diluted (in usd per share)	$ 0.13	$ (0.60)	$ (1.50)
Nispera
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of Dilutive Securities, Income	$ 0	$ 0	$ 0
Effect of Dilutive Securities (in shares)	216,429	0	0
Class B-1 common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of Dilutive Securities, Income	$ 2,105	$ 0	$ 0
Effect of Dilutive Securities (in shares)	52,835,363	0	0
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of Dilutive Securities, Income	$ 0	$ 0	$ 0
Effect of Dilutive Securities (in shares)	3,799,239	0	0
Outstanding phantom units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of Dilutive Securities, Income	$ 0	$ 0	$ 0
Effect of Dilutive Securities (in shares)	105,468	0	0
Outstanding restricted stock units (“RSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of Dilutive Securities, Income	$ 0	$ 0	$ 0
Effect of Dilutive Securities (in shares)	826,469	0	0
Outstanding performance share units (“PSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of Dilutive Securities, Income	$ 0	$ 0	$ 0
Effect of Dilutive Securities (in shares)	71,535	0	0
Outstanding non-qualified stock options (“NQSOs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of Dilutive Securities, Income	$ 0	$ 0	$ 0
Effect of Dilutive Securities (in shares)	318	0	0

Goodwill (Tables)

12 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents the goodwill activity:


in thousands	September 30,
	2024		2023
Goodwill, Beginning of the period	$	26,020	$	24,851
Foreign currency adjustment	1,462		1,169

Goodwill, End of the period	$	27,482	$	26,020

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Summary of Significant Accounting Policies and Estimates - Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reserve for credit loss	$ 2.9	$ 0.2

Stock-Based Compensation - Schedule of Phantom Units, Restricted Stock Units, and Performance Share Units (Details)	12 Months Ended
	Sep. 30, 2024 $ / shares shares
Outstanding phantom units
Number of Options
Outstanding, beginning balance (in shares)	256,935
Granted (in shares)	0
Vested (in shares)	(256,935)
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	0
Outstanding restricted stock units (“RSUs”)
Number of Options
Outstanding, beginning balance (in shares)	1,843,570
Granted (in shares)	1,014,917
Vested (in shares)	(740,786)
Forfeited (in shares)	(357,283)
Outstanding, ending balance (in shares)	1,760,418
Weighted Average Grant Date Fair Values
Outstanding, beginning balance (usd per share) \| $ / shares	$ 20.20
Granted (usd per share) \| $ / shares	20.68
Vested (usd per share) \| $ / shares	20.27
Forfeited (usd per share) \| $ / shares	19.61
Outstanding, ending balance (usd per share) \| $ / shares	$ 20.57
Outstanding performance share units (“PSUs”)
Number of Options
Outstanding, beginning balance (in shares)	0
Granted (in shares)	410,494
Vested (in shares)	0
Forfeited (in shares)	(19,462)
Outstanding, ending balance (in shares)	391,032
Weighted Average Grant Date Fair Values
Outstanding, beginning balance (usd per share) \| $ / shares	$ 0
Granted (usd per share) \| $ / shares	21.58
Vested (usd per share) \| $ / shares	0
Forfeited (usd per share) \| $ / shares	20.84
Outstanding, ending balance (usd per share) \| $ / shares	$ 21.61

Stock-Based Compensation -Schedule of Option Activity under Non-Qualified Stock Options (Details) - Non Qualified Stock Option - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Number of options
Outstanding, beginning balance (in shares)	0
Granted (in shares)	187,379
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	187,379	0
Weighted average exercise price per share
Outstanding, beginning balance (usd per share)	$ 0
Granted (usd per share)	21.70
Vested (usd per share)	0
Forfeited (usd per share)	0
Outstanding, ending balance (usd per share)	$ 21.70	$ 0
Weighted average remaining contractual term, outstanding (in years)	9 years 3 months 14 days	0 years
Weighted average remaining contractual term, granted (in years)	9 years 3 months 14 days

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employees' annual salary	5.00%
Company contribution	$ 5.9	$ 5.0

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company maintains a 401(k) plan covering all eligible U.S. payroll employees. The 401(k) plan provides that eligible employees may make contributions subject to IRS limitations. Under terms of the 401(k) plan, the Company matches an employee’s contributions at a rate of 100% up to 5% of the employee’s annual eligible earnings as defined in the 401(k) plan. For the fiscal years ended September 30, 2024 and 2023, the Company contributed approximately $5.9 million and $5.0 million to the 401(k) plan, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies and Estimates - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Change in estimate of transaction price	$ 78.4	$ 84.1
Revenue recognized on change order	$ 11.0	$ 26.3

Summary of Significant Accounting Policies and Estimates - Software Development Costs (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($) Category	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of categories \| Category	3
Capitalized internal-use software
Finite-Lived Intangible Assets [Line Items]
Useful life	4 years
Capitalized software costs	$ 8.9	$ 6.4
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	$ 37.4	0.0
External-Use Software Development Cost
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Capitalized software costs	$ 2.3	$ 3.3

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.

Accruals and Provisions (Tables)

12 Months Ended

Sep. 30, 2024

Schedule of Current Accruals and Provisions

Accruals and provisions consisted of the following:


in thousands	September 30,
	2024		2023
Accruals	$	287,566	$	148,906
Accruals with related parties	6,099		3,737
Accruals for software development costs	10,903		—
Provisions for expected project losses	14,652		12,072
Current portion of warranty accrual	19,091		11,245


Total	$	338,311	$	175,960

Sale of Receivable under Master Receivables Purchase Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 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	2.1
Factoring discount	$ 2.1
Maximum
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items]
Purchasing receivables outstanding amount		$ 75.0

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Cash paid for amounts included in the measurements of lease liabilities	$ 3,003	$ 2,246	$ 1,880
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 6,536	$ 1,024	$ 918
Weighted average remaining lease term - operating leases	4 years	2 years	1 year 4 months 24 days
Weighted average discount rate - operating leases	6.96%	7.20%	3.17%

Schedule II Valuation And Qualifying Accounts (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 371,668	$ 354,404	$ 11,632
Charged to costs and expenses	(44,126)	6,825	43,561
Charged to other accounts	49,676	10,439	299,211
Balance at end of period	$ 377,218	$ 371,668	$ 354,404

Schedule I Condensed Financial Information of Registrant

12 Months Ended

Sep. 30, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule I Condensed Financial Information of Registrant

SCHEDULE I. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

FLUENCE ENERGY, INC.

CONDENSED BALANCE SHEETS

(PARENT COMPANY ONLY)

(U.S. Dollars in Thousands, except share and per share amounts)


	September 30,
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	267	$	67
Other receivables	443		368
Total current assets	710		435
Non-current assets:

Investment in subsidiaries	802,606		779,640
Total non-current assets	802,606		779,640
Total assets	$	803,316	$	780,075
Liabilities, and stockholders’ equity
Current liabilities:
Accounts payable	74		—
Accounts payable - related party	2,803		1,661
Accruals and provisions	74		—
Taxes payable	1,955		6
Total current liabilities	4,906		1,667
Non-current liabilities:
Other non-current liabilities - related party	1,507		—
Total non-current liabilities	1,507		—
Total liabilities	6,413		1,667
Commitments and Contingencies (Note 3)
Stockholders’ Equity:
Preferred stock, $0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and 2023	—		—
Class A common stock, $0.00001 par value per share,1,200,000,000 shares authorized; 130,207,845 shares issued and 129,421,797 shares outstanding as of September 30, 2024; 119,593,409 shares issued and 118,903,435 shares outstanding as of September 30, 2023	—		—
Class B-1 common stock, $0.00001 par value per share, 134,325,805 shares authorized; 51,499,195 shares issued and outstanding as of September 30, 2024; 58,586,695 shares issued and outstanding as of September 30, 2023	—		—
Class B-2 common stock, $0.00001 par value per share, 200,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and 2023	—		—
Treasury stock, at cost	(9,460)		(7,797)
Additional paid-in capital	965,562		959,406
Distribution from Fluence Energy, LLC	9,460		7,797
Contribution to Fluence Energy, LLC	(15,641)		(10,306)
Accumulated deficit	(153,018)		(170,692)
Total stockholders’ equity	796,903		778,408
Total liabilities, stockholders’ equity	$	803,316	$	780,075

The accompanying notes are an integral part of these condensed financial statements.

SCHEDULE I. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

FLUENCE ENERGY, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(PARENT COMPANY ONLY)

(U.S. Dollars in Thousands)


	Fiscal Year Ended September 30,
	2024		2023		2022
Revenue	$	—	$	—	$	—
Revenue from related parties	—		—		—
Total Revenue	—		—		—
Operating expenses:
General and administrative	1,837		1,478		855
Other expense, net	1,507		8		—
Equity in net income (loss) of subsidiaries	28,008		(68,133)		(103,630)
Income (loss) before income taxes	24,664		(69,620)		(104,485)
Income tax expense	1,948		—		—
Net income (loss)	$	22,716	$	(69,620)	$	(104,485)
Net income (loss) attributable to non-controlling interest	—		—		—
Net income (loss) attributable to Fluence Energy, Inc.	$	22,716	$	(69,620)	$	(104,485)

(Loss) gain on foreign currency translation, net of tax	(411)		408		2,854
Loss on cash flow hedges, net of tax	(4,480)		—		—
Actuarial (loss) gain on pension liabilities, net of tax	(151)		10		141
Total other comprehensive (loss) income	(5,042)		418		2,995
Total comprehensive income (loss)	$	17,674	$	(69,202)	$	(101,490)

The accompanying notes are an integral part of these condensed financial statements.

SCHEDULE I. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

FLUENCE ENERGY, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(PARENT COMPANY ONLY)

(U.S. Dollars in Thousands)


	Fiscal Year Ended September 30,
	2024		2023		2022
Operating activities
Net income (loss)	$	22,716	$	(69,620)	$	(104,485)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:



Equity in net income (loss) of subsidiaries	(28,008)		68,133		103,630
Stock-based compensation expense	821		443		666


Changes in operating assets and liabilities:
Other receivables	(75)		(348)		(19)






Accounts payable	74		—		—
Accounts payable - related party	1,142		1,453		208
Accruals and provisions	74		—		—
Taxes payable	1,949		6		—








Other non-current liabilities - related party	1,507
Net cash provided by operating activities	200		67		—
Investing activities
Purchase of LLC interests in Fluence Energy, LLC	—		—		(947,990)



Net cash used in investing activities	—		—		(947,990)
Financing activities






Distributions from Fluence Energy, LLC	1,663		2,784		5,013
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(1,663)		(2,784)		(5,013)
Proceeds from exercise of stock options	5,335		7,203		3,103
Contributions to Fluence Energy, LLC	(5,335)		(7,203)		(3,103)

Proceeds from issuance of Class A common stock sold in an IPO, net of underwriting discounts and commissions	—		—		947,990



Net cash provided by financing activities	—		—		947,990
Effect of exchange rate changes on cash and cash equivalents	—		—		—
Net increase in cash and cash equivalents	200		67		—
Cash, cash equivalents, as of the beginning of the period	67		—		—
Cash, cash equivalents, as of the end of the period	$	267	$	67	$	—

The accompanying notes are an integral part of these condensed financial statements.

SCHEDULE I. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

FLUENCE ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(PARENT COMPANY ONLY)

(U.S. Dollars in Thousands)

1.Organization and Operations

Fluence Energy, Inc., a Delaware corporation (the “Parent Company”), was formed on June 21, 2021. We conduct our business operations through Fluence Energy, LLC and its direct and indirect subsidiaries. Upon the completion of our initial public offering (the “IPO”) on November 1, 2021, Fluence Energy, Inc. became a holding company whose sole material assets are the limited liability interests (“LLC Interests”) in Fluence Energy, LLC. All of our business is conducted through Fluence Energy, LLC, together with its direct and indirect subsidiaries. Fluence Energy, LLC is treated as a partnership for federal income tax purposes and, as a result, its members, including Fluence Energy, Inc. will pay income taxes with respect to their allocable shares of its net taxable income.

Our fiscal year begins on October 1 and ends on September 30. References to “fiscal year 2022,” “fiscal year 2023”, and “fiscal year 2024” refer to the fiscal years ended September 30, 2022, September 30, 2023 and September 30, 2024, respectively.

On November 1, 2021, the Parent Company completed an IPO and a series of organization transactions (collectively with the IPO, the “Transactions”), in which the Company issued and sold 35,650,000 shares of its Class A common stock, par value $0.00001 per share (the “Class A common stock”), at the public offering price of $28.00 per share, which includes the exercise by the underwriters of their option to purchase an additional 4,650,000 shares of the Class A common stock. The net proceeds to the Company from the IPO were $948.0 million, after deducting underwriting discounts. Other offering expenses incurred related to the IPO were paid for by Fluence Energy, LLC.

2. Basis of Presentation

These condensed parent company financial statements should be read in conjunction with the consolidated financial statements of Fluence Energy, Inc. and the accompanying notes thereto, included in this Annual Report on Form 10-K for the fiscal year ended September 30, 2024. For purposes of these condensed financial statements, the Parent Company's interest in Fluence Energy, LLC is recorded based upon its proportionate share of Fluence Energy, LLC’s net assets (similar to presenting them on the equity method).

Certain intercompany balances presented in these condensed Parent Company financial statements are eliminated in the consolidated financial statements. $2.8 million and $1.5 million of payables were eliminated in consolidation as of September 30, 2024 and 2023.

3. Commitments and Contingencies

On October 27, 2021, the Parent Company entered into the Tax Receivable Agreement (the “Tax Receivable Agreement”) with Fluence Energy, LLC, Siemens Industry, Inc. (“Siemens Industry”) and AES Grid Stability, LLC (“AES Grid Stability” and together with Siemens Industry, the “Founders”) which obligates the Parent Company to make payments to the Founders of 85% of the amount of certain tax benefits that Fluence Energy, Inc. actually realizes, or in some circumstances is deemed to realize, arising from the basis adjustments and certain other tax benefits arising from payments made under the Tax Receivable Agreement. Increases in tax basis and tax basis adjustments generated over time may increase (for tax purposes) the depreciation and amortization deductions available to Fluence Energy, Inc. and, therefore, may reduce the amount of U.S. federal, state, and local tax that Fluence Energy, Inc. would otherwise be required to pay in the future, although the Internal Revenue Service may challenge all or part of the validity of that tax basis, and a court could sustain such a challenge.

The amounts payable under the Tax Receivable Agreement are contingent upon (i) sufficient taxable income to fully utilize the tax benefits; (ii) Fluence Energy, LLC is able to fully depreciate or amortize its assets; and (iii) no material changes in applicable tax law. The payments under the Tax Receivable Agreement are not conditioned upon continued ownership of Fluence Energy, LLC by the Founders. As of September 30, 2024, we estimate $1.5 million of payments under the Tax Receivable Agreement to be realized. The payment will be finalized upon the filing of the Fluence Energy, Inc. U.S. income tax return during the year ending September 30, 2025. With the exception of the $1.5 million payment, we determined it is not probable that additional payments under the Tax Receivable Agreement would be made, given there was no expectation of future sufficient taxable income over the term of the agreement to utilize deductions in the future.

Refer to “Note 14 - Commitment and Contingencies” to the consolidated financial statements for information regarding pending and threatening legal proceedings, regulatory proceedings, and governmental investigations.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Total revenue	$ 2,698,562	$ 2,217,978	$ 1,198,603
Cost of goods and services	2,357,482	2,077,023	1,260,957
Gross profit (loss)	341,080	140,955	(62,354)
Operating expenses:
Research and development	66,195	66,307	60,142
Sales and marketing	63,842	41,114	37,207
General and administrative	172,996	136,308	116,710
Depreciation and amortization	11,426	9,835	7,108
Interest income, net	(5,676)	(5,388)	(326)
Other (income) expense, net	(7,276)	(6,952)	4,625
Income (loss) before income taxes	39,573	(100,269)	(287,820)
Income tax expense	9,206	4,549	1,357
Net income (loss)	30,367	(104,818)	(289,177)
Net income (loss) attributable to non-controlling interest	7,651	(35,198)	(184,692)
Net income (loss) attributable to Fluence Energy, Inc.	$ 22,716	$ (69,620)	$ (104,485)
Weighted average number of Class A common shares outstanding
Basic (in shares)	126,180,011	116,448,602	69,714,054
Diluted (in shares)	184,034,832	116,448,602	69,714,054
Income (loss) per share of Class A common stock
Basic (in usd per share)	$ 0.18	$ (0.60)	$ (1.50)
Diluted (in usd per share)	$ 0.13	$ (0.60)	$ (1.50)
Nonrelated Party
Total revenue	$ 1,601,563	$ 1,564,169	$ 552,271
Related Party
Total revenue	1,096,999	653,809	646,332
Cost of goods and services	50,653	15,925	19,753
Operating expenses:
Research and development	192	912	141
Sales and marketing	123	135	1,679
General and administrative	6,113	5,215	4,918
Other (income) expense, net	$ 571	$ 0	$ 0

Property and Equipment, Net - Useful Lives (Details)	Sep. 30, 2024
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Depreciable life	10 years
IT Equipment
Property, Plant and Equipment [Line Items]
Depreciable life	3 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Depreciable life	5 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Depreciable life	10 years
Other
Property, Plant and Equipment [Line Items]
Depreciable life	5 years

Other Current Assets (Tables)

12 Months Ended

Sep. 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	September 30,
	2024		2023
Taxes recoverable	$	23,962	$	16,411
Advance payments	547		1,102
Prepaid expenses	10,370		3,470
Prepaid insurance	2,069		674
Current portion of recoverable warranty costs from suppliers	5,013		4,041
Other	4,558		5,376
Total	$	46,519	$	31,074

Related-Party Transactions - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
	Aug. 11, 2021	Jun. 30, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Total revenue			$ 2,698,562,000	$ 2,217,978,000	$ 1,198,603,000
Provision for receivables from related parties			0	0
Related Party
Related Party Transaction [Line Items]
Total revenue			1,096,999,000	653,809,000	$ 646,332,000
Consulting Services Revenue \| Related Party
Related Party Transaction [Line Items]
Total revenue			$ 8,000,000.0	$ 12,300,000
AES Grid Stability \| Related Party
Related Party Transaction [Line Items]
Notes payable	$ 25,000,000.0
Subordinated promissory note, annual interest percentage	2.86%
AES Grid Stability \| Class B-1 common stock \| Fluence Energy, Inc
Related Party Transaction [Line Items]
Investment owned (in shares)			51,499,195
Siemens Industry \| Affiliated Entity
Related Party Transaction [Line Items]
Capital contribution		$ 6,300,000
Siemens Industry \| Related Party
Related Party Transaction [Line Items]
Notes payable	$ 25,000,000.0
Subordinated promissory note, annual interest percentage	2.86%
Siemens Industry \| Class A common stock \| Fluence Energy, Inc
Related Party Transaction [Line Items]
Investment owned (in shares)			51,499,195

Summary of Significant Accounting Policies and Estimates - Collaborative Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development	$ 66,195	$ 66,307	$ 60,142
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development	$ 0	$ 1,200	$ 1,900

Business Combination (Tables)

12 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final aggregate fair values and estimated useful lives of the assets acquired and liabilities assumed, as of the date of the acquisition.


Fair Value of consideration transferred	$	33,445
Recognized amounts of identifiable assets and liabilities assumed:
Cash	$	489
Accounts receivables and other assets	189
Trademark (11 years life)	750
Developed technology (12 years life)	16,500
Customer relationships (6 years life)	3,500
Accounts payable and other liabilities	(386)
Deferred revenue	(679)
Deferred tax liabilities	(3,454)
Total net identifiable assets acquired and liabilities assumed	$	16,909
Goodwill	$	16,536

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Roll Forward]
Goodwill, Beginning of the period	$ 26,020	$ 24,851
Foreign currency adjustment	1,462	1,169
Goodwill, End of the period	$ 27,482	$ 26,020

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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Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 9.1	$ 6.6	$ 4.6
Capitalized software amortization expense	$ 2.9	$ 0.8	$ 0.0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 22,716	$ (69,620)	$ (104,485)

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

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-SubTopic 220
-Name Accounting Standards Codification
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Supply Chain Financing (Details) $ in Thousands	12 Months Ended
Supply Chain Financing (Details) $ in Thousands	Sep. 30, 2024 USD ($) party	Sep. 30, 2023 USD ($)
Payables and Accruals [Abstract]
Extended payment terms period	120 days
Number of parties involved \| party	2
Supplier Finance Program [Line Items]
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable
Supplier Finance Program, Obligation [Roll Forward]
Obligations outstanding at the beginning of the period	$ 30,001	$ 24,728
Invoices issued during the period	243,655	35,115
Invoices paid during the period	(192,367)	(29,842)
Obligations outstanding at the end of the period	81,289	$ 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

Stock-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2022	Dec. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 23,875,000	$ 26,920,000	$ 44,131,000
Share-based compensation arrangement by share-based payment award, percentage paid out below-threshold performance			0.00%
Vesting anniversary period		6 months
Modification stock based compensation expense		$ 5,700,000
6 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			33.33%
18 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			33.33%
30 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			33.33%
Nispera \| Outstanding restricted stock units (“RSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 6,900,000
Service requirement (in years)	3 years
Class B units issued (in shares)	531,202
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			50.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			200.00%
The Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period (in years)			10 years
Options outstanding, weighted average exercise price per share (usd per share)			$ 2.45	$ 2.45
Aggregate intrinsic value, exercisable			$ 40,000,000.0	$ 56,300,000	13,000,000
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class A common stock reserved (in shares)			9,500,000
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						$ 0
Aggregate intrinsic value, outstanding			$ 62,800,000
Unrecognized stock compensation expense, options			$ 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 phantom units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						$ 0
Shares outstanding (in shares)			0	256,935
Unrecognized stock compensation expense, excluding options			$ 0
Cash used to settle award					$ 3,000,000
Outstanding phantom units \| Executive Officer \| 6 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			33.33%
Outstanding phantom units \| Executive Officer \| 18 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			33.33%
Outstanding phantom units \| Executive Officer \| 30 month anniversary of IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			33.33%
Outstanding restricted stock units (“RSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)			1,760,418	1,843,570
Unrecognized stock compensation expense, excluding options			$ 14,900,000
Vesting period (in years)			1 year 10 months 24 days
Non Qualified Stock Option
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)			$ 21.70	$ 0
Aggregate intrinsic value, outstanding			$ 200,000
Service requirement (in years)			3 years
Vesting period (in years)			2 years
Granted (in shares)			187,379
Options granted, weighted average exercise price per share (usd per share)			$ 21.70
Unrecognized stock compensation expense			$ 1,500,000
Outstanding performance share units (“PSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)			391,032	0
Unrecognized stock compensation expense, excluding options			$ 5,300,000
Vesting period (in years)			2 years

Schedule I Condensed Financial Information of Registrant - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 01, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income (loss)		$ 22,716	$ (69,620)	$ (104,485)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation		23,855	26,920	44,131
Changes in operating assets and liabilities:
Accounts payable		370,124	(242,268)	150,507
Accruals and provisions		160,206	(12,360)	(2,522)
Taxes payable		22,799	15,753	(1,779)
Other non-current liabilities		(23,274)	18,124	(3,719)
Net cash provided by (used in) operating activities		79,685	(111,927)	(282,385)
Investing activities
Purchase of LLC interests in Fluence Energy, LLC		0	0	(1,124)
Net cash (used in) provided by investing activities		(18,975)	94,437	(148,417)
Financing activities
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards		(1,663)	(2,784)	(5,013)
Proceeds from exercise of stock options		5,335	7,203	3,103
Proceeds from issuance of Class A common stock sold in an IPO, net of underwriting discounts and commissions		0	0	935,761
Net cash (used in) provided by financing activities		(8,676)	52,595	817,053
Effect of exchange rate changes on cash and cash equivalents		3,941	(2,095)	5,401
Net increase (decrease) in cash and cash equivalents		55,975	33,010	391,652
Cash, cash equivalents, and restricted cash as of the beginning of the period		462,731	429,721	38,069
Cash, cash equivalents, and restricted cash as of the end of the period		518,706	462,731	429,721
Parent
Operating activities
Net income (loss)		22,716	(69,620)	(104,485)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net income (loss) of subsidiaries		(28,008)	68,133	103,630
Stock-based compensation		821	443	666
Changes in operating assets and liabilities:
Other receivables		(75)	(348)	(19)
Accruals and provisions		74	0	0
Taxes payable		1,949	6	0
Other non-current liabilities		1,507
Net cash provided by (used in) operating activities		200	67	0
Investing activities
Purchase of LLC interests in Fluence Energy, LLC		0	0	(947,990)
Net cash (used in) provided by investing activities		0	0	(947,990)
Financing activities
Distributions from Fluence Energy, LLC		1,663	2,784	5,013
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards		(1,663)	(2,784)	(5,013)
Proceeds from exercise of stock options		5,335	7,203	3,103
Contributions to Fluence Energy, LLC		(5,335)	(7,203)	(3,103)
Proceeds from issuance of Class A common stock sold in an IPO, net of underwriting discounts and commissions	$ 948,000	0	0	947,990
Net cash (used in) provided by financing activities		0	0	947,990
Effect of exchange rate changes on cash and cash equivalents		0	0	0
Net increase (decrease) in cash and cash equivalents		200	67	0
Cash, cash equivalents, and restricted cash as of the beginning of the period		67	0	0
Cash, cash equivalents, and restricted cash as of the end of the period		267	67	0
Parent \| Nonrelated Party
Changes in operating assets and liabilities:
Accounts payable		74	0	0
Parent \| Related Party
Changes in operating assets and liabilities:
Accounts payable		$ 1,142	$ 1,453	$ 208

Investment in Joint Venture (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 05, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Payments for purchase of investment in joint venture		$ 0	$ 5,013	$ 0
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%

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.

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net (Tables)

12 Months Ended

Sep. 30, 2024

Schedule of Finite-Lived Intangible Assets

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


in thousands	Weighted Average Estimated Useful Lives	September 30, 2024						September 30, 2023
		Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Patents and licenses	15 years	$	28,765	$	(12,950)	$	15,815	$	28,673	$	(11,002)	$	17,671
Developed technology	12 years	30,842		(7,966)		22,876		$	29,430	$	(5,218)	$	24,212
Customer relationship	6 years	4,624		(2,104)		2,520		4,277		(1,233)		3,044
Tradenames/Trademarks	8 years	5,329		(3,984)		1,345		5,265		(3,337)		1,928
Capitalized internal-use software	4 years	15,562		(3,010)		12,552		6,458		(762)		5,696
Capitalized software to be sold	5 years	5,584		(690)		4,894		3,266		(65)		3,201
Total		$	90,706	$	(30,704)	$	60,002	$	77,369	$	(21,617)	$	55,752

Schedule of Future Amortization Expense

Total future amortization expense for finite-lived intangible assets was estimated as follows:


in thousands	Future Amortization Expenses
2025	$	10,026
2026	8,853
2027	7,283
2028	6,229
2029	5,212
Thereafter	16,487
Subtotal	54,090
Internally developed software projects in process	5,912
Total	$	60,002

Stock-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Options

The following table summarizes the unit option activity under the Option Plan:


	Number of options	Weighted average exercise price per option		Weighted average remaining contractual term (years)




Outstanding as of October 1, 2023	5,351,585	$	2.45	7.51
Exercised	(2,175,081)	2.45
Forfeited	(76,346)	2.45
Outstanding and exercisable as of September 30, 2024	3,100,158	$	2.45	6.51

The following table summarizes activity under the 2021 Incentive Plan for the fiscal year ended September 30, 2024:


	Number of RSUs	Weighted Average Grant Date Fair Values
Outstanding as of October 1, 2023	1,843,570	$	20.20
Granted	1,014,917	20.68
Vested	(740,786)	20.27
Forfeited	(357,283)	19.61
Outstanding as of September 30, 2024	1,760,418	$	20.57


	Number of Options	Weighted average exercise price per share		Weighted average remaining contractual term (years)
Outstanding as of October 1, 2023	—	—		0
Granted	187,379	$	21.70	9.29
Vested	—	—		—
Forfeited	—	—		—
Outstanding as of September 30, 2024	187,379	21.70		9.29


	Number of Units	Weighted Average Grant Date Fair Values
Outstanding as of October 1, 2023	—	—
Granted	410,494	$	21.58
Vested	—	—
Forfeited	(19,462)	20.84
Outstanding as of September 30, 2024	391,032	$	21.61

Schedule of Share-Based Payment Arrangement, Phantom Unit Activity

The following table presents information concerning the outstanding Phantom Units granted by the Company:


						Number of Units





Outstanding as of October 1, 2023						256,935
Granted						—
Vested						(256,935)
Forfeited						—
Outstanding as of September 30, 2024						—

Schedule of Stock Based Compensation Expense

The stock-based compensation expense was recorded as follows (in thousands):


	Fiscal Year Ended September 30,
in thousands (a)	2024		2023		2022
Cost of goods and services	$	4,079	$	4,164	$	8,523
Research and development	2,309		5,062		7,846
Sales and marketing	1,486		2,024		4,149
General and administrative	16,001		15,670		23,613
Total stock-based compensation expense	$	23,875	$	26,920	$	44,131

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

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
Income Taxes - Effective Income Tax Rate (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	21.00%
State taxes	(1.90%)	3.10%	1.70%
Rate change	52.60%	(15.50%)	0.00%
Flow-through losses	3.30%	(9.30%)	(9.50%)
Foreign rate differential	14.30%	2.20%	1.00%
Withholding taxes	0.70%	(0.70%)	(0.10%)
Valuation allowance	(118.60%)	(12.90%)	(15.20%)
Permanent differences	(12.20%)	7.80%	1.20%
U.S. tax on foreign earnings	50.60%	0.00%	0.00%
Return to provision adjustments	14.20%	(1.00%)	0.00%
Other items, net	(0.70%)	0.80%	(0.60%)
Effective tax rate	23.30%	(4.50%)	(0.50%)

Revenue from Contracts with Customers

12 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

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


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Revenue from sale of energy storage products and solutions	$	2,648,013	$	2,197,633	$	1,180,093
Revenue from services	45,353		15,992		16,038
Revenue from digital applications	5,196		4,353		2,472

Total	$	2,698,562	$	2,217,978	$	1,198,603

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


in thousands	Fiscal Year Ended September 30,
	2024		2023		2022
Americas (North, Central and South America)(a)	$	1,593,003	$	1,645,107	$	837,935
APAC (Asia Pacific)	579,255		266,077		178,233
EMEA (Europe, Middle-East and Africa)	526,304		306,794		182,435
Total	$	2,698,562	$	2,217,978	$	1,198,603

(a) Revenue from United States of America was $1,442.0 million, $1,495.0 million and $582.3 million for fiscal years 2024, 2023 and 2022, respectively.

Customer Concentration

For the fiscal year ended September 30, 2024, 2023 and 2022, our top two customers, in the aggregate, accounted for approximately 50%, 49% and 63% of total revenue, respectively.

Deferred revenue

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


in thousands	September 30,
	2024		2023		2022
Deferred revenue beginning of period	$	273,164	$	273,073	$	71,365
Additions	224,423		273,164		269,883
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(223,088)		(273,073)		(68,175)
Deferred revenue end of period	$	274,499	$	273,164	$	273,073


in thousands	September 30,
	2024		2023		2022
Deferred revenue from related parties beginning of period	$	110,274	$	300,697	$	220,122
Additions	37,382		98,891		300,577
Revenue recognized related to amounts that were included in beginning balance of deferred revenue	(109,494)		(289,314)		(220,002)
Deferred revenue from related parties end of period	$	38,162	$	110,274	$	300,697

Remaining performance obligations

The Company’s remaining performance obligations (“backlog”) represent the unrecognized revenue value of its contract 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 contract commitments and the backlog may fluctuate with currency movements. In addition, the Company’s customers have the right, under some circumstances, to terminate contracts or defer the timing of its services and their payments to the Company.

As of September 30, 2024, the Company had $4.5 billion of remaining performance obligations related to our 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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Stock-Based Compensation -Schedule of Option Activity under Option Plan (Details) - The Option Plan - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Number of options
Outstanding, beginning balance (in shares)	5,351,585
Exercised (in shares)	(2,175,081)
Forfeited (in shares)	(76,346)
Outstanding, ending balance (in shares)	3,100,158	5,351,585
Exercisable (in shares)	3,100,158
Weighted average exercise price per option
Outstanding, beginning balance (usd per share)	$ 2.45
Exercised (usd per share)	2.45
Forfeited (usd per share)	2.45
Outstanding, ending balance (usd per share)	2.45	$ 2.45
Exercisable (usd per share)	$ 2.45
Weighted average remaining contractual term, outstanding (in years)	6 years 6 months 3 days	7 years 6 months 3 days
Weighted average remaining contractual term, exercisable (in years)	6 years 6 months 3 days

Summary of Significant Accounting Policies and Estimates - Dilutive Securities (Details) - shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Class B-1 common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive security (shares)	0	58,586,695	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 security (shares)	511,756	5,351,585	8,923,121
Outstanding phantom units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive security (shares)	0	256,935	605,591
Outstanding restricted stock units (“RSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive security (shares)	1,103,968	1,843,570	2,156,893
Outstanding restricted stock units (“RSUs”) \| Nispera
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive security (shares)	49,171	354,134	531,202
Outstanding performance share units (“PSUs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive security (shares)	300,387	0	0
Outstanding non-qualified stock options (“NQSOs”)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive security (shares)	162,419	0	0

Other Current Assets

12 Months Ended

Sep. 30, 2024

Other Current Assets

Other current assets consisted of the following amounts:


in thousands	September 30,
	2024		2023
Taxes recoverable	$	23,962	$	16,411
Advance payments	547		1,102
Prepaid expenses	10,370		3,470
Prepaid insurance	2,069		674
Current portion of recoverable warranty costs from suppliers	5,013		4,041
Other	4,558		5,376
Total	$	46,519	$	31,074

Business Combination

12 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combination

During April 2022, the Company entered into a share sale purchase agreement and acquired all outstanding shares, the assets and assumed the liabilities of Nispera AG (“Nispera”), a Zurich based provider of artificial intelligence (AI) and machine learning-enabled SaaS targeting the renewable energy sector. Nispera’s advanced technology helps customers monitor, analyze, forecast, and optimize the performance and value of renewable energy assets. The preliminary base purchase price for the acquisition was $33.4 million, of which $27.1 million was paid in cash to investors and $2.6 million was paid to debt holders at the purchase date. The remaining $3.7 million of the purchase price was paid to investors 18 months from date of purchase, which occurred in the fiscal year ended September 30, 2024. In addition, Fluence issued 531,202 shares of restricted stock to Nispera’s management team that vest ratably over three years for retention purposes and is accounted for as stock compensation. The acquisition represents a business combination under ASC 805 Business Combinations. The Company has included the financial results of the acquisition in its consolidated financial statements from the date of acquisition. Transaction costs associated with the acquisition were not significant and were expensed as incurred. The following table summarizes the final aggregate fair values and estimated useful lives of the assets acquired and liabilities assumed, as of the date of the acquisition.


Fair Value of consideration transferred	$	33,445
Recognized amounts of identifiable assets and liabilities assumed:
Cash	$	489
Accounts receivables and other assets	189
Trademark (11 years life)	750
Developed technology (12 years life)	16,500
Customer relationships (6 years life)	3,500
Accounts payable and other liabilities	(386)
Deferred revenue	(679)
Deferred tax liabilities	(3,454)
Total net identifiable assets acquired and liabilities assumed	$	16,909
Goodwill	$	16,536

The fair value of developed technology was determined using the multi-period excess earnings method as developed technology is considered to be the primary revenue-generating identifiable intangible asset acquired in the acquisition. The fair value assigned to assets acquired and liabilities assumed are based on management’s estimates and assumptions.

The goodwill is primarily attributed to the expanded market opportunities when integrating the acquired entity’s technology with the Company’s technology and the assembled workforce. The excess of the acquisition price over the fair value of assets acquired and liabilities assumed was recorded to goodwill. The goodwill is not deductible for income tax purposes.

The valuation was complex due to the significant estimation uncertainty in certain assumptions used to determine the fair value of intangible assets acquired.

The allocation of fair value of purchase consideration was finalized in the fourth quarter of 2022, and there were no material changes to the fair value of assets acquired and liabilities assumed, as previously reported.

Summary of Significant Accounting Policies and Estimates (Policies)

12 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Accounting

Consolidation

The accompanying 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.

Receivables

Leases

Foreign Currency Transactions

Business Combinations

Collaborative Arrangements

Revenue and Cost Recognition

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

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

Pre-contract costs with no future benefit are expensed in the period in which they are incurred.

Inventory, Net

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 and Intangible Assets

As of September 30, 2024 and 2023, the Company capitalized $8.9 million and $6.4 million, respectively, of internal-use software.

As of September 30, 2024 and 2023, the Company capitalized $37.4 million and $0.0 million, respectively, of development costs related to hosting arrangements.

As of September 30, 2024 and 2023, the Company capitalized $2.3 million and $3.3 million, respectively, of external-use software.

Impairment of Long -Lived Assets

Operating Expenses

associated with property, plant, and equipment (“PP&E”) and amortization of intangibles consisting of patents, licenses, and developed technology over their expected period of use.

Advertising Costs

Advertising costs are expensed as incurred.

Income (Loss) per Share

Income Taxes

Fair Value Measurements

Derivatives and Hedging

Recent Accounting Standards Adopted and Recent Accounting Standards Not Yet Adopted

The following table presents accounting standards adopted in 2024:


Standard	Description	Date 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 “Note 19 - 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.

Property and Equipment, Net (Tables)

12 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment at Amortized Cost

Property and equipment are stated at amortized cost and consisted of the following:


in thousands	September 30, 2024						September 30, 2023
	Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net
Machinery and Equipment	$	12,571	$	5,087	$	7,484	$	9,898	$	2,934	$	6,964
Construction in Progress	3,434		—		3,434		2,093		—		2,093
IT Equipment	7,683		4,674		3,009		4,454		1,878		2,576
Furniture and Fixtures	1,421		1,003		418		1,234		753		481
Leasehold Improvements	1,653		1,494		159		1,512		1,374		138
Other	3,319		2,473		846		2,742		2,223		519
Total	$	30,081	$	14,731	$	15,350	$	21,933	$	9,162	$	12,771

The range of estimated lives for the respective assets is as follows:


Machinery and equipment			10 years
IT equipment			3 years
Furniture and fixtures			5 years
Leasehold Improvements			10 years, or lease term if shorter
Other			5 years

Commitments and Contingencies

12 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees, Commitments, Letters of Credit, and Surety Bonds

As of September 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.


Contractual Obligations	Amount (in $ millions)		Number of Agreements	Maximum Exposure Range for Each Agreement (in $ millions)
Guarantees and commitments	$	3,139	66	0 - 420
Letters of credit under bilateral credit facilities	7		4	0 - 3
Letters of credit under 2024 Credit Agreement	75		28	0 - 28
Surety bonds	508		46	0 - 79
Total	$	3,729	144

Purchase Commitments

The Company has commitments for minimum volumes or spend under master supply agreements with our vendors. The majority of the commitments are for purchases of battery 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 September 30, 2024.


in thousands	Purchase Commitments		Liquidated Damages
2025	$	108,146	$	—
2026	753,576		16,200
2027	750,000		16,200

2028	750,000		16,200
2029 and thereafter	1,500,000		32,400
Total	$	3,861,722	$	81,000

The Company makes advance payments as capacity guarantees pursuant to purchase agreements with our suppliers. As of September 30, 2024, $78.0 million is recorded within “Advances to suppliers” on the 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 our claims was recognized as a reduction of “Costs of goods and services” for the fiscal year ended September 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 consolidated balance sheets.

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


	September 30,
In thousands	2024		2023
Warranty balance, beginning	$	26,909	$	1,625
Warranties issued and assumed in period	19,554		12,168
Change in estimates	(1,692)		8,288
Change in balance sheet presentation	—		10,307
Net changes in liability for warranty expirations, costs incurred, and foreign exchange impact	(4,529)		(5,479)
Warranty balance, ending	40,242		26,909
Less: Recoverable warranty costs from suppliers	12,704		10,307
Warranty balance, net of recoverable warranty costs from suppliers, at end of period	$	27,538	$	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 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 and solutions.

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 is fully cooperating with the SEC’s investigation. While we are unable to predict the likely outcome of this matter or the potential cost, exposure or duration of the process, based on the information we currently possess, we do not expect the total potential cost to be material to our financial condition.

Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Taxes recoverable	$ 23,962	$ 16,411
Advance payments	547	1,102
Prepaid expenses	10,370	3,470
Prepaid insurance	2,069	674
Current portion of recoverable warranty costs from suppliers	5,013	4,041
Other	4,558	5,376
Total	$ 46,519	$ 31,074

Derivatives and Hedging - Schedule of Cash Flow Hedging Instruments (Details) - Foreign currency forward contracts - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Foreign Currency Fair Value Hedge Derivative [Line Items]
Notional Value	$ 106,650	$ 0
Other Current Assets	0	0
Other Current Liabilities	5,498	0
Foreign currency forward contracts, net of tax	(7,394)	0
Foreign currency forward contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Foreign currency forward contracts	$ (8,544)	$ 0

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.

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Current income tax expense:
Domestic	$ 1,948	$ 0	$ 0
Foreign	13,700	1,349	1,234
Deferred income tax expense (benefit):
Domestic	0	0	0
Foreign	(6,719)	2,541	(243)
Withholding income tax expense:
Domestic	0	0	0
Foreign	277	659	366
Income tax expense	$ 9,206	$ 4,549	$ 1,357

Summary of Significant Accounting Policies and Estimates - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising costs	$ 3.3	$ 1.4	$ 1.4

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY MEMBERS’ EQUITY (DEFICIT) AND MEZZANINE EQUITY (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended
	Oct. 31, 2021	Sep. 30, 2022
Net income (loss)	$ (20,317)	$ (268,860)
Total other comprehensive (loss) income	175	5,167
Non-Controlling interest
Net income (loss)	(20,317)	(164,375)
Total other comprehensive (loss) income		2,348
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income	$ 175	2,819
Accumulated Deficit
Net income (loss)		$ (104,485)

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

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

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