(Loss) income per Share

As of September 30, 2025, the Company has two classes of common stock outstanding, Class A and Class B-1. (Loss) income per share is calculated and reported under the “two-class” method. The “two-class” method is an earnings allocation method under which (loss) income per share is calculated for each class of common stock considering both distributions declared or accumulated and participation rights in undistributed earnings as if all such loss had been distributed during the period.

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

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

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


	Fiscal Year Ended September 30,
	2025	2024	2023
Class B-1 common stock	51,499,195	—	58,586,695
Shares underlying the conversion option in the 2030 Convertible Senior Notes	18,738,880	—	—
Outstanding pre-IPO options issued pursuant to the 2020 Unit Option Plan	2,211,860	511,756	5,351,585
Outstanding phantom units	—	—	256,935
Outstanding restricted stock units (“RSUs”)	2,232,320	1,103,968	1,843,570
Outstanding performance share units (“PSUs”)	901,516	300,387	—
Outstanding non-qualified stock options (“NQSOs”)	469,893	162,419	—
Outstanding restricted stock (“Nispera equity”)	—	49,171	354,134

Basic and diluted (loss) income per share of Class A common stock for the fiscal year ended September 30, 2025, 2024 and 2023 respectively, have been computed as follows:


	Fiscal Year Ended September 30,
	2025					2024					2023
In thousands, except share and per share amounts	Income		Shares	$ per Share		Income		Shares	$ per Share		Income		Shares	$ per Share
Basic (loss) income per Share
Net (loss) income attributable to Fluence Energy, Inc.	$	(48,314)	130,307,162	$	(0.37)	$	22,716	126,180,011	$	0.18	$	(69,620)	116,448,602	$	(0.60)
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 (loss) Income per Share
Net (loss) income attributable to Fluence Energy, Inc.	$	(48,314)	130,307,162	$	(0.37)	$	24,821	184,034,832	$	0.13	$	(69,620)	116,448,602	$	(0.60)

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Fluence Energy, Inc. Earnings Per Share Disclosure

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