Fluence Energy, Inc.FLNC

Fluence Energy, Inc. Revenue Disclosure

10-KFiled Nov 25, 20252 min read
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,
202520242023
Revenue from sale of energy storage products and solutions
$2,172,360 $2,648,013 $2,197,633 
Revenue from services84,439 45,353 15,992 
Revenue from digital applications
6,031 5,196 4,353 
Total
$2,262,830 $2,698,562 $2,217,978 
The following table presents the Company’s revenue disaggregated by geographical region. Revenues are attributed to regions based on location of customers:
in thousandsFiscal Year Ended September 30,
202520242023
Americas (North, Central and South America)(a)
$1,305,941 $1,593,003 $1,645,107 
APAC (Asia Pacific)348,573 579,255 266,077 
EMEA (Europe, Middle-East and Africa)608,316 526,304 306,794 
Total$2,262,830 $2,698,562 $2,217,978 
(a) Revenue from United States of America was $877.3 million, $1,442.0 million and $1,495.0 million for fiscal years 2025, 2024 and 2023, respectively.
Customer Concentration
For the fiscal year ended September 30, 2025, 2024 and 2023, our top two customers, in the aggregate, accounted for approximately 41%, 50% and 49% of total revenue, respectively.
Deferred revenue
The following tables provides information about deferred revenue from contracts with customers:
in thousandsSeptember 30,
202520242023
Deferred revenue beginning of period$274,499 $273,164 $273,073 
Additions587,933 224,423 273,164 
Revenue recognized related to amounts that were included in beginning balance of deferred revenue
(221,975)(223,088)(273,073)
Deferred revenue end of period$640,457 $274,499 $273,164 
in thousandsSeptember 30,
202520242023
Deferred revenue from related parties beginning of period$38,162 $110,274 $300,697 
Additions71,710 37,382 98,891 
Revenue recognized related to amounts that were included in beginning balance of deferred revenue(29,956)(109,494)(289,314)
Deferred revenue from related parties end of period$79,916 $38,162 $110,274 
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, 2025, the Company had $5.3 billion of remaining performance obligations related to our contractual commitments, of which we expect to recognize in revenue approximately 55% to 60% in the next 12 months, with the remainder recognized in revenue in periods thereafter.

Historical Timeline

Fiscal YearFiled
2025Nov 25, 2025Showing above
2024Nov 29, 2024
2023Nov 29, 2023
2022Dec 14, 2022

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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