Fluence Corporation (ASX:FLC) Posts Eight Consecutive EBITDA-Positive Quarters as Nine-Month Revenue Reaches US$58 Million

Aditi Sarkar

29 October 2026 02:08 PM AEDT

Fluence Corporation (ASX:FLC) Posts Eight Consecutive EBITDA-Positive Quarters as Nine-Month Revenue Reaches US$58 Million

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Highlights

Nine-month revenue reached US$58.0 million, up US$5.9 million on the prior year, with Q3 revenue of US$20.4 million and a nine-month gross margin of 35.2%.
Nine-month EBITDA of US$4.7 million already exceeds the US$4.1 million for all of FY2025 — Fluence's eighth consecutive quarter of positive EBITDA.
New orders were US$8.0 million in Q3 and US$31.6 million year-to-date, below the prior year, with management attributing the shortfall to customer timing delays rather than lost projects.
Backlog fell to US$47.1 million from US$59.8 million at 30 June, with management expecting Q4 2026 to be the strongest order quarter of the year.

Eight straight quarters of positive EBITDA and nine-month earnings already exceeding the full prior year — Fluence Corporation (ASX:FLC) delivered another disciplined result in its Q3 2026 update, even as order intake came in below management's expectations. The water and wastewater treatment company generated US$20.4 million of revenue in the third quarter and US$58 million for the nine months to September 2026. A softer order quarter — US$8 million of new awards against management's internal expectations — and a falling backlog are the variables investors are watching most closely to assess whether the company can carry its 2026 profitability into 2027.

Revenue, EBITDA and Margins

Revenue for the nine months ended 30 September 2026 was US$58.0 million, up US$5.9 million on the prior-year period. Q3 revenue was US$20.4 million. Core business unit revenue grew 23% for the nine months per the company's calculation. Gross margin was 35.2% for the nine months. EBITDA — which excludes foreign exchange movements and restructuring items — was US$4.7 million for the nine months, already above the US$4.1 million reported for all of FY2025, and US$1.3 million for the quarter alone. This is Fluence's eighth consecutive quarter of positive EBITDA, confirming that the business has sustained profitability across a range of revenue and order environments.

By segment, the Ivory Coast concession contributed EBITDA of US$6.5 million for the nine months, aided by a higher margin as an addendum project wound down. Revenue from that segment fell relative to the prior year. The municipal wastewater and industrial water reuse segments each recorded EBITDA declines from one-off benefits in the prior period. Cash at quarter-end was US$6.7 million, down from US$10.9 million at 30 June. Operating cash outflow was US$4.3 million, which the company attributes mainly to two delayed receipts totalling more than US$5.5 million it expects to collect imminently.

Orders, Backlog and Ivory Coast

New orders were US$8.0 million in Q3 and US$31.6 million year-to-date, down US$8.0 million on the prior-year period. Management says intake was below internal expectations because of customer investment timing and delayed large awards, and that most affected projects are delayed rather than cancelled. Quarter wins included a US$2.3 million effluent treatment plant in Saudi Arabia, US$2.0 million of membrane aerated biofilm reactor plants in South-East Asia and a US$1.3 million Ivory Coast maintenance contract. Backlog fell to US$47.1 million at 30 September from US$59.8 million at 30 June. The company no longer expects full-year 2026 order intake to exceed full-year 2025, though it expects Q4 to be the strongest order quarter of the year and is targeting positive Q4 operating cash flow.

The Ivory Coast addendum project is forecast to complete in December 2026. Seven milestone payments totalling EUR42.4 million have been collected, with two further milestones of approximately EUR6 million expected in Q4 2026 and Q1 2027. Fluence formally suspended its Egyptian operations on 12 October 2026 as part of an orderly exit, treating that segment as discontinued. Management expects positive EBITDA and strong double-digit core revenue growth for full-year 2026. These are forward-looking statements and not guaranteed outcomes.

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