Fluence Energy, Inc.(NASDAQ:FLNC)

Fluence Energy, Inc. provides energy storage products and services, and digital applications for renewables and storage applications worldwide. The company sells energy storage products with integrated hardware, software, and digital intelligence, as well as engineering and delivery services to supp...
Website: http://fluenceenergy.com
Founded: 2018
CEO: Manuel Perez Dubuc
Sector: Utilities
Industry: Utilities—Renewable
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
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revenue | 424,726,000 | 293,002,000 | 757,677,000 | 566,926,000 | 264,407,000 | 116,199,000 | 745,438,000 | 328,091,000 | 280,652,000 | 247,382,000 | 521,841,000 | 431,616,000 | 405,110,000 | 209,454,000 | 293,421,000 | 115,999,000 | 115,798,000 | 27,054,000 |
yoy | 60.63% | 152.16% | 1.64% | 72.80% | -5.79% | -53.03% | 42.85% | -23.99% | -30.72% | 18.11% | 77.85% | 272.09% | 249.84% | 674.21% | ||||
qoq | 44.96% | -61.33% | 33.65% | 114.41% | 127.55% | -84.41% | 127.20% | 16.90% | 13.45% | -52.59% | 20.90% | 6.54% | 93.41% | -28.62% | 152.95% | 0.17% | 328.03% | |
revenue from related parties | 40,165,000 | 182,232,000 | 284,214,000 | 35,607,000 | 167,211,000 | 70,589,000 | 482,710,000 | 155,226,000 | 342,489,000 | 116,574,000 | 151,140,000 | 104,735,000 | 293,076,000 | 101,006,000 | 148,561,000 | 123,011,000 | 226,926,000 | 147,833,000 |
total revenue | 464,891,000 | 475,234,000 | 1,041,891,000 | 602,533,000 | 431,618,000 | 186,788,000 | 1,228,148,000 | 483,317,000 | 623,141,000 | 363,956,000 | 672,981,000 | 536,351,000 | 698,186,000 | 310,460,000 | 441,982,000 | 239,010,000 | 342,724,000 | 174,887,000 |
cost of goods and services | 418,261,000 | 452,185,000 | 898,988,000 | 513,434,000 | 389,036,000 | 165,587,000 | 1,070,679,000 | 400,272,000 | 558,961,000 | 327,570,000 | 596,699,000 | 514,531,000 | 667,373,000 | 298,420,000 | 431,243,000 | 244,207,000 | 357,472,000 | 228,036,000 |
gross profit | 46,630,000 | 23,049,000 | 142,903,000 | 89,099,000 | 42,582,000 | 21,201,000 | 157,469,000 | 83,045,000 | 64,180,000 | 36,386,000 | 76,282,000 | 21,820,000 | 30,813,000 | 12,040,000 | 10,739,000 | -5,197,000 | -14,748,000 | -53,149,000 |
yoy | 9.51% | 8.72% | -9.25% | 7.29% | -33.65% | -41.73% | 106.43% | 280.59% | 108.29% | 202.21% | 610.33% | -519.86% | -308.93% | -122.65% | ||||
qoq | 102.31% | -83.87% | 60.39% | 109.24% | 100.85% | -86.54% | 89.62% | 29.39% | 76.39% | -52.30% | 249.60% | -29.19% | 155.92% | 12.11% | -306.64% | -64.76% | -72.25% | |
gross margin % | 10.98% | 7.87% | 18.86% | 15.72% | 16.10% | 18.25% | 21.12% | 25.31% | 22.87% | 14.71% | 14.62% | 5.06% | 7.61% | 5.75% | 3.66% | -4.48% | -12.74% | -196.46% |
operating expenses: | ||||||||||||||||||
research and development | 21,070,000 | 18,541,000 | 20,892,000 | 26,011,000 | 22,119,000 | 17,195,000 | 18,352,000 | 14,976,000 | 17,427,000 | 15,440,000 | 14,676,000 | 9,918,000 | 22,551,000 | 19,162,000 | 17,915,000 | 18,129,000 | 13,340,000 | 10,758,000 |
sales and marketing | 23,269,000 | 22,031,000 | 20,276,000 | 19,822,000 | 21,189,000 | 18,202,000 | 22,571,000 | 14,773,000 | 15,792,000 | 10,706,000 | 11,815,000 | 10,106,000 | 10,401,000 | 8,792,000 | 9,560,000 | 8,398,000 | 6,191,000 | 13,059,000 |
general and administrative | 37,226,000 | 41,848,000 | 49,346,000 | 35,603,000 | 41,412,000 | 36,707,000 | 46,095,000 | 45,106,000 | 44,067,000 | 37,728,000 | 35,118,000 | 38,145,000 | 31,778,000 | 31,267,000 | 32,939,000 | 27,334,000 | 25,237,000 | 31,201,000 |
depreciation and amortization | 4,275,000 | 3,749,000 | 3,962,000 | 3,628,000 | 2,943,000 | 2,815,000 | 2,837,000 | 3,624,000 | 2,482,000 | 2,483,000 | 2,475,000 | 2,267,000 | 2,669,000 | 2,424,000 | 2,216,000 | 1,972,000 | 1,493,000 | 1,427,000 |
interest expense | 2,762,000 | 1,372,000 | 3,377,000 | 1,083,000 | 391,000 | -8,861,000 | 1,513,000 | 1,144,000 | 816,000 | 80,000 | 573,000 | 676,000 | 682,000 | |||||
other expense | -14,276,000 | 5,985,000 | -1,078,750 | -8,519,000 | -1,547,000 | 5,751,000 | -6,866,000 | 562,000 | 215,000 | |||||||||
income before income taxes | -27,696,000 | -70,477,000 | 46,110,000 | 11,471,000 | -43,925,000 | -58,728,000 | 75,602,000 | 5,304,000 | -14,542,000 | -26,791,000 | 11,425,000 | -36,363,000 | -37,523,000 | -37,807,000 | -54,335,000 | -61,808,000 | -60,576,000 | -111,102,000 |
income tax expense | 1,543,000 | 22,048,000 | 4,577,000 | 7,878,000 | 4,229,000 | 6,607,000 | -1,318,000 | -126,000 | -614,000 | 1,850,000 | -979,000 | 128,000 | 358,000 | |||||
net income | -29,239,000 | -62,588,000 | 24,062,000 | 6,894,000 | -41,932,000 | -57,013,000 | 67,724,000 | 1,075,000 | -12,876,000 | -25,556,000 | 4,818,000 | -35,045,000 | -37,397,000 | -37,193,000 | -56,185,000 | -60,829,000 | -60,704,000 | -111,460,000 |
yoy | -30.27% | 9.78% | -64.47% | 541.30% | 225.66% | 123.09% | 1305.65% | -103.07% | -65.57% | -31.29% | -108.58% | -42.39% | -38.39% | -66.63% | ||||
qoq | -53.28% | -360.11% | 249.03% | -116.44% | -26.45% | -184.18% | 6199.91% | -108.35% | -49.62% | -630.43% | -113.75% | -6.29% | 0.55% | -33.80% | -7.63% | 0.21% | -45.54% | |
net income margin % | -6.88% | -21.36% | 3.18% | 1.22% | -15.86% | -49.06% | 9.09% | 0.33% | -4.59% | -10.33% | 0.92% | -8.12% | -9.23% | -17.76% | -19.15% | -52.44% | -52.42% | -411.99% |
net loss attributable to non-controlling interest | -8,312,000 | -17,518,000 | -10,886,000 | -15,547,000 | -3,707,000 | -8,813,000 | 1,550,000 | -11,655,000 | -12,542,000 | -12,551,000 | -19,036,000 | -41,482,000 | -41,519,000 | |||||
net loss attributable to fluence energy, inc. | -20,927,000 | -45,070,000 | -31,046,000 | -41,466,000 | -9,169,000 | -16,743,000 | 3,268,000 | -23,390,000 | -24,855,000 | -24,642,000 | -37,149,000 | -19,347,000 | -19,185,000 | -28,805,000 | ||||
weighted-average number of class a common shares outstanding: | ||||||||||||||||||
basic | 132,542,675,000 | 131,522,223,000 | 130,307,162,000 | 130,723,258,000 | 129,985,932,000 | 129,482,668,000 | 126,180,011,000 | 127,910,081,000 | ||||||||||
diluted | 132,542,675,000 | 131,522,223,000 | 130,307,162,000 | 183,645,493,000 | 129,985,932,000 | 129,482,668,000 | 184,034,832,000 | 184,219,065,000 | ||||||||||
loss per share of class a common stock: | ||||||||||||||||||
basic | -0.16 | -0.34 | -0.24 | -0.32 | ||||||||||||||
diluted | -0.16 | -0.34 | -0.24 | -0.32 | ||||||||||||||
income tax benefit | -7,889,000 | -1,993,000 | -1,715,000 | -1,666,000 | -1,235,000 | |||||||||||||
net income attributable to non-controlling interest | 6,116,000 | 642,000 | 19,881,000 | 290,000 | ||||||||||||||
net income attributable to fluence energy, inc. | 17,946,000 | 6,252,000 | 47,843,000 | 785,000 | ||||||||||||||
income per share of class a common stock: | ||||||||||||||||||
basic | 0.14 | 0.05 | 0.38 | 0.01 | ||||||||||||||
diluted | 0.14 | 0.01 | 0.33 | |||||||||||||||
interest income | -741,000 | -1,122,000 | -1,300,000 | -1,261,000 | -1,993,000 | |||||||||||||
impact of foreign currency translation and cash flow hedges, net of tax | -577.75 | -2,343 | ||||||||||||||||
total other comprehensive income | -577.75 | -2,343 | -1,603 | 1,635 | 576 | 5,079 | -1,469 | -3,585 | 3,432 | 1,631 | -20 | 299 | ||||||
total comprehensive loss | -9,917 | -1,268 | -14,479 | -23,921 | 5,394 | -29,966 | -38,866 | -40,778 | -52,753 | -59,198 | -60,724 | -111,161 | ||||||
comprehensive loss attributable to non-controlling interest | -3,227.75 | -384 | -4,170 | -8,358 | 1,746 | -9,963 | -13,036 | -13,761 | -17,875 | -40,367 | -41,533 | -82,570 | ||||||
total comprehensive loss attributable to fluence energy, inc. | -6,689.25 | -884 | -10,309 | -15,563 | 3,648 | -20,003 | -25,830 | -27,017 | -34,879 | -18,831 | -19,191 | -28,591 | ||||||
weighted-average number of class a common shares outstanding | ||||||||||||||||||
basic and diluted | 126,843,301,000 | 121,113,282,000 | 116,448,602,000 | 117,456,282,000 | 116,266,838,000 | 115,393,437,000 | 69,714,054,000 | 55,625,566,000 | 54,143,275,000 | 54,143,275,000 | ||||||||
loss per share of class a common stock | ||||||||||||||||||
basic and diluted | -0.07 | -0.14 | 0.03 | -0.2 | -0.21 | -0.21 | -0.27 | -0.35 | -0.35 | -0.53 | ||||||||
foreign currency translation gain, net of income tax expense of (0.2) million in the three months ended march 31, 2024, 0.1 million in the six months ended march 31, 2024, and 0.1 million in the three months ended march 31, 2023, and 0.4 million six months ended march 31, 2023 | -1,603 | |||||||||||||||||
other income | -1,187,000 | 4,146,500 | 3,766,000 | 207,000 | 12,614,000 | 20,750 | -205,000 | 1,109,000 | -826,000 | |||||||||
foreign currency translation gain, net of income tax expense of 0.3 million in 2023 and 2022, respectively | 1,635 | |||||||||||||||||
foreign currency translation gain, net of income tax expense of 0.0 million in the three months ended june 30, 2023, 0.4 million in the nine months ended june 30, 2023, and 0 in the three months and nine months ended june 30, 2022 | 6.25 | 5,079 | ||||||||||||||||
foreign currency translation gain, net of income tax expense of 0.1 million in the three months ended march 31, 2023, 0.4 million in the six months ended march 31, 2023, and 0 in the three months and six months ended march 31, 2022 | -1,469 | |||||||||||||||||
foreign currency translation gain, net of income tax expense of 0.3 million in 2022, and 0 in 2021 | -3,585 | |||||||||||||||||
foreign currency translation gain, net of income tax benefit of 0 in each period | 477.5 | 1,631 | -20 | 299 | ||||||||||||||
net loss attributable to non-controlling interests | -82,655,000 | |||||||||||||||||
weighted-average number of class a common shares outstanding: | ||||||||||||||||||
basic and diluted | 126,843,301,000 | 121,113,282,000 | 116,448,602,000 | 117,456,282,000 | 116,266,838,000 | 115,393,437,000 | 69,714,054,000 | 55,625,566,000 | 54,143,275,000 | 54,143,275,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
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assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 387,299,000 | 452,563,000 | 690,768,000 | 436,322,000 | 568,622,000 | 607,356,000 | 448,685,000 | 388,242,000 | 411,798,000 | 317,614,000 | 345,896,000 | 297,709,000 | 194,357,000 | 286,735,000 | 357,296,000 | 676,951,000 | 651,948,000 | 632,143,000 |
restricted cash | 25,590,000 | 25,211,000 | 23,862,000 | 23,566,000 | 18,724,000 | 24,384,000 | 46,089,000 | 101,988,000 | 106,605,000 | 135,864,000 | 106,835,000 | 108,387,000 | 108,224,000 | 55,233,000 | 62,425,000 | 75,093,000 | 70,740,000 | |
trade receivables | 180,132,000 | 288,900,000 | 272,820,000 | 152,557,000 | 148,964,000 | 146,956,000 | 216,458,000 | 93,497,000 | 86,798,000 | 172,021,000 | 103,397,000 | 153,156,000 | 337,535,000 | 108,591,000 | 86,770,000 | |||
unbilled receivables | 284,711,000 | 252,179,000 | 239,594,000 | 151,361,000 | 112,994,000 | 156,076,000 | 172,115,000 | 96,002,000 | 132,955,000 | 182,232,000 | 192,064,000 | 160,596,000 | 152,774,000 | 224,484,000 | 138,525,000 | 101,139,000 | 81,300,000 | 86,933,000 |
receivables from related parties | 137,534,000 | 223,029,000 | 200,748,000 | 158,376,000 | 233,837,000 | 252,302,000 | 362,523,000 | 100,945,000 | 63,639,000 | 75,427,000 | 58,514,000 | 58,971,000 | 88,385,000 | 56,678,000 | 112,027,000 | 49,318,000 | 37,034,000 | 48,388,000 |
advances to suppliers | 207,218,000 | 120,747,000 | 126,778,000 | 214,055,000 | 181,189,000 | 175,485,000 | 174,532,000 | 155,648,000 | 110,759,000 | 112,570,000 | 107,947,000 | 70,507,000 | 65,966,000 | 55,191,000 | 54,765,000 | 62,197,000 | 49,270,000 | 40,586,000 |
inventory | 764,158,000 | 540,638,000 | 455,015,000 | 654,301,000 | 698,277,000 | 543,415,000 | 182,601,000 | 469,934,000 | 309,059,000 | 564,466,000 | 224,903,000 | 513,551,000 | 763,215,000 | 1,083,607,000 | 652,735,000 | 453,713,000 | 351,985,000 | 442,356,000 |
other current assets | 95,850,000 | 83,462,000 | 54,671,000 | 59,158,000 | 68,714,000 | 77,654,000 | 46,519,000 | 42,453,000 | 45,867,000 | 50,054,000 | 31,074,000 | 26,592,000 | 27,922,000 | 29,747,000 | 26,635,000 | 39,140,000 | 47,409,000 | 74,793,000 |
total current assets | 2,082,492,000 | 1,986,729,000 | 2,064,256,000 | 1,849,696,000 | 2,031,321,000 | 1,983,628,000 | 1,680,443,000 | 1,503,960,000 | 1,322,731,000 | 1,665,499,000 | 1,194,960,000 | 1,389,469,000 | 1,808,401,000 | 2,010,128,000 | 1,601,533,000 | 1,550,747,000 | 1,415,920,000 | 1,381,335,000 |
non-current assets: | ||||||||||||||||||
property and equipment | 41,766,000 | 45,891,000 | 50,320,000 | 46,321,000 | 19,914,000 | 18,845,000 | 15,350,000 | 13,586,000 | 13,512,000 | 13,427,000 | 12,771,000 | 12,781,000 | 13,403,000 | 15,167,000 | 13,755,000 | 9,292,000 | 8,496,000 | 8,567,000 |
intangible assets | 64,126,000 | 63,733,000 | 63,403,000 | 62,273,000 | 59,428,000 | 58,589,000 | 60,002,000 | 58,628,000 | 57,172,000 | 56,780,000 | 55,752,000 | 55,438,000 | 49,676,000 | 51,482,000 | 51,696,000 | 53,496,000 | 34,439,000 | 35,145,000 |
goodwill | 28,514,000 | 28,680,000 | 28,584,000 | 28,665,000 | 26,603,000 | 26,199,000 | 27,482,000 | 26,337,000 | 26,266,000 | 27,535,000 | 26,020,000 | 26,286,000 | 25,944,000 | 25,816,000 | 24,851,000 | 25,214,000 | 9,168,000 | 9,167,000 |
deferred income tax asset | 4,076,000 | 4,039,000 | 4,046,000 | 2,525,000 | 7,621,000 | 8,076,000 | 8,880,000 | 85,000 | 85,000 | 86,000 | 86,000 | 2,571,000 | 2,571,000 | 2,571,000 | 3,028,000 | 1,184,000 | 1,184,000 | 1,184,000 |
other non-current assets | 126,923,000 | 140,580,000 | 146,391,000 | 85,670,000 | 128,259,000 | 118,640,000 | 110,031,000 | 87,357,000 | 110,077,000 | 52,167,000 | 31,639,000 | 17,292,000 | 17,777,000 | 17,839,000 | 36,820,000 | 12,349,000 | 2,525,000 | 47,256,000 |
total non-current assets | 265,405,000 | 282,923,000 | 292,744,000 | 225,454,000 | 241,825,000 | 230,349,000 | 221,745,000 | 185,993,000 | 207,112,000 | 149,995,000 | 157,189,000 | 175,269,000 | 139,186,000 | 141,799,000 | 144,121,000 | 121,828,000 | 85,016,000 | 101,319,000 |
total assets | 2,347,897,000 | 2,269,652,000 | 2,357,000,000 | 2,075,150,000 | 2,273,146,000 | 2,213,977,000 | 1,902,188,000 | 1,689,953,000 | 1,529,843,000 | 1,815,494,000 | 1,352,149,000 | 1,564,738,000 | 1,947,587,000 | 2,151,927,000 | 1,745,654,000 | 1,672,575,000 | 1,500,936,000 | 1,482,654,000 |
liabilities and stockholders’ equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
accounts payable | 189,078,000 | 135,246,000 | 321,004,000 | 255,645,000 | 232,932,000 | 101,858,000 | 436,744,000 | 321,880,000 | 244,191,000 | 318,548,000 | 62,899,000 | 165,990,000 | 399,991,000 | 505,620,000 | 304,898,000 | 220,586,000 | 121,620,000 | 92,802,000 |
deferred revenue | 805,530,000 | 804,489,000 | 640,457,000 | 545,222,000 | 648,090,000 | 572,735,000 | 274,499,000 | 409,612,000 | 398,639,000 | 382,832,000 | 273,164,000 | 452,069,000 | 584,425,000 | 469,098,000 | 273,073,000 | 371,030,000 | 222,815,000 | 145,765,000 |
deferred revenue with related parties | 66,379,000 | 58,615,000 | 79,916,000 | 47,790,000 | 34,774,000 | 33,169,000 | 38,162,000 | 36,742,000 | ||||||||||
personnel related liabilities | 35,410,000 | 27,109,000 | 31,850,000 | 22,546,000 | 25,848,000 | 25,538,000 | 58,584,000 | 41,435,000 | 25,784,000 | 18,783,000 | 52,174,000 | 40,097,000 | 27,234,000 | 14,410,000 | 21,286,000 | 17,462,000 | 15,935,000 | 22,990,000 |
accruals and provisions | 254,610,000 | 278,024,000 | 246,235,000 | 221,508,000 | 376,694,000 | 476,985,000 | 338,311,000 | 213,339,000 | 159,613,000 | 172,009,000 | 172,223,000 | 95,737,000 | 106,447,000 | 160,187,000 | 183,814,000 | 135,410,000 | 217,125,000 | 214,838,000 |
taxes payable | 11,252,000 | 14,302,000 | 30,317,000 | 7,019,000 | 13,255,000 | 40,273,000 | 57,929,000 | 32,619,000 | 22,023,000 | 30,994,000 | 29,465,000 | 26,127,000 | 17,295,000 | 7,898,000 | 11,114,000 | 11,743,000 | 17,275,000 | 17,764,000 |
other current liabilities | 89,066,000 | 21,730,000 | 20,590,000 | 25,104,000 | 13,883,000 | 10,809,000 | 24,246,000 | 15,365,000 | 11,150,000 | 12,087,000 | 16,711,000 | 13,764,000 | 12,819,000 | 9,441,000 | 7,198,000 | 4,374,000 | 3,334,000 | 2,175,000 |
total current liabilities | 1,451,325,000 | 1,339,515,000 | 1,370,369,000 | 1,124,834,000 | 1,345,476,000 | 1,261,367,000 | 1,258,835,000 | 1,124,706,000 | 973,113,000 | 1,251,922,000 | 745,663,000 | 954,219,000 | 1,344,965,000 | 1,526,354,000 | 1,109,463,000 | 994,038,000 | 774,777,000 | 702,355,000 |
non-current liabilities: | ||||||||||||||||||
deferred income tax liability | 9,224,000 | 9,545,000 | 9,530,000 | 7,507,000 | 6,860,000 | 6,624,000 | 7,114,000 | 5,143,000 | 5,159,000 | 5,370,000 | 4,794,000 | 3,544,000 | 3,499,000 | 3,467,000 | 4,876,000 | |||
convertible senior notes | 391,707,000 | 391,254,000 | 390,804,000 | 390,356,000 | 389,912,000 | 389,096,000 | ||||||||||||
other non-current liabilities | 37,458,000 | 41,114,000 | 37,449,000 | 31,609,000 | 31,835,000 | 27,590,000 | 29,100,000 | 21,927,000 | 19,835,000 | 19,047,000 | 17,338,000 | 10,147,000 | 7,679,000 | 1,279,000 | 1,096,000 | 7,454,000 | ||
total non-current liabilities | 438,389,000 | 441,913,000 | 437,783,000 | 429,472,000 | 428,607,000 | 423,310,000 | 36,214,000 | 27,070,000 | 24,994,000 | 24,417,000 | 50,156,000 | 65,070,000 | 34,627,000 | 26,556,000 | 6,983,000 | 7,454,000 | 702,000 | 2,199,000 |
total liabilities | 1,889,714,000 | 1,781,428,000 | 1,808,152,000 | 1,554,306,000 | 1,774,083,000 | 1,684,677,000 | 1,295,049,000 | 1,151,776,000 | 998,107,000 | 1,276,339,000 | 795,819,000 | 1,019,289,000 | 1,379,592,000 | 1,552,910,000 | 1,116,446,000 | 1,001,492,000 | 775,479,000 | 704,554,000 |
stockholders’ equity: | ||||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of march 31, 2026 and september 30, 2025 | ||||||||||||||||||
class a common stock, 0.00001 par value per share... | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |||
class b-1 common stock, 0.00001 par value per share... | 1,000 | 1,000 | ||||||||||||||||
class b-2 common stock, 0.00001 par value per share... | ||||||||||||||||||
treasury stock | -12,930,000 | -12,568,000 | -10,213,000 | -9,950,000 | -9,950,000 | -9,856,000 | -9,040,000 | -7,885,000 | -7,797,000 | -6,632,000 | -5,301,000 | -5,301,000 | -4,991,000 | |||||
additional paid-in capital | 640,755,000 | 635,552,000 | 623,228,000 | 615,996,000 | 611,982,000 | 627,923,000 | 617,793,000 | 610,230,000 | 573,850,000 | 563,222,000 | 554,924,000 | 530,747,000 | 289,428,000 | 281,347,000 | ||||
accumulated other comprehensive income | 6,052,000 | 9,835,000 | 11,813,000 | 6,083,000 | 222,000 | 1,572,000 | 3,241,000 | 4,382,000 | 2,822,000 | -565,000 | 410,000 | 515,000 | 4,000 | |||||
accumulated deficit | -265,759,000 | -244,832,000 | -217,708,000 | -223,960,000 | -192,914,000 | -199,291,000 | -200,076,000 | -190,907,000 | -177,431,000 | -154,041,000 | -129,186,000 | -67,337,000 | -47,990,000 | -28,805,000 | ||||
total stockholders’ equity attributable to fluence energy, inc. | 368,119,000 | 387,988,000 | 407,384,000 | 388,170,000 | 409,435,000 | 421,165,000 | 413,074,000 | 415,909,000 | 392,610,000 | 403,316,000 | 420,848,000 | |||||||
non-controlling interests | 90,064,000 | 100,236,000 | 113,460,000 | 110,893,000 | 119,865,000 | 117,012,000 | 118,662,000 | 123,246,000 | 152,839,000 | 164,679,000 | 178,169,000 | 525,553,000 | ||||||
total stockholders’ equity | 458,183,000 | 488,224,000 | 520,844,000 | 499,063,000 | 529,300,000 | 538,177,000 | 531,736,000 | 539,155,000 | 545,449,000 | 567,995,000 | 599,017,000 | |||||||
total liabilities and stockholders’ equity | 2,347,897,000 | 2,269,652,000 | 2,075,150,000 | 2,273,146,000 | 2,213,977,000 | 1,689,953,000 | 1,529,843,000 | 1,815,494,000 | 1,564,738,000 | 1,947,587,000 | 2,151,927,000 | |||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of december 31, 2025 and september 30, 2025 | ||||||||||||||||||
current portion of notes receivable - pledged as collateral | 30,921,000 | 55,251,000 | 55,251,000 | 55,251,000 | 24,330,000 | |||||||||||||
liabilities, and stockholders’ equity | ||||||||||||||||||
current portion of borrowings against note receivable - pledged as collateral | 30,360,000 | 53,714,000 | 52,667,000 | 51,621,000 | 22,539,000 | |||||||||||||
commitments and contingencies | ||||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 share authorized; no shares issued and outstanding as of september 30, 2025 and 2024 | ||||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of june 30, 2025 and september 30, 2024 | ||||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of march 31, 2025 and september 30, 2024 | ||||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of december 31, 2024 and september 30, 2024 | ||||||||||||||||||
note receivable - pledged as collateral | 30,921,000 | 55,251,000 | 24,330,000 | 24,330,000 | ||||||||||||||
borrowings against note receivable - pledged as collateral | 28,024,000 | 49,505,000 | 21,602,000 | 21,142,000 | ||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 share authorized; no shares issued and outstanding as of september 30, 2024 and 2023 | ||||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of june 30, 2024 and september 30, 2023 | ||||||||||||||||||
deferred revenue and payables with related parties | 59,046,000 | |||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of march 31, 2024 and september 30, 2023 | ||||||||||||||||||
payables and deferred revenue with related parties | 265,048,000 | 116,488,000 | 158,817,000 | 195,220,000 | 358,064,000 | 306,348,000 | 233,433,000 | 176,673,000 | 206,021,000 | |||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of december 31, 2023 and september 30, 2023 | ||||||||||||||||||
short-term investments | 70,023,000 | 109,862,000 | 110,355,000 | |||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 share authorized; no shares issued and outstanding as of september 30, 2023 and 2022 | ||||||||||||||||||
right of use asset - operating leases | 3,289,000 | |||||||||||||||||
debt issuance cost | 2,361,000 | 2,361,000 | 2,590,000 | 2,818,000 | 2,793,000 | 2,954,000 | ||||||||||||
current portion of operating lease liabilities | 1,618,000 | 1,534,000 | 1,636,000 | 1,732,000 | ||||||||||||||
operating lease liabilities, net of current portion | 1,874,000 | 1,847,000 | 668,000 | 1,011,000 | ||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of june 30, 2023 and september 30, 2022 | ||||||||||||||||||
rou asset - operating leases | 3,124,000 | 2,004,000 | ||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of march 31, 2023 and september 30, 2022 | ||||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of december 31, 2022 and september 30, 2022 | ||||||||||||||||||
operating lease right of use assets | 2,403,000 | |||||||||||||||||
liabilities, mezzanine equity, and stockholders’/members’ equity | ||||||||||||||||||
borrowing from line of credit | ||||||||||||||||||
borrowing from related parties | ||||||||||||||||||
mezzanine equity | ||||||||||||||||||
total mezzanine equity | ||||||||||||||||||
stockholders’ equity/members’ equity | ||||||||||||||||||
members’ capital contributions | ||||||||||||||||||
current assets | ||||||||||||||||||
trade receivables, net of allowance | 93,196,000 | 126,234,000 | 56,136,000 | |||||||||||||||
non-current assets | ||||||||||||||||||
liabilities, stockholders’ equity, members’ deficit, and mezzanine equity | ||||||||||||||||||
current liabilities | ||||||||||||||||||
non-current liabilities | ||||||||||||||||||
stockholders’ equity / members’ deficit | ||||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of june 30, 2022 | ||||||||||||||||||
total stockholders’ equity attributable to fluence energy, inc./ members’ deficit | 458,935,000 | 241,437,000 | 252,547,000 | |||||||||||||||
non-controlling interest | 212,148,000 | 484,020,000 | ||||||||||||||||
total stockholders’ equity and members’ deficit | 671,083,000 | 725,457,000 | 778,100,000 | |||||||||||||||
total liabilities, stockholders’ equity, members’ deficit, and mezzanine equity | 1,672,575,000 | 1,500,936,000 | 1,482,654,000 | |||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of march 31, 2022 | ||||||||||||||||||
accumulated other comprehensive loss | -2,000 | |||||||||||||||||
preferred stock, 0.00001 per share, 10,000,000 shares authorized; no shares issued and outstanding as of december 31, 2021. |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||||||||||||
net loss | -29,239,000 | -62,588,000 | 6,894,000 | -41,932,000 | -57,013,000 | 1,075,000 | -12,876,000 | -25,556,000 | 4,818,000 | -35,046,000 | -37,397,000 | -37,193,000 | -56,185,000 | -60,828,000 | -60,704,000 | -111,460,000 | ||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
depreciation and amortization | 10,732,000 | 8,794,000 | 10,414,000 | 8,255,000 | 6,189,000 | 4,485,000 | 4,087,000 | 4,424,000 | 3,088,000 | 2,883,000 | 2,926,000 | 2,646,000 | 2,669,000 | 2,424,000 | 2,216,000 | 1,972,000 | 1,493,000 | 1,427,000 |
amortization of debt issuance costs | 1,151,000 | 1,148,000 | 1,145,000 | 1,128,000 | 1,127,000 | 817,000 | 1,671,000 | 383,000 | 355,000 | 682,000 | 457,000 | 0 | 228,000 | 229,000 | 228,000 | 207,000 | 206,000 | 137,000 |
inventory provision | 18,000 | -7,053,000 | 7,770,000 | -337,000 | -2,757,000 | 2,283,000 | 8,505,000 | 1,497,000 | 13,672,000 | 298,000 | -675,000 | -92,000 | -330,000 | -10,800,000 | 3,517,000 | |||
stock-based compensation | 3,942,000 | 5,288,000 | 4,081,000 | 6,367,000 | 3,826,000 | 5,266,000 | 5,469,000 | |||||||||||
deferred income taxes | -175,000 | 28,000 | 537,000 | 5,369,000 | 511,000 | -66,000 | -7,014,000 | 0 | 0 | 295,000 | 3,818,000 | 0 | -325,000 | -951,000 | ||||
changes in operating assets and liabilities: | ||||||||||||||||||
trade receivables | 108,573,000 | -16,013,000 | -121,476,000 | 2,851,000 | 1,767,000 | 60,143,000 | -119,388,000 | -4,942,000 | 80,303,000 | -70,550,000 | 52,639,000 | 178,397,000 | -222,612,000 | -21,821,000 | 17,182,000 | 33,227,000 | -70,098,000 | -9,472,000 |
unbilled receivables | -31,488,000 | -11,822,000 | -90,402,000 | -34,202,000 | 45,834,000 | 10,725,000 | -72,329,000 | 37,207,000 | 47,974,000 | 11,895,000 | -33,188,000 | -8,559,000 | 77,203,000 | -85,959,000 | -37,386,000 | -19,839,000 | 5,633,000 | 15,042,000 |
receivables from related parties | 85,493,000 | -22,280,000 | -42,378,000 | 75,488,000 | 18,472,000 | 110,198,000 | -261,539,000 | -44,365,000 | 18,823,000 | -16,882,000 | -1,821,000 | 31,749,000 | -31,666,000 | 55,349,000 | -62,710,000 | -12,284,000 | 11,354,000 | -15,026,000 |
advances to suppliers | -86,590,000 | 6,072,000 | 87,528,000 | -29,095,000 | -3,727,000 | -5,593,000 | -17,259,000 | -10,495,000 | -39,720,000 | 3,216,000 | -28,348,000 | -4,349,000 | -11,826,000 | 8,033,000 | 7,432,000 | 13,323,000 | -34,934,000 | -30,845,000 |
inventory | -222,261,000 | -77,365,000 | 190,965,000 | 50,543,000 | -151,474,000 | -368,763,000 | 279,647,000 | -161,534,000 | 240,026,000 | -336,408,000 | 286,785,000 | 249,446,000 | 327,077,000 | -430,541,000 | -188,222,000 | -115,057,000 | 93,888,000 | -56,086,000 |
other current assets | -12,664,000 | -28,506,000 | -111,000 | 17,374,000 | 10,790,000 | -7,640,000 | 24,395,000 | 12,509,000 | 819,000 | -48,709,000 | -42,020,000 | 2,044,000 | 6,655,000 | -3,507,000 | 1,482,000 | 7,273,000 | -7,257,000 | -134,000 |
other non-current assets | 12,427,000 | 3,222,000 | -63,315,000 | -842,000 | -11,080,000 | -11,582,000 | -20,071,000 | -22,366,000 | -12,122,000 | 26,459,000 | 14,352,000 | -30,692,000 | -667,000 | 375,000 | -17,652,000 | -17,691,000 | 35,506,000 | -35,371,000 |
accounts payable | 54,750,000 | -182,749,000 | 61,614,000 | 22,018,000 | 130,733,000 | -333,593,000 | 113,860,000 | 75,122,000 | -74,205,000 | 255,347,000 | -103,314,000 | -232,296,000 | -107,275,000 | 200,722,000 | 84,313,000 | 98,580,000 | 28,818,000 | -59,244,000 |
deferred revenue with related parties | 7,768,000 | -21,301,000 | 32,127,000 | 12,974,000 | 1,583,000 | -4,959,000 | 1,363,000 | |||||||||||
deferred revenue | 2,259,000 | 163,257,000 | 97,405,000 | -118,622,000 | 66,397,000 | 316,723,000 | -140,869,000 | 16,505,000 | 15,517,000 | 99,051,000 | -174,958,000 | -131,983,000 | 103,981,000 | 196,026,000 | -97,958,000 | 147,536,000 | 77,050,000 | 74,400,000 |
accruals and provisions | -24,114,000 | 33,761,000 | -159,087,000 | -98,336,000 | 139,064,000 | |||||||||||||
taxes payable | -2,993,000 | -16,141,000 | 28,296,000 | -17,271,000 | -31,382,000 | -7,534,000 | 20,886,000 | 11,559,000 | -8,208,000 | -1,438,000 | 3,749,000 | 8,302,000 | 6,918,000 | -3,216,000 | -629,000 | -5,533,000 | -489,000 | 4,872,000 |
other current liabilities | 4,433,000 | -6,294,000 | 7,312,000 | -1,280,000 | 3,017,000 | -67,354,000 | -4,240,000 | 20,782,000 | 7,139,000 | -5,496,000 | 14,874,000 | 14,082,000 | 15,317,000 | -4,806,000 | 8,031,000 | -2,042,000 | 5,167,000 | -4,794,000 |
other non-current liabilities | -3,135,000 | 3,750,000 | 5,396,000 | -2,390,000 | 4,258,000 | 3,161,000 | 2,564,000 | 1,522,000 | 1,432,000 | -28,792,000 | 6,692,000 | 3,361,000 | 8,369,000 | -298,000 | -1,688,000 | -352,000 | -1,497,000 | -182,000 |
net cash from operating activities | -121,113,000 | -226,792,000 | 265,743,000 | -153,865,000 | -46,184,000 | -211,232,000 | 10,529,000 | -21,092,000 | 70,885,000 | 19,363,000 | 48,560,000 | 2,924,000 | -74,513,000 | -88,898,000 | -221,442,000 | 80,053,000 | 50,555,000 | -191,551,000 |
capital expenditures | -2,482,000 | -5,827,000 | -4,860,000 | -3,562,000 | -4,353,000 | -2,109,000 | -3,277,000 | -2,365,000 | -1,005,000 | -1,468,000 | -1,112,000 | -790,000 | 1,409,000 | -2,496,000 | -5,259,000 | -1,404,000 | -401,000 | -870,000 |
free cash flows | -123,595,000 | -232,619,000 | 260,883,000 | -157,427,000 | -50,537,000 | -213,341,000 | 7,252,000 | -23,457,000 | 69,880,000 | 17,895,000 | 47,448,000 | 2,134,000 | -73,104,000 | -91,394,000 | -226,701,000 | 78,649,000 | 50,154,000 | -192,421,000 |
investing activities | ||||||||||||||||||
capital expenditures on software and other | ||||||||||||||||||
purchase of property and equipment | -2,482,000 | -5,827,000 | -4,860,000 | -3,562,000 | -4,353,000 | -2,109,000 | -3,277,000 | -2,365,000 | -1,005,000 | -1,468,000 | -1,112,000 | -790,000 | 1,409,000 | -2,496,000 | -5,259,000 | -1,404,000 | -401,000 | -870,000 |
net cash from investing activities | -6,758,000 | -9,348,000 | -9,752,000 | -7,287,000 | -7,574,000 | -5,186,000 | -5,531,000 | -5,953,000 | -4,895,000 | -2,596,000 | -3,063,000 | -6,331,000 | -115,403,000 | -30,619,000 | -1,525,000 | -870,000 | ||
financing activities | ||||||||||||||||||
class a common stock withheld related to settlement of employee taxes for stock-based compensation awards | -362,000 | -2,355,000 | -263,000 | 0 | -94,000 | -396,000 | -420,000 | -1,155,000 | ||||||||||
proceeds from issuance of 2030 convertible senior notes | 0 | 0 | 0 | 400,000,000 | ||||||||||||||
purchases of capped calls related to 2030 convertible senior notes | 0 | 0 | 0 | -29,000,000 | ||||||||||||||
payment for debt issuance costs | ||||||||||||||||||
purchases under supply chain financing arrangements | ||||||||||||||||||
proceeds from exercise of stock options | 873,000 | 1,506,000 | 403,000 | 527,000 | 818,000 | 422,000 | 963,000 | 2,724,000 | 532,000 | 1,116,000 | 1,173,000 | 3,074,000 | 558,000 | 2,398,000 | 1,870,000 | |||
distribution to aes grid stability | 0 | 0 | ||||||||||||||||
principal payments on finance leases | -1,448,000 | -938,000 | -1,905,000 | |||||||||||||||
net cash from financing activities | 68,400,000 | -1,787,000 | -1,765,000 | -468,000 | -1,718,000 | 360,831,000 | -2,909,000 | 864,000 | -272,000 | -6,359,000 | 7,000 | 28,778,000 | 558,000 | 23,252,000 | 1,593,000 | -12,584,000 | -5,443,000 | 833,487,000 |
effect of exchange rate changes on cash and cash equivalents | -5,414,000 | 1,071,000 | 516,000 | 11,493,000 | 11,082,000 | -8,710,000 | 3,309,000 | -1,993,000 | -793,000 | 3,418,000 | 1,131,000 | 9,816,000 | -7,266,000 | -5,776,000 | 2,928,000 | 2,507,000 | -314,000 | 280,000 |
net increase in cash, cash equivalents, and restricted cash | -64,885,000 | -236,856,000 | -150,127,000 | -44,394,000 | 135,703,000 | -28,174,000 | 64,925,000 | 13,826,000 | 103,515,000 | |||||||||
cash, cash equivalents, and restricted cash as of the beginning of the period | 0 | 714,630,000 | 0 | 0 | 0 | 518,706,000 | 0 | 0 | 0 | 462,731,000 | 0 | 0 | 0 | 429,721,000 | 1,000 | -1,000 | 0 | 38,069,000 |
cash, cash equivalents, and restricted cash as of the end of the period | -64,885,000 | 477,774,000 | 254,742,000 | -150,127,000 | -44,394,000 | 654,409,000 | 5,398,000 | -28,174,000 | 64,925,000 | 476,557,000 | 46,635,000 | 103,515,000 | -39,387,000 | 351,968,000 | -332,323,000 | 39,356,000 | 43,273,000 | 679,415,000 |
supplemental cash flows information | ||||||||||||||||||
interest paid | 1,565,000 | 6,236,000 | 5,806,000 | 1,150,000 | 920,000 | 844,000 | 1,080,000 | 376,000 | 722,000 | 1,381,000 | 444,000 | 237,000 | 274,000 | 0 | 503,000 | |||
cash paid on income taxes | 6,970,000 | 3,664,000 | ||||||||||||||||
capital expenditures on software | -3,521,000 | -4,892,000 | -3,725,000 | -3,221,000 | -3,077,000 | -2,254,000 | -3,588,000 | -3,890,000 | -1,128,000 | -1,951,000 | ||||||||
net income | ||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||
current accruals and provisions | -12,406,000 | -455,000 | 71,354,000 | -2,517,000 | -54,801,000 | -20,907,000 | 20,655,000 | -90,259,000 | 14,216,000 | 23,027,000 | ||||||||
proceeds from maturities of short-term investments | 0 | 70,071,000 | 40,425,000 | 1,178,000 | ||||||||||||||
payments for purchase of investment in joint venture | 0 | 0 | 0 | -5,013,000 | ||||||||||||||
proceeds from borrowing against note receivable - pledged as collateral | 0 | 27,034,000 | 0 | 21,142,000 | ||||||||||||||
payments of debt issuance costs | ||||||||||||||||||
payments for acquisitions | 0 | 0 | 0 | -3,892,000 | ||||||||||||||
net increase in cash and cash equivalents | -77,753,000 | -332,324,000 | 39,357,000 | 43,273,000 | 641,346,000 | |||||||||||||
cash (refund) paid on income taxes | ||||||||||||||||||
payment for debt issuance costs on 2030 convertible senior notes | -622,000 | -10,000,000 | ||||||||||||||||
payment for debt issuance costs on revolving facilities | -785,000 | -195,000 | ||||||||||||||||
cash paid for income taxes | 5,290,000 | 5,707,000 | 942,000 | 410,000 | 393,000 | 916,000 | 312,000 | 284,000 | 770,000 | 684,000 | 605,000 | 9,000 | ||||||
insurance proceeds received | 0 | |||||||||||||||||
purchase of equity securities | 0 | 0 | ||||||||||||||||
purchases of short-term investments | ||||||||||||||||||
payments for acquisition of businesses, net of cash acquired | 0 | |||||||||||||||||
repayment of promissory notes – related parties | 0 | 0 | 0 | -50,000,000 | ||||||||||||||
repayment of line of credit | ||||||||||||||||||
payment of transaction costs related to issuance of class b membership units | ||||||||||||||||||
proceeds from issuance of class a common stock sold in an ipo, net of underwriting discounts and commissions | 12,229,000 | |||||||||||||||||
payments of deferred equity issuance cost | ||||||||||||||||||
supplemental disclosure of cash flow information | ||||||||||||||||||
debt issuance costs | -705,000 | |||||||||||||||||
stock-based compensation expense | 6,636,000 | 5,630,000 | 5,480,000 | 5,677,000 | 7,286,000 | 8,477,000 | 17,771,000 | |||||||||||
deferred revenue and payables with related parties | ||||||||||||||||||
provision on loss contracts | -524,000 | 2,449,000 | -2,720,000 | 27,750,000 | 5,668,000 | |||||||||||||
payables and deferred revenue with related parties | 148,417,000 | -38,252,000 | -40,082,000 | -164,302,000 | 51,716,000 | 72,915,000 | 56,759,000 | -29,348,000 | -21,904,000 | |||||||||
repurchase of class a common stock placed into treasury | -1,166,000 | -1,330,000 | 0 | -288,000 | -22,000 | |||||||||||||
payment of debt issuance costs | -3,583,000 | 177,000 | -578,000 | -2,719,000 | ||||||||||||||
inventory (recovery) provision | ||||||||||||||||||
capital contribution from founders | ||||||||||||||||||
proceeds from issuance of class b membership units | ||||||||||||||||||
borrowing from promissory notes – related parties | ||||||||||||||||||
borrowing from line of credit | ||||||||||||||||||
payment of equity issuance costs | ||||||||||||||||||
other | ||||||||||||||||||
payment of transaction cost related to issuance of class b membership units | ||||||||||||||||||
payments of deferred equity issuance costs | ||||||||||||||||||
benefit on loss contracts | ||||||||||||||||||
net cash from (used) in investing activities | ||||||||||||||||||
payment of ipo costs | -4,865,000 | -5,465,000 | ||||||||||||||||
purchase of short-term investments | ||||||||||||||||||
cash settled for stock based compensation | 14,434,000 | |||||||||||||||||
capital contributions from founders | ||||||||||||||||||
repayment to line of credit | 0 | 0 | -50,000,000 | |||||||||||||||
stock based compensation expense | 2,728,000 | 24,877,000 | ||||||||||||||||
cash paid for business acquisition | ||||||||||||||||||
proceeds from issuance of class a common stock sold in the ipo, net of underwriting discounts | 0 | 947,991,000 | ||||||||||||||||
payment of transaction cost related to issuance of membership units | 0 | -6,320,000 | ||||||||||||||||
supplemental cash flows information: | ||||||||||||||||||
non-cash financing activities | ||||||||||||||||||
reclassification of deferred offering costs to additional paid-in capital | 6,764,000 | |||||||||||||||||
ipo costs included in accounts payable | 4,865,000 |
