Fluence Energy Inc. (FLNC) had a rough Thursday. The battery energy storage company reported fiscal third-quarter results that missed Wall Street's expectations by a wide margin, and then it lowered its full-year 2026 revenue guidance. The culprit? Production and project delays that are pushing deliveries into next year.

Q3 Results Miss Expectations

The company posted an adjusted loss of 24 cents per share for the quarter, while analysts were looking for a loss of just 2 cents. Revenue from continuing operations came in at $600.2 million, well short of the $848.2 million consensus estimate.

If you include related-party revenue, total revenue actually rose 7.9% year over year to $649.8 million. But Fluence said the numbers still fell short because of production delays at new contract manufacturing facilities.

Profitability took a hit too. Adjusted gross margin dropped to 5.9% from 15.4% a year earlier. The company blamed delayed revenue recognition, initial costs tied to new product platforms, and upfront expenses for a planned long-term international battery cell supply agreement. The net result: a net loss of $44.3 million, compared to net income of $6.9 million in the same quarter last year.

Orders And Backlog Remain Strong

Here's the silver lining: demand is still booming. Quarterly order intake nearly tripled year over year to more than $1.44 billion, pushing backlog to a record $6.4 billion.

Fluence also secured about $850 million of data center business through July, including its first large behind-the-meter order and roughly $550 million of awards from a hyperscale customer. Total liquidity stood at approximately $863 million, including $365 million in cash.

Guidance Cut On Project Delays

For fiscal 2026, Fluence now expects revenue of $2.9 billion to $3.1 billion, down from its previous forecast of $3.2 billion to $3.6 billion. That new range is also below the analyst consensus of $3.35 billion.

The company said about $400 million of project deliveries will shift into fiscal 2027 because of production issues at a new international manufacturing facility and construction delays at a new U.S. contract manufacturing site.

It also slashed its adjusted EBITDA guidance to a range of a $30 million loss to $10 million in profit, down from the prior outlook of $40 million to $60 million. Annual recurring revenue guidance of about $180 million was left unchanged.

FLNC Price Action: Fluence Energy shares were down 15.95% at $11.96 during premarket trading on Thursday, according to market data.