Noah's questions to Fluence Energy Inc (FLNC) leadership • Q2 2025
Question
Noah, on behalf of Jordan Levy from Truist Securities, Inc., asked if Fluence is seeing any project delays in international markets and requested details on the supply chain for these shipments. He also asked for an update on the percentage of the backlog exposed to tariff risk, following up on a 15% figure mentioned last quarter.
Answer
CEO Julian Nebreda confirmed there are no real delays in international projects. He outlined the international supply chain, which typically involves sourcing enclosures from Vietnam and batteries from China, with integration occurring in Vietnam before delivery. Regarding tariff risk, Nebreda explained that the risk profile has changed. Because contracts are now structured to share risk, Fluence and its customers are aligned to find a mutually profitable path forward once tariff uncertainty clears, meaning Fluence will not proceed with contracts that don't meet its margin targets.