Fluence Appoints Interim CEO and CFO as Backlog Hits Record $6.4 Billion
Key Facts
Fluence Energy announced on November 2, 2026, that Julian Nebreda would step down as president and chief executive officer, and Ahmed Pasha would leave his role as senior vice president and chief financial officer. The company appointed Axel Meier interim CEO and Ricardo Ruizén interim CFO, with both taking up their roles immediately. Ruizén did not leave the company, as stated in the initial version of the report; he succeeded Pasha in the finance role on an interim basis. Fluence said it had begun searching for permanent leaders for the CEO and CFO positions. The changes are part of an operational turnaround focused on financial and operational execution, meeting customer commitments, improving cash generation and pursuing profitable growth.
Bernard da Santos will continue as chief operating officer and lead the operational turnaround. His remit includes execution, supply chain, product development, commercial performance and product delivery to customers. The board established a committee to oversee manufacturing and operations, chaired by Stefan May and including Stephen Coughlin and Elizabeth Fissenden. The arrangement places manufacturing and operations under defined oversight while da Santos continues to manage the operational turnaround. The company said management and the board are also focused on delivering on customer commitments, strengthening cash generation and achieving profitable growth through disciplined pricing and a leaner cost structure.
The leadership change comes after third-quarter fiscal results showed pressure on profitability despite higher revenue. Revenue was about $649.8 million in the quarter ended June 30, 2026, compared with $602.5 million in the same period a year earlier, with the increase attributed mainly to higher deliveries of energy storage solutions. But gross margin under generally accepted accounting principles fell to about 5.1% from 14.8% in the year-earlier quarter. The company posted a net loss of about $44.3 million, after net income of about $6.9 million in the same period a year earlier. Fluence said in its quarterly results that production issues at new contract manufacturing facilities contributed to revenue coming in below expectations.
On September 16, Fluence cut its fiscal 2026 revenue outlook to about $2.4 billion, from a previous guidance midpoint of about $3.0 billion. In May, the company had affirmed a revenue range of $3.2 billion to $3.6 billion, with a midpoint of $3.4 billion, before later lowering its outlook. It also cut its forecast for adjusted earnings before interest, taxes, depreciation and amortization to a loss of about $200 million, compared with a previous midpoint forecast for a loss of about $10 million. The company attributed the revision to ongoing supply chain issues and a delayed production ramp at its Houston facility. Nebreda said at the time that the delayed ramp-up there was the main reason for the guidance cut. The company also announced that delivery of projects worth $400 million would be delayed to fiscal 2027 because of production issues at a new international manufacturing facility and construction delays that affected the completion and commissioning of a new U.S. facility.
By contrast, the company said its backlog reached a record $6.4 billion, according to its third-quarter fiscal 2026 results. In May, it had said orders accelerated in the preceding months and backlog reached a new record. In a September update, Pasha said the priority was to convert backlog into revenue and cash and improve working capital, and that the company was targeting neutral to positive operating cash flow to support the business without external capital. Ruizén, who took over finance on an interim basis, has more than a decade of financial leadership experience at AES and previously served as CFO of AES Andes. In its second-quarter results, the company reported total liquidity of about $900 million as of March 31, 2026, including about $412.9 million in cash.
Fluence shares, listed under the ticker FLNC, closed at $5.72 on October 30, 2026, according to EL7 data. The stock's closing price fell from $6.19 on October 28 to $5.72 on October 30. The company scheduled the release of its fiscal 2026 results for after the market close on November 23, followed by an earnings call on November 24 at 8:30 a.m. Eastern time. Fluence said it would provide a detailed business plan and financial update for fiscal 2027 when it reports results. It also said its priorities include improving execution, meeting customer commitments and strengthening cash generation as it continues its search for permanent leaders.