Fluence Shares Fall About 9% After CEO and CFO Resign
Key Facts
Fluence Energy shares fell about 9% in the November 2, 2026, session after CEO Julian Nebreda and CFO Ahmad Pasha left on October 30, according to PR Newswire, citing a statement from law firm Hagens Berman. The stock move followed the company’s announcement of changes to its top executive positions as it faces challenges in manufacturing and converting orders into revenue. Fluence disclosed to the U.S. Securities and Exchange Commission that Nebreda was leaving his role as president and chief executive, effective immediately on October 30. Reuters, via Investing.com, reported that the shares fell 5.9% in premarket trading on Monday, November 2, after the company announced it was replacing its CEO and CFO. The stock closed at $4.68 on November 13, according to EL7 data, on a later date separate from the November 2 decline.
The board appointed Axel Maier interim CEO effective November 2, and named Ricardo Roizen interim CFO on October 30, succeeding Pasha, according to the company’s filing with the U.S. regulator. Maier’s appointment gives the company an interim leader from within its board, where he has served since January 2020. He was also CFO of Siemens Smart Infrastructure from April 2019 to June 2026, according to the filing. Roizen was CFO of AES Andes and served as head of international treasury and growth at AES. The appointments place responsibility for addressing execution and revenue challenges with interim management as the company prepares to report its fiscal-year results.
The changes follow Fluence’s September 16 cut to its fiscal 2026 revenue forecast to about $2.4 billion, from the midpoint of its previous forecast of about $3.0 billion. At the same time, the company raised its forecast for adjusted earnings before interest, taxes, depreciation and amortization loss to about $200 million, compared with the midpoint of its previous forecast for a loss of about $10 million. The company attributed the revised outlook to delays in expanding its contract manufacturing facility in Houston. It said its priority is “converting backlog into revenue and cash, and improving working capital.” That guidance puts industrial execution and liquidity management at the center of the interim leadership’s challenge, as the company relies on converting existing orders into actual sales.
Meanwhile, backlog stood at about $6.4 billion on June 30, 2026, a record for the company, according to its third-quarter fiscal results. New orders exceeded $1.44 billion in the quarter ended on that date, compared with about $508.8 million in the same quarter a year earlier. The figures show the scale of the orders Fluence is seeking to fulfill, while the company said delays in expanding the Houston facility slowed its ability to meet the backlog and generate revenue and cash. The gap between existing orders and the capacity to convert them is significant in light of the revenue forecast cut and the higher adjusted operating loss forecast. The company says improving working capital is a parallel priority to converting orders into revenue.
The company faces a proposed class action targeting purchasers or holders of its securities from November 24, 2025, to September 16, 2026. Hagens Berman’s statement set November 27, 2026, as the deadline to seek lead plaintiff status. The complaint alleges that Fluence’s ability to deliver its backlog and recognize revenue depended on new contract manufacturing facilities, and that some of those facilities were incomplete or not operational. These are allegations in the complaint and have not been resolved by a court. The statement linked the lawsuit to information that the complaint says was not disclosed to investors, including reliance on new manufacturing facilities to fulfill orders and recognize revenue. The deadline to seek lead plaintiff status remains November 27, 2026, as stated in the announcement.
Fluence is scheduled to report fiscal 2026 results after the market closes on November 23 and hold its earnings call on November 24 at 8:30 a.m. Eastern Time, according to a Reuters report published via Investing.com. The results follow the cut to the revenue forecast to about $2.4 billion and the increase in the forecast for adjusted earnings before interest, taxes, depreciation and amortization loss to about $200 million. The call gives management a date to present the results to investors after leadership passed to interim executives. The event comes ahead of the November 27 deadline to seek lead plaintiff status in the proposed class action. Investors are therefore awaiting the company’s annual performance disclosure under interim leadership, amid its stated focus on manufacturing, order conversion and working capital improvement.