FLNC Stock Heads For 52-Week Lows: Baird Turns ‘Incrementally Negative’ After Fluence Cuts FY26 Guidance Again

Baird slashed its price target by 70% and downgraded the stock, highlighting ramp-up delays and guidance cuts as ‘material negatives’.

• Fluence reduced its full-year 2026 revenue guidance to about $2.4 billion, down from its previous guidance midpoint of $3 billion.
• The company expects an adjusted EBITDA loss of about $200 million vs a midpoint forecast for a loss of $10 million.
• FLNC shares are on track for the biggest single-day slide in more than seven months.

Fluence Energy (FLNC) was among the biggest premarket losers on Thursday after Baird slashed its price target by a whopping 70%, following the energy storage company’s second fiscal 2026 guidance cut this year.

At the time of writing, FLNC shares were down 20% in pre-market trading. If the levels hold after the opening bell, the stock would fall to its lowest level in a year and also clock its biggest single-day loss since February.

FY 2026 Loss Guidance Is Now Significantly Wider Than Previously Expected

Baird analyst Ben Kallo downgraded Fluence to ‘Underperform’ from ‘Neutral’ and slashed his price target to $3 from $10, according to The Fly.

This came after Fluence reduced its full-year 2026 revenue guidance to about $2.4 billion, down from its previous guidance midpoint of $3 billion. The company also expects an adjusted earnings before interest, tax, depreciation and amortization (EBITDA) loss of about $200 million, significantly wider than its previous midpoint forecast of a $10 million loss.

In August, the company cut its revenue forecast to $2.9 billion - $3.1 billion from its original $3.2 billion - $3.6 billion range. It lowered its adjusted EBITDA outlook to a range of a $30 million loss to a $10 million profit, compared with its original forecast of a profit between $40 million and $60 million.

Houston Plant Ramp Up Delay Adds To Woes

Kallo pointed to delays in ramping production and called the guidance cut and management’s comments about temporarily pulling back from some U.S. business “material negatives.” Baird said it is “incrementally negative” on the company’s outlook.

Fluence’s Houston manufacturing facility, which produces battery enclosures, has faced repeated construction and ramp-up delays that have slowed production. In August, the company said manufacturing setbacks would push about $400 million of project deliveries into fiscal 2027.

On Wednesday, CEO Julian Nebreda said Wednesday that continued delays in ramping the Houston facility were the primary reason behind Fluence’s latest fiscal 2026 guidance cut.

However, Fluence said its manufacturing partner has taken corrective action that has already increased daily production.

Retail Traders Split Despite FLNC Crash

Despite the pre-market slump, retail sentiment surrounding FLNC on Stocktwits flipped to ‘bullish’ from ‘bearish’ amid ‘extremely high’ message volumes.

One user said it won't be surprising if the stock tests its all-time lows.

View this Stocktwits post

However, another user said it’s “easy buy at these levels.”

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The stock has crashed more than 63% so far in 2026.

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