Fluence backlog $6.4B, $400M deliveries slip into 2027 amid AI push
In its Aug. 5 quarter update, Fluence reported a $6.4B backlog but said about $400M of deliveries moved into fiscal 2027. The timing shift reinforces concern that project mix and economics may not translate into reliable margins. After an Aug. 14 settlement, short interest reached 25.45M shares, up 13.9%, as investors focus on gross margin, working capital, and backlog conversion.