--- title: "Fluence Energy reports Nov. 23 under interim CEOs from Siemens and AES, stock down 73%" description: "Results on November 23, the first under interim chiefs on loan from Siemens and AES, land four days before the lead-plaintiff deadline in a suit claiming Fluence called a hand-welding plant fully automated. The shares have lost 73% since February; the backlog sits at a record $6.4 billion." publisher: "The Inference" section: "Power" published: 2026-11-12T16:22:29.306Z modified: 2026-11-12T16:22:29.306Z canonical: https://theinference.org/article/fluence-energy-reports-nov-23-under-interim-ceos-from-siemens-and-aes-stock-down-73 language: en keywords: "Fluence Energy, Energy Storage, Battery Storage, Siemens, AES" --- # Fluence Energy reports Nov. 23 under interim CEOs from Siemens and AES, stock down 73% > Results on November 23, the first under interim chiefs on loan from Siemens and AES, land four days before the lead-plaintiff deadline in a suit claiming Fluence called a hand-welding plant fully automated. The shares have lost 73% since February; the backlog sits at a record $6.4 billion. [Fluence Energy](https://theinference.org/markets/companies/fluence-energy), the Nasdaq-listed battery-storage supplier, reports full-year results after the close on November 23 under [management its founders installed](https://theinference.org/article/siemens-and-aes-put-their-executives-in-fluence-s-top-jobs-as-a-6-4-billion-backlog-suit-nears-deadline) [1][2]. Axel Meier, a three-decade Siemens veteran who has sat on Fluence's board since 2020, is interim chief executive; Ricardo Roizen, finance chief of AES's Andes business, is interim chief financial officer, on loan from his employer [1][2]. They replaced [Julian Nebreda](https://theinference.org/markets/people/julian-nebreda) and Ahmad Pasha, who stepped down on October 30 [2]. Four days after the print, on November 27, the deadline expires for investors to apply as lead plaintiff in a [securities class action over Fluence's Houston factory](https://theinference.org/article/fluence-s-ai-power-bet-faces-a-securities-fraud-suit-after-three-guidance-breaks-and-a-73-fall) [3]. The useful fact for anyone invested in the AI power buildout: demand never broke at Fluence. The plant did not. ## Demand held. The factory did not. [The complaint, filed September 28 in federal court in New York](https://www.prnewswire.com/news-releases/fluence-energy-flnc-shares-tumble-again--this-time-on-top-executives-departures-securities-class-action-pending-302935875.html), says Fluence told investors it was "well positioned to capitalize on the accelerating demand for energy storage," backed by a Houston facility it described as "fully automated" and producing thermal systems for its Gridstack Pro grid-scale batteries [2][3]. The truth arrived in pieces: a margin warning on February 4, $400 million of deliveries pushed into fiscal 2027 on August 5, and on September 16 [a 20% cut to revenue guidance](https://www.msn.com/en-us/news/other/flnc-stock-heads-for-52-week-lows-baird-turns-incrementally-negative-after-fluence-cuts-fy26-guidance-again/ar-AA2cpQ2v), when Nebreda said the plant was welding by hand instead of using the automated process [3]. Guidance for the fiscal year went from a $40–60 million adjusted operating profit to a loss of about $200 million [4]. Orders kept coming: the Swedish utility Vattenfall signed [a 1 GWh project in October](https://theinference.org/article/fluence-energy-lands-vattenfall-s-254-mw-battery-order-as-ubs-halves-its-target-to-6) [6]. Backlog stands at a record $6.4 billion [1]. *Chart: **Fluence returned to losses as the Houston ramp slipped** Column chart of Fluence quarterly net income from the December 2024 quarter to the June 2026 quarter, showing two profitable quarters in mid-2025 then three quarters of losses* *GAAP net income by fiscal quarter, US$ millions; Fluence's fiscal year ends September 30. Source: Fluence Energy SEC filings. [7]* ## Loaned executives, an empty Form 3, a silent 28.9% The response came from the owners, not the market. Meier arrives with 23 consecutive quarters of margin expansion as CFO of Siemens Smart Infrastructure, and Roizen is seconded from AES Andes, which keeps paying his salary for 90 days or longer [1][2]. [His Form 3, the insider's initial holdings filing](https://www.boerse-global.de/fluence-energy-aktie-siemens-haelt-still/841857), lists no Fluence shares [5]. Siemens, which founded Fluence with AES in 2017, reported an unchanged 28.9% of the Class A shares, about 41.4 million, as of September 30, and said nothing [5][2]. The board added a Manufacturing and Operations Oversight Committee chaired by Stephan May [1]. Fiscal 2027 guidance is deferred to a later date, so the print carries the audited year without an outlook [1]. *Chart: **Gross margin halved after the Houston plant slipped, and operating margin is negative again** Line chart of Fluence gross margin and operating margin by quarter from September 2023 to June 2026; gross margin falls from about 11% to about 5% and operating margin is negative in most quarters* *GAAP gross margin and operating margin, percent of revenue, by quarter; Fluence's fiscal year ends September 30. Source: Fluence Energy quarterly figures from its SEC filings. [8]* ## The first test is the print The suit's central question, put by Hagens Berman partner Reed Kathrein, is "when the Houston welding issue was first known to Fluence management" [3]. Nothing public answers that yet. What is observable: the owners lent executives and board oversight rather than capital, and the interim CFO signing the first number holds no equity in the result. The bottleneck in AI power is no longer demand; it is factories that do what their press releases say. The money follows whoever can run them. The stock closed at $5.08 on November 11 [6]. ## Takeaway Fluence's demand never broke; its Houston plant did, and the first print under two executives borrowed from Siemens and AES lands four days before the suit's lead-plaintiff deadline. ## Sources 1. [Fluence Energy press release via GlobeNewswire/Morningstar, "Fluence Strengthens Executive Leadership Team to Accelerate Operational Transformation," 2 November 2026](https://www.morningstar.com/news/globe-newswire/9867734/fluence-strengthens-executive-leadership-team-to-accelerate-operational-transformation) 2. [CFO Dive, "Fluence Energy names interim CEO, CFO amid supply chain hiccups," 3 November 2026](https://www.cfodive.com/news/fluence-energy-names-interim-ceo-cfo-legal-ebitda/873637/) 3. [Hagens Berman Sobol Shapiro via PRNewswire, "Fluence Energy (FLNC) Shares Tumble Again - This Time on Top Executives' Departures; Securities Class Action Pending," 11 November 2026](https://www.prnewswire.com/news-releases/fluence-energy-flnc-shares-tumble-again--this-time-on-top-executives-departures-securities-class-action-pending-302935875.html) 4. [Stocktwits via MSN, "FLNC stock heads for 52-week lows: Baird turns 'incrementally negative' after Fluence cuts FY26 guidance again," 17 September 2026](https://www.msn.com/en-us/news/other/flnc-stock-heads-for-52-week-lows-baird-turns-incrementally-negative-after-fluence-cuts-fy26-guidance-again/ar-AA2cpQ2v) 5. [Börse Global, "Fluence Energy Aktie: Siemens hält still?," 12 November 2026](https://www.boerse-global.de/fluence-energy-aktie-siemens-haelt-still/841857) 6. [Fluence Energy Investor Relations site, news and market data, retrieved 12 November 2026](https://ir.fluenceenergy.com/) 7. [Fluence Energy quarterly figures from its SEC filings (CIK 0001868941), retrieved 12 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001868941) 8. [Fluence Energy, quarterly figures from its SEC filings, retrieved 12 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001868941) --- Fluence Energy reports Nov. 23 under interim CEOs from Siemens and AES, stock down 73% — The Inference. Canonical: https://theinference.org/article/fluence-energy-reports-nov-23-under-interim-ceos-from-siemens-and-aes-stock-down-73