Batteries | StableBread's Newsletter

Batteries

Energy

Sep 21, 2026

Fluence Loses Its Charge

Fluence Energy is a top-three global battery storage integrator with a record $6.4B backlog, trading at 0.48x the ~$2.9B booked for FY2027. Its fourth guidance cut in 19 months took FY2026 revenue to ~$2.4B and adjusted EBITDA to a ~$200M loss.

Energy

Jul 19, 2026

Top-Three BESS Below 1x Sales

Fluence cut guidance twice in one year and still missed. The stock now trades under 1x FY2026 revenue with a record $5.6B backlog, two hyperscaler MSAs, and a spot in NVIDIA's AI factory reference design.

ENVX

Jul 13, 2026

Battery Test Worth Billions

Enovix makes the "highest energy density smartphone battery ever independently tested" and already ships cells for smart eyewear and drones. But smartphone qualification is two years behind, continued burn and dilution are inevitable, and insiders have only sold.