Adjusted EBITDA was approximately $27 million, supported by higher margins from international projects.
Adjusted gross profit margin for Q3 was 15.4%, exceeding the company’s target for the quarter, driven by strong execution and supply chain optimization.
Annual recurring revenue increased to $124 million.
Backlog stood at approximately $4.9 billion at quarter-end, with $1.1 billion added post-quarter, including $700 million from Australia contracts.
Fluence Energy reported Q3 2025 revenue of $603 million, which was approximately 15% below plan due to slower ramp-up at U.S. manufacturing facilities, particularly the enclosure facility in Arizona.
The company ended Q3 with over $900 million in liquidity, including $460 million in cash, and executed a new $150 million unsecured supply chain facility.
Capital investments for Q2 and year-to-date were $119.4 million and $229.5 million, representing 14.2% and 7% increases respectively over 2024.
Net income for Q2 2025 was $42.2 million or $0.71 per diluted share, compared to $40.6 million or $0.70 per diluted share in Q2 2024.
Non-GAAP EPS increased 15% year-over-year in Q2 2025, a strong performance given the third year of the California rate case.
Non-GAAP Q2 2025 revenue increased $17.9 million or 7.2% compared to Q2 2024 non-GAAP revenue.
Q2 2025 revenue increased $20.7 million or 8.5% to $265 million compared to Q2 2024 revenue of $244.3 million.
The company maintained a strong liquidity profile with $50.5 million unrestricted cash, $45.6 million restricted cash, and $240 million available credit.
The company retained its A+ stable credit rating from S&P Global.
Year-to-date 2025 revenue was $468.9 million compared to $515 million in prior year; adjusted for interim rate relief, revenue increased $41.3 million or 9.7%.
Year-to-date net income was $55.5 million or $0.93 per diluted share compared to $110.5 million or $1.90 per diluted share prior year; adjusted for interim rate relief, net income increased $9 million or 19.4%.
Adjusted EBITDA was $201 million, up from $181 million in the prior quarter, exceeding guidance of $140 million to $160 million, partly due to a favorable $24 million arbitration outcome.
Adjusted free cash flow was $63 million, supported by $120 million cash flow from operations and $10 million proceeds from sale for recycling of semisubmersibles.
CapEx totaled $67 million in Q2, below guidance due to timing shifts, with Q3 expected at $100 million to $110 million including maintenance and survey costs.
Cash and cash equivalents stood at $516 million with nearly $900 million total liquidity including revolving credit facility.
Contract drilling expense was $396 million in Q2, with an expected increase in Q3 due to the arbitration benefit not recurring.
Revenue efficiency was strong at 96%, contributing to meaningful EBITDA and free cash flow.
Valaris reported total revenues of $615 million in Q2 2025, slightly down from $621 million in Q1 2025, primarily due to VALARIS DS-12 completing a contract without follow-on work.
Dafinchi