Fluence's June 30 10-Q discloses $396.3M in potential liquidated damages against $2.913B in minimum battery-cell purchase commitments. That LD-to-commitment ratio — approximately 13.6% — was ~7.9% at March 31. A 570-basis-point increase in one quarter. The FY2028 LD tranche ($122.8M) exceeds FY2027 ($111.6M), meaning penalty exposure is forward-loading, not amortizing. Separately, Fluence extended a $30M working-capital loan to an unnamed cell supplier in May and carries $84M in capacity-guarantee advances. Combined supplier financial support: $114M. Gross margin compressed to 5.1% from 14.8% YoY, attributed partly to rising battery prices. These commitments — LDs, advances, supplier credit — sit outside every cell-price benchmark but inside every procurement decision.
Commitment total: $2.913B minimum purchase obligations, majority battery cells and modules
LD by fiscal year: FY27 $111.6M · FY28 $122.8M · FY29 $98.8M · FY30+ $63.0M
Supplier loan: $30M at 5% annual interest, entered May 5, 2026; repaid in three $10M installments through April 2027
Capacity advances: $84.0M ($44.7M current, $39.3M noncurrent), down $8.2M QoQ
Project loss provisions: $30.5M at June 30, nearly double the $15.7M at September 30, 2025
No hedging disclosed: Fluence relies on suppliers to manage upstream raw-material exposure
All figures: Fluence 10-Q, quarter ended June 30, 2026