CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net (loss) income	$ (67,989)	$ 30,367	$ (104,818)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	29,343	14,482	10,665
Amortization of debt issuance costs	4,217	3,091	914
Inventory provision (recovery)	6,959	23,972	(1,029)
Stock-based compensation	19,540	23,855	26,920
Deferred income taxes	6,351	(6,719)	2,542
Changes in operating assets and liabilities:
Trade receivables	(56,715)	(114,577)	(13,397)
Unbilled receivables	(68,045)	24,747	(50,503)
Receivables from related parties	161,780	(303,963)	53,611
Advances to suppliers	49,113	(64,258)	(36,490)
Inventory	(278,729)	21,731	432,767
Other current assets	20,413	(10,986)	(36,828)
Other non-current assets	(86,819)	(28,100)	(16,632)
Accounts payable	(119,228)	370,124	(242,268)
Current accruals and provisions	(93,586)	160,206	(12,360)
Taxes payable	(27,891)	22,799	15,753
Other current liabilities	(58,305)	18,185	39,467
Other non-current liabilities	10,425	(23,274)	18,124
Net cash (used in) provided by operating activities	(145,538)	79,685	(111,927)
Investing activities
Proceeds from maturities of short-term investments	0	0	111,674
Payments for purchase of investment in joint venture	0	0	(5,013)
Capital expenditures on software	(14,915)	(10,860)	(9,235)
Purchase of property and equipment	(14,884)	(8,115)	(2,989)
Net cash (used in) provided by investing activities	(29,799)	(18,975)	94,437
Financing activities
Proceeds from borrowing against note receivable - pledged as collateral	0	0	48,176
Class A common stock withheld related to settlement of employee taxes for stock-based compensation awards	(753)	(1,663)	(2,784)
Proceeds from issuance of 2030 Convertible Senior Notes	400,000	0	0
Purchases of Capped Calls related to 2030 Convertible Senior Notes	(29,000)	0	0
Proceeds from exercise of stock options	2,170	5,335	7,203
Distribution to AES Grid Stability	(1,035)	0	0
Principal payments on finance leases	(2,370)	0	0
Payments of debt issuance costs	(12,132)	(8,456)	0
Payments for acquisitions	0	(3,892)	0
Net cash provided by (used in) financing activities	356,880	(8,676)	52,595
Effect of exchange rate changes on cash and cash equivalents	14,381	3,941	(2,095)
Net increase in cash and cash equivalents	195,924	55,975	33,010
Cash, cash equivalents, and restricted cash as of the beginning of the period	518,706	462,731	429,721
Cash, cash equivalents, and restricted cash as of the end of the period	714,630	518,706	462,731
Supplemental disclosure of cash flow information
Interest paid	9,296	3,022	2,336
Cash paid for income taxes	19,043	2,661	1,240
Related Party
Changes in operating assets and liabilities:
Deferred revenue	41,725	(72,201)	(191,431)
Nonrelated Party
Changes in operating assets and liabilities:
Deferred revenue	$ 361,903	$ (9,796)	$ (6,934)

Fluence Energy, Inc. 10-K