Fluence Energy tumbles 51% while American Express climbs 18.7% in 2026
Two major US companies have faced contrasting fortunes in early 2026. Fluence Energy, a battery storage specialist, has seen its share price plummet by 51% since February, despite a record project backlog. Meanwhile, American Express has defied broader financial sector declines with an 18.7% stock rise this year, though recent weeks show signs of instability.
Fluence Energy's shares hit a low on March 16, trading far below their February high. Yet the company holds a $5.5 billion project backlog—enough to cover its full-year revenue guidance. Data centre operators, struggling with years-long grid connection delays, are turning to Fluence's on-site battery solutions to speed up AI infrastructure rollouts. Discussions are underway for an additional 36 GWh of potential projects, none of which are yet included in official forecasts.
Q1 results revealed weaker-than-expected gross margins after unexpected scope changes in two overseas projects. Management insists the $20 million in extra costs will be recovered later in the year. American Express, by contrast, has outperformed the S&P 500 in 2026, with shares climbing 18.7% since January. The stock now trades around $300–303, though it remains below its December 2025 peak of $387.36. Recent weeks have brought daily declines, with no clear floor in sight, despite positive moves like a dividend hike to $0.95 per quarter. The company's credit management stands out in the industry. Its Q4 2025 net write-off rate sat at just 2.1%, less than half the 4.1% sector average. Late payments were equally low, with only 1.3% of loans overdue by 30 days or more. Long-term targets include annual revenue growth of 10% or higher, with margins expanding faster than sales. For 2026, guidance points to 9–10% revenue growth and earnings per share of $17.30–17.90.
Fluence Energy's short-term stock struggles contrast with its strong project pipeline, particularly in data centre storage solutions. American Express, despite recent volatility, maintains robust credit quality and growth projections. Both companies now face the challenge of translating operational strengths into sustained shareholder confidence.
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