The author is long $FLNC, highlighting a record $5.6B contracted backlog and master supply agreements with two hyperscalers as key growth catalysts. Sell-side price targets include Citi at $24 and GLJ at $26, with an upcoming catalyst date of August 5 expected to reveal initial hyperscaler orders. Additionally, $FLNC serves as the exclusive storage partner in the NVIDIA–Siemens reference design for AI data centers.