Co-movers

daily closes · 500dMethod

Moved together

ENSwithFLNC

×1.18co-movement · FLNC on ENS · 500d

r 0.40scale to r 0.75

Shared co-movers1with ENSwith FLNC

LRCXLAM Research Corpr 0.59r 0.39

ENS, solidFLNC, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

ENSEnerSys

142.45−8.69%· post 142.00

Mkt cap$5.6BRevenue$936MQ1 FY27Revenue$3.8BFY26

FLNCFluence Energy, Inc.

5.11−15.64%· post 5.13

ClosedNov 5 '26

Mkt cap$1.1BRevenue$650MQ3 FY26Revenue$2.3BFY25

vs

Compare

ClosedNov 5 '26

ENSEnerSys

vs

FLNCFluence Energy, Inc.

142.45−8.69%post 142.00

Price

5.11−15.64%post 5.13

$5.6B

Mkt cap

$1.1B

Q1 FY27$936M

Revenue

$650MQ3 FY26

FY26$3.8B

Revenue

$2.3BFY25

ENS compared with FLNC: revenue, margins and what each company keeps, and the suppliers and customers both name