Key Financial Results and Operating Metrics “Given our strong Q1 performance and sustained positive outlook, we are reaffirming our full-year 2023 guidance across all of our key metrics, including revenue growth of 65% at the mid-point, and our expectation that we will achieve positive adjusted EBITDA in the second half of 2023.” We were also excited to have recently launched a project with Sysco, where we will provide clean energy management services to one of the first electric vehicle (‘EV’) hubs of its kind. We are proud that Stem was ranked as the largest energy storage virtual power plant (‘VPP’) operator in North America by Wood Mackenzie, another independent testimony to our technology leadership. CARR grew 10% sequentially, to $71.5 million, reflecting our focus on growing our long-term, high-margin software and services revenue. “Our contracted backlog more than doubled as compared to the same quarter last year, driven by $364 million in bookings, which also more than doubled versus the first quarter of 2022. Revenue was above the top end of our guidance range, and margins were in line with our expectations. John Carrington, Chief Executive Officer of Stem, commented, “We had a strong first quarter, and once again set records across multiple metrics, including contracted storage AUM, contracted backlog, and CARR. Reported results in this press release reflect AlsoEnergy’s operations from February 1, 2022. (“Stem” or the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy solutions and services, announced today its financial results for the three months ended March 31, 2023. Solar monitoring AUM of 25.6 gigawatts (“GW”), up from 25.0 GW (+2%) at the end of Q4 2022Ĭontracted annual recurring revenue (“CARR”) of $71.5 million, up from $51.5 million (+39%) at end of Q1 2022 and sequentially up from $65.3 million (+10%) versus Q4 2022 Record contracted storage assets under management (“AUM”) of 3.5 gigawatt hours (“GWh”) at end of Q1 2023, up from 3.1 GWh (+13%) at end of Q4 2022 Record contracted backlog of $1.24 billion at end of Q1 2023, up from $565 million (+120%) at end of Q1 2022 Net loss of $45 million versus net loss of $22 million in Q1 2022Īdjusted EBITDA of $(14) million versus $(13) million in Q1 2022Įnded the quarter with $206 million in cash, cash equivalents, and short-term investmentsīookings of $364 million, up from $151 million (+141%) in Q1 2022 Non-GAAP gross margin of 19%, up from 16% in Q1 2022 GAAP gross margin of 1%, down from 9% in Q1 2022 Record Q1 revenue of $67 million, up from $41 million (+63%) in Q1 2022 Recognized as Largest Energy Storage Virtual Power Plant Operator in North America by Wood Mackenzieįirst Quarter 2023 Financial and Operating Highlights Reaffirm Full-Year 2023 Financial and Operating Guidance Record First Quarter Revenue of $67 million, Above High End of Guidance Range
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