Stem Q1 2023 revenue $67M (+63% YoY), above high end of guidance; reaffirms FY2023 outlook

STEM, INC.

2023-Q1 EPS reported -$0.29 revenue$67,405,000

Record Q1 revenue of $67.4M, up 63% YoY; above guidance high end.
GAAP net loss widened to $44.8M from $22.5M YoY; Adjusted EBITDA -$13.7M.
Non-GAAP gross margin improved to 19% (vs 16% YoY); GAAP gross margin fell to 1%.
Bookings $363.5M (+141% YoY); contracted backlog $1.24B (+120% YoY).
CARR grew 39% YoY to $71.5M; FY2023 revenue and adjusted EBITDA guidance reaffirmed.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

STEM, INC. reported the three months ended March 31, 2023 results: revenue $67 million, net income $45 million. Guidance reaffirmed.

Period: the three months ended March 31, 2023
Revenue: $67 million
Net income: $45 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Stem Announces First Quarter 2023 Results Record First Quarter Revenue of $67 million , Above High End of Guidance Range Accelerating Growth in Software Services Reaffirm Full-Year 2023 Financial and Operating Guidance Recognized as Largest Energy Storage Virtual Power Plant Operator in North America by Wood Mackenzie First Quarter 2023 Financial and Operating Highlights Financial Highlights • Record Q1 revenue of $67 million, up from $41 million (+63%) in Q1 2022 • GAAP gross margin of 1%, down from 9% in Q1 2022 • Non-GAAP gross margin of 19%, up from 16% in Q1 2022 • Net loss of $45 million versus net loss of $22 million in Q1 2022 • Adjusted EBITDA of $(14) million versus $(13) million in Q1 2022 • Ended the quarter with $206 million in cash, cash equivalents, and short-term investments

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Source: SEC EDGAR

accession 0001758766-23-000076

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