Stem Q3 revenue +34% to $133.7M, record bookings $676M; net loss widens to $77M

STEM, INC.

2023-Q3 EPS reported -$0.66 revenue$294,091,000

Q3 revenue $133.7M (+34% YoY); GAAP gross margin (15)% vs 9%; net loss $77.1M vs $34.3M.
Record bookings of $676.4M (up 203% YoY); contracted backlog $1.84B (+125% YoY).
Adjusted EBITDA improved to $(0.9)M from $(12.5)M; expects positive adjusted EBITDA in 2H 2023 and full year 2024.
Contracted storage AUM 5.0 GWh (up 32% sequentially); CARR $87.5M (+43% YoY).
Revenue includes $37.4M reduction due to guarantee estimates; no material future reductions expected.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

STEM, INC. reported the quarter ended September 30, 2023 results: revenue $133.7 million, net income $77.1 million. Guidance lowered.

Period: the quarter ended September 30, 2023
Revenue: $133.7 million
Net income: $77.1 million
Guidance: lowered
Result: reported results

Exact text from the filing

manufacturers, with expected double-digit declines in costs and improved payment terms Third Quarter 2023 Financial and Operating Highlights Financial Highlights • Revenue of $133.7 million, up from $99.5 million (+34%) in Q3 2022. Q3 revenue reflects the reduction in revenue referred to below • GAAP gross margin of (15)%, down from 9% in Q3 2022 • Non-GAAP gross

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Source: SEC EDGAR

accession 0001758766-23-000127

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