Stem posts Q4 revenue up 8% YoY, achieves positive adjusted EBITDA of $4.6M; guides 2024 operating cash flow > $50M

STEM, INC.

2023-FY EPS reported -$0.90 revenue$461,515,000

Q4 revenue $167.4M (+8% YoY); net loss $37.7M vs $35.3M loss in Q4 2022.
Adjusted EBITDA turned positive at $4.6M in Q4, vs $(9.5)M loss in prior year.
Full year 2023 revenue $461.5M (+27% YoY); net loss $140.4M vs $124.1M.
Contracted backlog $1.9B, up 99% YoY; CARR $91M, up 39% YoY.
2024 guidance: positive adjusted EBITDA $5-20M; at least $50M operating cash flow; no equity issuance.

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 fourth quarter and full year 2023 results: revenue $461.5 million, net income $140.4 million. Guidance raised.

Period: the fourth quarter and full year 2023
Revenue: $461.5 million
Net income: $140.4 million
Guidance: raised
Result: reported results

Exact text from the filing

versus $(9.5) million in Q4 2022 • Ended Q4 2023 with $113.6 million in cash, cash equivalents, and short-term investments Financial Highlights - Full Year 2023 • Revenue of $461.5 million, up from $363.0 million (+27%) for full year 2022 • GAAP gross margin of 1%, versus 9% for full year 2022 • Non-GAAP gross margin of 15%, versus 13% for full year 2022 • Net loss

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Source: SEC EDGAR

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