Stem Q1 revenue down 62% to $25.5M; net loss $72.3M; reaffirms FY guidance

STEM, INC.

2024-Q1 EPS reported -$0.46 revenue$25,469,000

Revenue $25.5M, down 62% YoY, reflecting $33M non-cash reduction from updated contract guarantee estimates.
GAAP net loss $72.3M vs $44.8M; Adjusted EBITDA improved to -$12.2M from -$13.7M.
Non-GAAP gross margin 24% (up from 19%); operating cash flow near breakeven at -$0.6M.
Bookings $23.8M vs $363.5M; contracted backlog $1.6B, up 33% YoY but down 16% sequentially.
Reaffirms FY2024 guidance for adj. EBITDA, OCF, gross margin and bookings; CARR-to-ARR conversion +42% 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 first quarter 2024 results: revenue $25.5 million, net income $72.3 million. Guidance reaffirmed.

Period: first quarter 2024
Revenue: $25.5 million
Net income: $72.3 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Stem Announces First Quarter 2024 Results Substantial increase of +42% CARR-to-ARR conversion since January 2024 Introducing Next Generation Asset Performance Management Software Suite Reaffirming Full Year 2024 Operating Cash Flow, Adjusted EBITDA, Gross Margin and Bookings Guidance First Quarter 2024 Financial and Operating Highlights Financial Highlights 1 • Revenue of $25.5 million, down from $67.4 million (-62%) in 1Q23.

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Source: SEC EDGAR

accession 0001758766-24-000087

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