---
schema_version: "secwatch.filing_event.v1"
accession: "0001758766-24-000087"
form_type: "8-K"
ticker: "STEM"
cik: "0001758766"
company_name: "STEM, INC."
filed_at: "2024-05-02T23:59:59+00:00"
generated_at: "2026-06-03T00:44:30.241824+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001758766-24-000087
- form_type: 8-K
- ticker: STEM
- cik: 0001758766
- company_name: STEM, INC.
- filed_at: 2024-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1758766/000175876624000087/0001758766-24-000087-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1758766/000175876624000087/stem-20240502.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001758766-24-000087
- JSON: https://secwatch.observer/filing/0001758766-24-000087.json
- Plain text: https://secwatch.observer/filing/0001758766-24-000087.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1758766/000175876624000087/0001758766-24-000087-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.