secwatch.observer — SEC 8-K summary
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Issuer:     STEM, INC. (STEM)
CIK:        0001758766
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0001758766-24-000087
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1758766/000175876624000087/0001758766-24-000087-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1758766/000175876624000087/stem-20240502.htm
  HTML page:      https://secwatch.observer/filing/0001758766-24-000087

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer