Stem Q2 revenue down 63% YoY, net loss $582M on $547M goodwill impairment; cuts FY2024 guidance

STEM, INC.

2024-Q2 EPS reported -$4.09 revenue$59,468,000

Revenue $34.0M ($93.0M in 2Q23); GAAP net loss $582.3M vs income $19.1M from $547M non-cash goodwill impairment.
Adjusted EBITDA -$11.3M vs -$9.5M; bookings $25.4M, down 89% from $236.4M; CARR $90.1M (+20% YoY).
Full year 2024 guidance revised lower; expects positive operating cash flow and no need for equity raise.
CFO Bill Bush steps down September 2, 2024; Doran Hole appointed as successor in planned succession.
Ended 2Q24 with $89.6M cash; operating cash flow -$11.9M vs -$165.4M in 2Q23.

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