secwatch.observer — SEC 8-K summary
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Issuer:     STEM, INC. (STEM)
CIK:        0001758766
Form:       8-K
Filed at:   2024-08-06T23:59:59+00:00
Accession:  0001758766-24-000147
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1758766/000175876624000147/0001758766-24-000147-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1758766/000175876624000147/stem-20240806.htm
  HTML page:      https://secwatch.observer/filing/0001758766-24-000147

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