Stem announces new software and services-centric strategy, reducing hardware reliance

STEM, INC.

Shift to software and services for predictable, recurring, high-margin revenue; de-emphasizes hardware resale.
Expands energy consulting services as entry point, aiming for less dependent revenue on external factors.
Plans to combine PowerTrack and Athena platforms into a single asset management and optimization platform.
Hardware procurement will require zero working capital and accompany software; backlog ~$1.6B still serviced.
Further strategy details to be provided on Q3 2024 earnings call October 30, 2024.

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