Stem Q3 revenue falls 78% to $29.3M; net loss $148.3M; revises FY2024 guidance

STEM, INC.

2024-Q3 EPS reported -$4.99 revenue$88,759,000

Revenue $29.3M (down 78% YoY); GAAP gross margin 21% (vs -15% YoY) on shift to software/services.
Net loss $148.3M (vs $77.1M) includes $104.1M bad debt expense from customer receivable impairment.
Non-GAAP gross margin record 46% (up from 12%); Adjusted EBITDA -$3.5M (vs -$0.9M).
Bookings $29.1M (vs $676.4M); Contracted backlog $1.5B (-17% YoY); CARR $92.3M (+5% YoY).
Cash $75.4M (down from $89.6M Q2); Company revises full year 2024 guidance for key metrics.

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