secwatch.observer — SEC 8-K summary
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Issuer:     STEM, INC. (STEM)
CIK:        0001758766
Form:       8-K
Filed at:   2024-10-30T23:59:59+00:00
Accession:  0001758766-24-000174
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1758766/000175876624000174/0001758766-24-000174-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1758766/000175876624000174/stem-20241030.htm
  HTML page:      https://secwatch.observer/filing/0001758766-24-000174

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