Quarterly revenue 29% above high end of guidance range
Reaffirm full-year 2022 guidance
AlsoEnergy commercial synergies on track for 2022 bookings
Expect minimal impact from AD/CVD inquiry in solar industry
First Quarter 2022 Financial and Operating Highlights
Financial Highlights
- Revenue of $41.1 million, up from $15.4 million (+166%) in Q1 2021
- GAAP Gross Margin of 9% versus (1)% in Q1 2021
- Non-GAAP Gross Margin of 16% versus 13% in Q1 2021
- Net Loss of $(22.5) million versus $(82.6) million in Q1 2021
- Adjusted EBITDA of $(12.8) million versus $(3.2) million in Q1 2021
- Ended Q1 2022 with $352 million in cash, cash equivalents, and short-term investments
Operating Highlights
- 12-month Pipeline of $5.2 billion, up from $4.0 billion (+30%) at the end of Q4 2021
- Bookings of $151 million, up from $51 million (+196%) in Q1 2021
- Record contracted backlog of $565 million, up from $221 million (+156%) at the end of Q1 2021
- Record contracted storage assets under management (AUM) of 1.8 gigawatt hours (GWh) up from 1.6 GWh (+13%) at the end of Q4 2021
- Solar monitoring AUM of 32.4 gigawatts (GW)
- Contracted Annual Recurring Revenue (CARR) of $51.5 million, up from $24.1 million (114%) at the end of Q4 2021
SAN FRANCISCO, May 05, 2022–(BUSINESS WIRE)–Stem (the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy software and services, announced today its financial results for the three months ended March 31, 2022. Reported results in this press release reflect AlsoEnergy’s operations for the period from February 1, 2022 through March 31, 2022.
Read the entire article here: https://finance.yahoo.com/news/stem-announces-first-quarter-2022-200500682.html
