STEM - Stem GAAP EPS of -$0.26 misses by $0.05 revenue of $92.95M beats by $1.29M

2023-08-03 16:20:38 ET

• Stem press release ( NYSE: STEM ): Q2 GAAP EPS of -$0.26 misses by $0.05 .
• Revenue of $92.95M (+38.8% Y/Y) beats by $1.29M .
• Non-GAAP gross margin of 18%, up from 17% in Q2 2022.
• Adjusted EBITDA of $(9.5) million versus $(11.1) million in Q2 2022
• Bookings of $236.4 million, up from $225.7 million (+5%) in Q2 2022
• Record contracted backlog of $1.36 billion at end of Q2 2023, up from $726.6 million (+88%) at end of Q2 2022
• Record contracted storage assets under management (“AUM”) of 3.8 gigawatt hours (“GWh”) at end of Q2 2023, up from 3.5 GWh (+9%) at end of Q1 2023
• Solar monitoring AUM of 26.0 gigawatts (“GW”), up from 25.6 GW (+2%) at the end of Q1 2023, highlighted by 304 MW Hungary project
• Contracted annual recurring revenue (“CARR”) of $74.9 million, up from $57.6 million (+30%) at end of Q2 2022, and sequentially up from $71.5 million (+5%) versus Q1 2023.
• 2023 Outlook: Revenue $550 - $650 million, Non-GAAP Gross Margin 15% - 20%, Adjusted EBITDA loss of $35M - $5M loss, Bookings $1.4B - $1.6B, CARR by year-end $80M - $90M.
• Shares +2.94% .

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