STEM - Stem reports Q1 results reaffirms FY 2023 guidance
2023-05-04 16:05:03 ET
- Stem ( NYSE: STEM ): Q1 GAAP EPS of -$0.29 misses by $0.05 .
- Revenue of $67M (+63.1% Y/Y) beats by $3.68M .
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- GAAP gross margin of 1%, down from 9% in Q1 2022.
- Non-GAAP gross margin of 19%, up from 16% in Q1 2022.
- Net loss of $45 million versus net loss of $22 million in Q1 2022.
- Adjusted EBITDA loss of $14 million versus $13 million loss in Q1 2022.
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- Ended the quarter with $206 million in cash, cash equivalents, and short-term investments.
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- Bookings of $364 million, up from $151 million in Q1 2022.
- Contracted backlog of $1.24 billion at end of Q1 2023, up from $565 million at end of Q1 2022.
- Contracted storage AUM of 3.5 GWh and Solar monitoring AUM of 25.6 GW at end of Q1 2023.
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- Contracted annual recurring revenue of $71.5 million, up from $51.5 million at end of Q1 2022.
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- 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.
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- Seeking Alpha consensus estimate for 2023 revenue is $607.35M.
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Stem reports Q1 results, reaffirms FY 2023 guidance