STEM - Stem sinks on Q4 sales miss below consensus 2023 revenue guidance

Stem Inc. ( NYSE: STEM ) -9.1% pre-market Friday after reporting Q4 revenues that missed estimates and FY 2023 guidance that disappointed investors.

Q4 revenues hit a company record $156M that tripled year-ago results and surged 56% Q/Q, but the analyst consensus had forecast $166M; full-year revenues totaled a record $363M.

Q4 net loss was $35.3M, compared to a net loss of $34.1M in the prior-year period; adjusted EBITDA was negative $10M vs. negative $12M in the year-ago quarter.

Q4 bookings more than doubled from a year earlier to $458M, which exceeded the company's entire bookings for FY 2021, and the year-end backlog totaled nearly $1B.

Cowen analysts said earnings were hurt by demand and logistical issues caused by China's COVID resurgence and the U.S. regulatory crackdown on solar, Bloomberg reported.

For FY 2023, Stem ( STEM ) guided for revenues of $550M-$650M, mostly below analyst consensus of $647M, and an adjusted EBITDA of $5M-$35M.

The company said it is "actively driving towards achieving positive adjusted EBITDA, which we continue to expect to occur in the second half of 2023."

Stem ( STEM ) shares have gained 15% so far this year but fell 14.5% during the past year .

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