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Mar 31, 2022
Stem Q1 2022 Earnings Report
Stem reported a strong first quarter with revenue exceeding the high end of guidance, driven by market-leading software platforms and the acquisition of AlsoEnergy.
Key Takeaways
Stem's Q1 2022 revenue increased by 166% to $41.1 million compared to Q1 2021. The company reaffirmed its full-year 2022 guidance and saw significant growth in bookings, contracted backlog, AUM, and CARR.
Revenue increased 166% year-over-year to $41.1 million, surpassing the high end of the guidance range.
Bookings nearly tripled compared to Q1 2021, reaching $151 million, marking the second-highest bookings performance in company history.
Contracted backlog grew 156% year-over-year to $565 million.
Contracted Annual Recurring Revenue (CARR) increased to $51.5 million, reflecting a focus on high-margin software and services revenue.
Forward Guidance
The Company reaffirms FY2022 financial and operational guidance.
Positive Outlook
- Revenue: $350 - $425 million
- Non-GAAP Gross Margin: 15% - 20%
- Adjusted EBITDA: $(60) - $(20) million
- Bookings: $650 - $750 million
- CARR (year-end): $60 - $80 million
Challenges Ahead
- COVID-19 continues to impact and cause uncertainty in the supply chain and project timelines
- Potential import tariffs cause uncertainty in the supply chain and project timelines
- General macroeconomic conditions including the ongoing conflict between Russia and Ukraine, continue to impact and cause uncertainty in the supply chain and project timelines
- The Company has been affected by inflation in the costs of equipment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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