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Mar 31, 2023
Stem Q1 2023 Earnings Report
Stem announced Q1 2023 results with record revenue, bookings, contracted backlog, and contracted storage AUM.
Key Takeaways
Stem reported a strong first quarter with record revenue of $67 million, exceeding the high end of its guidance range. The company saw significant growth in software services and reaffirmed its full-year 2023 financial and operating guidance. Key highlights include a 141% increase in bookings and a 120% increase in contracted backlog compared to Q1 2022.
Achieved record Q1 revenue of $67 million, a 63% increase year-over-year.
Bookings increased by 141% to $364 million compared to Q1 2022.
Contracted backlog reached a record $1.24 billion, up 120% year-over-year.
Contracted annual recurring revenue (CARR) grew 39% year-over-year to $71.5 million.
Forward Guidance
The Company is reaffirming its full-year 2023 guidance ranges as follows: Revenue $550 - $650 million, Non-GAAP Gross Margin 15% - 20%, Adjusted EBITDA $(35) - $(5) million, Bookings $1,400 - $1,600 million, CARR (year-end) $80 - $90 million.
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