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Jun 30, 2021
Stem Q2 2021 Earnings Report
Stem's second quarter performance in 2021 was solid, with revenue at the high end of guidance and reaffirmation of 2021 financial guidance.
Key Takeaways
Stem, Inc. reported a strong second quarter in 2021, with revenue reaching $19.3 million, a 339% increase compared to the same quarter last year. The company ended the quarter with $474 million in cash and zero debt.
Revenue increased by 339% year-over-year to $19.3 million.
Contracted backlog increased 13% sequentially to $250 million.
Contracted Assets Under Management (AUM) more than doubled year-over-year to 1.2 GWh.
The company reaffirms its full-year 2021 revenue guidance of $147 million and Adjusted EBITDA guidance of $(25) million.
Stem
Stem
Forward Guidance
The Company reaffirms its guidance of full-year 2021 revenue of $147 million and full-year 2021 Adjusted EBITDA of $(25) million. Consistent with prior guidance, the Company reaffirms that it expects to recognize 20-30% of total 2021 revenue in Q3, and 50-60% of total 2021 revenue in Q4.
Positive Outlook
- The Company believes that it has contracted for sufficient supply chain commitments to meet its 2021 revenue goal.
- The company will continue to diversify its supply chain.
- The company will adopt alternative technologies.
- The company will deploy its balance sheet to meet the significant growth in customer demand.
- Company expects to recognize 20-30% of total 2021 revenue in Q3, and 50-60% of total 2021 revenue in Q4.