Stem Q2 2022 Earnings Report
Key Takeaways
Stem, Inc. reported Q2 2022 revenue of $67 million, a 246% increase year-over-year. The company's contracted backlog nearly tripled compared to the previous year, driven by $226 million in bookings. Stem is raising its full-year 2022 bookings and CARR guidance while reiterating its full-year revenue and adjusted EBITDA guidance.
Revenue of $67 million, up 246% year-over-year.
GAAP Gross Margin of 12%, up from (1)% in Q2 2021.
Bookings of $226 million, up 402% year-over-year.
Contracted backlog of $727 million, up 191% year-over-year.
Stem
Stem
Stem Revenue by Segment
Forward Guidance
The Company is updating its full-year 2022 financial and operational guidance. Revenue is unchanged. Non-GAAP Gross Margin (%) is unchanged. Adjusted EBITDA is unchanged. Bookings updated to $775 - $950 millions. CARR (year-end) updated to $65 - $85 millions.
Positive Outlook
- Revenue unchanged at $350 - $425 million.
- Non-GAAP Gross Margin unchanged at 15% - 20%.
- Adjusted EBITDA unchanged at $(60) - $(20) million.
- Bookings updated to $775 - $950 million from $650 - $750 million.
- CARR (year-end) updated to $65 - $85 million from $60 - $80 million.
Challenges Ahead
- Supply chain constraints.
- Permitting and interconnection delays.
- Certain regulatory actions.
- COVID-19 and its recent subvariants.
- General economic, geopolitical, and business conditions, including the ongoing conflict between Russia and Ukraine.
Revenue & Expenses
Visualization of income flow from segment revenue to net income