Stem Q2 2023 Earnings Report
Key Takeaways
Stem, Inc. reported a strong second quarter with revenue of $93 million, a 39% increase year-over-year. The company reaffirmed its full-year 2023 financial and operating guidance, expecting positive adjusted EBITDA in the second half of the year. Key highlights include a 5% sequential increase in CARR, reaching $74.9 million, and bookings of $236.4 million, up 5% year-over-year.
Revenue reached $93.0 million, a 39% increase compared to Q2 2022.
Bookings increased to $236.4 million, up 5% year-over-year.
Contracted backlog reached a record $1.36 billion, up 88% year-over-year.
Contracted annual recurring revenue (CARR) grew to $74.9 million, a 30% increase year-over-year.
Stem
Stem
Stem Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income