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Jun 30, 2023
Stem Q2 2023 Earnings Report
Stem's Q2 2023 results were announced, featuring revenue above the midpoint of guidance and reaffirmed full-year guidance.
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.
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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