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Sep 30, 2022
Stem Q3 2022 Earnings Report
Reported record quarterly revenue and reaffirmed financial guidance.
Key Takeaways
Stem, Inc. announced record revenue of $100 million for Q3 2022, a 150% increase from Q3 2021. The company reaffirmed its full-year 2022 financial and operating guidance. Key metrics including contracted backlog and bookings more than doubled compared to the same quarter last year.
Achieved record revenue of $100 million, exceeding the high end of guidance.
Reported bookings of $223 million, up 115% year-over-year.
Increased contracted backlog to a record $817 million, up 162% year-over-year.
Reaffirmed full-year 2022 financial guidance and raised the bottom end of bookings guidance.
Stem
Stem
Stem Revenue by Segment
Forward Guidance
The company reaffirms full-year 2022 Revenue and Bookings projected quarterly performance.
Positive Outlook
- Revenue: $350 - $425 million (unchanged)
- Non-GAAP Gross Margin: 15% - 20% (unchanged)
- Adjusted EBITDA: $(60) - $(20) million (unchanged)
- Bookings: $850 - $950 million (previous $775 - $950 million)
- CARR (year-end): $65 - $85 million (unchanged)
Challenges Ahead
- Non-GAAP Gross Margin to trend towards the lower end of guidance due to supply chain constraints.
- Supply chain constraints primarily impacting AlsoEnergy due to delays in solar equipment deliveries.
- Volatility in the costs of equipment and labor.
- Rising interest rates.
- COVID-19 and its recent subvariants, potential import tariffs, and general economic, geopolitical, and business conditions, including the ongoing conflict between Russia and Ukraine, continue to affect and cause uncertainty in the supply chain and project timelines.
Revenue & Expenses
Visualization of income flow from segment revenue to net income