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Sep 30, 2023
Stem Q3 2023 Earnings Report
Announced third quarter 2023 results, featuring record bookings and strategic partnerships.
Key Takeaways
Stem reported a strong third quarter with record bookings of $676.4 million, a significant increase in contracted backlog to $1.84 billion, and growth in contracted storage and solar monitoring AUM. Revenue increased to $133.7 million, but was impacted by a $37.4 million reduction. The company is optimistic about achieving adjusted EBITDA positive in 2024 and highlighted a major technology and commercial alliance with SB Energy.
Record Q3 bookings of $676.4 million, approximately 2x the guidance.
Contracted backlog reached a record of $1.84 billion.
Contracted storage AUM increased to 5.0 GWh.
CARR increased to $87.5 million.
Stem
Stem
Forward Guidance
Stem is updating its full-year 2023 guidance.The Company expects to achieve adjusted EBITDA positive in 2H 2023 and full year adjusted EBITDA positive in 2024, with no expectation of a need for additional equity issuance to achieve goal.
Positive Outlook
- Revenue growth poised for strong momentum.
- Q3 2023 bookings of $676.4 million (~2x guidance for the quarter).
- Solar asset performance management backlog up +41% YoY.
- Service revenue growth expected to accelerate; SB Energy agreement on software and services for multi-GWh development pipeline.
- Engaged with supply chain partners, including U.S. domestic manufacturers, with expected double-digit declines in costs and improved payment terms.