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Dec 31, 2021
Stem Q4 2021 Earnings Report
Announced fourth quarter and full year 2021 financial results.
Key Takeaways
Stem, Inc. reported a strong quarter with record revenues, backlog, pipeline, and AUM, driven by the Athena platform. The company's contracted backlog grew sequentially, driven by record bookings. Full-year 2021 revenues and bookings increased significantly, bolstering the contracted backlog and providing strong momentum into 2022.
Record revenues of $52.8 million, up 184% year-over-year.
Record bookings of $216.9 million, up 400% year-over-year.
Record contracted backlog of $449 million, up 44% sequentially.
Record contracted assets under management (AUM) of 1.6 gigawatts hours (GWh).
Forward Guidance
The Company is introducing full-year 2022 financial guidance, inclusive of AlsoEnergy, with revenue expected to more than triple. The company is on track to execute on bookings in excess of $1 billion between July 2021 and December 2022.
Positive Outlook
- Revenue: $350 - $425 million
- Non-GAAP Gross Margin: 15% - 20%
- Bookings: $650 - $750 million
- CARR (yearend): $60 - $80 million
- Strong balance sheet provides visibility into our anticipated multi-year growth in recurring software revenues.
Challenges Ahead
- Adjusted EBITDA: $(60) - $(20) million
- Supply chain delays
- Permitting delays
- Interconnection delays
- COVID-19 and general macroeconomic conditions continue to impact the supply chain and project timelines.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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