(“Stem” or the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy solutions and services, announced today its financial results for the three and six months ended June 30, 2023. SAN FRANCISCO-( BUSINESS WIRE)-Stem, Inc. Solar monitoring AUM of 26.0 gigawatts (“GW”), up from 25.6 GW (+2%) at the end of Q1 2023, highlighted by 304 MW Hungary projectĬontracted annual recurring revenue (“CARR”) of $74.9 million, up from $57.6 million (+30%) at end of Q2 2022, and sequentially up from $71.5 million (+5%) versus Q1 2023 Record contracted storage assets under management (“AUM”) of 3.8 gigawatt hours (“GWh”) at end of Q2 2023, up from 3.5 GWh (+9%) at end of Q1 2023 Record contracted backlog of $1.36 billion at end of Q2 2023, up from $726.6 million (+88%) at end of Q2 2022 Net income of $19.1 million versus net loss of $32.0 million in Q2 2022Īdjusted EBITDA of $(9.5) million versus $(11.1) million in Q2 2022Įnded Q2 with $138.2 million in cash, cash equivalents, and short-term investmentsīookings of $236.4 million, up from $225.7 million (+5%) in Q2 2022 Non-GAAP gross margin of 18%, up from 17% in Q2 2022 GAAP gross margin of 13%, up from 12% in Q2 2022 Second Quarter 2023 Financial and Operating Highlights Reaffirm Full-Year 2023 Financial and Operating Guidance T echnology Leadership Further Recognized By Third-Party Awards Strong Second Quarter Revenue of $93 million, Above Midpoint of Guidance RangeĪmeresco (313 MWh) and Hungary (304 MW) Projects Highlight FTM Momentum
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