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Stem, Inc. provides AI-enabled clean energy software, services and edge hardware for energy storage and renewable energy assets. The company’s updates center on its PowerTrack software suite, including energy management, asset monitoring, optimization, utility dispatch, grid coordination and telemetry for battery energy storage systems and solar portfolios.
Recurring news also covers quarterly results, recurring software revenue, gross margin and adjusted EBITDA trends; customer deployments for utility-scale and behind-the-meter storage; partnerships around battery management and control systems; and completed software asset acquisitions that add automated fault detection and event-management capabilities to PowerTrack.
Stem (NYSE: STEM) successfully dispatched approximately 86 megawatts (MW) and 268 megawatt-hours (MWh) during a Flex Alert on September 6, aiding California's electrical grid amidst extreme heat. This energy release, supporting over 103,000 homes, highlights the importance of energy storage in enhancing grid resilience. Stem's Athena® platform facilitates this effort, enhancing integrated energy management for commercial and industrial customers and showcasing the company's leadership in AI-driven clean energy solutions.
Stem (NYSE: STEM), a leader in AI-driven clean energy solutions, announced its management team will meet investors at the 2022 Barclays CEO Energy-Power Conference on September 7, 2022, in New York. The company offers innovative services designed to enhance the economic and environmental value of energy assets through its AI software platform, Athena®. More details and investor materials can be found on Stem's Investor Relations website.
Stem (NYSE: STEM) announced the anticipated signing of the Inflation Reduction Act (IRA) by President Biden, which will significantly impact clean energy investments. CEO John Carrington highlighted key benefits, including a new 30% tax credit for standalone battery storage projects and an extension of the Solar Production Tax Credit. These provisions aim to boost investment certainty and affordability in energy markets, crucial for transitioning toward cleaner energy. Stem plans to support stakeholders through educational webinars regarding IRA implications for clean energy projects.
Stem reported a significant 246% year-over-year revenue increase to $67 million in Q2 2022, driven by hardware sales and the acquisition of AlsoEnergy, contributing $14 million. The GAAP gross margin rose to 12%, while non-GAAP gross margin reached 17%. Despite a net loss of $32 million, an improvement from $100 million in Q2 2021, the company raised its full-year bookings and Contracted Annual Recurring Revenue (CARR) guidance. The contracted backlog grew significantly to $727 million, fueled by $226 million in bookings, marking an impressive 402% increase compared to the previous year.
AlsoEnergy, a Stem company, has been ranked #1 in Guidehouse Insights’ Solar and Storage Monitoring and Control Vendors report. Its flagship application, PowerTrack, along with advanced monitoring and control technologies, is recognized for improving efficiency and reducing emissions in renewable energy systems. This ranking reflects AlsoEnergy's focus on lowering costs and enhancing operational excellence. With over 33 gigawatts of renewable energy assets managed globally, AlsoEnergy aims to empower businesses in optimizing their clean energy portfolios effectively.
Stem, Inc. (NYSE: STEM) will hold a conference call on August 4, 2022, to discuss its financial results for the quarter ended June 30, 2022. The call starts at 5:00 p.m. Eastern Time, with a press release issued at 4:05 p.m. Participants can access the call via a live webcast or by telephone. A replay will be available until September 4, 2022. Stem specializes in AI-driven energy software and services, focusing on optimizing energy usage through advanced solutions and analytics.
Stem (NYSE: STEM) will engage in a fireside chat at the J.P. Morgan 2022 Energy, Power & Renewables Conference in New York City on June 23, 2022, at 2:55 p.m. Eastern Time. The session will be available via webcast, accessible through Stem's investor relations website. Following the event, a recording will be archived for 30 days. Stem is a leader in AI-driven energy software solutions, focusing on optimizing energy use with advanced storage and analytics, and supports solar projects and energy management.
Stem (NYSE: STEM), through its subsidiary AlsoEnergy, has launched a distribution channel aimed at enhancing the adoption of clean energy assets across the U.S. This channel will provide Engineering, Procurement and Construction (EPC) firms and developers with streamlined access to AlsoEnergy’s edge-to-cloud optimization platform, which includes solutions for solar C&I systems. The initiative is expected to expand with additional distributors, reinforcing AlsoEnergy's position in the clean energy market and supporting its growth in asset management.
Stem reported Q1 2022 revenue of $41.1 million, a 166% increase from $15.4 million in Q1 2021. The GAAP Gross Margin rose to 9%, compared to (1)% a year ago. Despite a net loss of $(22.5) million, a significant improvement from $(82.6) million in Q1 2021, the company reaffirmed its full-year guidance. Significant growth in bookings to $151 million and a contracted backlog of $565 million, up 156% YoY, indicates strong operational momentum. The company ended Q1 with a cash reserve of $352 million.
Stem, Inc. (NYSE: STEM), an AI-driven energy solution leader, will host a conference call on May 5, 2022, at 5:00 p.m. ET to discuss its financial results for the quarter ending March 31, 2022. A press release will be available at 4:05 p.m. ET. Investors can access the call via a live webcast or by phone. A replay will be available until May 12, 2022. Stem provides advanced energy storage solutions integrated with AI to help customers optimize energy use and achieve sustainability goals.