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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, Inc. (NYSE: STEM) announced the appointment of Saul Laureles as Chief Legal Officer and Corporate Secretary. With over 20 years of legal and strategic experience, Laureles will oversee the Company's global legal function, including corporate governance and M&A compliance. Formerly at Schlumberger, he managed legal matters affecting corporate governance and securities law. CEO John Carrington expressed confidence in Laureles’ leadership during this critical phase for Stem. Laureles aims to support Stem’s growth strategy as it transitions into a newly-public entity.
Stem, a leader in AI-driven clean energy storage, reported Q1 2021 revenues of $15.4 million, a 275% increase from $4.1 million last year. Gross Margin improved significantly with a Non-GAAP Gross Margin of 19%. However, net losses rose to $(82.6 million) due to a $66 million non-cash charge. Contracted Backlog grew to $221 million, supported by strong bookings growth of 150% year-over-year. The company reaffirmed its 2021 revenue guidance of $147 million and has a robust pipeline worth $1.43 billion.