Stem Inc Stock Price, News & Analysis

Stem Inc. (NYSE: STEM) has appointed Albert Hofeldt, PhD as Chief Technology Officer (CTO), effective immediately. Previously serving as Executive Vice President of Technology since 2022, Dr. Hofeldt will report to interim CEO David Buzby. His primary focus will be combining Stem's PowerTrack™ and Athena® platforms into a single platform for asset management and optimization across solar and storage assets. During his two-year tenure at Stem, Hofeldt has led the integration of solar and storage technology teams, expanded the Technology Center in India, and developed next-generation software solutions including Athena and PowerTrack™ Asset Performance Management.

Stem Inc. (NYSE: STEM) has announced a new software and services-centric strategy aimed at driving scalable growth and profitability. The company is shifting its focus to:

1. Emphasize software and services to generate predictable, recurring, high-margin revenue
2. Expand energy consulting services as a competitive differentiator
3. Enhance AI-enabled software and edge device capabilities
4. Update approach to battery hardware resales

This strategic shift is expected to improve gross margins, working capital, and cash flow profile. Stem will prioritize its PowerTrack and Athena platforms, combining them into a single platform for asset management and optimization across solar and storage assets. The company will provide hardware procurement advisory services but will only procure hardware under strict profitability criteria.

Stem (NYSE: STEM), a global leader in AI-driven clean energy software and services, has announced its upcoming Third Quarter 2024 Earnings Results Conference Call. The call is scheduled for Wednesday, October 30, 2024, at 5:00 p.m. Eastern Time. A press release detailing the financial results will be issued at approximately 4:05 p.m. Eastern Time on the same day.

Investors and interested parties can access the conference call through a live webcast available at https://investors.stem.com/events-and-presentations. Alternatively, the call can be joined via telephone by dialing 1-844-825-9789 (US) or 1-412-317-5180 (International) and referencing Stem. A replay of the call will be available until November 30, 2024, and can be accessed using specific dial-in numbers. An archive of the webcast will remain on Stem's website for 12 months following the call.

Stem (NYSE: STEM) has received a notice from the New York Stock Exchange (NYSE) on August 28, 2024, stating that its average closing stock price has fallen below $1.00 per share over 30 consecutive trading days, violating the NYSE's minimum price requirement. Stem has a six-month cure period to regain compliance by achieving a closing price of at least $1.00 per share and an average closing price of $1.00 over a 30-trading-day period. The company's shares continue to trade on the NYSE, subject to other listing requirements. Failure to meet these conditions could result in delisting. Stem assures that this notice does not affect its business operations, SEC reporting obligations, or existing debt agreements.

Stem, Inc. (NYSE: STEM), a global leader in AI-driven clean energy software and services, announced significant leadership changes. Doran Hole has been appointed as Chief Financial Officer and Executive Vice President, effective September 2, 2024. He will oversee the company's software and services group, including the recently announced Athena® PowerBidder™ Pro product. David Buzby, current Chairman of the Board, has been appointed Executive Chair to partner with CEO John Carrington in a strategic review of the business. Laura D'Andrea Tyson has been named Lead Independent Director of the Board.

The company is streamlining its management structure by eliminating the Chief Strategy Officer role, with Prakesh Patel departing immediately. Stem has also created a Software Strategy Working Group, chaired by board member Gerard Cunningham, to collaborate with management on developing strategy. These changes aim to support the execution of Stem's strategic priorities, focusing on growing software services revenue, extending technology leadership, and driving profitable growth.

Stem reported its Second Quarter 2024 results, highlighting a 63% decrease in revenue to $34.0 million from $93.0 million in Q2 2023. The GAAP gross margin increased to 28% from 13% due to a higher mix of service revenues. Net loss was $582.3 million, primarily due to a $547 million impairment of goodwill. Bookings fell significantly to $25.4 million from $236.4 million in Q2 2023, impacted by project delays. The company's contracted backlog stands at $1.6 billion, a 14% increase year-over-year.

Stem revised its full-year 2024 guidance, projecting revenue of $200-$270 million, a significant decline from prior estimates of $567-$667 million. Despite the challenges, the company expects positive operating cash flow for the year.

Management updates include Bill Bush stepping down as CFO, with Doran Hole taking over from September 2, 2024. The company aims to maintain cash flow and increase software services revenue to drive long-term value.

Stem (NYSE: STEM), a leader in AI-driven clean energy solutions, has announced its upcoming second quarter 2024 earnings results conference call. The call is scheduled for Tuesday, August 6, 2024, at 5:00 p.m. Eastern Time. A press release detailing the financial results will be issued at approximately 4:05 p.m. Eastern Time on the same day.

Investors and interested parties can access the conference call via a live webcast at https://investors.stem.com/events-and-presentations or by dialing (844) 825-9789 for domestic callers or (412) 317-5180 for international callers. A replay will be available until September 6, 2024, and can be accessed by dialing (844) 512-2921 (US) or (412) 317-6671 (international) with the passcode 10191244. An archive of the webcast will be available on Stem's website for 12 months following the call.

Stem and AEPCO have partnered with Prometheus Power to deploy a 40 MWh energy storage system integrated with a 20 MW photovoltaic system for Sulphur Springs Valley Electric Co-op (SSVEC). This project is part of three similar deployments expected to be operational by the end of the year, leveraging Stem's AI-driven software, Athena®, to optimize performance.

John Carrington, CEO of Stem, highlighted the rapid growth and future potential of the electric co-op segment, which is forecasted to represent over 20% of future storage deployments. Patrick Ledger, CEO of AEPCO, emphasized strategic investments in renewable energy and battery storage to diversify their energy portfolio.

SSVEC has significantly reduced its coal-generated energy from over 80% in 2016 to 25% in 2023, with 18% now from renewables. The project aims to provide reliable, cost-effective clean energy to 53,000 members, driving sustainable practices in the energy sector.

A ribbon-cutting ceremony will be held on June 13, 2024, in Sahuarita, Arizona.

Stem, a global leader in clean energy solutions, announced the PowerTrack™ Asset Performance Management suite to streamline the management of storage, solar, and hybrid energy portfolios. The software aims to optimize asset performance, enhance operational efficiency, and ensure compliance as companies scale their clean energy portfolios.