Post by GrowthStockWiz | Commonstock | $STEM 2nd Quarter Earning Summary

Revenue of $67 million, up from $19 million (+246%) in Q2 2021
GAAP Gross Margin of 12%, up from (1)% in Q2 2021
Non-GAAP Gross Margin of 17%, up from 8% in Q2 2021
Net Loss of $32 million versus $100 million in Q2 2021
Adjusted EBITDA of $(11) million versus $(8) million in Q2 2021
Ended Q2 2022 with $335 million in cash, cash equivalents, and short-term investments

Operating Highlights

12-month Pipeline of $5.6 billion, up from $5.2 billion (+8%) at the end of Q1 2022
Bookings of $226 million, up from $45 million (+402%) in Q2 2021
Record contracted backlog of $727 million, up from $250 million (+191%) at the end of Q2 2021
Record contracted storage assets under management (AUM) of 2.1 gigawatt hours (GWh) up from 1.8 GWh (+17%) at the end of Q1 2022
Solar monitoring AUM of 32.1 gigawatts (GW), largely unchanged sequentially
Contracted Annual Recurring Revenue (CARR) of $58 million, up from $52 million (+12%) at the end of Q1 2022

John Carrington, Chief Executive Officer of Stem, commented, “We executed at a high level in the second quarter, with revenue above the top end of our guidance range for the second straight quarter, and margins and adjusted EBITDA in-line with our expectations. We are reiterating our full-year 2022 revenue and adjusted EBITDA guidance, and raising our full-year 2022 bookings and CARR guidance by 20% and 7% at the midpoint, respectively, driven by continued commercial momentum achieved by our team. Importantly, our guidance does not incorporate any potential upside from the proposed Inflation Reduction Act of 2022.

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