Our diversity of customers and markets, including growing momentum in standalone storage and BTM solar projects, provides greater certainty into our near-term revenues. Department of Commerce inquiry into anti-dumping and countervailing duties on solar modules has caused uncertainty for solar developers. As we continue to drive additional customer value, we have been able to implement price increases for our solar asset performance software in the quarter, reflecting our unique capabilities in the market.Ī recently announced U.S. The integration of AlsoEnergy is proceeding on track as we combine the commercial and technical strengths into one company focused on providing differentiated solutions for our customers. We believe Stem’s differentiated software solutions, coupled with our customer-focused employees and strong balance sheet, will drive multi-year growth in high margin recurring software and services revenues, as evidenced by our 16% non-GAAP gross margin this quarter. ![]() As our AUM expands in both storage and solar monitoring, our AI-driven software can deliver improved economic optimization and asset management solutions to our renewable energy customers. We are also pleased with the increase in CARR to $51.5 million, reflecting our long-term focus on high-margin software and services revenue. That is the second-highest bookings performance in Company history after the fourth quarter 2021, underscoring our accelerating momentum. Our contracted backlog grew 156% as compared to the period ended March 31, 2021, driven by $151 million in bookings, which nearly tripled versus first quarter 2021. Revenue for the quarter was above the high end of our guidance range, and we reaffirm our full-year 2022 guidance for all of our key financial and operational metrics. John Carrington, Chief Executive Officer of Stem, commented, “We are pleased to report a strong first quarter, with robust growth in revenue, backlog, pipeline, AUM, and CARR, all driven by our market-leading software platforms. Reported results in this press release reflect AlsoEnergy’s operations for the period from Februthrough March 31, 2022. Stem (the "Company") (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy software and services, announced today its financial results for the three months ended March 31, 2022. Solar monitoring AUM of 32.4 gigawatts (GW)Ĭontracted Annual Recurring Revenue (CARR) of $51.5 million, up from $24.1 million (114%) at the end of Q4 2021 ![]() Record contracted storage assets under management (AUM) of 1.8 gigawatt hours (GWh) up from 1.6 GWh (+13%) at the end of Q4 2021 Record contracted backlog of $565 million, up from $221 million (+156%) at the end of Q1 2021 Net Loss of $(22.5) million versus $(82.6) million in Q1 2021Īdjusted EBITDA of $(12.8) million versus $(3.2) million in Q1 2021Įnded Q1 2022 with $352 million in cash, cash equivalents, and short-term investmentsġ2-month Pipeline of $5.2 billion, up from $4.0 billion (+30%) at the end of Q4 2021īookings of $151 million, up from $51 million (+196%) in Q1 2021 ![]() Non-GAAP Gross Margin of 16% versus 13% in Q1 2021 GAAP Gross Margin of 9% versus (1)% in Q1 2021 Quarterly revenue 29% above high end of guidance rangeĪlsoEnergy commercial synergies on track for 2022 bookingsĮxpect minimal impact from AD/CVD inquiry in solar industryįirst Quarter 2022 Financial and Operating Highlights
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