Stem Announces Second Quarter 2021 Financial Results
August 11 2021 - 04:05PM
Revenue at high end of guidance
Company reaffirms 2021 financial guidance
Stem, Inc. ("Stem" or the "Company") (NYSE:STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, announced today its financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Financial and Operating Highlights
Financial Highlights
Revenues of $19.3 million, up from $4.4 million (+339%) in the same quarter last year
Gross Margin (GAAP) of (1)% versus (40)% in the same quarter last year
Non-GAAP Gross Margin of 11%, up from 5% in the same quarter last year
Net Loss of $(100.2) million versus $(19.0) million in the same quarter last year
Adjusted EBITDA of $(8.6) million vs. $(7.5) million in the same quarter last year
Ended the second quarter with $474 million in cash and zero debt
Operating Highlights
12-month Pipeline of $1.7 billion, up from $1.4 billion (+21%) at end of the first quarter
Contracted Backlog of $250 million, up from $221 million (+13%) at end of the first quarter
Contracted Assets Under Management (AUM) of 1.2 gigawatt hours (GWh), up from 0.5 GWh in the same quarter last year
John Carrington, Chief Executive Officer of Stem, commented, “We are pleased to announce a solid second quarter of execution, building on our strong first-quarter results. Revenue was at the high end of our guidance range, which, coupled with our gross margin and operating expense performance, keeps us on track to meet our full-year revenue and Adjusted EBITDA targets. Our sales team continued to leverage our partner channel in multiple geographies increasing our contracted backlog to $250 million (13% sequential growth), providing us with increased visibility into 2022 revenue. As the first pure-play publicly traded smart energy storage company, our experience, industry-leading Athena® software platform, robust service offerings, and strong balance sheet will continue to differentiate Stem in this rapidly expanding market.”
