(“Stem” or the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy solutions and services, announced today its financial results for the three months ended September 30, 2022. Contracted Annual Recurring Revenue ( CARR) of $61 million, up from $58 million (+5%) at end of Q2 2022.Solar monitoring AUM of 25 gigawatts (GW), down 7 GW sequentially primarily due to a one-time reduction of unprofitable platforms and customers.Record contracted storage assets under management (AUM) of 2.4 gigawatt hours (GWh) at end of Q3 2022, up from 2.1 GWh (+14%) at end of Q2 2022.Record contracted backlog of $817 million at end of Q3 2022, up from $312 million (+162%) at end of Q3 2021.12-month Pipeline of $7.2 billion at end of Q3 2022, up from $5.6 billion (+29%) at end of Q2 2022.Ended Q3 2022 with $294 million in cash, cash equivalents, and short-term investments.Adjusted EBITDA of $(13) million versus $(7) million in Q3 2021.Net Loss of $34 million versus Net Income of $116 million in Q3 2021.Non-GAAP Gross Margin of 13%, in-line with 13% in Q3 2021.
Third Quarter 2022 Financial and Operating Highlights R eaffirm FY 2022 financial and operating guidanceĪthena ® ranked #1 for innovation in optimization and trading platforms by Frost & Sullivan
Record quarterly revenue of $100 million, above high end of guidance
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