Stem Inc Stock Price, News & Analysis

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.

Stem, Inc. announced its Q1 2024 results, highlighting a 42% increase in CARR-to-ARR conversion, the launch of a new PowerTrack APM suite, and reaffirmation of 2024 guidance. The financials showed a revenue decrease to $25.5 million, a net loss of $72.3 million, and operating cash flow improvement. Stem also reported booked contracts of $23.8 million, a contracted backlog of $1.6 billion, and a focus on higher-margin contracts.