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Stem, Inc. (Symbol: STEM) is a prominent provider of energy storage systems, leveraging the power of big data, predictive analytics, and cutting-edge technology to revolutionize the energy sector. The company offers an all-encompassing solution by bundling third-party hardware with its proprietary Athena software, catering to commercial and industrial customers, independent power producers, and renewable developers.
Stem Inc.'s core business focuses on optimizing energy usage for businesses, reducing electric costs, and contributing to a cleaner, more resilient grid. By integrating energy storage with advanced analytics, the company helps clients maximize renewable energy generation, ensuring efficient energy distribution and consumption.
Recent achievements and current projects underline Stem's commitment to innovation and sustainability. The company continues to enhance its Athena software, adding new features and capabilities to better serve its diverse clientele. Stem's financial condition remains robust, with strategic partnerships and projects driving growth and expanding its market reach.
SAN FRANCISCO--(BUSINESS WIRE)--
Stem Inc. recently announced a series of new developments, reinforcing its position as a leader in the energy storage sector. These include collaborations with major industry players and significant advancements in their technology offerings.
With a focus on sustainability, reliability, and customer satisfaction, Stem Inc. stands at the forefront of the energy revolution, providing innovative solutions that address the evolving needs of the energy market.
Stem, Inc. (NYSE: STEM) reassured investors regarding the impact of the Silicon Valley Bank (SVB) closure. The company estimates that less than 5% of its cash and short-term investments are affected, with no credit facilities or financial ties to SVB. Stem's financial assets are diversified among large national institutions, ensuring continued operations. The company is monitoring the situation and assessing its effects on stakeholders. Additionally, Stem continues to provide AI-driven energy solutions, including its Athena® platform, designed to optimize energy asset management.
Stem reported record full-year 2022 revenue of $363 million, nearly tripling from $127 million in 2021. The fourth quarter 2022 revenue reached $156 million, up 194% year-over-year. Despite these gains, the net loss for 2022 increased to $124 million compared to $101 million in 2021. The company anticipates achieving positive adjusted EBITDA in the second half of 2023 and has introduced full-year 2023 revenue guidance between $550 million to $650 million. Notable growth metrics include a contracted backlog of $969 million and a 12-month pipeline valued at $7.1 billion.
Stem (NYSE: STEM) and ChargePoint (NYSE: CHPT) have announced a joint eMobility offering aimed at enhancing electric vehicle (EV) charging infrastructure. The solution will leverage Stem’s AI-driven Athena platform and ChargePoint’s Express Plus management software to provide cost savings and operational efficiency. The collaboration supports access to federal and state funding, potentially offsetting up to 80% of project costs through the National Electric Vehicle Infrastructure (NEVI) Program, which allocates $5 billion over five years. The joint offering is predicted to greatly enhance the economic, environmental, and resilience aspects of EV charging stations.
ChargePoint (NYSE: CHPT) and Stem (NYSE: STEM) have announced a partnership to enhance EV charging and battery storage solutions. This agreement aims to improve economic outcomes and energy resilience for EV site hosts, particularly in reducing operational costs and meeting ESG goals. ChargePoint will assess EV charging demands and eligibility for incentive programs, while Stem will integrate its AI-driven energy management platform, Athena®, with ChargePoint's Express Plus fast charging system. The partnership aligns with federal funding initiatives like NEVI, aimed at expanding EV infrastructure across the U.S.
Stem, Inc. (NYSE: STEM) is set to discuss its financial results for Q4 2022 on February 16, 2023, at 5:00 p.m. ET. The press release detailing the results will be issued around 4:05 p.m. ET. Investors can access the call via a live webcast or by phone. Stem specializes in AI-driven clean energy solutions aimed at enhancing the economic and environmental value of energy assets. Its platform, Athena®, facilitates the deployment of clean energy assets. A replay of the call will be available for 30 days post-event.
John Carrington, CEO of Stem, a leader in AI-driven energy solutions, discussed the future of energy storage and capital allocation strategies on ICR's podcast, 'Welcome to the Arena.' This episode delves into Stem's partnerships and Carrington's career, aiming to provide insights into the company's direction over the next three to five years. The podcast, launched in August 2021, brings together influential figures from finance and industry.
Stem (NYSE: STEM), a leader in AI-driven energy solutions, will engage with investors at the 2023 Global Energy and Clean Technology Conference on January 5, 2023, at 4:20 pm ET in Miami, Florida. The event will feature a fireside chat with management and will be accessible via live webcast. Replay options will be available on Stem’s investor relations site for 180 days. Stem's Athena® software platform enhances the value of clean energy assets and supports various applications for better asset management.
Stem, Inc. (NYSE: STEM) announced four energy storage projects in Texas totaling 39.6 MW in partnership with REX Storage Holdings. This marks a $400M equity commitment by REX for new projects in the ERCOT region, serving over 26 million customers. Stem will provide its AI-driven Athena platform and related services throughout the projects' lifespan. The installations are currently under construction and expected to be operational by the end of 2023, positioning them for optimized returns amid the growing demand for renewable energy solutions.
Stem (NYSE: STEM), a leader in AI-driven clean energy solutions, has been recognized by Frost & Sullivan as the Leader in Innovation in the Frost Radar report for Digital Platforms in Renewable Energy and Battery Storage Optimization. Stem's Athena platform, combined with PowerTrack, enhances asset management in the clean energy sector. With anticipated rapid growth in global grid-scale battery storage systems, Stem is well-positioned to leverage AI for forecasting and energy trading. This recognition underscores Stem’s decade-long commitment to optimizing value for its clients globally.
Stem, a leader in AI-driven energy solutions, reported record revenue of $100 million for Q3 2022, reflecting a 150% increase from $40 million in Q3 2021. GAAP gross margin improved to 9% while net loss was $34 million compared to a net income of $116 million in the previous year. The company ended the quarter with $294 million in cash and a robust $7.2 billion 12-month pipeline. Bookings reached $223 million, marking a 115% year-over-year increase. Despite supply chain constraints, Stem is poised for significant growth, reaffirming FY 2022 guidance.
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