Stem Inc - STEM STOCK NEWS

Stem, Inc. (NYSE: STEM), a leader in AI-driven clean energy solutions, will hold a conference call on May 4, 2023, at 5:00 p.m. Eastern Time to discuss its financial results for the quarter ending March 31, 2023. A press release will precede the call at approximately 4:05 p.m.. Investors can access the call via a live webcast at this link or by phone at (855) 327-6837 for U.S. callers and (631) 891-4304 for international participants. A replay will be available shortly after the call until June 4, 2023, accessible by dialing (844) 512-2921. Stem’s software platform Athena® enhances the value of clean energy assets, facilitating optimized management and improved returns for energy projects.

Stem, Inc. (NYSE: STEM) announced the pricing of $200 million in 4.25% Green Convertible Senior Notes due 2030, an increase from the original $175 million offering. The notes will be sold to qualified institutional buyers, with a potential additional $40 million option for initial purchasers. Settlement is anticipated on April 3, 2023. The notes will convert based on an initial rate of 140.3066 shares per $1,000 of notes at a price of approximately $7.13 per share. Stem plans to use about $99.8 million of the proceeds to cancel existing 2028 notes and allocate funds toward Eligible Green Expenditures.

Stem, Inc. (NYSE: STEM) announced plans to offer $175 million of green Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers. An additional $35 million may be issued if initial purchasers exercise their option. The Notes will be senior, unsecured obligations, accruing interest payable semi-annually. Stem intends to use proceeds to repurchase some of its 2028 Notes, fund capped call transactions, and for general corporate purposes. The offering aims to finance Eligible Green Expenditures related to clean energy initiatives. The Notes will not be registered under the Securities Act.

Stem has been recognized as the largest energy storage virtual power plant (VPP) operator in North America by Wood Mackenzie, with 2.5 GWh of contracted storage assets under management across 14 VPPs. This represents a 60% increase in assets from the previous year. Their AI-driven platform, Athena, optimizes energy management and has proven effective in addressing market challenges, such as price volatility.

Stem's leadership in California includes partnerships with commercial and industrial clients, contributing to grid resiliency. The company also aims to expand its reach into the PJM market, leveraging its successes.

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.