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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), a leader in AI-driven clean energy solutions, is set to hold a conference call on November 3, 2022, at 5:00 p.m. Eastern Time to discuss its financial results for the quarter ending September 30, 2022. A press release will precede the call at 4:05 p.m. Eastern Time. Investors can access the conference via a live webcast or telephone. The replay will be available until December 3, 2022. Stem utilizes its Athena® platform to optimize the value of clean energy assets.
Stem, a leader in AI-driven clean energy solutions, announced its Investor and Analyst Day on September 28, 2022, at 9:00 a.m. ET in New York City. The event will feature discussions on the company's strategy, technology, and long-term financial outlook. A demonstration of the Athena® software platform will be included, along with a Q&A session. A live video webcast will be available for attendees, with a registration link provided. Archived materials will be accessible post-event on the company's investor website.
Stem (NYSE: STEM) announced the appointment of Michael Carlson as Chief Operating Officer, bringing 30 years of experience in finance and operations, including 20 years in the energy sector. Carlson previously served as Vice President at Koch Engineered Solutions, focusing on Electric Technologies strategy. He has also worked at General Electric and Siemens, enhancing software solutions for the energy grid. CEO John Carrington emphasized Carlson's leadership to drive operational excellence and support Stem's innovative energy solutions.
Stem (NYSE: STEM) has launched its unified clean energy management platform, Athena®, aimed at simplifying the deployment and management of solar, storage, and EV charging assets. This platform enhances economic and environmental value, allowing businesses to reduce costs, carbon emissions, and risks while maximizing savings and revenues. With over 30 GW of assets under management, Athena integrates advanced AI capabilities, providing a comprehensive view of energy performance. Key features include real-time monitoring, market revenue optimization, and a focus on sustainability in EV charging.
Stem (NYSE: STEM) partners with InCharge Energy to offer a comprehensive EV fleet infrastructure solution, combining Stem's Athena platform with InCharge's In-Control software. This collaboration aims to optimize EV charging, manage energy loads, and support ESG goals, catering to fleet owners navigating the complex EV market. Key features include renewable energy integration, outage protection, economic forecasting, and reduced utility costs. The partnership aligns with recent incentives from the Inflation Reduction Act, enhancing project value for businesses.
Stem (NYSE: STEM) successfully dispatched approximately 86 megawatts (MW) and 268 megawatt-hours (MWh) during a Flex Alert on September 6, aiding California's electrical grid amidst extreme heat. This energy release, supporting over 103,000 homes, highlights the importance of energy storage in enhancing grid resilience. Stem's Athena® platform facilitates this effort, enhancing integrated energy management for commercial and industrial customers and showcasing the company's leadership in AI-driven clean energy solutions.
Stem (NYSE: STEM), a leader in AI-driven clean energy solutions, announced its management team will meet investors at the 2022 Barclays CEO Energy-Power Conference on September 7, 2022, in New York. The company offers innovative services designed to enhance the economic and environmental value of energy assets through its AI software platform, Athena®. More details and investor materials can be found on Stem's Investor Relations website.
Stem (NYSE: STEM) announced the anticipated signing of the Inflation Reduction Act (IRA) by President Biden, which will significantly impact clean energy investments. CEO John Carrington highlighted key benefits, including a new 30% tax credit for standalone battery storage projects and an extension of the Solar Production Tax Credit. These provisions aim to boost investment certainty and affordability in energy markets, crucial for transitioning toward cleaner energy. Stem plans to support stakeholders through educational webinars regarding IRA implications for clean energy projects.
Stem reported a significant 246% year-over-year revenue increase to $67 million in Q2 2022, driven by hardware sales and the acquisition of AlsoEnergy, contributing $14 million. The GAAP gross margin rose to 12%, while non-GAAP gross margin reached 17%. Despite a net loss of $32 million, an improvement from $100 million in Q2 2021, the company raised its full-year bookings and Contracted Annual Recurring Revenue (CARR) guidance. The contracted backlog grew significantly to $727 million, fueled by $226 million in bookings, marking an impressive 402% increase compared to the previous year.
AlsoEnergy, a Stem company, has been ranked #1 in Guidehouse Insights’ Solar and Storage Monitoring and Control Vendors report. Its flagship application, PowerTrack, along with advanced monitoring and control technologies, is recognized for improving efficiency and reducing emissions in renewable energy systems. This ranking reflects AlsoEnergy's focus on lowering costs and enhancing operational excellence. With over 33 gigawatts of renewable energy assets managed globally, AlsoEnergy aims to empower businesses in optimizing their clean energy portfolios effectively.
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