NYSE$STEM
Stem Inc. · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Stem announced its first quarter 2024 results, which included a substantial increase in CARR-to-ARR conversion and the introduction of a next-generation asset performance management software suite. The company reaffirmed its full-year 2024 guidance for operating cash flow, adjusted EBITDA, gross margin, and bookings.
Stem's first quarter 2024 results showed a revenue decrease to $25.5 million due to a $33 million non-cash adjustment, but the company achieved a record non-GAAP gross margin and improved adjusted EBITDA year-over-year. They are accelerating the conversion of CARR-to-ARR and reaffirming full-year guidance for adjusted EBITDA and operating cash flow.
- Revenue decreased to $25.5 million, impacted by a $33 million reduction due to updated contract guarantee valuations.
- Non-GAAP gross margin increased to 24% from 19% in Q1 2023.
- Bookings were $23.8 million, reflecting variability from large, utility-scale projects.
- Contracted backlog was $1.6 billion, after efforts to upgrade profitability.
Headline financials
Revenue & EPS history
Stem · Revenue · Quarterly
$25.5M
Forward guidance
The company is updating its full year 2024 guidance ranges. They reaffirm full year 2024 revenue projected quarterly performance.
Tailwinds
- Reaffirming guidance for adjusted EBITDA
- Reaffirming guidance for operating cash flow
- Maintaining bookings target of $1.5-$2.0 billion for 2024
- Expecting meaningful year-over-year growth in software services revenue.
- Focus on strengthening balance sheet.
Headwinds
- Full year revenue guidance has been adjusted downward dollar-for-dollar solely as a result of the $33 million reduction in revenue.
- Revenue $567 - $667 million
- Non-GAAP Gross Margin (%) 15% - 20%
- Adjusted EBITDA $5 - $20 million
- CARR (year-end) $115 - $130 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-2.0%
Avg return
Earnings day
-4.6%
Avg return
5 days after
+2.4%
Avg return
30 days after
52%
13 / 25 earnings
Positive
+30.3%
Q1 2025
Best reaction
-40.5%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.1% | -14.6% | -28.0% | |
| Q4 2025 | +21.2% | +8.1% | -13.8% | |
| Q3 2025 | -28.0% | -23.5% | -25.1% | |
| Q1 2025 | +30.3% | +21.2% | +17.8% | |
| Q4 2024 | +13.1% | -13.0% | -24.6% | |
| Q3 2024 | -30.2% | -22.4% | -27.5% | |
| Q2 2024 | -40.5% | -41.8% | -53.9% | |
| Q1 2024 | -26.5% | -30.3% | -28.1% | |
| Q4 2023 | +4.7% | -1.6% | -14.5% | |
| Q3 2023 | +10.9% | +5.1% | -0.3% | |
| Q2 2023 | +6.1% | +4.1% | -21.3% | |
| Q1 2023 | +11.5% | +6.0% | +36.1% | |
| Q4 2022 | -19.0% | -20.5% | -36.5% | |
| Q3 2022 | +1.5% | -1.1% | -0.3% | |
| Q2 2022 | +23.9% | +25.7% | +21.5% | |
| Q1 2022 | +6.5% | -15.9% | +6.8% | |
| Q4 2021 | -10.2% | -4.9% | +11.0% | |
| Q3 2021 | -0.7% | -0.2% | -20.7% | |
| Q2 2020 | -14.5% | -20.1% | -20.9% | |
| Q2 2021 | -14.5% | -20.1% | -20.9% | |
| Q1 2021 | +6.9% | +22.5% | +77.1% | |
| Q1 2020 | +6.9% | +22.5% | +77.1% | |
| Q4 2020 | -12.0% | -5.2% | -3.8% | |
| Q3 2020 | +0.0% | +2.6% | +76.9% | |
| Q4 2019 | +0.0% | +2.6% | +76.9% | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — |
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