NYSE$STEM
Stem Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Announced second quarter 2024 results and revised full year 2024 guidance.
Stem's Q2 2024 revenue was $34.0 million, a 63% decrease year-over-year, primarily due to project timeline extensions. The company reported a net loss of $582.3 million, driven by a one-time non-cash impairment of goodwill. Despite the revenue decline, GAAP gross margin improved to 28%, and the company is revising its full year 2024 guidance.
- Revenue decreased 63% year-over-year to $34.0 million.
- Net loss was $582.3 million, impacted by a one-time non-cash impairment of goodwill.
- GAAP gross margin improved to 28%, up from 13% in Q2 2023.
- Contracted backlog reached $1.6 billion, up 14% year-over-year.
Headline financials
Revenue & EPS history
Stem · Revenue · Quarterly
$34M
Forward guidance
Stem is updating its full year 2024 guidance due to recent financial results and expected continuation of interconnection and USDA funding delays. The company anticipates generating positive operating cash flow this year and does not foresee the need to raise additional equity.
Tailwinds
- Expect to generate positive operating cash flow this year.
- Do not anticipate the need to raise additional equity.
- Focus on reducing costs and managing cash.
- Building software services revenue.
- Extending technology leadership position.
Headwinds
- Revenue revised to $200 - $270 million (previously $567 - $667 million).
- Non-GAAP Gross Margin revised to 25% - 30% (previously 15% - 20%).
- Adjusted EBITDA revised to $(30) - $(20) million (previously $5 - $20 million).
- Bookings revised to $600 - $1,100 million (previously $1,500 - $2,000 million).
- CARR (year-end) revised to $100 - $110 million (previously $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 Q2 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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