- Stem Inc STEM reported first-quarter FY21 revenue growth of 275% year-on-year to $15.4 million, exceeding the higher end of the company guidance.
- Higher hardware revenue from Front of the Meter (FTM) partnership agreements, and more service revenue from host customer arrangements, drove the growth.
- Hardware revenue rose 14.7 times to $10.5 million, while Services revenue rose 44% Y/Y to $4.9 million.
- Contracted Backlog rose to $221 million from strong Y/Y bookings growth of 150%. It increased over 20% Q/Q, reflecting strong commercial momentum, particularly in the FTM segment and a booming end market.
- Contracted Assets Under Management (AUM) more than doubled Y/Y to 1.10 GWh from higher commercial activity and the addition of the 345-megawatt hour (MWh) Electrodes Holdings. Contracted AUM rose 10% Q/Q as new systems came into service.
- Non-GAAP gross margin expanded 1,800 basis points to 19% from a higher mix of software service revenues and higher-margin hardware deliveries.
- Net loss rose 372% Y/Y to $(82.6) million due to a $66 million non-cash charge from the revaluation of warrants, partially offset by higher margins and lower operating expenses.
- EPS loss was $(6.73).
- Adjusted EBITDA loss declined 57.7% Y/Y to $(4.1) million from higher gross margins and lower operating expenses, reflecting the success in Stem’s channel strategy driving lower customer acquisition costs.
- Stem held $9.9 million in cash and equivalents and used $1.8 million in operating cash flow.
- Stem completed its business combination with Star Peak and began trading on April 29, 2021.
- Guidance: Stem reiterated FY21 revenue outlook of $147 million.
- Price action: STEM shares traded higher by 0.89% at $18.20 in the premarket session on the last check Monday.
Related content: Benzinga's Full Guidance Calendar
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