Q2 2024 Stem Inc Earnings Call Transcript
Key Points
- GAAP gross margins improved to 28% and non-GAAP gross margins to 40%, a significant year-over-year increase.
- Contracted annual recurring revenue (CARR) increased by 20% compared to Q2 2023.
- Operating cash flow improved by $154 million year-over-year, despite being negative $12 million this quarter.
- Significant progress in software activations and product launches, driving operating leverage and improved cash flow generation.
- Deployment of over 300 megawatt hours of storage assets in the quarter, contributing to approximately $3 million of annual recurring revenue (ARR).
- Revenue for the second quarter was $34 million, substantially lower than expected due to project financing delays and extended interconnection approvals.
- Bookings in the second quarter were only $25 million, impacted by delays in customer project financings.
- Operating cash flow remained negative at $12 million for the quarter.
- Backlog declined by approximately $61 million quarter-over-quarter.
- Revised guidance for full-year revenue to $200 million to $270 million, down from previous expectations.
Good day, and welcome to the Stem Inc. Second Quarter 2024 Results Conference Call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Ted Durbin, Head of Investor Relations. Please go ahead.
Thank you, operator. This is Ted Durbin, Head of Investor Relations at Stem. Welcome to our second quarter 2024 earnings call.
Before we begin, please note that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. We therefore refer you to our latest 10-Q and our other SEC filings.
Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our earnings release.
We will be using a slide presentation today. Our earnings release and presentation are on the Investor
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
