Stem, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 04:05 pm EDT
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Stem, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 133.74 million compared to USD 99.5 million a year ago. Net loss was USD 77.07 million compared to USD 34.28 million a year ago. Basic loss per share from continuing operations was USD 0.49 compared to USD 0.22 a year ago.
For the nine months, revenue was USD 294.09 million compared to USD 207.54 million a year ago. Net loss was USD 102.73 million compared to USD 88.78 million a year ago. Basic loss per share from continuing operations was USD 0.66 compared to USD 0.58 a year ago.
Stem, Inc. provides clean energy solutions and services designed to maximize the economic, environmental, and resiliency value of energy assets and portfolios. Its artificial intelligence (AI)-driven enterprise software platform, Athena, enables organizations to deploy and unlock value from clean energy assets at scale. It delivers its battery hardware and software-enabled services to its customers through its Athena platform. Its applications, including AlsoEnergyâs PowerTrack, simplify and optimize asset management and connect an ecosystem of owners, developers, assets, and markets. It operates in two key areas within the energy landscape: Behind-the-Meter (BTM) and Front-of-the-Meter (FTM). BTM systems provide power that can be used on-site without interacting with the electric grid and passing through an electric meter. It also offers integrated partner solutions to help improve returns across energy projects, including storage, solar, and electric vehicle (EV) fleet charging.