Our differentiated software offering, customer-focused employees, and strong balance sheet provide visibility into our anticipated multi-year growth in recurring software revenues.” In addition, we are on track to execute on bookings in excess of $1 billion between July 2021 and December 2022. We are pleased to introduce our 2022 revenue guidance range, inclusive of AlsoEnergy, which at the midpoint implies we will more than triple our revenues again this year. “Supply chain, permitting and interconnection delays negatively impacted our fourth quarter revenues, but demand remains robust, and we expect these issues to resolve over time. With our common mission critical software offerings, we provide high value solutions which enhances revenues and manage costs for renewable energy projects across the globe. The transaction is transformational, as it combines two of the leading renewable energy software platforms to provide best in class services to the fast-growing renewable energy industry. “As previously announced, we completed the AlsoEnergy transaction earlier this month. We believe CARR, estimated to be between $60M - $80M for 2022, when combined with our historically low churn, will provide a long-term view to our anticipated growth in services revenue. The metric will provide visibility to the growth in our software and services base as we continue to build existing markets and enter new ones. “As part of our continued focus on our software platforms, Athena and AlsoEnergy’s PowerTrack, we plan to add a sixth key metric to our reporting stack with the addition of contracted annual recurring revenue or “CARR”. For the full-year 2021, revenues grew 251% to $127 million, and bookings grew 202% to $417 million, bolstering our contracted backlog, which grew 144% year-over-year and provides strong momentum into 2022 and beyond. Our contracted backlog grew sequentially by 44% during the quarter, driven by a record $217 million in bookings. John Carrington, Chief Executive Officer of Stem, commented, “We reported another strong quarter with record revenues, backlog, pipeline and AUM, all driven by our market-leading Athena platform. All reported results included in this release do not reflect the acquisition of AlsoEnergy, which closed on February 1, 2022. ("Stem" or the "Company") (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy software and services, announced today its financial results for the three and 12 months ended December 31, 2021. Record contracted AUM of 1.6 GWh at the end of 2021, up from 1.0 GWh (+60%) in 2020 Record contracted backlog of $449 million, up from $184 million (+144%) in 2020 Record 12-month pipeline of $4.0 billion at the end of 2021, up from $2.4 billion (+67%) at the end of Q3 2021, and up from $1.6 billion (+150%) in 2020 Record contracted assets under management (AUM) of 1.6 gigawatts hours (GWh) at the end of 2021, up from 1.4 GWh (+14%) at the end of Q3 2021 Record contracted backlog of $449 million, up from $312 million (+44%) at the end of Q3 2021 Operating Highlights – Fourth Quarter 2021 Net Loss of $(101.2) million versus Net Loss of $(156.1) million in 2020Īdjusted EBITDA of $(30.3) million versus $(25.4) million in 2020 Non-GAAP Gross Margin of 11% versus 10% in 2020 GAAP Gross Margin of 1% versus (11)% in 2020 Net Loss of $(34.1) million versus Net Loss of $(100.9) million in Q4 2020Īdjusted EBITDA of $(12.4) million versus $(5.1) million in Q4 2020Įnded the fourth quarter with $921 million in cash, cash equivalents and short-term investments Non-GAAP Gross Margin of 6% versus 13% in Q4 2020 GAAP Gross Margin of (3)% versus 5% in Q4 2020 Record revenues of $52.8 million, up from $18.6 million (+184%) in Q4 2020 Initiate full-year 2022 revenue guidance of $350-$425 millionįourth Quarter and Full-Year 2021 Financial and Operating Highlightsįinancial Highlights – Fourth Quarter 2021 Strong bookings and expansion of Athena ® platform drive momentum into 2022 Company on track to execute on bookings in excess of $1 billion over 18 months
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