Energy storage firm Stem’s Q3 Revenue reduces
POWER & RENEWABLE ENERGY

Energy storage firm Stem’s Q3 Revenue reduces

Smart energy storage company Stem‘s revenue in the third quarter (Q3) of 2024 dropped 78% to $29.3 from $133.7 million in Q3 2023 due to lower battery hardware sales. This decrease includes reductions of $5.6 million and $37.4 million, attributed to adjusted valuations of assets under specific hardware price guarantees established in 2022 and 2023.

Stem’s net loss rose 92.3% year-over-year (YoY) to $148.3 million from a $77.1 million net loss, primarily due to a $104.1 million bad debt expense related to impairments on accounts receivable for customer contracts with a parent company guarantee.

The company’s earnings per share (EPS) of -$0.18 for Q3 exceeded analyst expectations by $0.021. The company concluded Q3 2024 with $75.4 million in cash and cash equivalents, compared to $89.6 million at the end of Q2 2024. David Buzby, Stem’s Interim Chief Executive Officer, acknowledged the significant revenue drop due to lower hardware revenue during the quarter.

The company recorded bookings of $29.1 million, a decline from $676.4 million in Q3 2023, mainly due to reduced bookings for battery hardware resales.

The contracted backlog stood at $1.5 billion, reflecting a 17% decrease from the end of Q3 2023 and a 2% decline from the end of Q2 2024. Contracted storage assets under management (AUM) totaled 6 GWh, up 20% YoY. Solar monitoring AUM reached 28.5 GW, up 8% from Q3 2023. Stem stated that it is implementing cost-cutting measures to optimize business operations in accordance with a revised strategic approach.

Smart energy storage company Stem‘s revenue in the third quarter (Q3) of 2024 dropped 78% to $29.3 from $133.7 million in Q3 2023 due to lower battery hardware sales. This decrease includes reductions of $5.6 million and $37.4 million, attributed to adjusted valuations of assets under specific hardware price guarantees established in 2022 and 2023. Stem’s net loss rose 92.3% year-over-year (YoY) to $148.3 million from a $77.1 million net loss, primarily due to a $104.1 million bad debt expense related to impairments on accounts receivable for customer contracts with a parent company guarantee. The company’s earnings per share (EPS) of -$0.18 for Q3 exceeded analyst expectations by $0.021. The company concluded Q3 2024 with $75.4 million in cash and cash equivalents, compared to $89.6 million at the end of Q2 2024. David Buzby, Stem’s Interim Chief Executive Officer, acknowledged the significant revenue drop due to lower hardware revenue during the quarter. The company recorded bookings of $29.1 million, a decline from $676.4 million in Q3 2023, mainly due to reduced bookings for battery hardware resales. The contracted backlog stood at $1.5 billion, reflecting a 17% decrease from the end of Q3 2023 and a 2% decline from the end of Q2 2024. Contracted storage assets under management (AUM) totaled 6 GWh, up 20% YoY. Solar monitoring AUM reached 28.5 GW, up 8% from Q3 2023. Stem stated that it is implementing cost-cutting measures to optimize business operations in accordance with a revised strategic approach.

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?