Stem, Inc. Earnings Call Transcripts
Fiscal Year 2026
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The meeting covered director elections, equity plan amendments, executive compensation, and auditor ratification, with all proposals passing by large margins. No shareholder proposals were received, and no questions were submitted during the session.
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Q1 2026 saw positive adjusted EBITDA for the fourth straight quarter, record non-GAAP gross margins, and 16% year-over-year growth in PowerTrack software revenue. Guidance for 2026 is reaffirmed, with strong utility scale bookings and strategic acquisitions supporting future growth.
Fiscal Year 2025
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2025 marked a transformative year with 8% revenue growth, record margins, and first-ever positive adjusted EBITDA. The business is now software-centric, with strong product launches and international expansion, and 2026 guidance targets further margin and EBITDA growth.
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Revenue grew 31% year-over-year to $38 million, with positive adjusted EBITDA and operating cash flow. Guidance for 2025 was tightened, gross margins expanded, and new software products are driving international and utility-scale growth.
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Q2 2025 saw record software revenue, a $4M positive adjusted EBITDA, and a major debt reduction, with a strategic pivot to software and services driving higher margins. Guidance is reiterated, with most metrics tracking to the high end and cash flow to the low end.
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Q1 2025 saw 27% revenue growth, record gross margins, and the first positive operating cash flow, driven by a strategic focus on high-margin software and cost reductions. Full-year guidance was reaffirmed, with robust bookings and strong liquidity supporting continued profitability improvements.
Fiscal Year 2024
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Revenue declined due to reduced hardware sales, but software revenue and ARR grew, led by PowerTrack. 2025 guidance emphasizes high-margin software, cost reductions, and a shift away from hardware resales, with new metrics and backlog definitions enhancing transparency.
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Q3 revenue fell sharply year-over-year due to lower hardware sales, but gross margins hit record highs as the business shifted to software and services. The company lowered 2024 revenue guidance and is cutting costs, with a long-term focus on predictable, high-margin growth.
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Q2 revenue fell 63% year-over-year due to project delays from financing and interconnection issues, but gross margins hit record highs as software and services revenue grew. Guidance for 2024 was lowered, yet positive operating cash flow and no equity raise are expected.