Stem CEO John Carrington said in a conference call to explain earnings that conversely in 2022, the company had “effectively managed expenses”. Previously the company had highlighted the high cost of scaling up its operations over the short-term including hiring more staff and opening offices in new territories. This continues to play out in results, with a US$124 million net loss recorded for 2022 along with adjusted negative EBITDA of US$46 million. It was however front-of-meter, and specifically hardware sales into that segment, that accounted for the majority of the increase in revenues, while Also Energy, the solar PV monitoring and control platform Stem acquired early last year contributed a significant portion.Īt the time of its listing, via a special purpose acquisition company (SPAC) merger, Stem was transparent that it did not expect to achieve profitability ahead of this year. Stem focuses largely on behind-the-meter (BTM) battery storage as a service for commercial and industrial customers, but also has interests in other areas including EV charging and front-of-the-meter (FTM) solar-plus-storage. The company only publicly listed in late 2020, so comparative figures have to be put in perspective, but Stem management has reaffirmed in the results statement its guidance that it can achieve positive EBITDA margins in the second half of this year.
0 kommentar(er)
