Stem Inc continues to guide for EBITDA positive 2024 despite Q1 revenue and bookings dip
- Admin
- May 12, 2024
- 1 min read
Stem Inc, an AI-driven energy storage solutions provider, reported a decrease in revenues and bookings for Q1 2024. Stem Inc reaffirmed its guidance for positive adjusted EBITDA in 2024. The company's CEO, John Carrington, expressed confidence in meeting financial goals without additional equity issuance. Stem Inc operates in commercial and industrial battery storage projects and front-of-the-meter projects with solar PV. The company introduced a new asset management software suite called PowerTrack Asset Performance Management. Stem Inc attributed revenue drop to legacy contracts and bookings fall to increased focus on large-scale front-of-the-meter projects. The company's listing on the NYSE followed a merger with a special purpose acquisition company.
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