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Strong Second Quarter Revenue of $93 million, Above Midpoint of Guidance Range
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Ameresco (313 MWh) and Hungary (304 MW) Projects Highlight FTM Momentum
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Technology Leadership Further Recognized By Third-Party Awards
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Reaffirm Full-Year 2023 Financial and Operating Guidance
John Carrington, Chief Executive Officer of Stem, commented, “We continued our strong execution in the second quarter, with revenue above the midpoint of our guidance range, and margins in-line with our expectations. CARR grew 5% sequentially, to $74.9 million, reflecting our focus on growing our long-term, high-margin software and services revenue
“Our technology leadership was independently recognized again this quarter with awards from AI Breakthrough and Environment + Energy Leader, a testament to our culture of innovation, as well as our advanced AI and machine learning capabilities that deliver customer value, in addition to energy and environmental benefits. Our financial results reflected this strong and expanding differentiation, with 10% sequential growth in our Software Services revenue, the fifth consecutive quarter of sequential growth. We also continue to achieve commercial momentum, including our 313 megawatt hour (MWh) battery storage system award from Ameresco that will be placed in service in 2024. Our solar asset performance business continues to rebound, highlighted by a 304 megawatt (MW) project award in Hungary.
“Given our strong performance in the first half of the year and visibility from our backlog, we reaffirm our full-year 2023 guidance across all of our key metrics, and our continued expectation that we will achieve positive adjusted EBITDA in the second half of 2023.”
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I’m very pleased with the Q2 earnings, various positive aspects ranging from software revenue to increased project sizes and guidance being reaffirmed. The company is turning out to be very strong helping customers cut costs on energy use through their AI platform Athena while also aiding grid with energy savings!
Submitted August 04, 2023 at 06:10AM by L3G4L_4SS4SSIN https://ift.tt/ykoHpeR
