The Energy Storage Report 2024

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Stem Inc grows revenue 39% in Q2, reduces EBITDA loss


Energy storage system and services firm Stem Inc grew revenues to US$93 million in the second quarter of 2023, and reduced its EBITDA loss by 15% to US$8.5 milllion.

The California-based company grew revenues 39% year-on-year while nearly doubling (+88%) its contracted backlog to US$1.36 billion worth of revenues, after bookings of US$236.4 million (+5%).

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Stem Inc increased its GAAP gross margin and non-GAAP gross margin by a single percentage point each to 13% an 18% respectively (year-on-year), while narrowing its EBITDA loss from US$11.5 million in Q2 2022 to US$8.5 million in the most recent.

Stem Inc deploys battery energy storage system (BESS) projects while also managing renewable energy plants with its AI-powered Athena software. It is mainly known for behind-the-meter (BTM) commercial and industrial (C&I) projects but has expanded into front-of-the-meter (FTM) too.

Assets under management (AUM) for the software platform grew to 3.8GWh of energy storage and 26GW of solar, up 9% and 2% respectively quarter-on-quarter, though the solar GW number is down 20% year-on-year (from 32.1GW).

The company said it will post positive EBITDA during 2023. For the full year, it reaffirmed its guidance of revenues of US$550-650 million, an adjusted EBITDA loss of US$5-35 million and bookings of US$1.4-1.6 billion.

Highlights included a 313MWh BESS order from energy solutions provider Ameresco, which Ameresco announced a month ago but didn’t reveal the technology provider. On the services side, Stem won a contract to optimise Hungary’s largest solar power plant, a 304MW system in Mezőcsát, covered by our sister site PV Tech.

The company is one of several energy storage firms to have listed through special purpose acquisition company (SPAC) transactions in the last few years, securing an NYSE listing in April 2021. Others to have done the same include zinc battery manufacturer Eos, iron flow battery company ESS Inc and Energy Vault, the company which is known for gravity energy storage but has since expanded to other technologies.

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