Smart energy storage company Stem reported revenue of $100 million in Q3 FY 2022, a jump of 150% year-over-year (YoY) primarily due to higher hardware sales from Front-of-the-Meter (FTM) and Behind-the-Meter (BTM) partnership agreements.
For the July-September quarter, the adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) loss widened to $13 million from $7 million YoY. The company said the lower adjusted EBITDA was primarily driven by higher operating expenses due to increased personnel costs and continued investment growth initiatives.
The company, which provides AI-driven energy solutions, reaffirmed its outlook across key metrics – revenue, non-GAAP gross margin, and adjusted EBITDA — for the full-year 2022 but raised the bottom end of the guidance for booking to $850-$950 million from $775-$950 million earlier.
“We have started to see…
Smart Energy Storage Company Stem’s Q3 Revenue Up 150% On Higher Hardware Sales
