1/15/2024 0 Comments Stem inc warrantsOur contracted backlog grew 156% as compared to the period ended March 31, 2021, driven by $151 million in bookings, which nearly tripled versus first quarter 2021. Revenue for the quarter was above the high end of our guidance range, and we reaffirm our full-year 2022 guidance for all of our key financial and operational metrics. John Carrington, Chief Executive Officer of Stem, commented, “We are pleased to report a strong first quarter, with robust growth in revenue, backlog, pipeline, AUM, and CARR, all driven by our market-leading software platforms. Reported results in this press release reflect AlsoEnergy’s operations for the period from Februthrough March 31, 2022. Stem (the "Company") (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy software and services, announced today its financial results for the three months ended March 31, 2022. Solar monitoring AUM of 32.4 gigawatts (GW)Ĭontracted Annual Recurring Revenue (CARR) of $51.5 million, up from $24.1 million (114%) at the end of Q4 2021 Record contracted storage assets under management (AUM) of 1.8 gigawatt hours (GWh) up from 1.6 GWh (+13%) at the end of Q4 2021 Record contracted backlog of $565 million, up from $221 million (+156%) at the end of Q1 2021 Net Loss of $(22.5) million versus $(82.6) million in Q1 2021Īdjusted EBITDA of $(12.8) million versus $(3.2) million in Q1 2021Įnded Q1 2022 with $352 million in cash, cash equivalents, and short-term investmentsġ2-month Pipeline of $5.2 billion, up from $4.0 billion (+30%) at the end of Q4 2021īookings of $151 million, up from $51 million (+196%) in Q1 2021 Non-GAAP Gross Margin of 16% versus 13% in Q1 2021 ![]() GAAP Gross Margin of 9% versus (1)% in Q1 2021 ![]() Stem Closes Agreements To Sell Cannabis License In Massachusetts For $1.Quarterly revenue 29% above high end of guidance rangeĪlsoEnergy commercial synergies on track for 2022 bookingsĮxpect minimal impact from AD/CVD inquiry in solar industryįirst Quarter 2022 Financial and Operating Highlights Stem Holdings Seeking Approval To Reprice Convertible Debentures The debenture amendments have been approved by the CSE. This debenture amendment, provides for the payment of 5% of the principal amount. ![]() Share purchase warrants of the company will be issued in connection with this repricing at 167 common share warrants for each $1,000 d ebenture u nit held priced at C A $0.20 ($0.15) per common share and the convertible debentures of the company issued in connection with the financing will be repriced to CA$0.10 per common share.Īdditionally, the debenture holders have approved the following amendments to the terms of the convertible debentures:Īn extension to the maturity date of the convertible debentures for three years.Īn amendment to permit the company to force the conversion of the principal amount of the then-outstanding convertible debentures and any accrued and unpaid interest thereof at the new conversion price on not less than 30 days prior written notice if the closing trading price of the shares of common stock of Stem exceeds CA$0.80 for a period of ten consecutive trading days on the CSE, STMH STEM has received the approval of the holders of the warrants and the holders of the convertible debentures to reprice the convertible securities issued in connection with the company’s special warrant financing, which matured on Jand will mature September 14, 2022.
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