Stem Announces Third Quarter 2021 Financial Results

$Stem Inc(STEM.US)$ SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. ("Stem" or the "Company") (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage services, announced today its financial results for the third quarter ended September 30, 2021.

Record revenues of $39.8 million, up from $9.2 million (+334%) in the same quarter last year

Record Gross Margin (GAAP) of 8% versus (19)% in the same quarter last year

Non-GAAP Gross Margin of 15% versus 8% in the same quarter last year

Net Income of $115.6 million versus Net Loss of $(18.8) million in the same quarter last year. Net Income in the quarter was driven primarily by a non-cash revaluation of Public Warrants. All outstanding Public Warrants were exercised or redeemed during the quarter

Adjusted EBITDA of $(7.2) million versus $(7.9) million in the same quarter last year

Ended the third quarter of 2021 with $576 million in cash, cash equivalents and short-term investments and zero debt