Slide 1: Q4 & FY 2024 Financial Results and 2025 Guidance
March 4, 2025 Q4 & FY 2024 Financial Results and 2025 Guidance
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation, as well as other statements we make, contains “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words s
Slide 3: Fourth Quarter 2024 Results & Updates
Fourth Quarter 2024 Results & Updates Sustained growth in ARR Q4 Results Updates Since 3Q24 Revenue Contracted Annual Recurring Revenue $56M (67%) YoY $86M (7)% QoQ / +(5)% YoY Arun Narayanan appointed CEO PowerTrack continued expansion into international markets with Hungary contract GAAP/Non-GAAP
Slide 4: 4Q24 Financial Metrics
4Q24 Financial Metrics Revenue, GM, Adj. EBITDA, and Operating Cash Flow Revenue, Gross Margin, Adj. $ millions unless otherwise noted EBITDA, and Operating Cash Flow GAAP & Non-GAAP Revenue* Gross Margin %* • Consolidated revenue down 67% YoY due 167 36% to lower battery hardware resale revenue 13%
Slide 5: 4Q24 Operating Metrics
4Q24 Operating Metrics CARR/ARR, Backlog, and AUM $ millions unless otherwise noted CARR/ARR, Backlog, and AUM Backlog CARR/ARR • Backlog, CARR, and Contracted Storage AUM $1,547 $1,168 $92 down QoQ driven by repricing of OEM hardware $86 and elimination of delayed projects • Operating ARR +19% YoY
Slide 6: FY24 Financial Metrics
FY24 Financial Metrics Revenue, Gross Margin, Adjusted EBITDA Revenue, Non-GAAP Gross Revenue* GAAP & Non-GAAP Margin, and Adjusted EBITDA in- Gross Margin %* $462 35% line with Expectations 15% • Full year solar revenue +15% YoY $145 1% • Total revenue down significantly YoY due to FY23 FY24 decrea
Slide 7: 2025 Guidance
2025 Guidance $ millions unless otherwise noted Low High Total Revenue $125 $175 Software, edge hardware, & services $120 $140 Battery hardware resale Up to $35 Non-GAAP gross margin % 30%-40% Adjusted EBITDA $(10) $5 Operating cash flow $0 $15 Year end ARR $55 $65 Note: Sub-revenue items do not add
Slide 8: 2025 Guidance Commentary
2025 Guidance Commentary Metric Range Comments Total Revenue $125M - $175M • Majority is ratable software, edge hardware, & services revenue Software, edge hardware, & services $120M - $140M • Largely ratable, slight back-half seasonality Battery hardware resale Up to $35M • Expect heavily back-half
Slide 9: Newly Defined Operating Metrics
Newly Defined Operating Metrics At period ended $ millions unless otherwise noted December 31, 2024 Bookings** $37.6 Contracted Backlog $20.9 CARR $64.5 At period ended $ millions unless otherwise noted March 31, June 30, September 30, December 31, 2024 2024 2024 2024 Storage Operating AUM (GWh) 0.8
Slide 10: About Stem
About Stem Stem (NYSE: STEM) is a global leader in AI-enabled software and services that enable its customers to plan, deploy, and operate clean energy assets. Stem (NYSE: STEM) is a global leader in AI-enabled software and services that enable its customers to plan, deploy, and operate clean energy
Slide 11: Appendix
Appendix © 2025 Stem, Inc. 11
Slide 12: Supplemental Revenue Detail
Supplemental Revenue Detail Three Months Ended Twelve Months Ended $ millions unless otherwise noted December 31, December 31, 2024 2023 2024 2023 Solar software 8.6 7.5 32.8 28.7 Edge hardware 13.1 11.1 45.5 38.8 Subtotal solar revenue $21.7 $18.6 $78.3 $67.5 Storage software & recurring managed se
Slide 13: Key Financial & Operating Metrics
Key Financial & Operating Metrics Three Months Ended Twelve Months Ended $ millions unless otherwise noted December 31, December 31, 2024 2023 2024 2023 Key Financial Results(1) Revenue $55.8 $167.4 $144.6 $461.5 GAAP Gross Profit (Loss) (2.5) 11.0 (11.1) 3.6 GAAP Gross Margin (%) (4%) 7% (8%) 1% No
Slide 14: Reconciliation of GAAP Operating Expense to Cash Operating Expense
Reconciliation of GAAP Operating Expense to Cash Operating Expense Three Months Ended Twelve Months Ended $ millions unless otherwise noted December 31, December 31, 2024 2023 2024 2023 GAAP Operating Expense(1) $44.7 $44.6 $828.3 $182.9 Less: Non-cash adjustments Depreciation and Amortization (4.2)
Slide 15: Reconciliation of GAAP and Non-GAAP Gross Margin
Reconciliation of GAAP and Non-GAAP Gross Margin Three Months Ended Twelve Months Ended $ millions unless otherwise noted December 31, December 31, 2024 2023 2024 2023 Revenue $55.8 $167.4 $144.6 $461.5 Cost of Revenue (58.3) (156.4) (155.7) (457.9) GAAP Gross Profit (2.5) 11.0 (11.1) 3.6 GAAP Gross
Slide 16: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA Three Months Ended Twelve Months Ended December 31, December 31, $ thousands 2024 2023 2024 2023 Net loss $(51,137) $(37,685) $(854,014) $(140,413) Adjusted to exclude the following: Depreciation and amortization(1) 12,486 15,036 48,807 51,134 Interest e
Slide 17: Revised Key Metric Definitions
Revised Key Metric Definitions Item Definition Total value of executed customer purchase orders, as of the end of the relevant period (e.g. quarterly bookings or annual bookings). Customer purchase orders are typically executed 6 months ahead of installation Bookings The Booking amount includes (1)
Slide 18: Slide 18