Stem Q4 Loss Narrows

(RTTNews) - AI-driven software company Stem, Inc. (STEM) posted narrower loss in the fourth quarter, boosted by higher revenues.

The company posted fourth-quarter net loss of $34.1 million, narrower than net loss of $100.9 million a year ago. Quarterly revenues soared 184 percent to $52.8 million from $18.6 million in the same period last year. Revenues benefited from higher hardware revenue from Front of the Meter and Behind the Meter partnership agreements along with higher services revenue driven by increased adoption of the Athena platform.

On average, 5 analysts polled by Thomson Reuters expected the company to post revenues of $72.9 million for the quarter. In the fourth quarter, adjusted EBITDA was $(12.4) million compared to $(5.1) million a year ago.

Looking ahead for full year 2022, the company expects revenues between $350 million and $425 million while 6 analysts are looking for revenues of $360.8 million for the year ahead. Adjusted EBITDA is projected between $(60) - $(20) million.