Stem Inc. has reported its Q1, 2024 earnings, showing a decline in revenues and increasing losses. The AI-driven software provider for clean energy asset operations saw its stock price drop over 20% the day after the news. Revenues for Q1 were $25.5 million, a 62% decrease year-over-year from the first quarter of 2023, attributed to an updated valuation of certain contract guarantees and hardware revenue recorded in 2022 and 2023. The company posted net losses of $72.3 million and ended Q1 2024 with $112.8 million in cash, cash equivalents, and short-term investments. Stem also improved its operating cash flow from $35.8m in Q1 2023 to $0.6m. The firm has released a new software suite for asset performance management called PowerTrack. The software enables owners, operators and asset managers to streamline management of storage, solar, and hybrid energy asset portfolios.
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