Stem reports Q1 EPS (15c) vs (46c) last year

Reports Q1 revenue $32.5M, consensus $30.06M. “We made meaningful progress advancing our strategic priorities in the first quarter, especially in our software-related businesses,” said Arun Narayanan, Chief Executive Officer of Stem (STEM). “Our renewed focus on PowerTrack is driving software revenue growth and we have taken decisive action to optimize our cost structure and enhance our software development capabilities. Our recently announced targeted workforce reductions are consistent with our software-focused strategy and are expected to generate approximately $30 million in annual cash cost savings, including $24 million expected to benefit this year. While these changes to our team are challenging in the short term, we believe our organizational restructuring will streamline operations and empower our team to drive profitable growth over the near and long term.”