Stem reports Q2 EPS (26c), consensus (17c)

Reports Q2 revenue $93M, consensus $92.02M. John Carrington, Chief Executive Officer of Stem, commented, “We continued our strong execution in the second quarter, with revenue above the midpoint of our guidance range, and margins in-line with our expectations. CARR grew 5% sequentially, to $74.9 million, reflecting our focus on growing our long-term, high-margin software and services revenue. Our technology leadership was independently recognized again this quarter with awards from AI Breakthrough and Environment + Energy Leader, a testament to our culture of innovation, as well as our advanced AI and machine learning capabilities that deliver customer value, in addition to energy and environmental benefits. Our financial results reflected this strong and expanding differentiation, with 10% sequential growth in our Software Services revenue, the fifth consecutive quarter of sequential growth. We also continue to achieve commercial momentum, including our 313 megawatt hour battery storage system award from Ameresco that will be placed in service in 2024. Our solar asset performance business continues to rebound, highlighted by a 304 megawatt (MW) project award in Hungary.”