Stem reports Q3 EPS (49c), consensus (18c)

Reports Q3 revenue $133.7M, consensus $178.89M. John Carrington, Chief Executive Officer of Stem, commented, “We generated strong results in the third quarter, highlighted by record bookings, AUM, CARR, and contracted backlog. Our bookings grew more than 3x versus the same quarter last year, which led to a 17% sequential increase in CARR. We are raising our CARR guidance based on our strong bookings, which we believe positions us well to grow our high-margin software and services revenue in 2024 and beyond.”