Stem Inc Stock is holding gains of over 11% following the Wednesday market open – investors are reacting well to the companies impressive quarterly earnings, which included a revenue increase of 334%. A key figure in the energy storage space, increasing global focus on batteries and lowering the cost of electricity has thrown Stem Inc into the limelight.
The AI-driven energy storage specialist published surprising 2021 Q3 results on Tuesday after trading hours, smashing last year’s report with new record revenue of $39.8M, a serious increase compared to $9.2M the year before. It is also the companies first quarter with a positive gross margin.
If this wasn’t enough to satisfy investors, Stem confirmed the accuracy of the 2021 fiscal year guidance at $147M in revenue. The company has already surpassed the $138M in bookings for 2020, currently sitting at $200M with time to go.
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While many companies battle supply chain issues, Stem Inc CEO John Carrington seems confident, securing its supply chain “into the third quarter of 2022, we’re starting on [the] fourth quarter as well and I feel very good about where we stand with our suppliers”
Adding…
“Diversity of supplier is very important and a big part of our success as we look at ensuring delivery for our customers”.
Stem stock remains strong, retaining gains of 10.5% as we move past the opening hour of Wednesday’s market. STEM is pushing above the 20$ level with an annual increase of 160% – an impressive year since the company’s SPAC merger in December last year.
