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 $200M with time to go.
While many companies battle supply chain issues, Stem Inc CEO John Carrington seems confident, securing its supply chain “into the third quarter of 2022, we’re starting on [the] fourth quarter as well and I feel very good about where we stand with our suppliers”
“Diversity of supplier is very important and a big part of our success as we look at ensuring delivery for our customers”.
Stem stock remains strong, retaining gains of 10.5% as we move past the opening hour of Wednesday’s market. STEM is pushing above the 20$ level with an annual increase of 160% – an impressive year since the company’s SPAC merger in December last year.
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.