According to a recent earnings report from California-based energy storage developer Stem Inc, the company's second-quarter 2022 revenue rose 246%, while its contract backlog now stands at $727 million.
The company primarily provides lithium-ion battery energy storage solutions optimized and controlled using the artificial intelligence software platform Athena, primarily targeting commercial and industrial (C&I) customers.
According to the report, Stem's second-quarter revenue was $67 million, an increase of 246% compared to the $19 million in the second quarter of 2021 and a 63% increase compared to the first quarter of this year.
The company's GAAP gross margin was 12%, up from 1% a year ago, and its net loss fell by two-thirds, from $100 million to $32 million. Basis-adjusted earnings before interest, tax, depreciation and amortization (EBITDA) increased to $11 million from $8 million in the second quarter of 2021.
The company signed orders of $226 million in the second quarter of this year, a fourfold increase from the same period last year. That means Stem ended the period with a contract backlog of $727 million, up 29% from the $565 million in the first quarter, according to industry media reports.
Stem claims that the company's direct sales team and channel partners are currently pursuing additional market opportunities.
According to industry media reports at the time, the company acquired Also Energy Holdings, a developer of solar asset management software, in December 2021.
