![]() However, achieving and maintaining long-term profitability remains a big challenge, as pointed out by the company itself when it went public earlier this year, listing on the New York Stock Exchange (NYSE) through a special purpose acquisition company (SPAC) merger which completed in April. Q4 2021 is likely to represent between 50% and 60% of the entire year’s takings, the company said. ![]() ![]() It has collected year-to-date bookings worth US$200 million, already surpassing the US$138 million bookings taken for the whole of 2020.ĬEO John Carrington and other executives pointed out on a conference call to discuss results that the latter half of every year, particularly the fourth quarter, tends to be its busiest period. The company’s contracted backlog reached US$312 million at the end of the quarter, up 25% from the previous quarter. Stem reaffirmed its full-year 2021 guidance for US$147 million in revenues. It has also more recently become involved in the front-of-meter solar-plus-storage space, where it can combine its grid services offerings with applications like smoothing and integrating the output of solar PV systems for utilities and cooperatives. The company is active mainly in the commercial and industrial (C&I) behind-the-meter energy storage space, typically contracting with customers to deploy battery storage at their sites to help them shave their peak use of electricity and lower costs, while also enrolling their systems into grid services programmes.
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