Smart energy storage company Stem recorded revenue of $67 million in the second quarter (Q2) of 2022, a year-over-year (YoY) increase of 246% from $19 million.

Stem attributed higher hardware revenue from Front-of-the-Meter (FTM) and Behind-the-Meter (BTM) partnership agreements to revenue growth clubbed with $14 million of revenue contribution from the inclusion of AlsoEnergy.

Stem posted an adjusted Earnings Before, Interest, Tax, Depreciation, and Amortization (EBITDA) of $11 million, a YoY leap of 38% from $8 million in the previous year’s Q2.

The company said that higher operating expenses resulting from increased personnel costs, continued investment in growth initiatives, and costs associated with public reporting requirements influenced the EBITDA in Q2 2022.

The non-GAAP gross margin of Stem was $11.3 million compared to $1.5 million in last year’s Q2. The company said that the growth in the gross margin was due to a higher mix of software and services and higher hardware margins.

Stem incurred a net loss of $32 million in Q2, a YoY decline of 68% in losses from $100 million in the same period a year ago.

Non-cash revaluation of warrants tied to changes in the value of the underlying common stock reported in Q2 2021 drove the improvement. Stem also redeemed all outstanding private and public warrants in September 2021, streamlining its capital structure that reflected in less quarter-to-quarter variability in its net loss.

The energy storage firm’s assets under management (AUM) for contracted storage increased YoY by 75% to 2.1 GWh, mainly driven by new contracts. Solar monitoring AUM of Stem for the period stood at 32.1 GW.

Stem’s contracted order backlog totaled $727 million, a quarter-over-quarter (QoQ) spike of 29% from $565 million in Q1. The increase resulted from quarterly bookings of $226 million, partially offset by revenue recognition, contract cancellations, and amendments.

The company’s total revenue in Q1 2022 stood at $44.1 million, a YoY surge of 166% from $15.4 million.

Last December, Stem acquired energy storage and software services provider AlsoEnergy for $695 million.