Stem, a smart energy storage company, posted revenue of $44.1 million in the first quarter (Q1) of 2022, a year-over-year (YoY) spike of 166% from $15.4 million in the same period last year.

The company attributed growth recorded in substantial bookings to the increased revenue in Q1 2022. Customer and market diversity also drove the momentum during the quarter. The acquisition of Also Energy in February 2022 added to its revenue growth.

The adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) amounted to $12.8 million, a record YoY spike of 300% from $3.2 million in the same period last year. Stem observed that the increase was from the FTM (front of meter) energy storage projects, resulting in an improved gross margin of 9% in the quarter, from 1% in the same period a year ago.

Stem’s CEO John Carrington said, “The integration of AlsoEnergy is proceeding on track as we combine the commercial and technical strengths into one company focused on providing differentiated solutions to our customers. As our AUM (assets under management) expands in storage and solar monitoring, our AI-driven software can deliver improved economic optimization and asset management solutions to our renewable energy customers.”

The company has said that it has secured 100% of the full-year 2022 supply at fixed prices.

Headcount additions aimed at accelerating growth opportunities in the electric vehicles segment also resulted in an improved EBITDA.

Stems’ order bookings in Q1 generated $151 million in cash, a YoY spike of 196% from $51 million in the same period a year ago. The company’s record contracted backlog amounted to $565 million, a 156% YoY growth from $221 million in Q1 2021.

Stem’s solar monitoring assets under management totaled 32.4 GW in Q1 2022, while the company’s contracted storage AUM totaled 1.8 GWh, up by 13% from 1.6 GWh in the same quarter a year ago.

The company posted a net loss of $22.5 million for Q1 2022, a 72% YoY decline from $82.6 million in the previous year’s Q1.

Stem had a twelve-month pipeline of $5.2 billion, 30% more than $4 billion in the previous quarter.

Recently, another energy storage company, Eos Energy Enterprises, announced the results for Q1 2022. The company reported a revenue of $3.1 million, up 6.5% compared to $3.1 million in Q4 2021.

According to Wood Mackenzie, the U.S. energy storage system market recorded a growth in new system installations in the fourth quarter of 2021 with the addition of 4,727 MWh capacity.