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					</table><p><a href="https://www.stem.com/" target="_blank" rel="noopener">Stem</a>, a smart energy storage company, reported a net loss of $77.1 million in the third quarter (Q3) of 2023, a 124% year-over-year (YoY) surge from the net loss of $34.3 million, mainly driven by the added costs for hardware.</p>
<p>The company’s net revenue for the quarter stood at $133.7 million, a 34% increase from $99.5 million in Q3 of the previous fiscal year. The increase in revenues despite the losses could be attributed to the increase in the Contracted Annual Recurring Revenue (CARR) during the period, which increased to $87.5 million, up by 43% YoY from $61.4 million.</p>
<p>At the end of three months, the cost of hardware revenue was $1.4 million, nearly double the cost in Q3 2022, which stood at $7.8 million.</p>
<p>According to the company, $16.9 million of $37.4 million reduction in revenue is related to the hardware deliveries that occurred in Q4 of 2022, $15.8 million related to deliveries in Q2, and $4.7 million for deliveries in the third quarter.</p>
<p>The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q3 2023 were recorded at a loss of $861,000, a 93% YoY drop from a loss of $12.52 million. The change in adjusted EBITDA was largely due to an increase in sales and continuing cost control programs initiated by the Company, which led to a sequential decline in cash operating expenses.</p>
<p>By the end of Q3 2023, the contracted backlog was $1.84 billion, a 125% YoY surge from $817.2 million and a 35% quarter-over-quarter (QoQ) increase from $1.36 billion. The surge was driven by bookings of $676.4 million in the quarter, partially offset by revenue recognition and contract cancellations and amendments.</p>
<p>During the quarter, bookings saw a 203% YoY increase from $222.9 million in Q3 2022. New contracts led to a 32% sequential increase for contracted storage Assets Under Management (AUM) to 5.0 GW.</p>
<p>John Carrington, Chief Executive Officer of Stem, commented, “We generated strong results in the third quarter, highlighted by record bookings, AUM, CARR, and contracted backlog. Our bookings grew more than 3x versus the same quarter last year, which led to a 17% sequential increase in CARR. We are raising our CARR guidance based on our strong bookings, which we believe positions us well to grow our high-margin software and services revenue in 2024 and beyond.”</p>
<p><strong>9M 2023</strong></p>
<p>At the end of the first nine months (9M) of 2023, the company reported a net loss of $102.73 million, a 15.7% YoY increase from $88.78 million.</p>
<p>The surge in net loss was mainly driven by the increased hardware costs at $264.57 million and research and development (R&amp;D) costs at $42.02 million, a 68.8% and 47.8% YoY increase, respectively.</p>
<p>Stem’s revenue stood at $294.1 million, an $86 million increase from 2022’s figures for the same period.</p>
<p>In addition to higher solar asset performance revenue, this YoY increase was driven mainly by higher storage hardware revenue from Front-of-the-Meter (“FTM”) and Behind-the-Meter (“BTM”) partnership agreements.</p>
<p>The company’s solar asset management backlog is up by 41% YoY. Stem says the revenue growth is poised for a strong momentum. With the SB Energy agreement on software and services for multi-GWh development in the pipeline, service revenue growth is expected to accelerate.</p>
<p>The adjusted EBITDA for 9M 2023 stood at a loss of $24.07 million, a 34% YoY improvement from a $36.45 million loss.</p>
<p>In a recent exclusive interview with Mercom India, Sushain Sharma, Managing Director, Stem India, <a href="https://www.mercomindia.com/energy-storage-vital-renewable-energy-viable-interview" target="_blank" rel="noopener">talks</a> about the company’s energy storage offerings and plans for India. He also shares his thoughts on the Indian government’s policies to promote energy storage.</p>
<p>In Q2 of 2023, the company <a href="https://www.mercomindia.com/stem-reports-19-million-net-income-yoy-boost" target="_blank" rel="noopener">reported</a> a net income of $19 million, a significant YoY improvement of 159.6%. This was due to a one-time gain of $59 million, resulting in the cancellation of a portion of Stem’s 2028 Convertible Notes, which extinguished the debt. The company showcased a financial turnaround in the first half of this year when it recorded a 52.8% YoY improvement in the net loss, which was recorded at $25.7 million.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Stem’s Net Loss Jumps 124%, Despite High Revenues as Operating Expenses Surge

<p><a href="https://skyfri.com/" target="_blank" rel="noopener">Skyfri Group</a>, a Norway-based cleantech company, has announced the acquisition of <a href="https://www.avisolar.com/" target="_blank" rel="noopener">Avi Solar</a>, the operations and maintenance (O&amp;M) services provider for solar power projects in India.</p>
<p>The financial details of the acquisition were not disclosed.</p>
<p>Avi Solar Energy is an independent O&amp;M service provider for ground-mounted and rooftop solar projects. The company has provided O&amp;M services to over 2.5 GW of ground-mounted projects and more than 135 MW of rooftop solar to date. Avi Solar’s asset management includes insurance, revenue, warranty and spares, liaison works, remote monitoring and analysis, prediction, and project auditing management services.</p>
<p>Through the acquisition, Skyfri aims to bring over 500 MW of additional solar projects for some of the largest renewable asset investors and owners, such as KKR, Cleantech Solar, Bosch, and Honda, onto its platform called Skyfri Intelligence.</p>
<p>Backed by leading climate investors SpeedInvest, Singularity, and Link Venture Capital, Skyfri maintains portfolios of solar assets from the inception of a project to the end of its asset lifecycle.</p>
<p>The cleantech firm manages solar assets by merging firmware, software, and technology solutions that are original equipment manufacturer (OEM)-agnostic and can be deployed on any solar asset regardless of size, installation, or location. It uses technology to track root causes of downtime during production and evaluates energy losses in real-time while all tasks are performed and are accessible into one cloud platform, making it more efficient for clients.</p>
<p>The solar-asset management technology developed by Skyfri also introduces an instant alarm system for operational personnel, consolidating former siloes such as billing, invoicing, contracting, maintenance management with other crucial tasks.</p>
<p>Skyfri CEO Pratik Ghoshal said, “The acquisition of Avi Solar is part of a strategy to consolidate the O&amp;M industry globally and automate most of the tasks that are manual today. For example, billing and invoices are done by one software, while another monitors and reports, and a third company does the actual O&amp;M onsite. Skyfri integrates all these verticals into one single source of truth and one complete digital platform. The scalability of our technology makes it available for several clients, at a reasonable rate, so that everyone, regardless of size, can optimize their production.”</p>
<p>According to Mercom Capital’s <a href="https://mercomcapital.com/product/annual-q4-2021-solar-funding-ma-report/" target="_blank" rel="noopener">Annual and Q4 2021 Solar Funding and M&amp;A Report</a>, M&amp;A activity in the solar sector was the highest ever with 126 transactions in 2021 compared to 62 in 2020. There were 43 solar M&amp;A transactions in Q4 2021, compared to 29 in Q3 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Norway’s Skyfri Group Acquires India-based O&M Service Provider Avi Solar

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