Stem gains on quarterly revenue beat

Stem

04/08/2023 09:18

** Shares of U.S.-based energy storage network provider Stem
Inc  STEM.N  up 5.4% at $7.17 in premarket trade
    ** Co reaffirms FY rev outlook between $550 mln and $650
mln, analysts on avg were expecting FY rev at $604.3 mln -
Refinitiv IBES
    ** Co expects to achieve positive adjusted EBITDA in H2 2023
    ** Reports qtrly rev of $93 mln, above avg estimates of $92
mln
    ** Higher hardware revenue from Front-of-the-Meter and
Behind-the-Meter partnership deals drove majority of the rise in
rev Y-O-Y, says co
    ** As of last close, STEM shares down 23.9% YTD

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))