Stem Inc shares gain on Q1 revenue beat

Stem

05/05/2023 10:37

** Shares of energy storage network provider Stem Inc
 STEM.N  rise 11.4% to $4.40 in premarket trading 
    ** Posts 63% rise in Q1 revenue - Refinitiv data
    ** Says Q1 revenue rise was largely due to higher hardware
revenue & revenue contribution from its solar asset performance
management business
    ** Reaffirming 2023 guidance based on "strong Q1 performance
and sustained positive outlook" - CEO John Carrington
    ** Continues to expect that STEM will achieve positive
adjusted EBITDA in the second half of 2023 - CEO John Carrington
    ** Up to last close, stock had fallen 55.8% so far this year

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))