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Stem Lowers FY24 Revenue Guidance From $600M-$700M To $567M-$667M Vs $672.29M Est.

Benzinga ·  May 3 04:52

Outlook

The Company is updating its full year 2024 guidance ranges as follows ($ millions, unless otherwise noted):

PreviousUpdated*
Revenue$600 - $700$567 - $667
Non-GAAP Gross Margin (%)15% - 20%Unchanged
Adjusted EBITDA$5 - $20Unchanged
Bookings$1,500 - $2,000Unchanged
CARR (year-end)$115 - $130Unchanged
Operating Cash FlowGreater than $50Unchanged

See the section below titled "Reconciliations of Non-GAAP Financial Measures" for information regarding why Stem is unable to reconcile Non-GAAP Gross Margin and Adjusted EBITDA guidance to their most comparable financial measures calculated in accordance with GAAP.

*Full year revenue guidance has been adjusted downward dollar-for-dollar solely as a result of the $33 million reduction in revenue.

The Company reaffirms full year 2024 revenue projected quarterly performance as follows:

1QA2QE3QE4QE
Revenue$25M10%32%54%
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