Stem, Inc. (NYSE:STEM) Q4 2021 Results Conference Call February 24, 2022 5:00 PM ET Company Participants Ted Durbin - Head, IR John Carrington - CEO Larsh Johnson - CTO Bill Bush - CFO Prakesh Patel - Chief Strategy Officer Conference Call Participants Brian Lee - Goldman Sachs Maheep Mandloi - Credit Suisse Biju Perincheril - Susquehanna Operator Thank you for standing by, this is the conference operator. Welcome to the Stem, Inc. Fourth Quarter and Full Year 2021 Earnings Conference Call. As a reminder, a ...

Financial Data and Key Metrics Changes - The company reported record revenues of $40 million, up 400% from the same quarter last year [3] - The contracted backlog increased to $312 million, up 25% since the second quarter [3] - The 12-month pipeline grew to $2.4 billion, up 41% from the second quarter [3][35] - GAAP gross margin was 8%, compared to a negative 19% in the same quarter last year [32] - Non-GAAP gross margin was 15%, up from 8% in the third quarter last year [33] Business Line Data and Key Metrics Changes - The company achieved $104 million in bookings for the quarter, more than double the bookings in the second quarter [10] - 80% of the bookings in the third quarter were from Front of the Meter (FTM) projects [49] - The average project size has doubled in the last year, indicating increased customer engagement [6] Market Data and Key Metrics Changes - The Texas market has become the second largest market in the company's pipeline, contributing significantly to bookings [9] - The company is expanding its presence in South America, particularly in Chile, through partnerships [8][57] Company Strategy and Development Direction - The company aims to expand its position as a leading energy intelligence software provider, focusing on its Athena platform [4] - The strategy includes leveraging direct sales, channel partners, and strategic investors to maximize market reach [6] - The company plans to continue diversifying its supply chain to mitigate risks and ensure adequate supply [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential passage of a standalone storage Incentive Tax Credit, which could increase the total addressable market by up to 25% [26][27] - The company has secured adequate supply to meet demand through the third quarter of next year, indicating strong supply chain management [28] - Management expects strong commercial prospects in the fourth quarter and beyond, with a focus on maintaining customer relationships [10][11] Other Important Information - The company has $576 million in cash and liquid investments, with no debt, providing a strong financial position for future growth [39] - The Athena platform is continuously updated with new features, enhancing its competitive edge in the market [18] Q&A Session Summary Question: Visibility in end markets and backlog differences - Management highlighted the importance of their channel partner strategy in understanding project lead times and securing supply [44][45] Question: Nature of contracts for battery needs - Management expects to finalize Q4 2022 deliveries by mid-January, with good visibility on bookings [46] Question: Split of bookings between Behind the Meter and Front of the Meter - 80% of bookings were Front of the Meter, with a growing emphasis on software in total bookings [49][51] Question: New markets and projects - Management noted accelerated demand in California, Texas, Arizona, and the Northeast, with a focus on South America [57] Question: Seasonality of Q4 bookings - Management expects strong bookings in Q4, typically their largest revenue quarter, but did not provide specific projections [62] Question: Service revenue composition - Service revenue is 100% software-related [70] Question: Growth potential in residential energy storage market - Management acknowledged the growth in the residential market but emphasized their focus on software solutions [72] Question: Standalone ITC for battery storage - Management is optimistic about the potential impact of the ITC but has not included it in their long-term planning [78][79]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ————————————————— FORM 10-Q ————————————————— QUARTERLY QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR QUARTERLY TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ________ to ________ STEM, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whe ...

Stem, Inc. (NYSE:STEM) Q2 2021 Earnings Conference Call August 11, 2021 5:00 PM ET Company Participants Ted Durbin - Head of IR John Carrington - CEO Bill Bush - CFO Larsh Johnson - Chief Technology Officer Prakesh Patel - Chief Strategy Officer Conference Call Participants Maheep Mandloi - Credit Suisse Biju Perincheril - Susquehanna Brian Lee - Goldman Sachs Operator Greetings and welcome to Stem Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-mode only. A ques ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ————————————————— FORM 10-Q ————————————————— QUARTERLY QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR QUARTERLY TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ________ to ________ STEM, INC. (Exact name of registrant as specified in its charter) | Delaware | 333-251397 | 85-19 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to STEM, INC. (Exact name of registrant as specified in its charter) Delaware 333-251397 85-1972187 (State or other jurisdiction of incorporation) (Commission ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to STAR PEAK ENERGY TRANSITION CORP. (Exact name of registrant as specified in its charter) (Commission File Number) (I.R.S. Employer Delaware 001-3 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to STAR PEAK ENERGY TRANSITION CORP. (Exact name of registrant as specified in its charter) Delaware 001-39455 85-1972187 (State or other jurisdiction of ...