Financial Performance - Stem's Q4 2024 revenue was $56 million, a 67% decrease year-over-year (YoY)[6] - Bookings for Q4 2024 reached $358 million, a 40% increase YoY[6] - Contracted Annual Recurring Revenue (CARR) was $86 million, a 7% decrease quarter-over-quarter (QoQ) but a 5% increase YoY[6] - Adjusted EBITDA for Q4 2024 was $4 million, a slight decrease of $0.4 million YoY[6] - GAAP gross margin was -4%, while non-GAAP gross margin was 36%, representing an 11 percentage point decrease and a 23 percentage point increase YoY, respectively[6] - For FY24, total revenue was $144.6 million compared to $461.5 million in FY23[35] Operating Metrics - Backlog decreased QoQ due to repricing of OEM hardware and elimination of delayed projects[16] - Operating ARR increased by 19% YoY and 3% QoQ, driven by storage activations and steady solar growth[16] - Solar Assets Under Management (AUM) increased by 5% QoQ and 9% YoY[16] - Storage Operating AUM was 5.6 GWh at the end of 2024[14] - Solar Operating AUM was 29.9 GW at the end of 2024[14] 2025 Guidance - Stem projects total revenue between $125 million and $175 million for 2025[23] - Software, edge hardware, and services revenue are expected to be between $120 million and $140 million[23] - Battery hardware resale is projected to be up to $35 million[23] - Non-GAAP gross margin is expected to be in the range of 30%-40%[23] - Adjusted EBITDA is guided to be between $(10) million and $5 million[23] - Operating cash flow is projected to be between $0 million and $15 million[23] - Year-end ARR is expected to be between $55 million and $65 million[23]