Stem(US:STEM)2023-08-03 22:06Financial Performance - Revenue for Q2 2023 was $93 million, a 39% increase year-over-year[65] - Contracted backlog reached $1.36 billion, up 88% year-over-year[65] - Non-GAAP gross margin was 18% in Q2 2023, compared to 17% in Q2 2022[7, 56] - The company is reaffirming full-year 2023 revenue guidance of $550 million to $650 million and bookings of $14 billion to $16 billion[21, 90] Key Business Updates - Total Solar Services revenue increased by 9% quarter-over-quarter[27] - Solar software services revenue increased by 4% quarter-over-quarter[27] - Contracted Annual Recurring Revenue (CARR) increased by 5% quarter-over-quarter to $75 million[35, 65] - Storage Assets Under Management (AUM) increased by 9% quarter-over-quarter[20] Technology and Projects - The company highlighted a 304 MW Hungary project demonstrating increasing Front-of-the-Meter (FTM) success[6, 80] - A 78 MW / 313 MWh Ameresco project is expected to be in service in 2024[6, 68] - AI tools are boosting coding productivity by up to 50% for the Stem software engineering team[70]