Energy storage firm Stem’s Q3 Revenue reduces

07 Nov 2024 CW Team

Smart energy storage company Stem‘s revenue in the third quarter (Q3) of 2024 dropped 78% to $29.3 from $133.7 million in Q3 2023 due to lower battery hardware sales. This decrease includes reductions of $5.6 million and $37.4 million, attributed to adjusted valuations of assets under specific hardware price guarantees established in 2022 and 2023.

Stem’s net loss rose 92.3% year-over-year (YoY) to $148.3 million from a $77.1 million net loss, primarily due to a $104.1 million bad debt expense related to impairments on accounts receivable for customer contracts with a parent company guarantee.

The company’s earnings per share (EPS) of -$0.18 for Q3 exceeded analyst expectations by $0.021. The company concluded Q3 2024 with $75.4 million in cash and cash equivalents, compared to $89.6 million at the end of Q2 2024. David Buzby, Stem’s Interim Chief Executive Officer, acknowledged the significant revenue drop due to lower hardware revenue during the quarter.

The company recorded bookings of $29.1 million, a decline from $676.4 million in Q3 2023, mainly due to reduced bookings for battery hardware resales.

The contracted backlog stood at $1.5 billion, reflecting a 17% decrease from the end of Q3 2023 and a 2% decline from the end of Q2 2024. Contracted storage assets under management (AUM) totaled 6 GWh, up 20% YoY. Solar monitoring AUM reached 28.5 GW, up 8% from Q3 2023. Stem stated that it is implementing cost-cutting measures to optimize business operations in accordance with a revised strategic approach.

Resources

03 Jun 2026

Jyoti Structures Launches Heat Safety Drive Across Sites

Jyoti Structures (JSL) has strengthened heat safety measures across its project sites and manufacturing facilities as temperatures rise across India. The company has implemented a Summer Safety Plan covering all transmission line projects to address risks related to heat stress, dehydration and worker fatigue.The initiative includes rescheduling work away from peak afternoon temperatures, provision of drinking water, ORS and lemon-salt solutions, and installation of rest shelters near work areas. Daily toolbox talks, worker health monitoring, first-aid preparedness, emergency transport arrange..

MHADA Declares 82 Buildings Most Dangerous in Central and South Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has declared 82 buildings as most dangerous across Central and South Mumbai and has appealed to residents to vacate immediately. The list, prepared after structural assessments by the authority, identifies buildings judged to pose imminent risk to occupants and to passersby. Local civic bodies have been asked to coordinate evacuations and to make arrangements for temporary shelter and rehabilitation for displaced households. Officials said the authority prioritised buildings with visible structural distress, severe cracking, tiltin..

Damage Reported At Halwara Airport Terminal After First Rains

Severe damage was reported at the terminal of Halwara Airport during the first major rain spell of the season, prompting immediate concern among aviation and local authorities. Images from the site showed water ingress and visible deterioration of the terminal interior, affecting passenger areas and ancillary services. The airport authority suspended certain operations temporarily to assess structural safety and ensure passenger wellbeing. Preliminary inspections have prioritised electrical systems and roof seals to prevent further water ingress. State aviation officials ordered a formal inqui..