Stem, Inc. (STEM) revealed a loss in its first quarter that not only increased compared to the same period in the previous year, but also fell short of Wall Street's predictions.
The company's net loss amounted to 72.31 million dollars, equivalent to a loss of 46 cents per share. This is in stark contrast to the first quarter of the previous year, where the net loss was only 4.78 million dollars, or a loss of 29 cents per share.
Contrary to this, average market estimations had anticipated the company to register a loss of 21 cents per share based on the data compiled by Thomson Reuters. It's worth noting that these market estimates generally exclude any extraordinary items.
Unfortunately, the company's quarterly revenue also took a hit, plummeting 62.2%, and falling to 25.5 million dollars, a sharp decrease from the 67.4 million dollars of revenue in the first quarter of the previous year.
Here's a quick look at Stem Inc.'s Earnings (based on GAAP):
Earnings (Q1): A loss of 72.31 million dollars, compared with a loss of 4.78 million dollars last year.
EPS (Q1): A loss of 46 cents per share compared to 29 cents per share loss last year.
Revenue (Q1): 25.5 million dollars, down significantly from 67.4 million dollars last year.
