Stem Inc (STEM) 2025 Q2 法說會逐字稿

Greetings and welcome to the Stem Inc second quarter 2025 results conference call. (Operator Instructions) Please note this conference is being recorded.

問候並歡迎參加 Stem Inc 2025 年第二季業績電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Erin Reed. Please go ahead.

現在我將會議交給主持人艾琳·里德 (Erin Reed)。請繼續。

Thank you, operator. This is Erin Reed, Head of Investor Relations at Stem. We welcome you to our second quarter 2025 earnings call. Before we begin, please note that some of the statements we will be making today are forward-looking. These statements involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. We therefore refer you to our latest 10-Q, 10-K, and other SEC filings and supplemental materials which can be found on our website.

謝謝您，接線生。我是 Stem 投資者關係主管 Erin Reed。歡迎您參加我們 2025 年第二季的財報電話會議。在我們開始之前，請注意，我們今天將要發表的一些聲明是前瞻性的。這些聲明涉及風險和不確定性，可能導致我們的結果與這些聲明中預測的結果有重大差異。因此，我們請您參閱我們最新的 10-Q、10-K 以及其他 SEC 文件和補充資料，這些文件和資料可在我們的網站上找到。

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our second quarter 2025 earnings release, which is on our website. Arun Narayanan, CEO; and Brian Musfeldt, CFO, will start the call today with prepared remarks, and then we will take your questions.

我們今天的評論還包括非公認會計準則財務指標。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的對帳可在我們網站上的 2025 年第二季財報中找到。執行長 Arun Narayanan 和財務長 Brian Musfeldt 將在今天的電話會議上發表準備好的講話，然後我們將回答您的問題。

And now, I will turn the call over to Arun.

現在，我將把電話交給阿倫。

Thanks, Erin. Hello, everyone, and thank you for joining us. Q2 2025 was a quarter unlike those prior as we took many steps to stabilize and position the business for future success and growth. We've delivered record software revenue and positive adjusted EBITDA for the quarter, refinance our debt and significantly strengthen our balance sheet. Continue to manage our operating costs, including a difficult but critical strategic reduction in force and execute it on our software centric strategy defined by our new BU structure.

謝謝，艾琳。大家好，感謝大家的參與。2025 年第二季與之前不同，因為我們採取了許多措施來穩定業務並為未來的成功和成長做好準備。我們本季實現了創紀錄的軟體收入和正調整後 EBITDA，對債務進行了再融資，並顯著增強了我們的資產負債表。繼續管理我們的營運成本，包括艱難但關鍵的策略性裁員，並按照我們新的業務單元結構定義的軟體中心策略執行。

While achieving all this, we are also looking to the future, and we will announce an AI enabled PowerTrack offering today. I will also touch upon the macro environment and guidance for the year. Let's delve into these topics now.

在實現這一切的同時，我們也著眼於未來，今天我們將宣布推出支援人工智慧的 PowerTrack 產品。我還將談及今年的宏觀環境和指導。現在讓我們深入探討這些主題。

I am pleased to report outstanding results for the quarter. We reported total revenue of $38.4 million for the quarter, up 13% year-over-year. Total ARR grew 3% sequentially and 22% year-over-year to $59 million demonstrating continued momentum in our recurring revenue base.

我很高興地報告本季的出色業績。我們報告本季總收入為 3840 萬美元，年增 13%。總 ARR 環比成長 3%，年增 22%，達到 5,900 萬美元，顯示我們的經常性收入基礎持續保持強勁勢頭。

We entered into several new power track software engagements during the quarter, including Norbut Solar Farms standardization across their 50 megawatt portfolio and PowerTrack, power plant controller and data acquisition support for Avangrid 57 megawatt Camino solar project. PowerTrack continues to be the industry standard for C&I solar asset monitoring, and looking ahead, we remain focused on driving PowerTrack adoption in international and utility scale markets.

我們在本季度簽訂了幾項新的電力追蹤軟體合同，包括 Norbut Solar Farms 50 兆瓦產品組合的標準化以及 PowerTrack、發電廠控制器和 Avangrid 57 兆瓦 Camino 太陽能專案的數據採集支援。PowerTrack 繼續成為 C&I 太陽能資產監控的行業標準，展望未來，我們仍將專注於推動 PowerTrack 在國際和公用事業規模市場的採用。

For storage, our strategic focus remains centered on software and services, particularly with brownfield opportunities for managed services that enable faster revenue conversion. This quarter we saw this strategy pick up momentum and signed multiple brownfield deals with customers. The managed services team continues to deliver proven strategic advantages across the value chain to our storage customers.

對於存儲，我們的策略重點仍然集中在軟體和服務上，特別是可實現更快收入轉換的託管服務的棕地機會。本季度，我們看到這一戰略勢頭強勁，並與客戶簽署了多項棕地交易。託管服務團隊持續為我們的儲存客戶提供整個價值鏈中經過驗證的策略優勢。

Professional services continued expanding during the second quarter with a number of new consulting engagements. This included the announced Green River Energy Center project with rPlus Energies, where we provided energy storage metering configuration and power flow analysis. Notably, this was not Stem's first engagement with rPlus, demonstrating that customers are getting value from professional services and are returning for additional support.

專業服務在第二季繼續擴大，推出了許多新的諮詢業務。其中包括與 rPlus Energies 合作宣布的綠河能源中心項目，我們在該項目中提供儲能計量配置和電力流分析。值得注意的是，這並不是 Stem 首次與 rPlus 合作，這表明客戶從專業服務中獲得了價值，並正在回來尋求額外的支援。

This quarter, we also substantially enhanced our professional services offerings in energy market education and strategy and introduced customer support for navigating policy and regulatory environments and project finance advisory. Growing our software and services revenue is a strategic priority for us, and we are delivering on this.

本季度，我們也大幅增強了能源市場教育和策略方面的專業服務，並推出了針對政策和監管環境以及專案融資諮詢的客戶支援。增加軟體和服務收入是我們的策略重點，我們正在實現這一目標。

Now on to another strategic priority reducing our cost structure and driving profitability. We achieved strong GAAP and non-GAAP gross margins this quarter, reflecting continued growth of high margin software and services revenue and active cost management. The strategic reduction in force implemented in the second quarter is now fully effective and represents approximately a 35% reduction in personnel costs.

現在讓我們來談談另一個策略重點，即降低成本結構和提高獲利能力。本季度我們實現了強勁的 GAAP 和非 GAAP 毛利率，反映了高利潤軟體和服務收入的持續成長以及積極的成本管理。第二季實施的策略性裁員現已全面生效，人員成本減少了約35%。

While these decisions and actions were challenging, these cost cutting efforts enabled us to reduce cash OpEx year-over-year by nearly 40% and generated positive adjusted EBITDA of $4 million for the quarter, representing a $15 million year-over-year improvement. We continue to focus on cost savings while ensuring the business has the resources necessary to scale and capture the opportunities ahead.

雖然這些決策和行動具有挑戰性，但這些削減成本的努力使我們能夠將現金營運支出同比減少近 40%，並在本季度產生了 400 萬美元的正調整後 EBITDA，比去年同期增長了 1500 萬美元。我們持續專注於節省成本，同時確保企業擁有擴大規模和抓住未來機會所需的資源。

Now onto the balance sheet. This quarter we also completed a strategic debt exchange transaction which at the high level allowed us to exchange a large portion of our old debt for a new and significantly smaller loan that is due at a later date, giving us more time before the debt matures and more importantly, reducing our overall debt burden. We were able to capture a discount of close to $200 million through our debt exchange transaction. Most of the debt we have now has a five year runway.

現在進入資產負債表。本季度，我們還完成了一項戰略性債務交換交易，從高層來看，這使我們能夠將大部分舊債務交換為新的、金額明顯較小且到期日較晚的貸款，從而使我們在債務到期前有更多時間，更重要的是，減輕了我們的整體債務負擔。透過債務交換交易，我們獲得了近 2 億美元的折扣。我們現在的大部分債務都有五年的償還期限。

Now let's turn to an update on our internal business unit structure. Our software centric strategy and our organization as business units help us deliver on our financial metrics and positions us to capitalize on the significant opportunities in the evolving energy landscape.

現在讓我們來了解一下我們內部業務部門結構的最新情況。我們的軟體中心策略和作為業務部門的組織幫助我們實現財務指標，並使我們能夠利用不斷變化的能源格局中的重大機會。

As mentioned in the previous earnings call, we have organized Stem into four business units software products, managed services, professional services, and OEM hardware. These business units help guide our internal operations. Each business unit President has full P&L responsibility, which is a simple yet critical change that is driving focused growth and investment strategies within their domains.

如同上次財報電話會議中所提到的，我們將 Stem 組織成四個業務部門：軟體產品、託管服務、專業服務和 OEM 硬體。這些業務部門幫助指導我們的內部運作。每個業務部門總裁都負有全部的損益責任，這是一個簡單但關鍵的變化，它推動了各自領域內的重點成長和投資策略。

While the new structure is supporting investment and growth within each business unit, it is also designed to enable collaboration across the business units by encouraging cross-selling of each other's products. We are hopeful that this collaboration will yield tangible results in the coming quarters.

新結構不僅支持每個業務部門內的投資和成長，還旨在透過鼓勵彼此產品的交叉銷售來實現跨業務部門的協作。我們希望此次合作將在未來幾季取得實際成果。

We have nearly finished formalizing our internal reporting structure around these four business units. Next quarter we plan to launch external segment reporting which will give investors enhanced visibility into how each business unit is performing.

我們幾乎已經完成了圍繞這四個業務部門的內部報告結構的正式化。下個季度我們計劃推出外部分部報告，讓投資人更了解每個業務部門的表現。

An important note, while these four business units guide our internal operations, the external reporting segments may be structured slightly differently under the accounting rules and for investor transparency. I am pleased to say that we are already reporting a more detailed revenue breakout on our income statement in our Form 10-Q to provide clarity into our business.

需要注意的是，雖然這四個業務部門指導我們的內部運營，但根據會計規則和為了投資者透明度，外部報告分部的結構可能略有不同。我很高興地說，我們已經在 10-Q 表的損益表中報告了更詳細的收入明細，以使我們的業務更加清晰。

Our software offerings set us apart. I am pleased to announce two new software offerings today. First, let's talk about PowerTrack. I'm excited to announce that they're bringing the PowerTrack EMS offering to the market. This is a key product for us that allows us to expand into storage and hybrid assets and also into the utility scale solar space. In a way, this product fully integrates also energy's solar C&I offerings with Stems storage offerings. As a result, we are now focused across key markets, solar storage and hybrid assets in both the C&I and utility scale segments.

我們的軟體產品使我們與眾不同。我很高興今天宣布推出兩款新的軟體產品。首先，我們來談談 PowerTrack。我很高興地宣布他們正在將 PowerTrack EMS 產品推向市場。這對我們來說是一個關鍵產品，它使我們能夠擴展到儲存和混合資產以及公用事業規模的太陽能領域。從某種程度上來說，該產品將能源公司的太陽能 C&I 產品與 Stems 儲存產品完全整合在一起。因此，我們現在專注於關鍵市場、商業與工業 (C&I) 和公用事業規模領域的太陽能儲存和混合資產。

The product PowerTrack EMS is a crucial offering for the market. It adds a comprehensive control layer with integrated cloud capabilities to PowerTrack. Some customers have previewed the product and we already have received positive feedback from these prospective customers. We are launching sales of PowerTrack EMS at the upcoming RE press conference in Las Vegas in September and expect an estimated six to nine months between bookings and revenue recognition.

PowerTrack EMS 產品是市場上至關重要的產品。它為 PowerTrack 添加了具有整合雲端功能的綜合控制層。一些客戶已經預覽了該產品，我們已經收到了這些潛在客戶的正面回饋。我們將於 9 月在拉斯維加斯舉行的 RE 新聞發布會上推出 PowerTrack EMS 的銷售，預計從預訂到收入確認需要六到九個月的時間。

As we discussed in previous quarters, we continue to incorporate advances in AI into our offerings. Looking ahead, we have the opportunity to bring LLM-like technology to PowerTrack. The second product announcement I'm making today is in this space.

正如我們在前幾個季度所討論的那樣，我們將繼續將人工智慧的進步融入我們的產品中。展望未來，我們有機會將類似 LLM 的技術引入 PowerTrack。我今天要發布的第二個產品就是在這個空間。

Today I'm pleased to announce PowerTrack Sage, which will allow customers to experience the capabilities of PowerTrack through a chat-like experience allowing for greater interactivity, interpretation, and remedial action. This allows us to expand our customer base to new types of customers and also provide additional value to existing customers' workflows by integrating different work steps, eventually allowing them to streamline their operations.

今天，我很高興地宣布推出 PowerTrack Sage，它將允許客戶透過類似聊天的體驗來體驗 PowerTrack 的功能，從而實現更強的互動性、解釋性和補救措施。這使我們能夠將客戶群擴展到新類型的客戶，並透過整合不同的工作步驟為現有客戶的工作流程提供額外的價值，最終使他們能夠簡化營運。

Development for this product is well under way, and we hope to bring it to customers soon. Revamping our software development and taking advantage of advances in AI is a strategic priority for us, and we remain focused on it.

該產品的開發正在順利進行中，我們希望很快將其帶給客戶。改進我們的軟體開發並利用人工智慧的進步是我們的策略重點，我們將繼續專注於此。

Now turning to macro environment. While headwinds from tariffs and policy uncertainty continue, we remain confident in our ability to navigate these challenges. This is driven by our team's ability to adapt and as a direct result of some of the transformational strategy changes we have made over the last year or so.

現在轉向宏觀環境。儘管關稅和政策不確定性帶來的阻力持續存在，但我們仍然有信心能夠應對這些挑戰。這是由我們團隊的適應能力所驅動的，也是我們在過去一年左右所做的一些轉型策略變革的直接結果。

Our diversified software centric model and international expansion strategy positions us well. Our software and service offerings are largely insulated from hardware tariffs. Furthermore, many of the projects in our near term pipeline are already well under construction, and as of today we do not expect to see softening this year.

我們多元化的軟體中心模式和國際擴張策略使我們處於有利地位。我們的軟體和服務產品很大程度上不受硬體關稅的影響。此外，我們近期籌備的許多項目都已在順利建設中，截至今天，我們預計今年不會出現疲軟。

Our professional services business unit actually benefits from this complexity as we have developed specialized policy and regulatory offerings to help customers navigate the evolving landscape. The largest share of our revenue today comes from the USCNI solar market, and we continue to view it as a strong and sustainable opportunity even without government incentives. Recent market forecasts from Wood McKinsey show installations in this key market growing in 2026. Furthermore, with low growth expected to rise, new capacity will need to be built, and we will be here to support that build out with our industry leading offerings.

我們的專業服務業務部門實際上受益於這種複雜性，因為我們已經制定了專門的政策和監管產品來幫助客戶應對不斷變化的環境。我們目前的最大收入份額來自 USCNI 太陽能市場，即使沒有政府激勵措施，我們仍然將其視為一個強勁且可持續的機會。伍德麥肯錫最近的市場預測顯示，到 2026 年，這個關鍵市場的安裝量將會成長。此外，隨著低成長率預計上升，需要建立新的產能，我們將透過我們行業領先的產品來支持這項建設。

Now on to guidance. With the close of the second quarter, I'm pleased to report that we are tracking towards the high end of guidance for all metrics but operating cash flow for which we are tracking towards the low end of the range. Because we remain in an uncertain policy and regulatory environment, we will not be updating the ranges today, although I am very pleased to reiterate our full year 2025 financial guidance across all metrics. And believe we are derisking the bottom end of nearly all ranges.

現在開始指導。隨著第二季的結束，我很高興地報告，我們正在追蹤所有指標的指導高端，但對於經營現金流，我們正在追蹤該範圍的低端。由於我們仍處於不確定的政策和監管環境中，我們今天不會更新範圍，儘管我很高興重申我們對所有指標的 2025 年全年財務指導。並且相信我們正在降低幾乎所有範圍的底端風險。

Overall, we have delivered a very robust and defining quarter on all fronts. Our future technology roadmap, a cleaner balance sheet, and a lower operating cost structure all point to a pathway where we can deliver on our promises. Before I turn the call over to Brian to walk through the financials in more detail, I would like to formally welcome him back to the Stem team.

總體而言，我們在各方面都取得了非常強勁和決定性的季度成績。我們未來的技術路線圖、更清晰的資產負債表和更低的營運成本結構都指向一條我們可以兌現承諾的道路。在我將電話轉給 Brian 更詳細地介紹財務狀況之前，我想正式歡迎他重返 Stem 團隊。

Brian brings nearly 30 years of finance and management experience in clean technology and energy to Stem, including as the CFO of AlsoEnergy for five years. Brian's experience is in complete alignment with the strategic direction the Board has charted for the company. I'm really excited to have Brian back, and I look forward to Brian's support in the next phase of Stem's development.

Brian 為 Stem 帶來了近 30 年的清潔技術和能源財務和管理經驗，其中包括擔任 AlsoEnergy 財務長五年。布萊恩的經驗與董事會為公司製定的策略方向完全一致。我很高興 Brian 回來，並期待 Brian 在 Stem 發展的下一階段提供支援。

With that, let me turn the call over to Brian.

說完這些，讓我把電話轉給布萊恩。

Thanks, Arun, and hello everyone. I'm excited to be back with Stem. I've spent nearly three decades in finance and operations leadership, most recently in software related clean technology and energy. I spent over five years helping manage and build PowerTrack into the US market leader in solar asset monitoring, and I'm excited to continue that journey as I see tremendous opportunity ahead as we execute our software focused strategy into the solar and storage markets. My key strategic priorities as CFO are focused on profitable growth and cash management as we look to expand each of our key business segments over the coming years.

謝謝，阿倫，大家好。我很高興能回到 Stem。我從事財務和營運領導工作近三十年，最近從事軟體相關的清潔技術和能源工作。我花了五年多的時間幫助管理並將 PowerTrack 打造成為美國太陽能資產監控市場的領導者，我很高興繼續這一旅程，因為我看到隨著我們在太陽能和儲存市場實施以軟體為中心的策略，未來將有巨大的機會。作為財務長，我的主要策略重點是獲利成長和現金管理，因為我們希望在未來幾年擴大每個關鍵業務部門。

Turning to our second quarter, 2025 financial performance, total revenue grew 13% year-over-year to $38 million. Notably, solar software continued its strong growth trajectory, growing 20% year-over-year, and storage software and managed service revenue grew an impressive 53% year-over-year, with 100 megawatt hours of new storage assets commissioned in the quarter.

展望我們 2025 年第二季的財務業績，總營收年增 13%，達到 3,800 萬美元。值得注意的是，太陽能軟體持續保持強勁的成長勢頭，年增 20%，儲存軟體和託管服務收入年增 53%，本季投入使用的新儲存資產為 100 兆瓦時。

This quarter, we introduced a more detailed revenue breakout on our income statement in our Form 10-Q to provide enhanced clarity into our business. You can see it further highlighted on page 6 of our supplemental materials.

本季度，我們在 10-Q 表的損益表中引入了更詳細的收入明細，以增強我們業務的清晰度。您可以在我們的補充資料第 6 頁上看到進一步的強調。

We again achieved strong growth margins this quarter with GAAP gross margins of 33% and a record non-GAAP gross margin of 49%. This expansion reflects the increasing mix of higher margin software and services in our revenue base. GAAP operating expenses were down 17% quarter-over-quarter, and cash operating expenses were down 20% quarter-over-quarter and 39% year-over-year.

本季我們再次實現了強勁的成長利潤率，GAAP 毛利率為 33%，非 GAAP 毛利率創歷史新高，達到 49%。這一擴張反映了我們收入基礎中高利潤軟體和服務的不斷增加。GAAP 營運費用較上季下降 17%，現金營運費用較上季下降 20%，較去年同期下降 39%。

These OpEx reductions were primarily the result of the completion of our targeted workforce reduction in the second quarter that resulted in annualized savings of over $27 million or approximately 35% of our personnel expenses. Cash operating expenses of $18 million this quarter exclude the $6 million in one-time expenses from this reduction in force.

這些營運支出的減少主要是因為我們在第二季完成了裁員目標，節省了超過 2,700 萬美元的年度開支，約占我們人事費用的 35%。本季現金營運費用為 1,800 萬美元，不包括此次裁員產生的 600 萬美元一次性費用。

We expect operating expenses to continue to decline throughout the balance of the year as we continue to drive cost savings across the business. The improved margins and significantly reduced OpEx drove positive adjusted EBITDA of $4 million this quarter, demonstrating that our strategic realignment and cost discipline initiatives are delivering results.

隨著我們繼續推動整個業務的成本節約，我們預計全年營運費用將繼續下降。利潤率的提高和營運支出的大幅減少推動本季調整後的 EBITDA 達到 400 萬美元，這表明我們的策略調整和成本控制措施正在取得成效。

Operating cash flow came in at a negative $21 million for the quarter, driving cash at $41 million at the end of the second quarter. The decrease in operating cash flow was largely due to an outflow from working capital and $6 million of one-time payments related to the reduction in force implemented during the quarter.

本季經營現金流為負 2,100 萬美元，第二季末現金為 4,100 萬美元。經營現金流的減少主要是由於營運資金流出以及本季實施的裁員相關的 600 萬美元一次性付款。

Working capital will fluctuate from quarter to quarter in the normal course of business. This quarter, due to timing with customers and vendors, accounts receivable increased and accounts payable decreased. This combined with other one-time non-recurring payments caused a net decrease in working capital and cash on hand at the end of the quarter.

在正常業務過程中，營運資金每季都會波動。本季度，由於與客戶和供應商的時間安排，應收帳款增加，應付帳款減少。這與其他一次性非經常性付款相結合，導致本季末營運資金和現金淨減少。

Based on the extensive cost reductions executed in the second quarter and the deemphasis on the capital intensive OEM battery resale business, we expect to generate positive cash from operations in the second half of the year and today have reiterated our operating cash flow guidance of between $0 million and $15 million or full year 2025.

基於第二季實施的大規模成本削減以及對資本密集型 OEM 電池轉售業務的淡化，我們預計下半年營運將產生正現金，今天我們重申了 2025 年全年營運現金流預測，即 0 百萬美元至 1500 萬美元之間。

As Arun stated, during the quarter, we also completed a significant debt exchange transaction, which we see as significantly strengthening our financial position. The transaction consisted of a private debt exchange for the majority of our outstanding 2028 and 2030 convertible notes.

正如阿倫所說，在本季度，我們還完成了一項重大的債務交換交易，我們認為這大大增強了我們的財務狀況。該交易包括對我們大部分未償還的 2028 年和 2030 年可轉換票據進行私人債務交換。

Specifically, we acquired $229 million of the 2028 convertible notes and $121 million of the 2030 convertible notes in exchange for $155 million of the new first lean senior secured notes due in 2030. This transaction retired $195 million of debt at a meaningful discount while extending debt maturities.

具體來說，我們收購了 2.29 億美元的 2028 年可轉換票據和 1.21 億美元的 2030 年可轉換票據，以換取 2030 年到期的 1.55 億美元的新首期優先擔保票據。這項交易以大幅折扣償還了 1.95 億美元的債務，同時延長了債務期限。

Additionally, we see this transaction as materially strengthening our balance sheet by reducing medium-term liabilities and overall net leverage, as well as providing enhanced financial flexibility as we scale our business.

此外，我們認為此交易將透過減少中期負債和整體淨槓桿率，大大增強我們的資產負債表，並在我們擴大業務規模時提供更強的財務靈活性。

And now turning to our operating metrics. As announced during the fourth quarter earnings call, we have introduced enhanced operating metrics that should provide stakeholders with better visibility into key drivers of our financial results. Bookings representing all one-time and recurring revenue with executed purchase orders in the period were nearly flat, as expected, due to typical seasonality of this metric.

現在來談談我們的營運指標。正如在第四季度財報電話會議上宣布的那樣，我們引入了增強的營運指標，以便利害關係人更好地了解我們財務表現的關鍵驅動因素。由於該指標具有典型的季節性，因此代表該期間所有一次性和經常性收入以及已執行採購訂單的預訂量幾乎持平，這與預期一致。

Contracted backlog comprising all hardware and non-recurring service bookings with executed purchase orders not yet delivered to our customers through 6% sequentially or which includes all annualized recurring revenues for systems with executed purchase orders that are not yet operating and all operating Stem customer subscription contracts increased 1% sequentially. ARR, which includes all Stem operating recurring revenues, increased 3% sequentially and 22% year-over-year.

合約積壓包括所有硬體和非經常性服務預訂，其中已執行的採購訂單尚未交付給我們的客戶，環比增長 6%，或包括所有已執行採購訂單但尚未運營的系統的年度經常性收入以及所有運營的 Stem 客戶訂閱合同，環比增長 1%。ARR（包括所有 Stem 營運經常性收入）較上季成長 3%，較去年同期成長 22%。

Finally, storage and solar AUM increased 4% and 1% respectively, since last quarter. These redefined operating metrics provide enhanced visibility into our future revenue. In other updates, I'm pleased to report that our reverse stock split became effective on June 23, and we are now in compliance with the New York Stock Exchange listing standards.

最後，自上個季度以來，儲存和太陽能 AUM 分別成長了 4% 和 1%。這些重新定義的營運指標增強了我們未來收入的可視性。在其他更新中，我很高興地報告，我們的反向股票分割於 6 月 23 日生效，我們現在符合紐約證券交易所的上市標準。

Now onto guidance. As Arun said, we are reiterating our full year 2025 guidance across all metrics, and we are tracking toward the high end of the guidance for all metrics except operating cash flow, for which we are tracking toward the lower end of the range.

現在進入指導。正如阿倫所說，我們重申了 2025 年全年所有指標的指導，並且除了經營現金流之外，所有指標我們都朝著指導範圍的高端發展，而經營現金流則朝著該範圍的低端發展。

And now I will pass the call back over to Arun, for closing remarks.

現在我將把電話轉回給阿倫，請他做最後發言。

Thanks, Brian. As we look ahead, I remain highly confident in Stem's trajectory and our ability to deliver sustainable, profitable growth. Our new business unit structure is operating effectively with each unit driving focused results. Our strategic priorities are delivering measurable outcomes, and our strengthened balance sheet provides the financial flexibility to invest in compelling growth opportunities.

謝謝，布萊恩。展望未來，我仍然對 Stem 的發展軌跡以及我們實現可持續獲利成長的能力充滿信心。我們的新業務部門結構正在有效運作，每個部門都在努力實現目標。我們的策略重點是實現可衡量的成果，而我們增強的資產負債表提供了投資於引人注目的成長機會的財務靈活性。

The clean energy transformation continues accelerating globally, creating a massive market opportunity. Our market leading software platforms, industry leading solutions, and dedicated team positions us to capitalize on this transformation. Combined with our enhanced financial foundation and proven ability to navigate macro challenges, Stem is exceptionally well positioned for the road ahead.

全球清潔能源轉型持續加速，創造了巨大的市場機會。我們市場領先的軟體平台、業界領先的解決方案以及專業的團隊使我們能夠充分利用這一轉變。結合我們強大的財務基礎和經過驗證的應對宏觀挑戰的能力，Stem 在未來的發展中已佔據有利地位。

I want to thank our investors and customers for their continued confidence and trust in us, and I want to take this opportunity to also express my gratitude for the hard work and contributions of Stem's employees in achieving these results.

我要感謝我們的投資者和客戶對我們的持續信任，我也想藉此機會對 Stem 員工為實現這些成果所付出的辛勤工作和貢獻表示感謝。

With that operator, let's open the line for questions, please.

請接聽那位接線生的電話，讓我們開通問答專線。

(Operator Instructions)

（操作員指示）

Justin Clare, ROTH MKM.

賈斯汀·克萊爾（Justin Clare），ROTH MKM。

Hey, thanks for taking the questions here. And so I guess first off, I just wanted to start with -- so you're shifting the business and you have a much greater emphasis on software products here. So just wondering how we should think about hardware sales moving forward? Any sense for what the battery resale revenue could look like in the back half of the year and then curious on, if you're continuing to book orders for battery hardware or at this point and how that's evolving here.

嘿，感謝您在這裡回答問題。所以我想首先，我只是想從…開始——所以你正在轉變業務，並且你在這裡更加重視軟體產品。所以我想知道我們應該如何看待未來的硬體銷售？您是否知道下半年電池轉售收入會是什麼樣子，然後好奇的是，您是否會繼續預訂電池硬件，或者此時的情況如何，以及情況如何發展。

Justin, can you just repeat the last part of the question? This is Arun. I got your first half.

賈斯汀，你能重複問題的最後一部分嗎？這是阿倫。我得到了你的前半部分。

Yeah. I'm just wondering if you're continuing to book battery hardware sales if that's something that's continuing here or if you've deemphasized it and it's, primarily a software focus.

是的。我只是想知道您是否會繼續預訂電池硬體銷售，如果這是繼續的事情，或者您是否已經不再強調它並且主要關注軟體。

Okay, I understand. Justin, this is Arun. Thank you for the question. I want to reaffirm our guidance in a supplement, we state that we are aiming to achieve up to $35 million in hardware sales. But maybe more importantly, I think it is true that we have pivoted to becoming a more software and services centric as an organization. And for me what is really encouraging is that, that strategy is playing out and we are able to deliver on the software outcomes that we've promised, and that comes with the associated growth margins as we had hoped to achieve as well.

好的，我明白了。賈斯汀，這是阿倫。謝謝你的提問。我想在補充說明中重申我們的指導，我們表示我們的目標是實現高達 3500 萬美元的硬體銷售額。但也許更重要的是，我認為我們確實已經轉向成為一個更以軟體和服務為中心的組織。對我來說真正令人鼓舞的是，這項策略正在發揮作用，我們能夠實現我們所承諾的軟體成果，並帶來我們所希望實現的相關成長利潤率。

Got it. Okay. So then I guess just, maybe on a kind of separate topic here, just wondering, AI solar, I think is the largest share of your revenue today, but you've talked about utility scale solar and obviously you have a storage business and hybrid business as well, wondering if you anticipate the mix shifting and if you could just speak to the progress you're making on growing into utility scale solar, for example.

知道了。好的。那麼我想，也許在這裡討論一個單獨的話題，我只是想知道，人工智慧太陽能，我認為是您今天收入的最大份額，但您談到了公用事業規模的太陽能，顯然您也有存儲業務和混合業務，想知道您是否預計到組合的變化，您是否可以談談您在發展公用事業規模太陽能方面取得的進展，例如。

Yeah. It's a really good question. So each market has different characteristics. So if you look at the C&I solar space, PowerTrack is a very strong player in that, and we have a good set of customers who use the technology and very positive feedback that we receive.

是的。這確實是一個好問題。所以每個市場都有不同的特色。因此，如果你看一下 C&I 太陽能領域，PowerTrack 是該領域非常強大的參與者，我們擁有一群使用技術的優秀客戶，並且收到了非常正面的回饋。

Utility scale is a -- if you imagine the market, it's basically a market in which solar assets are deployed alongside a storage asset. That's what characterizes the utility scale space. And for us to be able to play in that market, we need a compelling offering, and that offering is PowerTrack EMS and PowerTrack EMS allows us to bring the excellence that we have within the solar capabilities of PowerTrack but allow for that to be deployed alongside the management of energy in the storage space. That's why this product that we're releasing very soon is so exciting for us. It allows us to tap into that space.

公用事業規模是一個——如果你想像市場，它基本上是一個太陽能資產與儲存資產一起部署的市場。這就是公用事業規模空間的特徵。為了能夠在該市場中佔有一席之地，我們需要提供引人注目的產品，而該產品就是 PowerTrack EMS，PowerTrack EMS 讓我們能夠發揮 PowerTrack 在太陽能功能方面的卓越優勢，同時又能將其與儲能領域的能源管理一起部署。這就是為什麼我們即將發布的這款產品讓我們如此興奮。它使我們能夠利用那個空間。

In the storage space, EMS can be used as well as the fact that the strength that we have in Stem is that we are able to provide managed services to our customers in the storage and hybrid spaces. And in these spaces we rely on the capabilities that we have in technical experts in the organization, but also the fact that we have technology like Athena that's used to manage services so successful. And then across the full spectrum, including projects that have not been commissioned, we are able to bring professional services to there.

在儲存空間中，可以使用 EMS，而且我們在 Stem 中的優勢在於我們能夠在儲存和混合空間中為客戶提供託管服務。在這些領域，我們不僅依賴組織內技術專家的能力，還依賴我們擁有像 Athena 這樣用於成功管理服務的技術。然後，在整個範圍內，包括尚未委託的項目，我們都能夠提供專業服務。

Got it. Okay. And then just one last one here on OpEx, I think I heard that it's expected to continue to decline through the end of the year here. Was wondering, where do you think you could be at the end of the year and what could the run rate be as we move into 2026?

知道了。好的。最後再問一下關於營運支出的問題，我聽說預計到今年年底營運支出將繼續下降。我想知道，您認為今年年底的業績會如何？進入 2026 年，運行率會是多少？

Yeah, thanks. This is Brian. I'll take that one. Yeah, we obviously don't give future guidance on kind of forward-looking statements that way, but I can't say, as we get into the second half of the year, we are going to continue to reduce our cash OpEx, the team is still working on what I would call non-personnel related savings. So there's a continued effort to bring that OpEx in line with the size and the revenue and the margins we're generating, so.

是的，謝謝。這是布萊恩。我要那個。是的，我們顯然不會以那種前瞻性的陳述方式提供未來指導，但我不能說，隨著進入下半年，我們將繼續降低現金運營支出，團隊仍在努力實現我所說的非人員相關的節省。因此，我們不斷努力使營運支出與我們產生的規模、收入和利潤保持一致。

You can look for that. I think we do use cash OpEx. I think we showed that it went down to about $18.3 million this quarter compared to $29 million year-over-year. So that's a great decrease already. We do expect to -- you'll see more coming into the third quarter and that we'll manage toward that run rate.

你可以去尋找一下。我認為我們確實使用現金營運支出。我認為我們已經表明，本季的營收與去年同期的 2,900 萬美元相比下降至約 1,830 萬美元。所以這已經是很大的下降了。我們確實預計——您將在第三季度看到更多，並且我們將努力實現這一運行率。

Okay, sounds good. I’ll pass it on.

好的，聽起來不錯。我會傳達它。

Thank you, Justin.

謝謝你，賈斯汀。

I believe we have some investor questions if management would like to go over those.

我相信如果管理層願意討論的話，我們會有一些投資者的問題。

Yeah. I realized today is a busy earnings day, and I'm trying to represent some of the investor questions as well as questions that we receive frequently from [retail] online and maybe just a couple of questions, Brian, you can maybe comment on them.

是的。我意識到今天是繁忙的收益日，我試圖代表一些投資者的問題以及我們經常從[零售]在線收到的問題，也許只是幾個問題，布萊恩，你可以對它們發表評論。

Can you give a little bit more color to the recent debt deal and why it is such a big important transaction for us?

您能否詳細介紹一下最近的債務交易以及為什麼這對我們來說是一項如此重要的交易？

Yeah, thanks. Yeah, so as we talked about in the call, this is an important improvement to our balance sheet for this company. We did an exchange of about $350 million in aggregate principal debt in this company. And converted that into $155 million of debt. There's really two key benefits around that. First, we obviously reduced the outstanding debt by approximately $200 million. It's really again and a capture for the company that we won't have to deleverage the company significantly.

是的，謝謝。是的，正如我們在電話中談到的，這對我們公司的資產負債表來說是一個重要的改進。我們對這家公司總計約 3.5 億美元的本金債務進行了交換。並將其轉化為 1.55 億美元的債務。這實際上有兩個主要好處。首先，我們顯然減少了約 2 億美元的未償債務。這實際上又一次為公司帶來了好處，即我們不必大幅降低公司的槓桿率。

Secondly, in doing so, we pushed out the maturity, so we pushed out the maturity of about $297 million of debt that was due in 2028. And reduced it to about $68 million in 2030. So that extends our first debt maturity now is significantly reduced, and the majority of this is now five years out. So it's a great, I think, win for the company. It comes with very reasonable covenants, and I think it was a really good strategic move by the company to kind of get that taken care of and deleverage the balance sheet.

其次，這樣做，我們推遲了到期日，所以我們推遲了 2028 年到期的約 2.97 億美元債務的到期日。2030年則減少至約6,800萬美元。因此，我們的第一筆債務的到期期限現在大大縮短，其中大部分是五年後。所以我認為這對公司來說是一個巨大的勝利。它附帶非常合理的契約，我認為這是公司非常好的策略性舉措，可以解決這個問題並降低資產負債表的槓桿率。

And then one other question that we get is it on cash, right? If you look at cash OpEx for the quarter, we were able to manage the cash very well, but the ending cash position is lower. But how is that (inaudible) and end of year guidance that we've stated of zero.

然後我們收到的另一個問題是現金，對嗎？如果您查看本季的現金營運支出，我們能夠很好地管理現金，但期末現金狀況較低。但是，這怎麼會是（聽不清楚）和我們所說的零年底指引呢？

Yeah. So we reported, as you saw there about a $21 million operating cash flow reduction in the quarter. And if you look at what that -- what drove that as compared to a $4 million positive EBITDA a quarter really was driven by a use of working capital outflows.

是的。因此，正如您所看到的，我們報告本季的營運現金流減少了約 2,100 萬美元。如果你看一下是什麼——與每季 400 萬美元的正 EBITDA 相比，推動這一增長的實際上是營運資金流出的推動力。

If you look at our balance sheet, our cash flow, you'll see that we actually for the first time in four quarters increased accounts receivable, which is great. It's just due to the timing of deals and this is all current, so we're happy to see that, that the business is stabilizing on that front.

如果你看一下我們的資產負債表和現金流，你會發現我們實際上在四個季度內首次增加了應收帳款，這很好。這只是由於交易的時間安排，而且都是當前的，所以我們很高興看到業務在這方面正在穩定下來。

And on the other side we made some pretty significant paydowns against just vendor payables and our accounts payable as well as one-time payments, for example, the risk that we talk about $5.9 million of cash outflows that had to go out of the business to kind of help right size the cost and the operating expense of the company.

另一方面，我們對供應商應付款、應付帳款以及一次性付款進行了一些相當大的償還，例如，我們談論的 590 萬美元現金流出風險，這些現金流出必須從業務中流出，以幫助正確調整公司的成本和營運費用。

So as you look at the balance sheet now, you're going to start to see a lot more stabilized working capital as we've kind of now with the focus on software and the move away from this OEM battery business, I think you'll start to see a working capital stabilize and we will expect to start generating cash flow into the second half.

因此，當您查看現在的資產負債表時，您將開始看到更穩定的營運資本，因為我們現在將重點放在軟體上，並遠離 OEM 電池業務，我認為您將開始看到營運資本穩定下來，我們預計將在下半年開始產生現金流。

Okay. Very good. Thanks, Brian. So with that, I want to thank everyone for joining our second quarter earnings call and look forward to speaking with you during our third quarter earnings call in the fall.

好的。非常好。謝謝，布萊恩。因此，我要感謝大家參加我們的第二季財報電話會議，並期待在秋季的第三季財報電話會議上與大家交談。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路並度過美好的一天。