Stem Inc (STEM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Stem Inc third quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Stem Inc 2025 年第三季業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host for today, Erin Reed, Investor Relations Manager.

現在，我很高興為大家介紹今天的主持人，投資者關係經理艾琳·里德。

Please go ahead.

請繼續。

Thank you, operator. This is Erin Reed, Head of Investor Relations at Stem. We welcome you to our third 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.

謝謝接線生。這是 Stem 投資者關係主管 Erin Reed。歡迎參加我們2025年第三季財報電話會議。在開始之前，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，可能導致我們的實際結果與這些聲明中預測的結果有重大差異。

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. 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 third 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.

因此，我們建議您參閱我們最新的 10-Q、10-K 和其他美國證券交易委員會 (SEC) 文件及補充資料，這些文件可以在我們的網站上找到。我們今天的評論也包括非GAAP財務指標。更多詳情以及與最直接可比較的 GAAP 財務指標的核對，請參閱我們網站上發布的 2025 年第三季財報。執行長 Arun Narayanan 和財務長 Brian Musfeldt 將首先發表準備好的講話，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 today. Q3 2025 marks 12 months since we announced our strategic realignment, and I'm proud to report that our transformation continues to deliver tangible positive results. Today, we reported third quarter revenue of $38 million, up 31% year-over-year, with ARR growing 17% year-over-year to $60 million. We achieved our second consecutive quarter of positive adjusted EBITDA and generated positive operating cash flow.

謝謝你，艾琳。大家好，感謝各位今天收看我們的節目。2025 年第三季是我們宣布策略調整以來的第 12 個月，我很自豪地報告，我們的轉型正在繼續帶來切實可見的積極成果。今天，我們公佈了第三季營收為 3,800 萬美元，年增 31%，年度經常性收入年增 17% 至 6,000 萬美元。我們連續第二季實現了調整後 EBITDA 為正，並產生了正的經營現金流。

Our software-centric strategy is delivering results. The success of our strategic transformation is evident in our consistent earnings performance with steady growth in software and services revenue and continued improvement across key profitability metrics. As we maintain disciplined cost management, we believe we have achieved operational stability and our high-performing team is laser-focused on execution and results. Today, we are also refining guidance to reflect our revised forecast, which we will go into more detail later in the call. The key takeaways are we have reduced the historical volatility in our business.

我們以軟體為中心的策略正在發揮成效。我們策略轉型的成功體現在我們持續穩定的獲利表現上，軟體和服務收入穩定成長，關鍵獲利指標持續改善。由於我們堅持嚴格的成本管理，我們相信我們已經實現了營運穩定，我們高效的團隊正全神貫注於執行和結果。今天，我們也將完善業績指引，以反映我們修訂後的預測，稍後我們將在電話會議中詳細介紹。關鍵在於，我們降低了業務的歷史波動性。

We have derisked the low end of nearly all guidance ranges, and we feel confident about the stability of our business. This quarter also marked a pivotal moment in our evolution as we unified our corporate identity under the Stem brand and streamlined our entire product portfolio within the comprehensive PowerTrack suite. This transformation goes far beyond surface level changes. It reflects the deep integration of AlsoEnergy's solar expertise with Stem's storage and AI capabilities. For our customers, this means that we approach them with a single voice with superior technical solutions across their entire energy portfolio, covering solar, storage and hybrid assets alike.

我們降低了幾乎所有業績指引範圍下限的風險，我們對業務的穩定性充滿信心。本季也標誌著我們發展歷程中的一個關鍵時刻，我們將公司形象統一在 Stem 品牌下，並將所有產品組合精簡到全面的 PowerTrack 套件中。這種轉變遠遠超出了表面的變化。這體現了 AlsoEnergy 的太陽能專業知識與 Stem 的儲能和人工智慧能力的深度融合。對於我們的客戶而言，這意味著我們將以統一的聲音，為他們提供涵蓋太陽能、儲能和混合資產等所有能源組合的卓越技術解決方案。

Combined with Stem's industry-leading subject matter expertise, this creates an unparalleled customer value proposition. We welcome you to visit our redesigned website at stem.com to see this unified vision in action. Each quarter, we have touched upon our strategic priorities for 2025, driving software and services revenue growth, revamping software development and reducing our cost structure and driving profitability. We've advanced all three strategic priorities in Q3 with concrete results. Let me detail our progress.

結合 Stem 行業領先的專業知識，這創造了無與倫比的客戶價值主張。歡迎您造訪我們重新設計的網站 stem.com，親眼見證這個統一願景的實踐。每個季度，我們都談到了 2025 年的策略重點，包括推動軟體和服務收入成長、改革軟體開發、降低成本結構以及提高獲利能力。第三季度，我們在所有三個戰略重點方面都取得了實際成果。讓我詳細介紹一下我們的進展。

First, let's focus on software and services growth and revamping our software. On September 2, we launched PowerTrack EMS for hybrid and stand-alone storage projects. This energy management system integrates AlsoEnergy's solar C&I offerings with Stem's storage offerings and positions us to meet the needs of key markets, including solar, storage and hybrid assets in both the C&I and utility scale segments.

首先，讓我們專注於軟體和服務成長以及軟體的改進。9月2日，我們推出了適用於混合儲能和獨立儲能專案的PowerTrack EMS。這個能源管理系統將 AlsoEnergy 的工商業太陽能產品與 Stem 的儲能產品結合，使我們能夠滿足關鍵市場的需求，包括工商業和公用事業規模領域的太陽能、儲能和混合資產。

It is an intelligent control system that manages battery charging and discharging operations while coordinating grid services and enabling revenue streams for energy storage projects. PowerTrack EMS fills the critical gap between basic battery management and advanced optimization software such as our PowerTrack Optimizer product, enabling us to provide important control offerings regardless of the commercial management of the battery, including in territories where merchant optimization is not permitted.

這是一個智慧控制系統，它管理電池的充電和放電操作，同時協調電網服務，並為儲能專案創造收入來源。PowerTrack EMS 填補了基本電池管理和進階最佳化軟體（例如我們的 PowerTrack Optimizer 產品）之間的關鍵空白，使我們能夠提供重要的控制產品，而無需考慮電池的商業管理，包括在不允許商家優化的地區。

We remain excited about PowerTrack EMS because it expands our total addressable market by widening our potential customer base and the markets we can serve. Here in the US, it unlocked for us the utility scale market, which is heavily hybridized versus the C&I market. Outside of the US, PowerTrack EMS unlocks the international market for C&I and utility scale projects, which are also largely hybridized.

我們對 PowerTrack EMS 仍然感到非常興奮，因為它擴大了我們的潛在客戶群和我們可以服務的市場，從而擴大了我們的總目標市場。在美國，它為我們打開了公用事業規模市場，與工商業市場相比，呈現出高度混合的特性。在美國以外，PowerTrack EMS 為工商業和公用事業規模的專案開啟了國際市場，這些專案也大多是混合型的。

International expansion is a key component of our corporate strategy that also helps us manage near-term macro headwinds in the US. Importantly, in all markets, PowerTrack EMS is an optimization-agnostic controls-oriented product, which means that it can be sold in markets where utilities provide dispatch signals without the need for a third-party optimizer or in international markets where Stem does not provide managed optimization services with PowerTrack Optimizer.

國際擴張是我們公司策略的關鍵組成部分，也有助於我們應對美國近期宏觀經濟的不利因素。重要的是，在所有市場中，PowerTrack EMS 是一款與最佳化無關、以控制為導向的產品，這意味著它可以在公用事業公司無需第三方優化器即可提供調度訊號的市場銷售，也可以在 Stem 不提供 PowerTrack Optimizer 管理最佳化服務的國際市場銷售。

It is truly a complementary offering to the existing portfolio and allows us to offer an end-to-end solution for our customers. We launched PowerTrack EMS at the RE+ conference to strong customer reception. This product garnered particularly high interest from operators of hybrid energy sites.

它確實是對現有產品組合的補充，使我們能夠為客戶提供端到端的解決方案。我們在 RE+ 大會上推出了 PowerTrack EMS，受到了客戶的熱烈歡迎。該產品引起了混合能源電站營運商的極大興趣。

Just eight weeks after launch, we've already booked significant capacity deployments with blue-chip customers in three different countries, validating both our product capabilities and marketing positioning. These deals cover primarily hybrid utility scale projects with existing solar assets that expect to convert to hybrid in the near term and are using PowerTrack EMS as a way to future-proof this conversion while limiting downtime.

發布僅八週後，我們與三個不同國家的藍籌客戶預定了大量的容量部署，這驗證了我們的產品能力和市場定位。這些交易主要涵蓋混合公用事業規模項目，這些項目擁有現有的太陽能資產，預計在不久的將來會轉型為混合能源，並且正在使用 PowerTrack EMS 來確保這種轉型能夠面向未來，同時最大限度地減少停機時間。

We expect these bookings to convert to revenue in the coming quarters with about a six to nine-month typical lead time. Our core C&I solar monitoring platform is deeply established in the industry, but we remain dedicated to continuous innovation and addressing key customer feedback as quickly as we can. In the last 90 days alone, we have rolled out over 100 software improvements and bug fixes directly enhancing the PowerTrack experience for our customers.

我們預計這些預訂將在未來幾季轉化為收入，通常需要六到九個月的提前期。我們的核心 C&I 太陽能監控平台在業界已根深蒂固，但我們仍致力於持續創新，並儘快解決關鍵客戶回饋。光是在過去 90 天裡，我們就推出了 100 多項軟體改進和錯誤修復，直接提升了 PowerTrack 為客戶帶來的體驗。

Recently, we have added best monitoring features and enhanced PV performance analytics, ensuring that PowerTrack is the platform of choice for our customers as they add storage to their solar portfolios and scale to more complex operations. As we announced last quarter, we are also incorporating advances in AI into our offerings with PowerTrack Sage.

最近，我們增加了最佳監控功能並增強了光伏性能分析，確保 PowerTrack 成為客戶在其太陽能組合中添加儲能並擴展到更複雜操作時的首選平台。正如我們在上個季度宣布的那樣，我們還將人工智慧的進步融入我們的產品中，例如 PowerTrack Sage。

PowerTrack Sage is an AI-powered assistant that sits on top of PowerTrack and transforms complex solar and storage data analysis into natural language conversations. It's like an expert analyst available 24/7 to simplify certain important product workflows and serve as a first line of support for customer questions. There's high customer interest and excitement about this product, particularly around solar analytics and diagnosing root causes for unusual data. PowerTrack Sage development remains on track for limited beta release with select customers in December and is expected to be broadly available in 2026. PowerTrack software continues to demonstrate strong performance across key metrics.

PowerTrack Sage 是一款基於人工智慧的助手，它運行在 PowerTrack 之上，可以將複雜的太陽能和儲能數據分析轉化為自然語言對話。它就像是一位全天候 (24/7) 的專家分析師，可以簡化某些重要的產品工作流程，並作為客戶問題的第一線支援。消費者對該產品表現出濃厚的興趣和熱情，尤其是在太陽能分析和診斷異常數據的根本原因方面。PowerTrack Sage 的開發工作仍在按計劃進行，預計將於 12 月向部分客戶推出有限的 beta 版本，並於 2026 年全面上市。PowerTrack軟體在各項關鍵指標上持續展現強勁的效能。

Revenue increased 10% year-over-year. ARR expanded 19% year-over-year, and we commissioned 1.2 gigawatts of solar assets this quarter. Our platform now manages nearly 34 gigawatts of solar assets, reinforcing our market-leading position in C&I solar monitoring. Now let's move on to managed services. Our managed services are software-enabled full life cycle energy storage services covering the design, procurement, commissioning, operation and optimization of energy storage and hybrid solar plus storage systems.

營收年增10%。ARR年增19%，本季我們投產了1.2吉瓦的太陽能資產。我們的平台目前管理著近 34 吉瓦的太陽能資產，鞏固了我們在工商業太陽能監控領域的市場領先地位。現在我們來談談託管服務。我們的管理服務是軟體支援的全生命週期儲能服務，涵蓋儲能和混合太陽能+儲能係統的設計、採購、調試、運作和最佳化。

We help asset owners maximize the reliability, performance and returns of their storage assets. Managed services are supported by our PowerTrack Optimizer software, previously known as Athena. Energy optimization, especially when value stacking is a specialized area that requires both our optimization software and humans in the loop to execute well.

我們幫助資產所有者最大限度地提高其儲存資產的可靠性、效能和收益。託管服務由我們的 PowerTrack Optimizer 軟體（以前稱為 Athena）提供支援。能源優化，尤其是價值疊加，是一個需要我們的優化軟體和人共同參與才能有效執行的專業領域。

Humans in the loop ensure that the optimization is keeping up with the constant market and program rule changes, market dynamics and new value streams. Our competitive advantage in managed services lies in our ability to serve as a full service provider, leveraging our substantial market share across diverse segments.

人為因素確保優化能夠跟上不斷變化的市場和程序規則、市場動態和新的價值流。我們在託管服務領域的競爭優勢在於我們能夠作為全方位服務供應商，利用我們在各個細分市場的巨大市場份額。

We remain one of the few companies with this expertise. Our managed services contracts include both recurring revenue and performance-based upside when we exceed operational targets. Q3 2024 included significant overperformance that we did not repeat this quarter, which impacts the year-over-year comparison. The underlying health of this business is strong as our recurring base revenue grew 14% year-over-year and 4% sequentially. Finally, our consultative professional services offering continues to resonate with customers across a wide range of development, deployment and operational needs.

我們仍然是少數幾家擁有這項專業技術的公司之一。我們的託管服務合約包括經常性收入和基於績效的額外收益，當我們超出營運目標時，這些收益將獲得額外獎勵。2024 年第三季業績顯著超出預期，而本季並未重現這一業績，影響了同比比較結果。該業務的基本面十分強勁，我們的經常性基本收入年增 14%，季增 4%。最後，我們的諮詢專業服務產品持續受到客戶在各種開發、部署和營運需求方面的認可。

We are continuing to drive repeat business, a clear mark that our offerings are adding value. And we are increasingly focused on cross-selling professional services with other business units offerings. Now to another strategic priority, reducing our cost structure and driving profitability. We remain diligently focused on cost management. We have achieved our second consecutive quarter of positive adjusted EBITDA while maintaining robust GAAP and non-GAAP gross margins.

我們持續推動回頭客成長，這清楚地表明我們的產品和服務正在創造價值。我們越來越注重將專業服務與其他業務部門的產品進行交叉銷售。現在我們來談談另一個策略重點：降低成本結構，提高獲利能力。我們將繼續認真專注於成本控制。我們連續第二季實現了調整後 EBITDA 為正，同時維持了強勁的 GAAP 和非 GAAP 毛利率。

Operating expenses remained flat compared to the second quarter, and we are continuing to drive further efficiencies through AI implementation. Additionally, we've generated positive operating cash flow and kept cash flat sequentially. Our financial performance validates the business model transformation, expanding gross margins, two consecutive quarters of positive adjusted EBITDA and positive operating cash flow. These results demonstrate both profitability and sustainability. We are dedicated to financial transparency, and we remain committed to helping our investors and stakeholders better understand our business.

與第二季相比，營運支出保持不變，我們將繼續透過人工智慧的實施來進一步提高效率。此外，我們實現了正的經營現金流，並保持了現金流環比持平。我們的財務表現驗證了業務模式轉型，毛利率不斷擴大，連續兩季調整後 EBITDA 為正，經營現金流為正。這些結果既體現了獲利能力，也體現了永續性。我們致力於財務透明，並將繼續幫助我們的投資者和利害關係人更好地了解我們的業務。

To that extent, our Form 10-Q to be filed today once again disaggregates revenue across distinct categories. What's new this quarter is that we are also providing detailed gross margin disclosure for each revenue category in our supplemental slides.

為此，我們今天將提交的 10-Q 表格再次按不同類別細分了收入。本季的新變化是，我們還在補充幻燈片中提供了每個收入類別的詳細毛利率揭露資訊。

Now on to guidance. With nine months of reported results and early visibility into Q4, today, we are refining our full year 2025 guidance ranges, including a tightening of ranges previously disclosed. First, we'd like to highlight that our ability to tighten ranges is a significant advancement versus where we were previously, where volatility and back-end seasonality negatively impacted our ability to guide with precision.

接下來是指導部分。經過九個月的業績報告和對第四季度的初步了解，今天，我們正在完善 2025 年全年業績指引範圍，包括收緊先前披露的範圍。首先，我們想強調的是，我們收緊價格區間的能力相比之前有了顯著的進步，以前波動性和後端季節性因素對我們精準指導的能力產生了負面影響。

Our software-centric model has reduced this volatility and enhanced our forecasting accuracy. With that said, we are tracking towards the midpoint or better on all metrics except operating cash flow, where timing of working capital movements could result in performance towards the lower end of our range.

我們以軟體為中心的模式降低了這種波動性，並提高了預測準確性。也就是說，除了經營現金流之外，我們所有指標都接近或優於預期，而經營現金流方面，營運資本變動的時機可能會導致業績接近預期範圍的下限。

I'd like to highlight that we have brought up the low end of the ranges for software, edge hardware and services revenue and adjusted EBITDA and raised the guidance for non-GAAP gross profit. Brian will provide the specific updated ranges, but I want to emphasize that the underlying business fundamentals remain strong, and we are well positioned entering into 2026. Now turning to the macro environment.

我想強調的是，我們提高了軟體、邊緣硬體和服務收入以及調整後 EBITDA 的預期範圍下限，並提高了非 GAAP 毛利的預期。Brian 會提供具體的更新範圍，但我想強調的是，公司的基本面依然強勁，我們已做好充分準備迎接 2026 年。現在轉向宏觀環境。

Headwinds from policy uncertainty remain, and we are actively working with our customers to navigate this environment. We remain on track to meet our guidance expectation through the end of the year. In addition, our diversified software-centric model, combined with our recently enhanced international strategy should position us well against the potential impact of domestic headwinds. We remain confident in our end markets, and we believe that we are well positioned to benefit from the projected international load growth. Our international expansion efforts are focused on a multiphased approach.

政策不確定性帶來的不利影響依然存在，我們正積極與客戶合作，共同因應這種環境。我們仍有望實現年底前的業績預期。此外，我們多元化的軟體中心模式，加上我們最近加強的國際策略，應該能夠使我們很好地抵禦國內不利因素的潛在影響。我們對終端市場依然充滿信心，並相信我們已做好充分準備，從預期的國際貨運量成長中獲益。我們的國際擴張工作採取多階段的方式。

First, we developed an internationally ready product suite with PowerTrack EMS. Second, we are leveraging our regional expertise through our existing teams in Berlin and Japan. We see significant opportunities to expand within the European markets. And in Berlin, we recently moved our operations to more centralized and collaborative facilities. We are expanding our technical depth and customer support in Berlin to combine our global expertise with local execution that can service high-priority European markets.

首先，我們開發了一套符合國際標準的 PowerTrack EMS 產品系列。其次，我們正在利用我們在柏林和日本的現有團隊，發揮我們的區域專業知識。我們看到了在歐洲市場拓展業務的巨大機會。最近，我們將柏林的業務轉移到了更集中化和協作化的設施。我們正在柏林擴大技術實力和客戶支持，將我們的全球專業知識與本地執行力相結合，從而服務於歐洲高優先級市場。

Our growth strategy for Q4 and beyond centers on two drivers: PowerTrack EMS expanding our addressable market into utility scale and international hybrid projects and continued focus and acceleration in our core C&I solar business. Our recurring revenue base, substantial backlog and international diversification provide a strong foundation for sustained growth.

第四季及以後的成長策略主要圍繞著兩個驅動因素：PowerTrack EMS 將我們的目標市場擴展到公用事業規模和國際混合項目，以及我們核心的工商業太陽能業務的持續關注和加速發展。我們穩定的經常性收入、大量的積壓訂單和國際多元化為持續成長奠定了堅實的基礎。

With that, let me turn the call over to Brian for detailed financial results and the updates to guidance.

接下來，我將把電話交給布萊恩，讓他帶來詳細的財務表現和最新的績效指引。

Thanks, Arun, and hello, everyone. In the third quarter of 2025, we saw solid financial performance across the business. Total revenue grew an impressive 31% year-over-year to $38 million. PowerTrack software revenue continued its strong performance in the third quarter, growing 11% year-over-year, and edge hardware grew a notable 18% year-over-year. As a note, this quarter with the introduction of PowerTrack EMS for hybrid and storage sites, we have redefined solar software revenue to PowerTrack software revenue as our PowerTrack software revenue will now include all customer-facing SaaS revenue generated from solar, storage and hybrid assets.

謝謝Arun，大家好。2025年第三季度，公司各業務部門的財務表現穩健。總營收年增 31%，達到 3,800 萬美元，增幅令人矚目。PowerTrack 軟體營收在第三季持續保持強勁勢頭，較去年同期成長 11%，邊緣硬體營收較去年同期成長 18%。需要注意的是，本季隨著混合和儲能網站的 PowerTrack EMS 的推出，我們將太陽能軟體收入重新定義為 PowerTrack 軟體收入，因為我們的 PowerTrack 軟體收入現在將包括所有來自太陽能、儲能和混合資產的面向客戶的 SaaS 收入。

Project and professional service revenue decreased year-over-year as the third quarter of 2024 benefited from approximately $5 million of onetime DevCo revenues. As Arun discussed, managed service revenue was also down year-over-year due to onetime overperformance in the third quarter of 2024. Although we are deemphasizing the business as part of our software-centric strategy, battery hardware resale brought in $4 million in revenue this quarter. You can find this revenue detail in the disaggregation of revenue footnote in our Form 10-Q and supplemental materials, which provide enhanced clarity into our business. We again achieved strong gross margin this quarter with GAAP gross margins of 35% and non-GAAP gross margins of 47%.

由於 2024 年第三季受益於約 500 萬美元的一次性 DevCo 收入，項目和專業服務收入較去年同期下降。正如 Arun 所討論的，由於 2024 年第三季的一次性超額收益，託管服務收入也較去年同期下降。儘管我們已將電池硬體轉售業務作為以軟體為中心的策略的一部分而弱化，但本季電池硬體轉售業務仍帶來了 400 萬美元的收入。您可以在我們的 10-Q 表格和補充資料的收入明細腳註中找到此收入詳情，這些資料可以更清晰地說明我們的業務。本季我們再次實現了強勁的毛利率，GAAP毛利率為35%，非GAAP毛利率為47%。

This expansion reflects the increasing mix of higher-margin software and services in our revenue base and improving hardware margins for both edge hardware and battery resales. Our disaggregation of revenue provided in our supplemental materials now includes gross margin ranges for each revenue category to provide more clarity for investors and analysts.

這項擴張反映了我們收入基礎中高利潤軟體和服務比例的不斷提高，以及邊緣硬體和電池轉售的硬體利潤率的提高。我們在補充資料中提供的收入細分資料現在包括每個收入類別的毛利率範圍，以便為投資者和分析師提供更清晰的資訊。

GAAP and cash operating expenses were both flat sequentially from the second quarter of 2025. Cash operating expenses were down an impressive 47% year-over-year. These reductions were primarily the result of the difficult but necessary workforce reduction that took place in the second quarter, and we remain focused on driving operating leverage and further cost savings across the business.

自2025 年第二季以來，GAAP 和現金營運支出均較上季持平。現金營運支出較去年同期大幅下降 47%。這些裁員主要是由於第二季進行的艱難但必要的裁員，我們將繼續專注於提高營運槓桿和進一步降低業務成本。

That said, we feel positive about our ability to grow revenue without significant OpEx increases as demonstrated by our development of PowerTrack EMS and PowerTrack Sage products with current staffing levels. The improved margins and significantly reduced OpEx drove positive adjusted EBITDA of $2 million for the quarter, demonstrating that we are finding sustained operational profitability in our lower OpEx structure and our business transformation.

也就是說，我們對在不大幅增加營運支出的情況下實現收入成長的能力充滿信心，正如我們在現有人員配置水準下開發 PowerTrack EMS 和 PowerTrack Sage 產品所證明的那樣。利潤率的提高和營運支出的大幅降低推動本季調整後 EBITDA 為 200 萬美元，這表明我們在降低營運支出結構和業務轉型中找到了持續的營運獲利能力。

Operating cash flow turned decisively positive at $11 million this quarter, a $21 million swing versus the same quarter last year, and our cash position remained stable at $43 million. My key strategic priorities as CFO remain to help drive profitable growth and manage our capital structure as we look to continue growing in key revenue categories over the coming years. And now turning to our operating metrics.

本季經營現金流徹底轉正，達到 1,100 萬美元，與去年同期相比成長了 2,100 萬美元，我們的現金狀況保持穩定，為 4,300 萬美元。作為財務官，我的主要策略重點仍然是幫助推動獲利成長和管理我們的資本結構，以便在未來幾年繼續在關鍵收入類別中實現成長。現在來看我們的營運指標。

Bookings were $30 million, down slightly versus last quarter, largely due to timing of bookings from our historically lumpy low-margin battery hardware resales. Software and service bookings were sequentially flat and contracted backlog was $22 million, down from $26.8 million last quarter due to lower bookings and increased hardware revenue recognition in the quarter.

預訂金額為 3000 萬美元，比上一季略有下降，這主要是由於我們歷史上利潤率低、波動較大的電池硬體轉售的預訂時間安排​​所致。軟體和服務預訂量環比持平，合約積壓訂單為 2,200 萬美元，低於上一季的 2,680 萬美元，原因是本季預訂量下降以及硬體收入確認增加。

Contracted ARR remained stable at $70 million. And importantly, ARR increased 3% sequentially and 17% year-over-year, demonstrating the strength and scalability of our recurring revenue model. Finally, storage and solar AUM increased 6% and 4%, respectively, since last quarter.

合約約定的年度經常性收入保持穩定，為7000萬美元。更重要的是，ARR 環比成長 3%，年成長 17%，證明了我們經常性收入模式的實力和可擴展性。最後，儲能和太陽能資產管理規模分別比上一季成長了 6% 和 4%。

Now turning to our updated guidance for full year 2025. First, for revenue, we are tightening our revenue range to $135 million to $160 million from the prior $125 million to $175 million range. This reflects strong software and service performance with an updated range of $125 million to $140 million and is offset by lower battery hardware resale expectations of up to $20 million as we continue to deemphasize that business.

現在來看看我們更新後的 2025 年全年業績指引。首先，在營收方面，我們將營收預期範圍從先前的 1.25 億美元至 1.75 億美元收窄至 1.35 億美元至 1.6 億美元。這反映了強勁的軟體和服務業績，更新後的預期範圍為 1.25 億美元至 1.4 億美元，但由於我們繼續減少對電池硬體轉售業務的重視，預計轉售收入將降至 2000 萬美元，從而抵消了部分業績增長。

For gross margins, we are raising the range to 40% to 50%. We are already tracking toward the high end of this range, but expect some margin compression in the fourth quarter with increased edge hardware deliveries.

毛利率方面，我們將範圍提高到 40% 至 50%。我們目前已接近該範圍的高端，但隨著邊緣硬體出貨量的增加，預計第四季度利潤率將有所下降。

For adjusted EBITDA, we are raising the low end of the range and now forecast between negative $5 million and positive $5 million for the fiscal year 2025. We have factored in some conservatism in this metric, and I would highlight that we are currently tracking above the midpoint of our updated range.

對於調整後的 EBITDA，我們提高了預期範圍的下限，現在預測 2025 財年將在負 500 萬美元至正 500 萬美元之間。我們在製定這項指標時考慮了一些保守因素，我想強調的是，我們目前的追蹤數據高於我們更新後的範圍的中點。

For operating cash flow, we are adjusting our range for this metric to between negative $5 million and positive $5 million. This quarter's $11 million in positive cash flow demonstrates the underlying cash generation capability of the business. Any fourth quarter working capital fluctuations will reflect normal timing differences in customer payment cycles, not fundamental business performance.

對於營運現金流，我們將該指標的範圍調整為負 500 萬美元至正 500 萬美元之間。本季1100萬美元的正現金流證明了公司潛在的現金創造能力。第四季營運資金的任何波動都將反映客戶付款週期的正常時間差異，而不是基本的業務表現。

And finally, our forecast for year-end ARR remains consistent at $55 million to $65 million and continues to reflect an attractive base of recurring revenue. While we won't provide formal guidance for 2026 until early next year during our fourth quarter and full year 2025 call, I can share that we enter 2026 with strong visibility from our recurring revenue base and contracted backlog, positioning us well for continued growth.

最後，我們對年底 ARR 的預測仍維持在 5,500 萬美元至 6,500 萬美元之間，並繼續反映出一個有吸引力的經常性收入基礎。雖然我們不會在今年年初的第四季度和 2025 年全年電話會議上正式公佈 2026 年的業績指引，但我可以透露的是，我們憑藉穩定的經常性收入基礎和已簽訂的合同積壓訂單，在 2026 年伊績就展現出強勁的業績可見性，這為我們持續增長奠定了良好的基礎。

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，請他作總結發言。

Thank you, Brian. Our team delivered strong execution across the business this quarter. One year into our strategic transformation, the results are evident. Revenue growth, margin expansion, sustained profitability and positive cash generation. We established clear objectives for this transformation, and we are achieving them.

謝謝你，布萊恩。本季度，我們的團隊在各項業務方面都表現出色，執行力強勁。策略轉型一年後，成果顯而易見。營收成長、利潤率提升、持續獲利能力和正現金流。我們為此次轉型製定了明確的目標，並且正在實現這些目標。

The clean energy transformation continues accelerating globally and our industry-leading software platforms, solutions and dedicated team positions us to capitalize on this transformation. 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 employees in achieving these results. With that, operator, let's open the line for questions, please.

全球清潔能源轉型正在加速推進，我們領先業界的軟體平台、解決方案和敬業的團隊使我們能夠充分利用這項轉型機會。我要感謝我們的投資人和客戶一直以來對我們的信任和支持，同時我也要藉此機會感謝Stem員工為取得這些成果所付出的辛勤努力和貢獻。好了，接線生，現在開始接受提問。

(Operator Instructions) Justin Clare, ROTH MKM.

（操作說明）Justin Clare，ROTH MKM。

So I wanted to start with the guidance. And so with the update here, it looks like you're guiding to the midpoint or better across all the metrics. But just looking back to what you said last quarter, it sounded like you were tracking toward the high end of the guidance based on your comments from last quarter. So just wondering, has your outlook moderated somewhat given the new ranges? Or maybe you could speak to the potential to kind of deliver at the high end.

所以我決定先從指導開始。因此，根據這次更新，看起來你們在所有指標上都達到了中點或更高水平。但回顧您上個季度所說的話，根據您上個季度的評論來看，您似乎正朝著業績指引的高端邁進。所以想問一下，鑑於新的價格區間，您的預期是否有所緩和？或者，你可以談談在高端市場取得成功的潛力。

Justin, this is Arun. Thanks for the question. Let's address your point. The way we show the updated guidance on slide 6 in the exhibit, you can see that we are actually still tracking towards the midpoint or high end of all the ranges. Only the deemphasized and non-predictable sort of OEM hardware resale business, which was ranged at [$0 to $35 million] is now ranged between up to $20 million.

賈斯汀，這位是阿倫。謝謝你的提問。讓我們來討論一下你提出的問題。從我們在展品第 6 張幻燈片中展示的最新指導意見可以看出，我們實際上仍在朝著所有範圍的中點或高端方向發展。只有那些不太受重視且不可預測的 OEM 硬體轉售業務，其規模從 0 到 3500 萬美元不等，現在規模最高可達 2000 萬美元。

I think that difference is you could say, the main difference. The rest of it is just a tightening of the ranges. And I would say that that's the main interplay between the two quarters.

我認為這種差異可以說是主要差異。其餘部分只是收緊了範圍。我認為這就是這兩個部門之間的主要互動。

Okay. Got it. That's helpful. And then just on the gross margins, it looks like in Q4, you could see a slight compression. I'm wondering, is this only really due to a mix shift with a little bit higher sales of the battery hardware or should we anticipate any other notable change to the gross margins by business line?

好的。知道了。那很有幫助。然後，就毛利率而言，第四季似乎出現了輕微的壓縮。我想知道，這只是由於電池硬體​​銷量略有成長導致的產品組合發生變化，還是我們應該預期各業務線的毛利率會出現其他顯著變化？

And then I guess just looking beyond Q4, how should we be thinking about the gross margins by business line? And definitely appreciate the added disclosure here that you provided this quarter.

那麼，展望第四季之後，我們該如何看待各業務線的毛利率呢？非常感謝您在本季提供的額外資訊揭露。

Thanks, Justin. This is Brian. Yes, I think when you look at the new disclosure there, hopefully, you see detailed on page 12, when we talked about a little bit about compression in Q4, it's just going to be mix. Q4 is our largest delivery quarter for our edge hardware to a slightly lower margin. So that's really what will compress it in the fourth quarter kind of just in that period.

謝謝你，賈斯汀。這是布萊恩。是的，我想當你查看新的披露文件時，希望你能在第 12 頁看到詳細信息，我們之前談到過第四季度的壓縮問題，那將會是混合的。第四季是我們邊緣硬體交付量最大的季度，但利潤率略低。所以，這確實會壓縮第四季的時間，尤其是在那段時間。

As far as the out periods, we don't give guidance until Q1, but I think you can kind of see the three and nine months trends. And so we do expect to keep working on margins and improving them over the next coming years, especially as, again, we're deemphasizing that OEM hardware, but the other categories are pretty stable and will continue to improve.

至於未來一段時間的業績指引，我們在第一季才會給出，但我認為你可以大致看出三個月和九個月的趨勢。因此，我們預計在未來幾年將繼續努力提高利潤率，尤其是在我們再次減少對 OEM 硬體的重視的情況下，但其他類別相當穩定，並將繼續改善。

Got it. Okay. And then maybe just one more. Bookings in Q3 modestly lower than Q2. But again, that sounds like it's more a deemphasis of the battery hardware sales.

知道了。好的。然後，也許就再來一個。第三季預訂量略低於第二季。但話說回來，這聽起來更像是對電池硬體銷售的輕視。

But wondering with the release of PowerTrack EMS, can you talk a little bit more about the demand that you're seeing, the potential to see an increase in bookings potentially in Q4 here and just what you're seeing at this point?

但隨著 PowerTrack EMS 的發布，我想請您再詳細談談您目前看到的需求情況，以及第四季度預訂量可能增加的潛力，還有您目前看到的情況？

I can take a stab at that. This is Arun again. We are very excited about PowerTrack EMS, as we have said in the prepared remarks quite a few times. It opens up new markets for us. And the market -- the subsegment sort of that we are targeting is the small utility scale sites.

我可以試著回答一下。我是阿倫。正如我們在事先準備好的演講稿中多次提到的那樣，我們對 PowerTrack EMS 感到非常興奮。它為我們開拓了新的市場。而我們瞄準的市場——或者說我們瞄準的細分市場——是小型公用事業規模的站點。

So 20 to 100 megawatts in size. As we look at the initial energy around it, we are quite enthusiastic about it, and we are quite glad that our product fit is good. As PowerTrack EMS becomes a more meaningful portion of the revenue, we will provide more breakup and details around that. I think that's sort of our thinking at this point.

所以規模在20到100兆瓦之間。從它所蘊含的初始能量來看，我們對此感到非常興奮，並且很高興我們的產品與市場契合度很高。隨著 PowerTrack EMS 在收入中所佔比例越來越大，我們將提供更多相關細分數據和詳細資訊。我想這就是我們目前的想法。

Jon Windham, UBS.

瑞銀集團的喬恩‧溫德姆。

Congratulations on the back-to-back quarters, probably adjusted EBITDA. I just have two questions. I'll ask one at a time. Any -- would love any commentary or color you're getting from your customers. There's obviously a lot of moving parts going on right now, particularly around batteries with [CIAC], but also with solar and some of the IRS guidance.

恭喜連續兩季實現獲利，可能是調整後的 EBITDA。我只有兩個問題。我會一個一個問。任何意見—我都非常樂意聽聽您從客戶那裡得到的任何評論或回饋。目前顯然有很多事情正在發生變化，特別是與 [CIAC] 相關的電池，以及太陽能和一些 IRS 指導意見。

Just love your thoughts on what you're seeing in the top of the funnel, how demand looks in general for the industry and for you?

我非常喜歡你對銷售漏斗頂端情況的看法，以及你對整個產業和你個人需求的整體看法？

John, thanks for the question. This is Arun. I can take a stab at it. We are maintaining the momentum in our engagement with our customers. And we do see that the engagement levels that we have in terms of being able to drive our conversations around PowerTrack are maintained.

約翰，謝謝你的提問。這是阿倫。我可以試著解答一下。我們正保持與客戶互動方面的良好勢頭。我們看到，在圍繞 PowerTrack 展開對話方面，我們的參與度水準得到了維持。

So the comments you're making on CIAC and other points are valid, but we see reasonably unchanged conversation momentum in customer engagements.

所以，你對 CIAC 和其他方面的評論是有效的，但我們看到客戶互動中的對話勢頭基本上沒有改變。

Perfect. And I guess the second question, may I love this. You're into the turnaround, you're delivering on gross margin expansion very nicely. EBITDA is positive. How do you think about your goals for them because the market is always on to the next thing.

完美的。第二個問題是，我可以喜歡這個嗎？你們已經進入扭虧為盈階段，毛利率成長方面做得非常出色。EBITDA為正值。你如何看待你為他們設定的目標？因為市場瞬息萬變，總是在關注下一個熱點。

When do we get to operating income positive, when do we get to net income positive? Once how do you think about that path or alternatively, if you don't want to answer that question, which I would understand, is how do you think about laying that out to investors and here's the path we're on a timeline to get longer term. Clearly, we had a lot of success here in the first year with the strategy shift. But I think the questions from investors are increasingly -- how does this progress down the income statement to positive numbers all the way down? Appreciate any thoughts you have on it.

我們什麼時候才能達到營業收入為正，什麼時候才能達到淨收入？您是如何看待這條道路的？或者，如果您不想回答這個問題（我能理解），那麼您是如何考慮向投資者闡述這條道路的？這是我們實現長期目標的時間表。顯然，在第一年戰略轉變後，我們取得了巨大的成功。但我認為投資人越來越關注的問題是──這如何才能讓損益表上的各項指標都實現正成長？歡迎您提出任何想法。

Yeah. It's a really good question. Let me take two or three parts to it. First of all, I think this quarter is the one-year anniversary of the shift to the software-centric focus for the company. And you can sort of see that, that strategy is paying off in terms of stabilizing the revenue margins and being able to have a predictable business. The second piece is I've been in this role now nine months roughly.

是的。這確實是個好問題。讓我從兩三個方面來談談這個問題。首先，我認為本季是公司轉型以軟體為中心的一周年紀念日。你可以看出，這種策略在穩定收入利潤率和實現可預測的業務方面取得了成效。第二點是，我擔任這個職位已經大約九個月了。

And there's been a focus on managing our costs and driving a push towards profitability. Now I think we'll give more guidance on this in the next call. But maybe one thing I can direct you towards is a note that we put out towards investors and stakeholders in one of the press releases in the early part of September, which explains our thinking in terms of our overall product strategy, in terms of our overall service strategy, how we look at international markets and what our general approach is towards having a very continuous full market coverage solution all the way from C&I to the smaller scale utility projects and then going up from that space to what PowerTrack Optimizer provides in terms of the high end of that market.

我們一直致力於控製成本，並努力實現盈利。我想我們會在下次電話會議上就此提供更多指導。但我或許可以引導您關注我們在 9 月初發布的新聞稿中向投資者和利益相關者發布的一份說明，其中解釋了我們整體產品戰略、整體服務戰略的思路，以及我們如何看待國際市場，以及我們如何致力於提供從工商業到小型公用事業項目，再到 PowerTrack Optimizer 在高端市場提供的全方位、連續的市場覆蓋解決方案。

So I think it's an elegant story. And I would encourage you and the other listeners to go back to our website and read that note that we have put out towards investors that comes with an attachment and a very nice presentation.

所以我覺得這是一個很精彩的故事。我鼓勵您和其他聽眾回到我們的網站，閱讀我們向投資者發布的那份附有附件和非常精美的簡報的說明。

Thomas Roche, Barclays.

Thomas Roche，巴克萊銀行。

This is Tom on for Christine. Congrats on the great quarter. So I guess I just first wanted to ask, do you foresee the business benefiting from the hyperscaler data center build-out in any way? I know you've typically been more focused on C&I and smaller utility scale customers, but has there been any internal strategy discussions around trying to go after hyperscaler customers with either your solar or storage offering?

這是湯姆替克里斯汀發言。恭喜你們本季業績出色。所以我想先問一下，您是否預見到超大規模資料中心的建設會為公司帶來任何好處？我知道你們通常更專注於工商業和小型公用事業規模的客戶，但是公司內部有沒有討論過如何利用你們的太陽能或儲能產品來爭取超大規模客戶？

Yeah, Tom, really good question. This is Arun. One of the things I love about Stem is the team is very energetic, always focused on new business models, new business opportunities. We continue to target all of these opportunities with a lot of bigger -- what we're seeing in the data center markets, which typically prefer sort of natural gas solutions is that there are early indications that it's going to come around towards more renewable energy plays. So it's an exciting development as that shift seems to be happening, and we continue to watch that market space and see how we can play into that effectively.

是的，湯姆，問得真好。這是阿倫。我喜歡 Stem 的一點是，團隊充滿活力，始終專注於新的商業模式和新的商業機會。我們繼續瞄準所有這些機會，並投入更多資源——我們看到，在資料中心市場（通常更傾向於天然氣解決方案）中，有早期跡象表明，市場將轉向更多再生能源。因此，這是一個令人興奮的發展，因為這種轉變似乎正在發生，我們將繼續關注這個市場空間，看看我們如何有效地參與其中。

Got it. Understood. And then just one more quick one for me. So you guys have -- you've cut a fair amount of OpEx here in the last few quarters. Would you say that it's safe to assume that we're at a decent quarterly run rate here on a go-forward basis?

知道了。明白了。然後，我再快速地吃一個。所以你們在過去的幾個季度已經大幅削減了營運支出。您是否認為我們可以合理地假設，未來幾季我們都能保持良好的業績水準？

Yeah, Tom, this is Brian. I can take that one. Yes, I mean, as you've seen, right, we've cut cash OpEx, we've cut about 47% year-over-year. We reported just over $20 million of cash OpEx this quarter.

是的，湯姆，這是布萊恩。我可以接受這個。是的，我的意思是，正如你所看到的，我們已經削減了現金營運支出，比去年同期削減了約 47%。本季我們的現金營運支出略高於2000萬美元。

I think we're done with the fundamentally large execution of that, that you've seen in the second quarter, we took a really large chunk out of the team with a very difficult but motivated strategy. But we are now -- we continue to look at other opportunities for savings. An example, this quarter, we exited our India facility, which was just oversized for what we needed. So the team is working on it. We'll always kind of manage cash just in the fundamental blood of this company now to make sure that we're operating that way.

我認為我們已經完成了這項根本性的大規模執行，正如你們在第二季度看到的那樣，我們通過一項非常艱難但目標明確的策略，從球隊中剔除了很大一部分力量。但我們現在——我們仍在尋找其他節省開支的機會。例如，本季我們關閉了位於印度的工廠，因為該工廠規模過大，不符合我們的需求。所以團隊正在努力解決這個問題。我們將始終以現金管理作為公司的基本命脈，以確保我們以這種方式運作。

So we'll expect -- we're not really giving guidance yet, but I would say this quarter's trend is a good indication, and we'll keep working it down.

所以我們預計——我們目前還沒有給出明確的指導，但我認為本季的趨勢是一個很好的跡象，我們會繼續努力降低成本。

Ladies and gentlemen, this concludes the question-and-answer session. I would now like to hand the conference over to Arun Narayanan, the CEO, for the closing comments.

女士們、先生們，問答環節到此結束。現在我謹將會議交給執行長 Arun Narayanan，請他作閉幕致詞。

I want to thank everyone for joining the third quarter earnings call, and we look forward to speaking with you during our fourth quarter and full year 2025 earnings call next year. Thanks, everyone.

感謝各位參加第三季財報電話會議，我們期待明年在第四季和2025年全年財報電話會議上與大家再次交流。謝謝大家。

Ladies and gentlemen, the conference of Stem Inc has now concluded. Thank you for your participation. You may now disconnect your lines.

女士們、先生們，Stem Inc. 的會議到此結束。感謝您的參與。現在您可以斷開線路了。