Stem, Inc. (STEM) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Stem Incorporated fourth quarter 2026 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Stem Incorporated 2026 年第四季業績電話會議。（接線員指示）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce Erin Reed, Head of Investor Relations. Thank you. You may begin.

現在我很榮幸介紹投資人關係主管 Erin Reed。謝謝。您可以開始了。

Thank you, operator. Welcome to Stem's first-quarter 2026 earnings call. This is Erin Reed, Head of Investor Relations. 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. For more information, we refer you to our latest 10-Q, 10-K, other SEC filings, and supplemental presentation, which can be found on our Investor Relations website.

謝謝接線員。歡迎參加 Stem 2026 年第一季財報電話會議。我是投資人關係主管 Erin Reed。在開始之前，請注意我們今天將發表的部分陳述屬於前瞻性陳述。這些陳述涉及風險與不確定性，可能導致我們的實際結果與這些陳述中所預期者存在重大差異。更多資訊請參閱我們最新的 10-Q、10-K、其他 SEC 申報文件以及補充簡報，相關資料可於我們的投資人關係網站查閱。

Our comments today also include non-GAAP financial measures. Additional details and the reconciliations to the most directly comparable GAAP financial measures can be found in our first-quarter 2026 earnings release and supplemental materials, which are available on the company's investor relations website.

我們今天的評論也包含非 GAAP 財務衡量指標。更多細節以及與最直接可比的 GAAP 財務衡量指標之調節表，可於我們 2026 年第一季財報新聞稿與補充資料中查閱，相關資料已公布於公司投資人關係網站。

Arun Narayanan, CEO, and Brian Musfeldt, CFO, will start the call today with prepared remarks, and then we will conduct a question-and-answer session.

今天的電話會議將由執行長 Arun Narayanan 與財務長 Brian Musfeldt 先行發表準備好的談話內容，之後我們將進行問答環節。

And now, I'll turn the call over to Arun.

現在我把電話交給 Arun。

Thank you, Aaron. Good afternoon, everyone, and thank you all for joining us today. When I spoke with you last during our fourth quarter and full year 2025 earnings call, I framed 2025 as a transformative year and 2026 as the year to demonstrate what that transformation was designed to deliver.

謝謝你，Aaron。各位下午好，感謝大家今天加入我們。上一次在 2025 年第四季暨全年財報電話會議與各位交流時，我將 2025 年定位為轉型之年，並將 2026 年定位為展現該轉型旨在帶來成果的一年。

One quarter in, I'm encouraged by the progress we're making. Our results are moving in the right direction, and we remain on track against the commitments we've set. Q1 is historically the lightest revenue quarter for us and our industry, and yet this quarter we delivered our fourth consecutive quarter of positive adjusted EBITDA.

第一季過後，我對我們取得的進展感到鼓舞。我們的結果正朝正確方向前進，且我們仍按計畫履行既定承諾。第一季歷來是我們以及整個產業營收最淡的一季，但即便如此，本季我們仍達成連續第四季調整後 EBITDA 為正。

In fact, this was our first ever positive adjusted EBITDA in a first fiscal quarter, supported by strong gross margins and continued growth in core software, services, and edge hardware revenue. This reflects a cost structure and a margin profile that are now increasingly durable. We remain on track across all 2026 financial and operating targets. And we are reaffirming full-year guidance across all metrics today.

事實上，這是我們有史以來在會計年度第一季首次達成調整後 EBITDA 為正，主要受惠於強勁的毛利率，以及核心軟體、服務與邊緣硬體營收的持續成長。這反映出我們的成本結構與毛利輪廓正變得愈發穩健且具持續性。我們在所有 2026 年財務與營運目標上仍按計畫推進，並且今天我們重申全年各項指引不變。

Now, turning to an update on our three key priorities for 2026. Our first priority is to drive operational leverage and ensure that the structural improvements we made in 2025 are sustainable and continue over time. Gross margins for the first quarter were again very strong. With no battery hardware resales in the quarter, our revenue mix was entirely software, services, and edge hardware, which drove non-GAAP gross margin to 52%.

接下來更新我們 2026 年的三大關鍵優先事項。第一項優先事項是推動營運槓桿，並確保我們在 2025 年所做的結構性改善具可持續性且能隨時間延續。第一季毛利率再次表現非常強勁。本季沒有電池硬體轉售，因此營收組合完全由軟體、服務與邊緣硬體構成，帶動非 GAAP 毛利率達到 52%。

As we opportunistically layer in battery hardware through the balance of the year, we expect margins to naturally compress towards the midpoint of our 40% to 50% non-GAAP gross margin guidance range. Importantly, the underlying software and services margin engine remains strong.

隨著我們在今年其餘期間把握機會逐步加入電池硬體，我們預期毛利率將自然回落，朝我們非 GAAP 毛利率指引區間 40% 至 50% 的中位數靠攏。重要的是，底層的軟體與服務毛利引擎仍然強勁。

On the operating expense side, we continue to maintain what we have characterized as permanent structural efficiency. Cash operating expenses were down significantly year over year and down sequentially versus the fourth quarter of 2025. We remain focused on resourcefulness and driving further efficiency wherever we can while continuing to invest deliberately in the areas that drive longer-term growth.

在營運費用方面，我們持續維持我們所稱的永久性結構效率。現金營運費用較去年同期大幅下降，且相較 2025 年第四季亦呈現季減。我們仍專注於精實運用資源，並在可行之處持續提升效率，同時也會在推動長期成長的領域進行有計畫的投資。

One area where we are seeing meaningful efficiency gains is in AI adoption. Today, nearly 70% of our employee base is actively using AI tools in their weekly workflows with tangible productivity benefits to our customers. Within our development team specifically, AI is accelerating feature delivery and improving triage and operations. These productivity gains are real, and they are helping us do more with a leaner organization.

我們看到顯著效率提升的一個領域是 AI 的導入。目前，近 70% 的員工在每週工作流程中積極使用 AI 工具，並為客戶帶來可衡量的生產力效益。尤其在我們的開發團隊中，AI 正加速功能交付，並改善分流處理與營運作業。這些生產力提升是真實存在的，也幫助我們以更精實的組織完成更多工作。

As a result of our strong execution, as well as these achievements and advancements, we delivered $2 million in adjusted EBITDA. Our fourth consecutive positive quarter, and our first ever positive first quarter performance. This clearly evidences the operating leverage embedded in this business and we expect it to expand as we move through the year.

在我們強勁的執行力，以及上述成果與進展的帶動下，我們實現了 200 萬美元的調整後 EBITDA。這是我們連續第四季為正，也是我們有史以來第一季首次達成正向表現。這清楚證明本業務內含的營運槓桿，我們預期隨著年度推進，該槓桿將進一步擴大。

Operating cash flow was negative $8 million for the first quarter. This reflects expected Q1 working capital timing and scheduled interest payments. As bookings and billings increase and working capital requirements lessen throughout the year, we expect improvements in operating cash flow and remain confident in our full year guidance range of $0 million to $10 million.

第一季營運現金流為負 800 萬美元。這反映了第一季預期中的營運資金時點影響以及既定的利息支付。隨著訂單（bookings）與開立帳單（billings）在全年逐步增加、營運資金需求降低，我們預期營運現金流將改善，並對全年 0 至 1,000 萬美元的指引區間仍具信心。

Now moving on to our second priority, strengthening the core PowerTrack platform. PowerTrack is a critical digital infrastructure platform which enables our customers to go from data to insight to action. PowerTrack generates data at the customer side with the edge hardware and sends that data to the cloud and ultimately to our PowerTrack software platform, enabling our customers to make meaningful decisions about their portfolios and optimize their assets.

接著談第二項優先事項：強化核心 PowerTrack 平台。PowerTrack 是關鍵的數位基礎設施平台，使客戶能從資料走向洞察，再到採取行動。PowerTrack 透過邊緣硬體在客戶端產生資料，將資料傳送至雲端，最終匯入我們的 PowerTrack 軟體平台，協助客戶就其投資組合做出有意義的決策並最佳化其資產。

We added approximately 1.5 gigawatts of solar assets under management in the first quarter, bringing total solar AUM to 37.5 gigawatts, and we drove 2% growth in PowerTrack ARR. We are committed to maintaining and extending our market-leading position in commercial and industrial solar asset monitoring while extending into additional customer segments, and we continue to invest in the platform's stability, performance, and feature depth to achieve these goals.

第一季我們新增約 1.5 吉瓦的受管理太陽能資產，使太陽能 AUM 總量達到 37.5 吉瓦，並推動 PowerTrack ARR 成長 2%。我們致力於維持並擴大在商用與工業太陽能資產監控領域的市場領先地位，同時延伸至更多客戶區隔；為達成這些目標，我們持續投資於平台的穩定性、效能與功能深度。

A key part of that investment strategy is a disciplined build-or-buy analysis. Our acquisition of raicoon, which we announced on April 28, is a direct and strategic move towards building out that platform capability and improving the actionability from insights in data. raicoon is an Austrian provider of automated fault detection and event management for solar assets. This is a targeted, high-impact acquisition, a natural capability extension to our platform that we believe has immediate value across our wide customer base.

該投資策略的一個關鍵部分，是嚴謹的自建或併購（build-or-buy）分析。我們於 4 月 28 日宣布收購 raicoon，正是朝向打造平台能力、並提升由資料洞察轉化為可執行行動的直接且具策略性的舉措。raicoon 是一家奧地利供應商，提供太陽能資產的自動化故障偵測與事件管理。這是一項聚焦且高影響力的收購，是對我們平台能力的自然延伸；我們相信它能立即為我們廣泛的客戶群帶來價值。

raicoon's technology provides enhancements to PowerTrack through automated false detection and alert prioritization. As our customer base scales and portfolios grow more complex, the ability to surface and triage performance issues faster is increasingly important for our customers to drive meaningful actions at scale. We expect raicoon's technology will drive customers to do even more work with PowerTrack, further establishing our product as the platform of choice for solar asset managers.

raicoon 的技術透過自動化故障偵測與警示優先順序排序，為 PowerTrack 帶來強化。隨著客戶規模擴大、投資組合日益複雜，更快速地呈現並分流處理效能問題的能力，對客戶推動大規模且有意義的行動而言愈發重要。我們預期 raicoon 的技術將促使客戶在 PowerTrack 上完成更多工作，進一步鞏固我們的產品作為太陽能資產管理者首選平台的地位。

What's more, this is a small, focused tuck-in acquisition that we executed opportunistically and will integrate quickly. We look forward to sharing more on the benefits of this acquisition as product integration progresses.

此外，這是一項小型、聚焦的補強式（tuck-in）收購，我們把握機會完成交易，並將快速整合。我們期待在產品整合推進的同時，分享更多此收購所帶來的效益。

Another way in which we make data more accessible for our customers is with PowerTrack Sage. PowerTrack Sage is now live and available in PowerTrack to our broader customer base. The AI assistant synthesizes live site data, alerts, and performance analytics into plain language briefings, giving operators, performance engineers, and asset managers the ability to detect, diagnose, and resolve issues faster.

我們讓客戶更容易存取資料的另一種方式，是透過 PowerTrack Sage。PowerTrack Sage 現已上線，並在 PowerTrack 中提供給更廣泛的客戶群使用。這個 AI 助理會將即時站點資料、警示與效能分析整合為淺白易懂的文字簡報，讓操作人員、效能工程師與資產管理者能更快偵測、診斷並解決問題。

The early adoption signals are very exciting. We are seeing consistent daily engagement across multiple customer organizations with integrations into their daily workflows. In the future, as more heterogeneous data appears in PowerTrack, the capabilities of PowerTrack Sage will become more meaningful to our customers.

早期採用的訊號令人非常振奮。我們看到多家客戶組織每天都有穩定的使用互動，並已整合進其日常工作流程。未來，隨著更多異質資料出現在 PowerTrack 中，PowerTrack Sage 的能力將對客戶變得更具意義。

Turning now to Managed Services. Our Managed Services business provides software-enabled, full-lifecycle energy storage services, covering design, procurement, commissioning, and the ongoing operation and optimization of energy storage systems, typically under five to 20-year contract terms.

接下來談到託管服務（Managed Services）。我們的託管服務業務提供以軟體賦能的全生命週期儲能服務，涵蓋設計、採購、試運轉（commissioning），以及儲能系統的持續運營與最佳化，通常採用五至二十年的合約期限。

Managed Services brought in approximately $7 million in revenue during the first quarter. Customer satisfaction remains high, and our optimization service continues to exceed the performance targets we have set with our customers.

託管服務在第一季帶來約 700 萬美元的營收。客戶滿意度仍然很高，我們的最佳化服務也持續超越我們與客戶共同設定的績效目標。

Shifting now to our final strategic priority, building the foundation for accelerated growth in 2027 and beyond, which includes expanding into utility-scale deployments, advancing our international footprint, and unlocking new market opportunities. I'm particularly excited about bookings momentum we are seeing in the utility-scale segment.

接著談到我們最後一項策略優先事項：為 2027 年及以後的加速成長奠定基礎，其中包括擴展至公用事業級（utility-scale）部署、推進我們的國際版圖，以及開啟新的市場機會。我對我們在公用事業級領域看到的訂單（bookings）動能特別振奮。

Bookings more than doubled quarter over quarter, and our pipeline in this segment is the strongest we have ever seen. We booked new deals in four different geographies and across various asset types, including standalone storage, solar, and new-build hybrid.

訂單較上一季成長超過一倍，而我們在此領域的商機管道（pipeline）也創下歷來最強。我們在四個不同地理區域簽下新案，並涵蓋多種資產類型，包括獨立儲能、太陽能，以及新建混合式（hybrid）專案。

While PowerTrack EMS is valuable across our portfolio, including CMI, it is also a key offering for us to drive expansion in the utility scale space, both internationally and domestically. It differentiates us by providing customers with unified controls, cloud monitoring, and portfolio-level visibility. PowerTrack EMS also helps customers extend the value of existing solar assets by adding storage with minimal disruption.

雖然 PowerTrack EMS 在我們整體產品組合（包括 CMI）中都很有價值，但它同時也是我們推動在公用事業級市場（無論國際或國內）擴張的關鍵產品。它透過為客戶提供統一控制、雲端監控與投資組合層級可視性，形成差異化。PowerTrack EMS 也能協助客戶在既有太陽能資產上以最小干擾加裝儲能，延伸其價值。

PowerTrack EMS has a longer commercial life cycle than our core CMI business because of the utility scale end market, since it requires more time for commissioning. And we expect these bookings to convert to meaningful revenue in late 2026 and into 2027. Our first part-time EMS bookings from Q4 2025 are developing well and are on track to convert to revenue during the second quarter of 2026.

由於公用事業級終端市場需要較長的試運轉時間，PowerTrack EMS 的商業週期比我們核心的 CMI 業務更長。我們預期這些訂單將在 2026 年下半年並延續至 2027 年轉化為具規模的營收。我們在 2025 年第四季取得的首批兼職（part-time）EMS 訂單進展良好，並按計畫於 2026 年第二季轉為營收。

One key PowerTrack EMS booking from Q1 I'd like to highlight is with a long-standing PowerTrack solar monitoring customer operating two utility-scale sites exceeding 50 megawatts in Hungary. This customer made the decision to hybridize their portfolio and selected PowerTrack EMS to manage a new 50-plus megawatt-hour battery system.

我想特別強調第一季的一筆關鍵 PowerTrack EMS 訂單：客戶是我們長期的 PowerTrack 太陽能監控客戶，在匈牙利營運兩座超過 50 兆瓦的公用事業級場站。該客戶決定將其資產組合進行混合化（hybridize），並選擇 PowerTrack EMS 來管理一套新的 50 兆瓦時以上電池系統。

This is precisely the expansion dynamic we anticipated when we built PowerTrack EMS, an existing customer deepening their relationship with Stem as their assets evolve. It validates both the platform's ability to grow with our customers and the increasing prevalence of hybridization in the European utility scale market. Just last week, we further strengthened PowerTrack EMS with a co-marketing relationship with Nuvation Energy, a North American provider of battery management and energy control solutions.

這正是我們打造 PowerTrack EMS 時所預期的擴張動態：既有客戶隨著資產演進而加深與 Stem 的合作關係。這同時驗證了平台能隨客戶成長的能力，以及混合化在歐洲公用事業級市場日益普及的趨勢。就在上週，我們也透過與 Nuvation Energy 的共同市場推廣（co-marketing）合作，進一步強化 PowerTrack EMS；Nuvation Energy 是北美的電池管理與能源控制解決方案供應商。

Together, we will market a cell-to-cloud BESS and hybrid control stack that is exclusively North American designed and manufactured. This collaboration will allow us to deliver real value to our customers as regulatory requirements, including FIOC tighten. Further, this agreement proves we are on our way to building a robust ecosystem of commercial and product partnerships to extend our reach.

我們將共同推廣一套從電芯到雲端（cell-to-cloud）的 BESS 與混合控制技術堆疊（control stack），且完全由北美設計與製造。隨著包括 FIOC 在內的監管要求趨嚴，這項合作將使我們能為客戶交付實質價值。此外，這項協議也證明我們正朝建立強健的商業與產品合作夥伴生態系邁進，以擴大觸及範圍。

On the international front, we continue to build out our European presence, anchored by our Berlin office. International revenue represented approximately 5% of total revenue in the first quarter, and we expect that proportion to grow as PowerTrack EMS and other utility scale projects in Europe moved through commissioning and into revenue recognition in late 2026 and in 2027.

在國際方面，我們持續以柏林辦公室為據點，擴大歐洲布局。第一季國際營收約占總營收的 5%，我們預期隨著 PowerTrack EMS 與其他歐洲公用事業級專案完成試運轉並在 2026 年下半年及 2027 年進入營收認列，該占比將持續提升。

Beyond our core growth drivers, I'd like to briefly update you on the two new offerings we introduced during our Q4 call. Our AI services offering continues to progress, with active customer conversations focused on helping organizations identify and implement practical AI use cases that streamline internal processes, improve decision-making, and unlock operational efficiency.

除了核心成長動能之外，我也想簡要更新我們在第四季電話會議中推出的兩項新產品。我們的 AI 服務持續推進，並正與客戶積極洽談，重點在協助組織辨識並落地可行的 AI 應用情境，以精簡內部流程、改善決策並釋放營運效率。

In parallel, we are exploring how our core strengths in energy optimization software and deep energy market expertise can support data center developers and operators as they navigate rising power costs, grid constraints, and resilience requirements. Both remain important future growth opportunities, and we will share more substantive updates as customer engagements and market validations advance.

同時，我們也在探索如何運用我們在能源最佳化軟體與深厚能源市場專業上的核心優勢，協助資料中心開發商與營運商因應電力成本上升、電網限制與韌性要求。這兩者仍是重要的未來成長機會；隨著客戶合作推進與市場驗證深化，我們將分享更具體的更新。

To close, I want to reinforce our confidence in the rest of the year ahead. Q1 came in as expected: strong margins, positive adjusted EBITDA, and solid progress on all three priorities. As I stated earlier, we are reaffirming our full-year 2026 guidance across all metrics, and I'm confident in our team's ability to execute.

最後，我想再次強調我們對今年剩餘期間的信心。第一季表現符合預期：毛利率強勁、調整後 EBITDA 為正，且三項優先事項皆取得扎實進展。如我先前所述，我們重申 2026 全年在所有指標上的財測指引，我也對團隊的執行能力充滿信心。

With that, I'll turn the call over to Brian.

接下來，我把電話交給 Brian。

Thanks, Arun, and good afternoon, everyone. Let's walk through the results. As Arun noted, Q1 is historically the lightest revenue quarter for the company, driven by the natural sales cycle of construction projects, which typically begin to ramp into summer and through the end of the year.

謝謝你，Arun，各位下午好。我們來回顧一下業績。如 Arun 所提到的，第一季歷來是公司營收最淡的一季，主要受建設專案自然銷售週期影響；這些專案通常在夏季開始放量，並一路延續到年底。

Total revenue for the first quarter was $29 million, down 11% year-over-year from $32 million in the first quarter of 2025. The year-over-year decline was entirely attributable to the absence of battery hardware resales this quarter and our expectation that battery hardware resale activity will be weighted to the second-half of 2026.

第一季總營收為 2,900 萬美元，較 2025 年第一季的 3,200 萬美元年減 11%。這項年減完全是因為本季沒有電池硬體轉售（resales），且我們預期 2026 年的電池硬體轉售活動將集中在下半年。

Core revenue from software, services, and edge hardware was up 4% from the first quarter of 2025. Within that, I want to highlight a few components. PowerTrack software revenue grew 16% year-over-year, reflecting continued strength in our commercial and industrial solar monitoring business and early contributions from utility scale expansion. This is the highest margin recurring revenue in our portfolio, and its growth rate is a meaningful indicator of the health of our core business.

來自軟體、服務與邊緣硬體（edge hardware）的核心營收，較 2025 年第一季成長 4%。其中我想強調幾個組成項目：PowerTrack 軟體營收年增 16%，反映我們商用與工業（C&I）太陽能監控業務持續強勁，以及公用事業級擴張的初期貢獻。這是我們產品組合中毛利率最高的經常性收入，其成長率是衡量核心業務健康度的重要指標。

Edge hardware revenue grew approximately 1% year-over-year. Project and professional services revenue declined 5% year-over-year. And managed service revenue was down 5% year over year. First quarter GAAP gross margin was 38%, compared to 32% in the first quarter of 2025. Non-GAAP gross margin was a record 52%, compared to 46% in the first quarter of 2025. The significant margin expansion reflects the increasing mix of software, services and edge hardware in our revenue base, combined with the structural cost improvements we made in 2025.

邊緣硬體營收年增約 1%。專案與專業服務營收年減 5%。託管服務營收亦年減 5%。第一季 GAAP 毛利率為 38%，相較 2025 年第一季的 32%。Non-GAAP 毛利率創新高達 52%，相較 2025 年第一季的 46%。毛利率顯著擴張，反映我們營收結構中軟體、服務與邊緣硬體占比提升，並結合我們在 2025 年所完成的結構性成本改善。

As battery hardware resale volumes pick up in the second half of the year, non-GAAP gross margin percentage will trend toward the middle of our 40% to 50% full-year guidance range, with the underlying software and service margins remain strong. Cash operating expenses were down 30% year-over-year and down approximately 10% sequentially. The workforce and cost optimization actions we've completed in 2025 and continue to implement into 2026 have become permanent structural efficiency, and the first quarter confirms that characterization.

隨著下半年電池硬體轉售量回升，Non-GAAP 毛利率百分比將趨近我們全年 40% 至 50% 指引區間的中位數，而底層的軟體與服務毛利率仍將維持強勁。現金營運費用年減 30%，並較上一季下降約 10%。我們在 2025 年完成、並持續延伸至 2026 年的人力與成本最佳化措施，已成為永久性的結構效率；第一季結果也印證了這一點。

Adjusted EBITDA was $2 million, a $7 million improvement compared to a negative $5 million in the first quarter of 2025. This marks our fourth consecutive quarter of positive adjusted EBITDA and our first ever positive adjusted EBITDA in the first quarter, which has historically been our most challenging quarter for profitability given seasonal revenue patterns. This is strong evidence of the operating leverage that is now entrenched in this business.

調整後 EBITDA 為 200 萬美元，較 2025 年第一季的負 500 萬美元改善 700 萬美元。這是我們連續第四季調整後 EBITDA 為正，也是我們首次在第一季達成調整後 EBITDA 為正；由於季節性營收型態，第一季歷來是我們獲利最具挑戰的一季。這有力證明了目前已深植於本業務中的營運槓桿效應。

We ended the first quarter with $37 million in cash and cash equivalents. Operating cash flow was negative $8 million in the quarter, driven primarily by the timing of working capital movements and cash interest expense. I want to be clear about the working capital dynamics. The Q1 outflow reflects timing, not a change in the underlying cash generation of the business. As bookings and billings increase and working capital requirements lessen throughout the year, we expect improvement in our cash position and remain on track to achieve our full-year operating cash flow guidance of $0 million to $10 million.

我們在第一季結束時持有3,700萬美元的現金及約當現金。本季營運現金流為負800萬美元，主要受營運資金變動時點以及現金利息支出所影響。我想清楚說明營運資金的動態。第一季的現金流出反映的是時點因素，而非公司基本面現金創造能力的改變。隨著訂單與開立帳單金額增加，且全年營運資金需求逐步降低，我們預期現金部位將有所改善，並仍按計畫達成全年營運現金流指引0至1,000萬美元。

Turning now to our operating metrics, bookings were $27 million in the first quarter compared to $33 million in the fourth quarter of 2025. The sequential decline is typical for first quarter seasonality. All bookings this quarter came from core software, services and edge hardware.

接著看我們的營運指標，第一季訂單金額為2,700萬美元，較2025年第四季的3,300萬美元下降。此一季對季下滑符合第一季的季節性特徵。本季所有訂單均來自核心軟體、服務與邊緣硬體。

As Arun noted, utility scale bookings more than doubled quarter-over-quarter, which is one of the key drivers of our long-term growth objectives. While we did not have any battery hardware bookings this quarter, we continue to expect up to $40 million in opportunistic battery hardware sales this year. The battery supply is accessible and can be delivered to customers within 90 days.

如Arun所提，公用事業級（utility-scale）訂單金額較前一季增加逾一倍，這是我們長期成長目標的關鍵驅動因素之一。雖然本季沒有任何電池硬體訂單，但我們仍預期今年可有最高達4,000萬美元的機會型電池硬體銷售。電池供應可取得，並可在90天內交付給客戶。

Contracted backlog was $23 million at the end of the first quarter, up 8% sequentially from $21 million at the end of the fourth quarter of 2025. CARR was $67 million, flat versus the end of the fourth quarter. ARR was $61.2 million, up slightly from $61.1 million at the end of the fourth quarter. Within that, PowerTrack ARR grew 2% sequentially and Managed Services ARR declined 4% sequentially.

第一季末已簽約待履行訂單（contracted backlog）為2,300萬美元，較2025年第四季末的2,100萬美元季增8%。CARR為6,700萬美元，與第四季末持平。ARR為6,120萬美元，較第四季末的6,110萬美元小幅增加。其中，PowerTrack ARR季增2%，而託管服務（Managed Services）ARR季減4%。

Managed Services ARR declined modestly, reflecting the impact of a battery supplier bankruptcy, which prevented the renewal of certain recurring warranty management and other services, contracts tied to that supplier's systems. Importantly, we continue to provide optimization and other core managed services to the owners of those assets, and associated AUM remains on our platform.

託管服務ARR小幅下滑，反映某電池供應商破產的影響，該事件使得與該供應商系統綁定的部分經常性保固管理及其他服務合約無法續約。重要的是，我們仍持續為這些資產的所有人提供最佳化及其他核心託管服務，相關的AUM仍留在我們的平台上。

Solar operating AUM grew 4% sequentially to 37.5 gigawatts, and storage operating AUM was flat sequentially at 1.7 gigawatt hours.

太陽能在運行AUM季增4%至37.5吉瓦，而儲能在運行AUM季比持平，為1.7吉瓦時。

Now turning to guidance. As Arun mentioned, we are reaffirming our full-year 2026 guidance across all metrics. Total revenue of $140 million to $190 million, with software, services and edge hardware expected in the range of $130 million to $150 million and battery hardware resales of up to $40 million, which, as I mentioned, we expect to be weighted to the second half of the year.

接著談指引。如Arun所提，我們重申2026全年所有指標的指引不變。總營收為1.4億至1.9億美元，其中軟體、服務與邊緣硬體預期為1.3億至1.5億美元；電池硬體轉售最高可達4,000萬美元，正如我先前提到的，我們預期將偏重於下半年。

Non-GAAP gross margins of 40% to 50% with the range driven by the timing and volume of battery hardware resale. Adjusted EBITDA of $10 million to $15 million, operating cash flow of $0 million to $10 million, and year-end ARR of $65 million to $70 million.

非GAAP毛利率為40%至50%，區間主要受電池硬體轉售的時點與量體影響。調整後EBITDA為1,000萬至1,500萬美元，營運現金流為0至1,000萬美元，年末ARR為6,500萬至7,000萬美元。

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

接下來我把電話交回給Arun做結語。

Thank you, Brian. I'd like to leave you all with three key takeaways from this quarter. First, the transformation we undertook in 2025 is delivering results. We achieved positive adjusted EBITDA in our historically weakest quarter with record high software margins and a cost structure that is both lean and durable. This is not a one-time achievement. It's the foundation we're building on.

謝謝你，Brian。我想以本季三個重點結論與各位分享。第一，我們在2025年推動的轉型正在產生成果。我們在歷來最弱的一季達成調整後EBITDA轉正，軟體毛利率創新高，且成本結構精實且具持續性。這不是一次性的成果，而是我們正在建立的基礎。

Second, our core business is strong and growing. PowerTrack software revenue grew 16% year-over-year. Our new products, PowerTrack EMS and PowerTrack Sage, are gaining real traction with customers. And the raicoon acquisition demonstrates our disciplined approach to extending our platform capabilities where it matters most.

第二，我們的核心業務強勁且持續成長。PowerTrack軟體營收年增16%。我們的新產品PowerTrack EMS與PowerTrack Sage正獲得客戶實質採用。而raicoon的收購也展現我們在關鍵領域延伸平台能力時所採取的紀律性作法。

Third, we are making tangible progress on the growth initiatives that will drive through 2027 and beyond. Utility-scale bookings more than doubled quarter-over-quarter. Our international footprint is expanding, and our partnership with Nuvation positions us to capitalize on the growing demand for secure, domestically sourced energy infrastructure.

第三，我們在將推動至2027年及更長期的成長計畫上取得具體進展。公用事業級訂單金額較前一季增加逾一倍。我們的國際布局正在擴大，且我們與Nuvation的合作使我們能把握對安全、國內來源能源基礎設施日益成長的需求。

We said 2026 would be the year to demonstrate what our transformation was designed to deliver. One quarter in, we are doing exactly that. We have the right strategy, the right team, and the right momentum. We are executing with discipline, investing with purpose, and we remain confident in achieving all our full-year commitments.

我們曾說2026年將是展現轉型設計成果的一年。第一季過後，我們正是在做到這一點。我們有正確的策略、正確的團隊與正確的動能。我們以紀律執行、以明確目的投資，並仍有信心達成全年所有承諾。

I want to thank our customers for their continued partnership, our team for their exceptional execution, and all of you for your support and engagement.

我要感謝客戶持續的合作夥伴關係，感謝團隊卓越的執行力，也感謝各位的支持與參與。

With that, I will ask the operator to open the line for questions.

接下來我請接線員開放提問。

(Operator Instructions)

（接線員指示）

Justin Clare, Roth Capital.

Justin Clare，Roth Capital。

Hey, good afternoon. Thanks for taking our questions here. Wanted to just start out on bookings. So you had mentioned utility-scale bookings had doubled quarter-over-quarter. And so just wondering if you could speak to what drove the strength there. Is that new customer wins? Is it expansion with existing customers? Are you seeing larger project sizes?

嗨，午安。謝謝讓我們在這裡提問。我想先從訂單談起。你們提到公用事業級訂單金額較前一季翻倍。我想請你們說明是什麼帶動了這樣的強勁表現。是贏得新客戶？還是既有客戶擴張？你們是否看到專案規模變大？

And then also just where are you seeing the most traction with utility-scale customers in your portfolio? So which products or services are you seeing the most uptake for?

另外，在你們的客戶組合中，公用事業級客戶對哪些產品或服務的採用度最高、最有進展？

Justin, good to hear from you. This is Arun. It's largely driven, I would say, by PowerTrack EMS. PowerTrack EMS is the key differentiator that allows us to provide our customers in the utility scale space with solutions. It brings unified controls, cloud monitoring, as well as portfolio-level visibility to our customers, and I think this is what's extending their ability to engage with us beyond solar projects into these utility-scale projects.

Justin，很高興聽到你的聲音。我是Arun。我會說主要是由PowerTrack EMS所帶動。PowerTrack EMS是關鍵差異化因素，使我們能為公用事業級領域的客戶提供解決方案。它為客戶帶來整合式控制、雲端監控，以及投資組合層級的可視性；我認為這正是讓客戶與我們的合作從太陽能專案延伸到這些公用事業級專案的原因。

Now, also, one more thing. We have PowerTrack SCADA, which is another product that we offer for monitoring and control in utility-scale solar projects as well. We have a team based in Berlin. The team is working very hard, and they have done a great job in doubling bookings.

另外還有一點。我們也有PowerTrack SCADA，這是我們提供的另一項產品，用於公用事業級太陽能專案的監控與控制。我們在柏林有一支團隊。團隊非常努力，也在訂單翻倍方面做得非常出色。

There are two maybe examples I can cite. In the last quarter, we spoke about Everyray, which was a German customer that was a 100-plus megawatt-hour project. And then in the prepared remarks, we referred to a Hungarian project that went through hybridization that was 50-plus megawatt-hour deal as well. And overall, I think we remain confident that this conversion continues. The first EMS bookings from the Q4 2025 cycle, we expect to start seeing that as revenue starting in Q2 of 2026. So we've been very optimistic on this, Justin.

我可以舉兩個例子。上一季我們談到Everyray，這是一家德國客戶，專案規模超過100兆瓦時。然後在事先準備的發言中，我們也提到一個匈牙利專案，進行混合化（hybridization），同樣是一筆超過50兆瓦時的交易。整體而言，我們仍有信心這樣的轉換會持續。至於2025年第四季週期的第一批EMS訂單，我們預期將從2026年第二季開始逐步反映為營收。因此我們對此非常樂觀，Justin。

Okay, got it. I appreciate that. And then just wanted to ask on PowerTrack, so we did see pretty good growth, I think 16% year-over-year revenue growth for that. Though we did see the ARR was flat sequentially. And so I'm just wondering how we should think about the cadence of ARR growth as we move through the balance of the year here, given your target of $65 million to $70 million at the end of the year. And then just what are the drivers that could potentially enable you to get to the higher end of that target?

好的，了解。謝謝說明。接著我想問PowerTrack。我們確實看到相當不錯的成長，PowerTrack營收年增約16%。不過ARR季比持平。我想請教，考量你們年末目標為6,500萬至7,000萬美元，我們應如何看待今年剩餘期間ARR成長的節奏？另外，哪些驅動因素可能讓你們有機會達到目標區間的高端？

Yeah, Justin, I can answer that as well. PowerTrack ARR was up 12% year-over-year, 2% sequentially, and this moderate sequential growth in PowerTrack ARR is just due to seasonality. We expect ARR to ramp up throughout the remainder of the year, and the majority of our ARR growth, as usual, will come from PowerTrack C&I customers.

是的，Justin，我也可以回答這個問題。PowerTrack ARR 年增 12%，季增 2%，而 PowerTrack ARR 這種溫和的季增主要只是因為季節性因素。我們預期 ARR 會在今年剩餘期間逐步攀升，而我們 ARR 成長的大部分，一如往常，將來自 PowerTrack 的 C&I（商業與工業）客戶。

There will be some Power Track EMS and utility scale deployments in the ARR, but it won't be a significant portion of ARR this year. And we are very focused and we continue to drive ARR across our business over the long-term. And as I said earlier, we are pleased to reaffirm our guidance of $65 million to $70 million for ARR.

ARR 中會有一些 PowerTrack EMS 與公用事業級的部署，但今年它不會占 ARR 的顯著比重。而且我們非常專注，並將持續在長期推動整體業務的 ARR。正如我先前所說，我們很高興重申我們對 ARR 的指引為 6,500 萬至 7,000 萬美元。

Great. And then just one more wanted to ask on the margins here. So we just see the PowerTrack non-GAAP gross margins, they continue to move higher in Q1. I think you're at 75% versus 69% a year ago, 71% in Q4. So just wondering if you could just speak to the improvements that we've seen there, what's been the biggest driver, and then how we should think about the margin profile as you continue to scale that business? Is there further potential for margins to move higher?

很好。接著還有一個關於毛利率的問題。我們看到 PowerTrack 的非 GAAP 毛利率在第一季持續走高。我想你們是 75%，相較於一年前的 69%，以及第四季的 71%。想請你們談談我們看到的這些改善，最大的驅動因素是什麼？以及隨著你們持續擴大這項業務規模，我們應該如何看待毛利率輪廓？毛利率是否還有進一步上升的空間？

Yeah, thanks, Justin. This is Brian. I'll take that one. Yes, I mean, we are always reviewing the supply chain and the macro environment for our PowerTrack products. So you're seeing good growth in a couple of ways. One, our AUM is increasing, and so that is a kind of traditional SaaS product that gains leverage as we get more volume, which is always great and that's going to improve margin.

是的，謝謝，Justin。我是 Brian。我來回答。是的，我的意思是，我們一直都在檢視 PowerTrack 產品的供應鏈與總體環境。所以你會看到幾個面向的良好成長。第一，我們的 AUM 正在增加，因此這是一種傳統的 SaaS 產品，隨著我們的量體增加會產生規模槓桿，這一向都很好，並且會改善毛利率。

But also, you do see us -- as we watch the environment and the supply chain this last year, we have been able to increase pricing modestly where we've needed to kind of between tariffs and other things that have kind of driven that environment.

但同時，你也看到我們——在過去一年觀察環境與供應鏈時，我們已能在需要的地方適度提高價格，以因應關稅與其他因素所帶來的影響。

So, as the volume increases, you'll continue to see margins push up on that space. And then you're always -- we're always watching for places where we can increase pricing or need to increase pricing on our customers, and that's what's going to drive that kind of to keep improving.

因此，隨著量體增加，你會持續看到該領域的毛利率上升。然後你也會一直——我們也一直在觀察有哪些地方可以提高價格，或需要對客戶提高價格，而這將驅動毛利率持續改善。

Okay, got it. I appreciate it. Thank you.

好的，了解了。感謝你。謝謝。

This concludes the equity research questions. I'd like to turn the floor over to Aaron for retail investor questions at this time.

以上為股票研究（equity research）提問環節。此刻我想把時間交給 Aaron，進行散戶投資人提問。

Thank you, operator. We have a few questions here. Firstly, relating to cash flow. With 2026 operating cash flow guided from $0 million to $10 million, what are the key levers that give you confidence that Stem can reach positive operating cash flow for the full year 2026?

謝謝你，接線員。我們這裡有幾個問題。首先，關於現金流。2026 年營運現金流指引為 0 至 1,000 萬美元，你們有信心 Stem 能在 2026 全年達成正向營運現金流的關鍵槓桿是什麼？

Yeah, this is Brian again, I'll grab that one. As Arun stated in the call, Q1's negative operating cash flow was really driven by a combination of expected higher working capital requirements in Q1 and it being our traditionally lowest kind of billings and revenue quarter.

是的，我是 Brian，我再來回答這題。如 Arun 在電話會議中所說，第一季的負向營運現金流主要是由兩個因素共同造成：第一季預期較高的營運資金需求，以及第一季一向是我們開立帳單（billings）與營收最低的季度。

When you look forward, we expect that bookings and billings will increase with our seasonality when you look at this business and how it operates. And we also expect reduced working capital requirements through the rest of the year. And the combination of that will allow us to build cash going into the second half of the year.

往前看，考量這個業務的運作方式與季節性，我們預期訂單（bookings）與開立帳單將隨季節性而增加。我們也預期今年剩餘期間的營運資金需求會降低。兩者結合將使我們在下半年到來前累積現金。

I think it's important to note, cash operating expenses have really been optimized to the business and the size today. I think you can see that in the evidence when you see that cash operating expenses were down 30% year-over-year and another 10% sequentially.

我認為重要的是要指出，現金營運費用已真正依照目前的業務與規模完成最佳化。你可以從證據看出來：現金營運費用年減 30%，且季減再降 10%。

So with that, we were able to achieve positive EBITDA in our lowest revenue quarter for the first time, which is great. And I think you're just fundamentally seeing that we need significantly less cash to run this business with the new operating discipline that we have in place. So I think that's what really gives us the confidence to reiterate our guidance on all our metrics this year.

因此，我們得以在營收最低的季度首次達成正向 EBITDA，這很棒。我認為你基本上看到的是，在我們建立的新營運紀律之下，經營這項業務所需的現金大幅降低。所以我認為這正是讓我們有信心重申今年所有指標指引的原因。

The next question is on the recent acquisition of raicoon. Why did you acquire raicoon and why now?

下一個問題是關於近期收購 raicoon。你們為什麼要收購 raicoon？為什麼是現在？

I'll take this. This is Arun. Well, I'm very excited that raicoon is joining Stem, and I want to take this opportunity to welcome all of the raicoon employees to STEM. raicoon's technology provides significant enhancements to PowerTrack through automated fault detection and alert prioritization.

我來回答。我是 Arun。嗯，我非常興奮 raicoon 加入 Stem，也想藉此機會歡迎所有 raicoon 的員工加入 STEM。raicoon 的技術透過自動化故障偵測與警示優先順序排序，為 PowerTrack 帶來顯著的強化。

What this means is, as our customer base scales and portfolios grow more complex, the ability to surface and triage performance issues faster is increasingly becoming very important to customer retention and satisfaction. This acquisition directly supports our 2026 priority of strengthening our core PowerTrack business, and we saw an opportunity to bring in a proven, already deployed technology rather than build it from scratch.

這代表的是，隨著我們的客戶基礎擴大、投資組合變得更複雜，更快速地揭示並分流（triage）效能問題的能力，對客戶留存與滿意度正變得愈來愈重要。這項收購直接支持我們 2026 年強化核心 PowerTrack 業務的優先事項；而且我們看到一個機會：引進一項已被驗證、且已部署的技術，而不是從零開始自行開發。

And this brings additional value to our existing customer base, as well as it's a differentiator as we try to acquire new customers. So we're very pleased that raicoon is joining us.

此外，這也為我們既有客戶群帶來額外價值，同時在我們爭取新客戶時也是一項差異化優勢。因此我們非常高興 raicoon 加入我們。

Thanks. This will be the last question, and it is related to AI. Where is Stem's AI capability creating measurable value for customers today, and how does that translate into retention, expansion, or new customer wins?

謝謝。這將是最後一個問題，與 AI 有關。Stem 的 AI 能力目前在哪些方面為客戶創造了可衡量的價值？又如何轉化為留存、擴張或新客戶得標？

I'll take this. Look, I'm always excited about AI, and I would say that our ability to bring AI to life and to bring value to our customers maybe can be thought of in two different ways. The first way is how we embed AI into our products. AI is baked into PowerTrack as PowerTrack Sage, and this AI assistant provides customers with more fluency to interpret their site data. It expands PowerTrack users beyond the technical users that we have, and it does so by providing plain language briefings to non-technical users.

我來回答。你看，我一直對 AI 感到興奮。我會說，我們把 AI 落地並為客戶帶來價值的能力，大概可以用兩種方式來思考。第一種方式是我們如何把 AI 嵌入到產品中。AI 已內建於 PowerTrack，作為 PowerTrack Sage，而這個 AI 助理讓客戶能更順暢地解讀其站點資料。它把 PowerTrack 的使用者從我們既有的技術使用者擴展到更多人，做法是為非技術使用者提供以白話呈現的簡報式摘要。

Secondly, we also impact customer value by using AI internally. Especially if you think about our development team, their usage of the AI tools, it allows them to accelerate feature delivery. It improves triage in our operations. It allows us to roll out updates more quickly. And ultimately, what this means is we reduce friction for our customers.

第二，我們也透過內部使用 AI 來提升客戶價值。特別是如果你想到我們的開發團隊，他們使用 AI 工具能加速功能交付；能改善我們營運中的分流（triage）；讓我們更快推出更新。最終，這代表我們降低了客戶的摩擦成本。

Thanks, Arun. This concludes the retail investor questions. Turning back to you now for closing remarks.

謝謝你，Arun。以上為散戶投資人提問環節。現在把時間交還給你做結語。

I want to thank everyone for joining our first-quarter earnings call, and we look forward to speaking with you next during our second-quarter 2026 earnings call this summer. Thanks, everyone.

我要感謝各位參加我們的第一季財報電話會議，我們期待在今年夏天的 2026 年第二季財報電話會議再與各位交流。謝謝大家。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與，祝您有美好的一天。