Stem (STEM) 2026年第二季度业绩电话会议：利润率创新高并重申业绩指引

核心要点

• 2026财年第二季度营收同比下降12%至3400万美元，主要原因在于电池硬件转售收入从500万美元降至30万美元。
• 非GAAP毛利率达到创纪录的55%，而上年同期为49%，主要得益于收入结构向毛利率更高的软件、服务和边缘硬件转移。
• 调整后EBITDA为600万美元，连续第五个季度实现正数。经营活动现金流由2025财年第二季度的负2100万美元改善至正30万美元。
• PowerTrack软件收入同比增长11%至1100万美元，同时PowerTrack ARR同比增长13%至4280万美元。
• 新签订单额环比增长39%至3700万美元。已签约待执行订单额增长18%至2700万美元，且PowerTrack EMS新签订单已覆盖三大洲的六个国家。
• Stem重申了2026财年全年的各项业绩指引，并表示调整后EBITDA和非GAAP毛利率正在向各自指引区间的上限靠拢。

关键财务数据

Stem在本季度通过按市价配售（ATM）股权计划募集了约600万美元，平均每股售价约9.75美元。

业务与经营业绩

PowerTrack仍是主要的软件增长引擎。其ARR环比增长3%，同比增长13%至4280万美元。总ARR环比增长2%至6240万美元，而CARR（签约年经常性收入）环比增长3%至6900万美元。

光伏运营管理资产规模环比增长2%至38.3 GW。随着PowerTrack EMS项目投入运营，储能运营管理资产规模增长6%至1.8 GWh。

新签订单额达到3700万美元，较2026财年第一季度增长39%，较2025财年第二季度增长约7%。已签约待执行订单额从上季度的2300万美元增加到2700万美元。

Stem通过智利的Granja Solar项目将PowerTrack EMS拓展至拉丁美洲。该平台将控制在一座现有135 MW光伏设施上新增的420 MWh电池储能系统。在匈牙利，PowerTrack EMS被选中用于两座现有60 MW光伏站点新增的两个80 MWh电池系统。

公司表示，PowerTrack EMS目前的新签订单已跨越三大洲的六个国家。其位于德国的Everyray项目已投入运营。Stem还继续将raicoon的自动化故障检测和事件管理技术整合至PowerTrack中，并预计在第三季度业绩中提供更实质性的进展更新。

Stem推出的AI服务产品AIONA于6月上线。管理层表示正与客户进行讨论和研讨会，初步阶段聚焦于现有客户。针对数据中心开发商和运营商的潜在服务开发也在进行中。

管理层业绩指引

Stem重申了2026财年全年的所有业绩指引：

管理层预计下半年较高的电池硬件转售收入将推低报告的毛利率和EBITDA利润率百分比。电池硬件的预期毛利率约为10%–11%，而PowerTrack约为75%，边缘硬件约为45%–47%。

风险与关注点

• 全年营收对电池硬件转售的时机和数量以及软件、服务和边缘硬件部署的节奏仍较为敏感。
• 下半年低毛利的电池硬件占比偏高可能会降低毛利率和调整后EBITDA利润率百分比，但仍能增加毛利润绝对额。
• 分析师对影响进口逆变器和光伏组件关税的美国政策变化提出了疑问。管理层表示，尚未看到这对其商业与工业（C&I）或公用事业级项目产生影响。
• 国际化及公用事业级市场的拓展仍是管理层2027年增长计划的核心，项目执行力和客户采纳度将是重要的运营考量因素。

分析师问答集锦

管理层将边缘硬件22%的同比增长归因于拓展至公用事业级项目，此类项目在配置中需要更高比例的边缘硬件。

关于盈利能力，首席财务官Brian Musfeldt表示，下半年EBITDA预期的放缓反映的是收入结构变动而非经营疲软。预计增加的电池硬件转售活动将拉低利润率百分比。

对于混合项目，管理层解释称，现有的PowerTrack PPC客户可以在安装储能设施时增加一份独立的PowerTrack EMS软件合同。因此，此类部署可以带来额外的ARR来源以及服务和边缘硬件收入。

在区域拓展方面，首席执行官Arun Narayanan指出智利和哥伦比亚是Stem在拉丁美洲关注的重点市场。公司还计划通过其柏林办公室来支持在欧洲的进一步扩张。

业绩电话会议完整文字实录

完整财报电话会议逐字稿

管理层陈述

Operator

Greetings and welcome to the Stem, Inc. Second Quarter 2026 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Erin Reed, Head of Investor Relations.

Erin Reed

Thank you, operator. Welcome to Stem's Second 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, and other SEC filings and supplemental presentation, which can be found on the company's Investor Relations 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 second quarter 2026 earnings release and supplemental materials, which are available on our Investor Relations website.

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.

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

Arun Narayanan

Thank you, Erin. Good afternoon, everyone, and thank you all for joining us today. On our Q1 call, I told you that we would demonstrate what our software-centric transformation was designed to deliver. Halfway through 2026, I am pleased to see evidence of this transformation in the results. The second quarter marked our fifth consecutive quarter of positive adjusted EBITDA. Our non-GAAP gross margin remains at record levels, and we saw meaningful commercial momentum across the PowerTrack platform. We made a new market entry in Latin America, received industry recognition for PowerTrack EMS, and continued the expansion of our product capabilities. Given this progress, we are reaffirming our full year 2026 guidance today, which Brian will walk through in detail later in the call.

Let me turn now 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 continue. We achieved record non-GAAP gross margins in the second quarter. As in Q1, this was driven by a revenue mix weighted meaningfully towards software, services, and edge hardware, with battery hardware resales remaining relatively low in the quarter as expected. Because we have had minimal revenue from battery hardware resales in the first half of the year, we are trending above the high end of our guidance range for non-GAAP gross margin. We expect to track within the high end of our guidance range of 40% to 50%. We see more battery hardware resale revenue during the second half of the year.

On the operating expense side, we continue to manage costs with discipline and drive efficiency through the use of AI. Cash operating expenses remain sequentially flat and were down versus the second quarter of 2025. We are proving that these OpEx levels are sustainable. The improved gross margins and low operating expenses drove adjusted EBITDA of $6 million in the second quarter, up 63% from the second quarter of 2025, and more than double that of the first quarter of 2026. For the first half of 2026, adjusted EBITDA was $8 million compared to negative $1 million for the first half of 2025. This is clear evidence of the inflection point we've been building towards. Operating cash flow reached breakeven this quarter at $0.3 million, a $9 million sequential improvement and a $22 million improvement versus the second quarter of 2025. Because we expect billings and revenue to continue to build throughout the second half of the year, we expect this metric to continue improving.

The second priority is strengthening the core PowerTrack platform. In the quarter, we added approximately 0.8 gigawatt of solar assets under management, which in turn drove 3% sequential growth in PowerTrack ARR. During the second quarter, we also shipped a handful of product improvements, including an updated UX with dark mode, in-app feedback tools, and keyboard shortcuts. These are changes that our operators and asset managers value in their daily workflows and that set the stage for further product enhancements. Customer adoption of PowerTrack Sage, our AI assistant within PowerTrack, remains strong, reflected in consistent day-to-day usage across a range of organizations.

As we discussed last quarter, a key part of our platform investment strategy is a disciplined build-or-buy approach. On the buy side, we continue to advance the integration of raicoon, the automated fault detection and event management technology we acquired in April. That integration into PowerTrack is progressing well, and our development and sales teams are now working through how best to package and release this new capability to customers. We expect to share a more substantive update during our third quarter call.

The third and final strategic priority is building the foundation for accelerated growth in 2027 and beyond. That means expanding into utility-scale deployments, advancing our international footprint, and unlocking new market opportunities. Starting with utility-scale expansion, bookings grew nearly 15% (sic) [ 40% ] sequentially in the quarter. We brought PowerTrack EMS to Latin America through the Granja Solar Project in Chile, where it will serve as the primary control system for a 420 megawatt hour battery storage system being added to an existing 135-megawatt solar facility. This is exactly the kind of hybrid utility-scale project that validates the commercial prospects of our EMS offering. We see real potential to extend this delivery model across additional projects in Latin America.

We added another new booking in Hungary like Solarmarkt Group, along with EPC partner, Pannonwatt, selected PowerTrack EMS as the integrated energy management, power plant control, and SCADA platform for two 80 megawatt hour battery systems being added to two existing 60 megawatt solar sites. There is a PowerTrack PPC already in place for these existing solar assets. So this is another proof point for our growth ambitions around hybridization, where we deepen our controls and software offerings over time as plants evolve. Commercial operation of the fully hybridized assets is expected in fall 2026. Altogether, PowerTrack EMS now has bookings across six countries and three continents. The first initial bookings have begun to come live and our Everyray project in Germany announced in March is now live.

Alongside the commercial progress, we also earned external recognition for the PowerTrack EMS product. I am proud to share that PowerTrack EMS won The smarter E AWARD 2026 in the Smart Integrated Energy category, recognized by Solar Promotion International and Freiburg Management and Marketing International at The smarter E Europe Conference. The Smart Integrated Energy category specifically highlights technologies innovating and advancing the integration, management, and performance of clean energy systems. This is a meaningful external validation of the innovative platform that we have built.

A co-marketing agreement and partnership with Nuvation Energy also continues to build optionality around projects that require domestic control. We are working closely with Nuvation's technical and sales team, and in late July, we co-presented at the IEEE Power & Energy Society General Meeting in Montreal. Finally, on new market opportunities. We officially launched AIONA, our AI services offering, in June. We are currently in conversations with potential customers and running workshops to help them identify where AI can have the greatest impact on their day-to-day operations, focusing first on our existing customer base. We will share a substantive update on AIONA's customer traction as these engagements progress.

We are also continuing to explore how our strength in energy optimization software and deep energy market expertise can support data center developers and operators. Development on this offering is ongoing. Two quarters into 2026, we are executing with discipline and delivering the results we committed to at the start of the year, and I'm confident in our team's ability to keep building on this momentum.

With that, I will turn the call over to Brian.

Brian Musfeldt

Thanks, Arun, and good afternoon, everyone. Let's walk through the results. Total revenue for the second quarter was $34 million, down 12% year-over-year from $38 million. Nearly all of that decline came from lower battery hardware resale revenue, which was $300,000 in the second quarter versus $5 million in the second quarter of 2025. Excluding battery hardware resales, revenue from software, services, and edge hardware was $33 million, up 1% versus the second quarter of 2025. Within that, the revenue mix shifted meaningfully. PowerTrack software revenue grew 11% year-over-year to $11 million, reflecting continued strength in our core commercial and industrial solar monitoring business.

Edge hardware grew 22% year-over-year to $15 million, and project and professional services revenue was $2 million, down 6% year-over-year. Managed services revenue was $6 million, down 34% year-over-year, against an unusually strong second quarter in 2025, where we brought roughly 100 megawatt hours online in a single quarter.

GAAP gross margin was 41% in the second quarter, compared to 33% in the second quarter of 2025. Non-GAAP gross margin reached a record 55%, up from 49% in the second quarter of 2025, driven by the continued shift of our product mix toward higher-margin software, services, and edge hardware, and less from lower margin battery hardware resale. Given the revenue mix in the first half, non-GAAP gross margin has been tracking above our 40% to 50% guidance range. Because we expect more battery hardware resale revenue during the second half of the year, we expect the full year margins to move back toward the upper end of that range. GAAP operating expenses were down both year-over-year and sequentially. Cash operating expenses were sequentially flat and down 11% year-over-year as we continue to manage costs with discipline, even as we invest deliberately in target growth areas.

The second quarter of 2026 marked our fifth consecutive quarter of positive adjusted EBITDA at $6 million, representing an 18% adjusted EBITDA margin. Adjusted EBITDA was up 63% from $4 million in the second quarter of 2025. Operating cash flow was positive $300,000 in the second quarter compared to negative $21 million in the second quarter of 2025 and negative $8 million in the first quarter of 2026, representing a sequential improvement of nearly $9 million from the first quarter of 2026. The improvement reflects the benefit of increased high margin billings and revenue flowing through the business. We expect continued improvement through the balance of the year.

We ended the second quarter with $38.4 million in cash and cash equivalents, up from $36.6 million at the end of the first quarter. We remain very focused on our capital structure. During the quarter, we opportunistically used our at-the-market, or ATM, equity sales program, raising approximately $6 million at an average stock price of roughly $9.75 for general corporate purposes.

Now turning to our operating metrics. Bookings were $37 million in the second quarter, up 39% from $27 million in the first quarter of 2026, and up approximately 7% from $34 million in the second quarter of 2025. Contracted backlog was $27 million at the end of the second quarter, up 18% from $23 million at the end of the first quarter. CARR was $69 million, up 3% from $67 million at the end of the first quarter. ARR increased 2% to $62.4 million from $61.2 million at the end of the first quarter. Within that, PowerTrack ARR grew 3% sequentially and 13% year-over-year to $42.8 million, and managed services ARR was roughly flat sequentially at $19.6 million. Solar operating AUM grew 2% sequentially to 38.3 gigawatts, and storage operating AUM grew 6% sequentially to 1.8 gigawatt hours, driven by PowerTrack EMS projects coming online.

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. We provided guidance on battery hardware resales of up to $40 million, which we still anticipate to be weighted to the second half of the year, and we expect to trend toward the lower end of that range. We expect non-GAAP gross margin of 40% to 50%, with the range driven by timing and volume of battery hardware resales. Given that we expect to trend toward the lower end of the battery hardware resale revenue range, we expect to trend toward the higher end of our non-GAAP gross margin range. Adjusted EBITDA remains at $10 million to $15 million, and we are tracking toward the high end of the range. We expect operating cash flow of $0 to $10 million and year-end ARR of $65 million to $70 million.

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

Arun Narayanan

Thank you, Brian. I'd like to leave you all with three key takeaways from this quarter. First, our operating leverage story continues to build. Five straight quarters of positive adjusted EBITDA, a second consecutive quarter of record non-GAAP margins, and operating cash flow at breakeven, all without pulling back on investment. This is the kind of durable structural improvement we told you we were building. Second, our core platform continues to strengthen. PowerTrack software revenue grew 11% year-over-year, and we took disciplined steps to extend our platform capabilities and make PowerTrack a more complete solution for our customers. Third, we are making tangible progress on the growth initiatives that will carry us into 2027 and beyond.

PowerTrack EMS is now booked across three continents. We entered a new region in Latin America with Copec's Granja Solar Project in Chile, alongside a new hybridization booking with Solarmarkt Group in Hungary. And we earned industry recognition with The smarter E AWARD. Halfway through 2026, I'm very pleased with the progress we are making against our commitments we set out at the beginning of the year. 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.

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

Operator

[Operator Instructions] Our first question comes from the line of Jon Windham with UBS.

分析师问答

Jonathan Windham

Congratulations on the quarter. Maybe just a couple from me. First, the edge hardware seemed to have a really good quarter, both in terms of revenue, which was up like 22% year-over-year, as well as the gross margin. Just any comments on what's driving that?

Arun Narayanan

Jonathan, this is Arun. Good to hear from you. Yes, look, we had a good quarter, and as we grow into the utility scale space, this kind of shift in the mix is natural. These projects come as a configuration with a greater percentage of edge hardware deployment just because of the nature and the size of these projects. So I think that's consistent with how the revenue mix is shifting and our growth patterns.

Jonathan Windham

Right. That's perfect because it will lead to my next question, which is kind of a bigger picture question. There's obviously been some policy changes announced, whether it be the FCC's ruling on imported inverters or the Section 232 Solar Module Tariff. Just any thoughts you have about potential impact and how you would mitigate any impact on solar projects in the U.S. due to policy changes?

Arun Narayanan

Yes, thanks for that too. Listen, I think we are seeing -- first of all, our projects are spread across, as we said, in multiple countries, different continents. So some of these policy changes are U.S. only. And the particular policy that you're raising, we've not seen any impact from that on our projects, be it within the C&I space or even in the utility-scale space. We continue to navigate this space by staying on top of it and working with our customers and partners to deliver effective solutions for our customers.

Operator

Our next question comes from the line of Justin Clare with ROTH Capital Partners.

Justin Clare

I first wanted to just ask on the guidance. So when we look at the EBITDA generated in the first half, so just over $8 million, and then the annual guidance range of $10 million to $15 million. So it implies a modest step down in EBITDA in the second half versus the first half. So just wondering if you could speak to what might drive a decline, or is that the right way to interpret it? And then, is there potential for you to maybe exceed the high end of the guidance here given what you've delivered so far this year?

Brian Musfeldt

Justin, this is Brian. Thanks for the question. Yes, I think if you look at the numbers, we did state that we think we're trending toward the higher end of that guidance. You're correct that we had a really strong first quarter, or second quarter really, which brings our year-to-date a little over $8 million, so a bit over halfway there. Remember, we had a very low percentage of our revenue coming from battery hardware resale this quarter, or this first half, so that will increase as a percentage of the revenue, which will bring our margins down a little bit more in line. It'll also put a little pressure on the EBITDA margins. So I think the answer there is, we don't see any real weakness in that space. It's just a matter of timing and our battery hardware resale.

Justin Clare

Got you. Okay. And then kind of similar question, just speaking about the gross margin. So it implies a decline in the back half relative to the first half. I'm assuming that, that's primarily mix related, just higher mix of battery resale in the second half, but wondering on the software and services side, any notable changes you anticipate in margins as we move through Q3, Q4?

Brian Musfeldt

Yes, thanks, Justin. No, I think you're right. The reason we're saying it's going to pull back a little bit is if you look at our Slide 12 and our appendix of the supplement, you'll see battery hardware is expected to be around 10% to 11% margins. So when we bring that in, it just naturally lowers our margin percentage, and those deals are generally a little bit bigger in size with that lower margin. So it'll help gross margin dollars, but it'll bring down the margin percentage a little bit. As far as our other products, no, I think if you look at that slide, I think we expect to see that continued margin. PowerTrack running around 75%, edge hardware at 45% to 47%. So nothing indicating that we should see a slip in any of those margins.

Justin Clare

Got you. Okay. Great. That's helpful. And then just curious on the hybrid projects, the announcement today on the project in Hungary. I was wondering if you could just compare the economics of a traditional PowerTrack solar monitoring contract with a contract that includes a hybridization. Does this materially increase the ARR or the profitability per megawatt for you guys?

Arun Narayanan

I don't think we are disclosing it at the contract level.

Erin Reed

Yes, this is Erin. I can take that question. So when we have a hybrid deployment, for example, with the Hungary deal, you saw that, that was previously a PowerTrack PPC customer of ours, so there is a software contract already in place, and as they hybridize, we're adding another software contract in place with PowerTrack EMS. So yes, there are two sources of ARR there, but there are also the services and the edge hardware deployments on those sites.

Operator

And we have reached the end of this portion of the question-and-answer session. I would now like to turn the floor back to Erin Reed for the retail questions.

Erin Reed

Thank you, operator. We have a few questions here. First question is on guidance. Full year 2026 revenue guidance is still at a fairly wide range with two quarters left to go. What are the key swing factors that would move you toward the higher or the lower end of that range?

Arun Narayanan

Okay, this is Arun. I'm going to take the answer. Battery hardware resale revenue is the potential source of this swing. We are expecting to come in at the lower end of our $40 million range. Software, services and edge hardware revenue has a smaller range of $130 million to $150 million. The pace of deployments would determine how we swing within that range. And as we said before, we are on track and we remain within the range, and we are very pleased to reaffirm guidance across all metrics today.

Erin Reed

Thanks, Arun. The next question I have for you is on international expansion. Today on the call we talked a lot about our new deal in Latin America with PowerTrack EMS and the one in Hungary. Is there a region you're most excited about beyond those or one where you see a next real opportunity opening up?

Arun Narayanan

Again, this is Arun. For me, if you just take a step back and you look at what we are saying in this quarter, The smarter E AWARD win and the feedback from customers in these recent transactions show that we have really built an innovative product that is really a key solution for our customers in this marketplace. What's happening is that PowerTrack EMS is becoming the solution for solar asset owners who are trying to add storage and hybridizing their plants. As well as PowerTrack EMS is a really good compatible product for those international deployments.

So this is how we are ending up in this situation. We are seeing PowerTrack EMS entering into Latin America in this quarter. This sets us up for expansion in Latin America with key markets like Chile and Colombia on our radar. And as we have also shown in the past few quarters, we can see that using our office in Berlin, we are able to make expansion within the European market. So maybe the broader answer is, this is really a fit-for-market product solution that we've built, and we want to be where our customers are.

Erin Reed

Great. Now looking into 2027, as we look past 2026, what's one of the things that you're most focused on getting right in 2027 to keep this momentum going?

Arun Narayanan

We've reiterated many times on the earnings call that growth in 2027 is where we are focused on. And we're going to achieve this by continuing to focus on the utility scale market. This is both within the United States as well as internationally. The products that are in the solution are PowerTrack EMS, PowerTrack SCADA, as well as the PowerTrack PPC product. The examples we have listed today and in other recent press releases show how our customers are configuring their solutions with these different products. And expanding into these markets successfully gives us the best opportunity for revenue growth.

Erin Reed

Great. Thank you. My last question here is for Brian. A key metric investors are focused on is operating cash flow. What gives you the confidence in reaching positive operating cash flow for the full year of 2026?

Brian Musfeldt

Yes, thanks. If you remember, our first quarter is traditionally our lowest billing and revenue quarter. So we had $8 million of negative OCF in the first quarter, which was really driven by those low billings and a combination of some expected working capital outflows. You can see in the second quarter, there was already significant improvement in that space. We came in the quarter about $0.3 million positive OCF, which was sequentially about a 9% (sic) [ $9 million ] improvement. So we do expect that trend to continue through the second half of the year as our billings and our revenue continue to grow with our seasonality. So that's what gives us the confidence to reaffirm the guidance we've given for the year.

Erin Reed

Great. Thanks, Brian. This concludes the retail investor questions. I'll now turn the call back to Arun for closing remarks.

Arun Narayanan

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

Operator

This concludes today's conference. You may now disconnect your lines at this time. Thank you for your participation.