Stem Posts Loss In Q3

(RTTNews) - Energy solutions provider Stem, Inc. (STEM) turned to loss in the third quarter from profit a year ago, affected by non-cash revaluation of warrants tied to changes in the value of the underlying common stock reported in the third quarter of 2021. The company's revenues, however, soared 150 percent from last year.

The company posted net loss of $34.3 million in the third quarter, compared to net income of $115.6 million in the same period last year. On a per share basis, net loss widened to $0.22 from $0.15 a year ago. Quarterly revenues soared to $99.5 million from $39.8 million in the prior-year period.

On average, analysts polled by Thomson Reuters expected the company to post loss of $0.17 per share on revenues of $84.27 million in the three-month period.