STEM INC
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
STEM$2.36-14.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net loss | $(72,307) | $(44,778) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization expense | 10,809 | 11,107 |
| Non-cash interest expense, including interest expenses associated with debt issuance costs | 422 | 386 |
| Stock-based compensation | 8,374 | 7,202 |
| Non-cash lease expense | 777 | 661 |
| Accretion of asset retirement obligations | 59 | 61 |
| Impairment loss of energy storage systems | — | 851 |
| Impairment loss of project assets | 345 | — |
| Net (accretion of discount) amortization of premium on investments | (29) | (657) |
| Income tax benefit from release of valuation allowance | — | (335) |
| Provision for accounts receivable allowance | (1,004) | 522 |
| Net loss on investments | — | 1,561 |
| Other | (98) | (117) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 63,943 | (10,067) |
| Inventory | 2,221 | (34,857) |
| Deferred costs with suppliers | 430 | 28,179 |
| Other assets | (1,176) | 251 |
| Contract origination costs, net | (356) | (802) |
| Project assets | (390) | (1,402) |
| Accounts payable | (16,280) | 28,831 |
| Accrued expenses and other liabilities | 1,731 | (31,746) |
| Deferred revenue | 2,715 | 9,921 |
| Lease liabilities | (807) | (593) |
| Net cash used in operating activities | (621) | (35,821) |
| INVESTING ACTIVITIES | ||
| Acquisitions, net of cash acquired | — | (1,847) |
| Purchase of available-for-sale investments | — | (49,152) |
| Proceeds from maturities of available-for-sale investments | 8,250 | 50,270 |
| Proceeds from sales of available-for-sale investments | — | 73,917 |
| Purchase of energy storage systems | (51) | (1,625) |
| Capital expenditures on internally-developed software | (3,463) | (3,570) |
| Purchase of property and equipment | (61) | (162) |
| Net cash provided by investing activities | 4,675 | 67,831 |
| FINANCING ACTIVITIES | ||
| Proceeds from exercise of stock options and warrants | — | 149 |
| Proceeds from employee equity transactions to be remitted to tax authorities, net | 5,228 | — |
| Repayment of financing obligations | (2,086) | (2,133) |
| Redemption of investment from non-controlling interests, net | — | (72) |
| Repayment of notes payable | — | (100) |
| Net cash provided by (used in) financing activities | 3,142 | (2,156) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 233 | 126 |
| Net increase in cash, cash equivalents and restricted cash | 7,429 | 29,980 |
| Cash, cash equivalents and restricted cash, beginning of year | 106,475 | 87,903 |
| Cash, cash equivalents and restricted cash, end of period | $113,904 | $117,883 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
|---|---|---|
| Cash paid for interest | $1,422 | $1,481 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| Change in asset retirement costs and asset retirement obligation | $38 | $99 |
| Purchases of energy storage systems in accounts payable | $251 | $88 |
| Right-of-use asset obtained in exchange for lease liability | $— | $2,782 |
| Stock-based compensation capitalized to internal-use software | $992 | $906 |
| Stock issued for employee bonuses | $7,523 | $— |
| RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE: | ||
| Cash and cash equivalents | $112,804 | $117,883 |
| Restricted cash included in other noncurrent assets | 1,100 | — |
| Total cash, cash equivalents, and restricted cash | $113,904 | $117,883 |
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