STEM INC
For the period ended Sep 30, 2024. Filed Oct 31, 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.
Sep 30, 2024 · Filed Oct 31, 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)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net loss | $(802,877) | $(102,728) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization expense | 33,227 | 33,593 |
| Non-cash interest expense, including interest expenses associated with debt issuance costs | 1,565 | 1,969 |
| Stock-based compensation | 21,716 | 28,320 |
| Change in fair value of derivative liability | (1,477) | 7,731 |
| Non-cash lease expense | 2,251 | 2,162 |
| Accretion of asset retirement obligations | 177 | 178 |
| Impairment loss of energy storage systems | 357 | 2,347 |
| Impairment loss of project assets | 641 | 158 |
| Impairment loss of right-of-use assets | 2,096 | — |
| Impairment of parent company guarantees | 104,134 | — |
| Impairment of goodwill | 547,152 | — |
| Net accretion of discount on investments | (29) | (1,672) |
| Income tax benefit from release of valuation allowance | — | (335) |
| (Recovery of) provision for credit losses on accounts receivable | (3,229) | 1,754 |
| Net loss on investments | — | 1,561 |
| Gain on extinguishment of debt, net | — | (59,121) |
| Other | (157) | (831) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 106,920 | (67,029) |
| Inventory | (7,285) | (57,282) |
| Deferred costs with suppliers | 5,318 | 30,579 |
| Other assets | 7,129 | (17,947) |
| Contract origination costs, net | (927) | (4,184) |
| Project assets | (7,382) | (2,827) |
| Accounts payable | (30,675) | 1,771 |
| Accrued expenses and other liabilities | (19,935) | (28,910) |
| Deferred revenue | 21,531 | 27,630 |
| Lease liabilities | (2,181) | (2,135) |
| Net cash used in operating activities | (21,940) | (205,248) |
| INVESTING ACTIVITIES | ||
| Acquisitions, net of cash acquired | — | (1,847) |
| Purchase of available-for-sale investments | — | (58,034) |
| Proceeds from maturities of available-for-sale investments | 8,250 | 119,650 |
| Proceeds from sales of available-for-sale investments | — | 73,917 |
| Purchase of energy storage systems | — | (2,912) |
| Capital expenditures on internally-developed software | (8,868) | (10,123) |
| Purchase of property and equipment | (228) | (395) |
| Net cash (used in) provided by investing activities | (846) | 120,256 |
| FINANCING ACTIVITIES | ||
| Proceeds from exercise of stock options and warrants | — | 257 |
| Repayment of financing obligations | (6,998) | (7,766) |
| Proceeds from issuance of convertible notes, net of issuance costs of $0 and $7,601 for the nine months ended September 30, 2024 and 2023, respectively | — | 232,399 |
| Repayment of convertible notes | — | (99,754) |
| Purchase of capped call options | — | (27,840) |
| Investment from (redemption of) non-controlling interests, net | 56 | (56) |
| Repayment of notes payable | — | (2,101) |
| Net cash (used in) provided by financing activities | (6,942) | 95,139 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 403 | 114 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (29,325) | 10,261 |
| Cash, cash equivalents and restricted cash, beginning of year | 106,475 | 87,903 |
| Cash, cash equivalents and restricted cash, end of period | $77,150 | $98,164 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
|---|---|---|
| Cash paid for interest | $9,387 | $4,070 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| Change in asset retirement costs and asset retirement obligation | $79 | $354 |
| Purchases of energy storage systems in accounts payable | $255 | $78 |
| Right-of-use asset obtained in exchange for lease liability | $4,166 | $2,782 |
| Stock-based compensation capitalized to internal-use software | $2,425 | $3,033 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH WITHIN THE UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE: | ||
| Cash and cash equivalents | $75,364 | $97,064 |
| Restricted cash included in other noncurrent assets | 1,786 | 1,100 |
| Total cash, cash equivalents, and restricted cash | $77,150 | $98,164 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.