Financial Highlights
Record Revenue of $100 million, up from $40 million (+150%) in Q3 2021 and sequentially up 49% from Q2 of $67 million
GAAP Gross Margin of 9%, up from 8% in Q3 2021
Net Loss of $34 million versus Net Income of $116 million in Q3 2021
Adjusted EBITDA of $(13) million versus $(7) million in Q3 2021
Ended Q3 2022 with $294 million in cash, cash equivalents, and short-term investments
Operating Highlights
12-month Pipeline of $7.2 billion at end of Q3 2022, up from $5.6 billion (+29%) at end of Q2 2022
Bookings of $223 million, up from $104 million (+115%) in Q3 2021
Record contracted storage assets under management (AUM) of 2.4 gigawatt hours (GWh) at end of Q3 2022, up from 2.1 GWh (+14%) at end of Q2 2022
Solar monitoring AUM of 25 gigawatts (GW), down 7 GW sequentially primarily due to a one-time reduction of unprofitable platforms and customers
One to watch over the next year. Beat on revenue with EBITDA reaffirmed for Q2 2023. Very excited for this stock!
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