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stem NEWS RELEASE Stem Announces Third Quarter 2021 Financial Results 11/9/2021 Company achieves record revenue , gross margin , backlog , pipeline and AUM Continued expansion of Athena® platform drives strong momentum into 2022 SAN FRANCISCO -- ( BUSINESS WIRE ) -- Stem , Inc. ( " Stem " or the " Company " ) ( NYSE : STEM ) , a global leader in artificial intelligence ( Al ) -driven energy storage services , announced today its financial results for the third quarter ended September 30 , 2021 . Third Quarter 2021 Financial and Operating Highlights Financial Highlights ● • Record revenues of $ 39.8 million , up from $ 9.2 million ( + 334 % ) in the same quarter last year Record Gross Margin ( GAAP ) of 8 % versus ( 19 ) % in the same quarter last year • Non - GAAP Gross Margin of 15 % versus 8 % in the same quarter last year Net Income of $ 115.6 million versus Net Loss of $ ( 18.8 ) million in the same quarter last year . Net Income in the quarter was driven primarily by a non - cash revaluation of Public Warrants . All outstanding Public Warrants were exercised or redeemed during the quarter • Adjusted EBITDA of $ ( 7.2 ) million versus $ ( 7.9 ) million in the same quarter last year • Ended the third quarter of 2021 with $ 576 million in cash , cash equivalents and short - term investments and zero debt Operating Highlights • Record 12 - month Pipeline of $ 2.4 billion , up from $ 1.7 billion ( + 41 % ) at the end of the second quarter • Record Bookings of $ 104 million , up from $ 37 million ( + 183 % ) in the same quarter last year • Record Contracted Backlog of $ 312 million , up from $ 250 million ( + 25 % ) at the end of the second quarter 1