STOCKS TELEGRAPH

Author: Asim Kamal

  • Why did PLBY Group Inc. (PLBY) stock popup in the after-hours on Wednesday after its early loss?

    PLBY Group Inc. (PLBY) shares gained 4.50% in after-hours on Wednesday, November 17, 2021, and closed at $39.50. However, in the regular trading session, PLBY’s stock lost 7.42%. PLBY shares have risen 276.12% over the last 12 months, and they have moved up 21.62% in the past week. Over the past three months, the stock has gained 83.32%, while over the past six months, it has declined 17.23%.

    Let’s have a look at its recent news and developments

    PLBY recent financial results announcement

    On November 15, 2021, PLBY Group, Inc. announced financial results for the third quarter ended September 30, 2021.

    Q3 2021 financial highlights

    •  Total revenue of $58.4 million in Q3 2021 compared to $35.0 million in Q3 2020.
    • Total cost and expenses were $63.86 million in Q3 2021 compared to $30.7 million in Q3 2020.
    • Total non-operating expenses were $3.7 million in Q3 2021 compared to $3.3 million in Q3 2020.
    • It suffered a net loss of $7.7 million in Q3 2021 compared to a net loss of $1.3 million in Q3 2020.
    • Adjusted EBITDA was $5.2 million for Q3 2021 compared to $7.3 million in Q3 2020.

    PLBY new NFT project

    On October 20, 2021, PLBY Group, Inc. announced its newest collection of NFTs known as Playboy Rabbitars. Playboy will release 11,953 unique Rabbitars, 3D rabbit characters, in NFT form.

    Each Rabbitar will possess unique traits and will serve as keys to a reimagined Playboy Club, giving owners access to benefits like special members-only events, merchandise, artwork, and exclusive artist collaborations.

    PLBY acquired Dream

    On October 18, 2021, PLBY Group, Inc. entered into a definitive agreement to acquire Dream, a social content platform that provides creators with tools to interact directly with their fans. The platform and its development team will serve as the technology foundation for the launch of Playboy’s new curated and creator-led site, CENTERFOLD.

    PLBY Group will acquire100% of the equity of the company which owns Dream, for a purchase price of up to approximately $30 million. The deal is expected to be closed by Q4 2021.

    PLBY expansion in India

    On August 16, 2021, PLBY Group, expanded its global consumer products and lifestyle business in India, in partnership with Jay Jay Capital and Investments. The new partnership will bring Playboy hospitality experiences to major metropolitan areas in India, with the first flagship venue expected to open in Gurgaon in December 2021.

    Conclusion

    Well, as of this writing there is no recent news which could be linked with its mixed performance on Wednesday. We are not sure how it will perform on Thursday.

  • Here is why Digital Ally Inc. (DGLY) stock turnaround in the after-markets on Wednesday?

    Digital Ally Inc. (DGLY) shares lost 3.52% in after-hours on Wednesday, November 17, 2021, and closed the daily trading at $1.37. However, DGLY’s stock gained 12.70% in the regular trading session. DGLY shares have fallen 41.08% over the last 12 months, and they have moved up 20.34% in the past week. Over the past three months, the stock has gained 8.40%, while over the past six months, it has declined 17.44%.

    Let’s see is there any latest development?

    DGLY latest news

    On November 17, 2021, Digital Ally, Inc. (DGLY), announced its third-quarter 2021 financial results.

    Q3 2021 financial highlights

    • DGLY total revenue was $4,639,822 in Q3 2021 compared to $3,588,640 in Q3 2020.
    • The total cost of revenue was $3.2 million in Q3 2021 compared to $2.36 million in Q3 2020.
    • The gross margin percentage decreased to 30% in the third quarter of 2021 compared to 36% in 2020.
    • Selling, general and administrative expenses were $4,999,543 for the third quarter of 2021 compared to and $3,066,605 in Q3 2020.
    • Total operating expenses were $5.0 million in Q3 2021 compared to $3.06 million in Q3 2020.
    • it earned a net income of $8,068,799, or $0.16 per share, in the third quarter ended September 30, 2021, compared to a prior-year net income of $527,442 or $0.02 per share.

    DGLY notable In-Car and Body-Worn Cameras orders

    On October 20, 2021, Digital Ally, Inc. received a notable upgrade order from the Columbus Police Department (NE) for twenty (20) EVO-HD in-car systems and thirty (30) FirstVu HD body-worn cameras hosted on the EVO Web evidence management solution.

    Also on October 18, 2021, DGLY received multiple orders for its next-generation body-worn camera, FirstVu II, and QuickVu docking station. These orders come immediately after the Company announced the body camera and docking station were readily available.

    DGLY new Body-Worn Cameras

    On October 13, 2021, Digital Ally, Inc. (DGLY) revealed its next-gen body-worn camera, FirstVu II, and its most advanced body camera docking station, QuickVu. The FirstVu II is a lightweight, one-piece device that can be applied in law enforcement, private and event security and commercial segments. The new device can be mounted on a tripod and can be mounted inside a vehicle as well as continued use as a body camera. The Company is offering the FirstVu II through its highly popular subscription payment model.

    DGLY acquired Ticket Marketplace

    On September 08, 2021, Digital Ally, Inc. (DGLY)announced to acquire TicketSmarter, LLC and Goody Tickets, LLC.

    Digital Ally will pay 70% of the $14.1 million purchase price, through a combination of cash and Digital Ally shares, and the remaining balance to be paid through an earn-out promissory note payable by March 31, 2022.

    Conclusion

    Well, the recent financial results announcement was the reason behind its after-hours loss because it was not impressive and it can further decline in the coming trading session on Thursday.

  • Here is why Lantronix Inc. (LTRX) stock plunged in the after-markets on Wednesday?

    Lantronix Inc. (LTRX) shares slid down 11.68% in after-hours on Wednesday, November 17, 2021, and closed the daily trading at $7.94. However, in the regular trading session, LTRX’s stock gained 2.74%. LTRX shares have risen 101.12% over the last 12 months, and they have moved down 7.98% in the past week. Over the past three months, the stock has gained 88.08%, while over the past six months, it has soared 68.04%.

    Let’s discuss its recent news and developments.

    LTRX public offering of common stock

    On November 17, 2021, Lantronix, Inc. (LTRX) commenced a proposed underwritten public offering to issue and sell shares of its common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.

    The net proceeds from the offer will be used for working capital and general corporate purposes.

    LTRX all-in-one connectivity solution

    On November 17, 2021, Lantronix Inc. (LTRX) announced that its all-in-one connectivity solution can deliver real-time management and monitoring of distributed retail sites and pop-up stores, improving operational efficiency and increasing uptime, helping stores grow revenues.

    Lantronix all-in-one connectivity solution is based on  Lantronix SLB, ConsoleFlow™, and Lantronix Connectivity Services (LCS), and it can deliver a secure solution for global remote environments management of retail stores and pop-up sites, including hardware, software, and cellular connectivity.

    LTRX recent financial results

    On November 10, 2021, Lantronix, Inc. (LTRX), announced its financial results for the first quarter of fiscal 2022, which ended on September 30, 2021.

    Q1 2022 financial highlights

    • LTRX revenue was $27.7 million in Q1 2022 compared to $20.6 million in Q1 2021.
    • The cost of revenue was $15.24 million in Q1 2022 compared to $10.5 million in the same period last year.
    • Total operating expenses were $14.3 million in Q1 2022 compared to $11.03 million in Q1 2021.
    • It suffered a net loss of $2.28 million or $0.08 loss per basic and diluted share in Q1 2022 compared to a net loss of $1.09 million or $0.04 loss per basic and diluted share in Q1 2021.

    LTRX and Green Hills Software collaboration

    On October 26, 2021, Green Hills Software, and Lantronix (LTRX) announced a partnership to create safe and secure computing platforms for customers building critical automotive electronic systems.

    The new computing platform combines Qualcomm® Snapdragon™ third-generation automotive hardware development kits from Lantronix with Green Hills Software’s safety-certified INTEGRITY® real-time operating systems. The new platform is simple and can empower OEMs and their suppliers to reach production more quickly.

    Conclusion

    The public offering of common stock was the reason behind its turnaround in the after-markets on Wednesday. we hope that it will perform well in the coming trading session on Thursday.

  • Here is why Virtuoso Acquisition Corp. (VOSO) stock performed well in the after-hours on Wednesday?

    Virtuoso Acquisition Corp. (VOSO) shares rose 15.08% in after-hours on Wednesday, November 17, 2021, and closed at $11.6. Even in the regular trading session, VOSO’s stock gained 1.51%.

    Let’s have a look at its recent news and developments.

    Merger approval by VOSO shareholders

    On November 17, 2021, the shareholders of Virtuoso Acquisition Corp. (VOSO) voted to approve its proposed merger with Wejo Group Limited at a Special Meeting of Shareholders.

    The common stock and warrants of the combined company, which will be called Wejo, are expected to commence trading on the Nasdaq Stock Market on November 19, 2021, under the new ticker symbols, “WEJO” and “WEJOW,” respectively.

    Additional financing for VOSO and Wejo merger

    On November 10, 2021, Wejo Group Limited and Virtuoso Acquisition Corp. (VOSO) announced two agreements to secure additional financing arrangements related to their merger.

    Virtuoso signed an agreement with an Australia-based institution, Mason Stevens, under which Mason Stevens make will an investment of $3.5 million as part of the Private Investment in Public Equity (PIPE) financing, bringing the total financing to $128.5 million.

    Wejo also entered into a forward purchase agreement with an affiliate for up to 7.5 million shares of Virtuoso with a value of up to $75 million.

    Wejo Partnership with Microsoft

    November 10, 2021, Wejo who recently merged with Virtuoso Acquisition Corp (VOSO) reported additional progress in its strategic partnership with Microsoft in which Wejo’s robust suite of data assets are being built on the Microsoft Azure cloud platform.

    Wejo and Hella partnership update

    On November 04, 2021, Wejo and Hella Gutmann Solutions detailed notable recent achievements of their partnership, which include multiple business applications for connected vehicle data across the vehicle lifecycle. Hella is a minority investor in Wejo, which became a publicly listed company through its merger with Virtuoso Acquisition Corp. (VOSO).

    Conclusion

    The stock price went up after shareholders approved the merger agreement. We wish the best of luck to the newly merged company WEJO.

  • Why did Fisker Inc. (FSR) stock plummet on Wednesday?

    Fisker Inc. (FSR) shares declined 3.36% in after-hours on Wednesday, November 17, 2021, and closed the daily trading at $20.69. In the regular trading session, FSR’s stock also lost 9.59%. FSR shares have risen 30.31% over the last 12 months, and they have moved up 13.34% in the past week. Over the past three months, the stock has gained 62.32%, while over the past six months, it has surged 73.64%.

    Let’s see what’s going on with the company?

    Production-Intent Version of FSR Ocean

    On November 17, 2021, Fisker Inc. (FSR) revealed its Fisker Ocean SUV on the first media day of the Los Angeles Auto Show.

    The Fisker Ocean is manufactured at a carbon-neutral factory in Graz, Austria by Magna-Steyr. The base model is priced at $37,499 excluding taxes. Whereas the top variant Fisker Ocean Extreme is priced at $68,999.

    FSR latest financial results

    On November 03, 2021, Fisker Inc. (FSR) released its financial results for the third quarter ended September 30, 2021.

    Q3 2021 financial highlights

    • FSR reported total revenue of $15,000 in Q3 2021, compared to $27,000 in Q3 2020.
    • Total operating costs and expenses were $109.5 million in Q3 2021 compared to $53.15 million in Q3 2020.
    • It suffered a net loss of $109.8 million and $0.37 loss per share in Q3 2021 compared to a net loss of $46.2 million and $0.16 loss per share in Q3 2020.
    • As of September 30, 2021, the company had cash and cash equivalents of $1.40 billion.

    FSR and CATL agreement

    On November 02, 2021, Fisker Inc. (FSR) and Contemporary Amperex Technology Co Ltd (CATL) announced a formal agreement increasing battery capacity for the Fisker Ocean SUV.

    CATL will supply two different battery solutions for the Fisker Ocean SUV, with an initial battery capacity of over 5 gigawatt-hours annually, from 2023Y-2025Y. Fisker and CATL teams have been working seamlessly together in close collaboration since 2020 to develop battery solutions for the vehicles.

    FSR new division in the UK

    On October 01, 2021, Fisker Inc. (FSR) established The Fisker Magic Works, its UK-based specialty vehicle engineering and development division. This newly created operation will focus on low-volume, rapid-development vehicle programs and specialized versions of the Fisker portfolio.

    The new UK division will be led by highly respected industry veteran, David King as senior vice president of engineering. Most recently, David served as vice president and chief special operations officer at Aston Martin Lagonda.

    Conclusion

    Well, as of this writing, there is no such reason which could justify its poor performance on Wednesday. Let’s see how it commence trading on Thursday?

  • Here is why Sonos Inc. (SONO) stock recovered its early loss in the after-hours on Wednesday

    Sonos Inc. (SONO) shares surged 2.24% in after-hours on Wednesday, November 17, 2021, and closed the daily trading at $34.22. However, in the regular trading session, SONO’s stock lost 3.15%. SONO shares have risen 95.27% over the last 12 months, and they have moved down 1.09% in the past week. Over the past three months, the stock has lost 8.53%, while over the past six months, it has gained 0.33%.

    Let’s have a brief look at its recent news.

    SONO Stock repurchase program

    On November 17, 2021, the Board of Directors of Sonos, Inc. (SONO) authorized a common stock repurchase program of up to $150 million.

    The company has completed $100 million in stock repurchases since September 2019. The company repurchased 5.2 million shares at an average price of $19.30 per share.

    The repurchase program has no time limit, and Sonos may purchase shares of common stock on a discretionary basis from time to time through open market repurchases.

    SONO latest financial results

    On November 17, 2021, Sonos, Inc. (SONO) reported the fourth quarter and fiscal 2021 results which ended on October 2, 2021.

    Q4 2021 financial highlights

    • SONO reported revenue of $359.5 million in Q4 2021 compared to $339.8 million in Q4 2020.
    • In Q4 2021, the gross margin was 46.4% compared to 47.5% in Q4 2020.
    • Total operating expenses were $178.5 million in Q4 2021 compared to $146.1 million in Q4 2020.
    • It suffered a GAAP net loss of &8.7 million or GAAP diluted loss per share of $0.07 in Q4 2021 compared to net income of $18.4 million or diluted income per share of $0.15 in Q4 2020.
    • Adjusted EBITDA was $17.1 million in Q4 2021 compared to $46.4 million in the same quarter of 2020.

    FY 2021 financial highlights

    • For FY 2021, revenue was $1.717 billion compared to $1.3 billion in FY 2020.
    • Gross profit was $809.9 million in FY 2021 compared to $571.9 million in FY 2020.
    • Total operating expenses were $655 million in FY 2021 compared to $599.1 million in FY 2020.
    • SONO earned GAAP net income of $158.6 million or GAAP diluted earnings per share of $1.13 compared to a net loss of $20.1 million or loss per share of $0.18 in FY 2020.
    • Adjusted EBITDA was $278.6 million compared to $108.5 million in FY 2020.

     Fiscal 2022 Outlook

    For FY 2022, Cisco is expecting,

    • Revenue in the range of $1.925 billion to $2.0 billion
    • Gross margin in the range of 46% to 47%.
    • Adjusted EBITDA in the range of $280 million to $325 million
    • Adjusted EBITDA margin in the range of 14.5% to 16.2%

     Conclusion

    Cisco stock went up after it announced another share repurchase program and it can continue its momentum in the coming trading session as well.

  • Here is why Cisco Systems Inc. (CSCO) stock went down in the after-hours on Wednesday?

    Cisco Systems Inc. (CSCO) shares fell 6.08% in after-hours on Wednesday, November 17, 2021, and closed the daily trading at $53.31. Even in regular trading, CSCO’s stock lost 0.42%. CSCO shares have risen 35.53% over the last 12 months, and they have moved down 1.75% in the past week. Over the past three months, the stock has lost 0.89%, while over the past six months, it has soared 7.40%.

    Let’s discuss its recent news and developments.

    CSCO latest news

    On November 17, 2021, Cisco Systems Inc. (CSCO) announced its financial results for the first quarter of 2022 which ended on October 31, 2021.

    Q1 2022 financial highlights

    • CSCO reported total revenue of $12.9 billion for Q1 2022 compared to $11.9 billion in Q1 2021.
    • The total cost of sales was $4.85 billion in Q1 2022 compared to $4.4 billion in Q1 2021.
    • Total operating expenses were $4.6 billion in Q1 2022 compared to $5 billion in Q1 2021.
    • it earned a net income of $3.0 billion or $0.70per share on GAAP basis in Q1 2022 compared to $2.2 billion or $0.51 per share in Q1 2021.
    • As of October 31, 2021, the company had cash and cash equivalents and investments of $23.3 billion compared with $24.5 billion at the end of fiscal 2021.

    Q2 2022 financial outlook

    For Q2 2022, Cisco is expecting

    • Revenue growth of 4.5% to 6.5% year over year.
    • Non-GAAP gross margin rate of 63.5% to 64.5%.
    • Non-GAAP earning per share in the range of $0.80 to$0.82.

    CSCO new appointment

    On November 16, 2021, Cisco (CSCO) appointed Bee Kheng Tay as the new President and leader for its ASEAN business. Bee Kheng is responsible for driving Cisco’s profitable growth and leading its go-to-market operations across 10 countries in the region.

    CSCO Partner Summit 2021

    Cisco (CSCO) announced a new Enterprise Agreement (EA) to make it easier for partners and customers to buy, sell, and manage Cisco software and services. The announcement was made at Cisco Partner Summit 2021, which was held on November 09, 2021.

    The new Cisco Enterprise Agreement is a cornerstone of Cisco’s ongoing transformation and commitment to supporting partner profitability, as well as streamlining the customer experience.

    Cisco also announced new technologies designed to give customers and partners the ability to manage the complexity of a hybrid workforce.

    CSCO new Webex ecosystem

    On October 26, 2021, Cisco (CSCO) announced significant innovations across its Webex ecosystem, the industry’s first and most comprehensive end-to-end hybrid work solution.

    The company has added more than 1,000 new features to Webex over the past 12 months which dramatically improved the Hybrid Work experience. The latest features help customers empower equal participation, from everywhere.

    Conclusion

    The earning guidance was the reason behind its poor performance in the after-markets session on Wednesday. we can expect it to return towards positivity in the coming trading sessions on Thursday.

  • Why GeoVax Labs Inc. (GOVX) Stock been declining since Tuesday’s afternoon session?

    Why GeoVax Labs Inc. (GOVX) Stock been declining since Tuesday’s afternoon session?

    GeoVax Labs Inc. (GOVX) shares lost 2.09% as of this writing in the pre-market session of Wednesday. GOVX stock plummeted 3.77% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $4.60. However, in the regular trading session of Tuesday, GOVX’s stock gained 23.83%. GOVX shares have risen 72.56% over the last 12 months, and they have moved up 14.08% in the past week. Over the past three months, the stock has gained 18.61%, while over the past six months, it has plunged 9.64%.

    Let’s see is there any reason behind its negative performance in the after-hours on Tuesday?

    GOVX Cancer Vaccine Patent In US

    On November 16, 2021, the U.S. Patent and Trademark Office issued a patent covering GeoVax Labs, Inc. (GOVX), a vector platform for expressing tumor-associated antigens in virus-like particles (VLPs).

    GeoVax’s initial results with its MVA-VLP-MUC1 immunotherapy candidates have been encouraging.

    GOVX participation in the upcoming conferences

    GeoVax Labs, Inc. will participate at Vaccine World Asia Congress & Global COVID-19 Vaccine Manufacturing & Supply Chain Summit (virtual conference) which is to be held on November 17-18, 2021.

    GOVX will also take part at World Vaccine & Immunotherapy Congress West Coast 2021, San Diego, CA, which is scheduled for November 30 to December 2, 2021.

    GOVX recent financial results

    On November 11, 2021, GeoVax Labs, Inc. (GOVX) announced its financial results for the quarter ended September 30, 2021.

    Q3 2021 financial highlights

    • GOVX grant and collaboration revenues were $30,414 for the three-month ended September 30, 2021, compared to $415,458 for Q3 2020.
    • Total operating expenses were $1.98 million in Q3 2021 compared to $0.85 million in Q3 2020.
    • It suffered a net loss of $1,950,503 or $0.31 per share for Q3 2021 compared to a net loss of $570,648 $0.73 per share for the same period in 2020.
    • As of September 30, 2021, GeoVax had cash balances of $18.1 million compared to $9.9 million on December 31, 2020.

    GOVX & City of Hope agreement for Covid-19 vaccine

    On November 09, 2021, GeoVax Labs Inc. (GOVX) entered into an exclusive license agreement with the City of Hope to further develop and commercialize a multi-antigenic SARS-CoV-2 investigational vaccine.

    The vaccine is being studied in an ongoing Phase 2 clinical trial and shows a strong potential to be used in the general population as a primary and/or general booster vaccine against COVID-19 worldwide.

    GOVX participation in the recent health congress

    GeoVax Labs, Inc. (GOVX) recently participated at the World Vaccine Congress Europe, which was held on October 19-21, 2021, in Barcelona, Spain. The Chief Scientific Officer of GeoVax, Mark J. Newman, PhD, presented the company during the event

    Conclusion

    the GeoVax stock went up in the regular trading session due to the Cancer Vaccine Patent In the U.S but there was no reason for its decline in the after-market session.

     

  • Here is why Star Bulk Carriers Corp. (SBLK) stock soared in the after-hours on Tuesday?

    Here is why Star Bulk Carriers Corp. (SBLK) stock soared in the after-hours on Tuesday?

    Star Bulk Carriers Corp. (SBLK) shares rose 6.10% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $19.30. However, in the regular trading session, SBLK’s stock lost 4.61%. SBLK shares have risen 150.90% over the last 12 months, and they have moved down 6.24% in the past week. Over the past three months, the stock has lost 15.08%, while over the past six months, it has declined 19.30%.

    Let’s have a look at its recent news.

    SBLK latest news

    On November 16, 2021, Star Bulk Carriers Corp. (SBLK) announced its unaudited financial and operating results for the third quarter of 2021.

    Q3 2021 financial highlights

    • SBLK reported total revenue of $415.7 million in the third quarter of 2021 compared to $200.2 million in the third quarter of 2020.
    • General and administrative expenses were $12.8 million in Q3 2021, compared to $9.3 million in Q3 2020.
    • vessel operating expenses were $54.1 million for Q3 2021 compared to $47.2 million in Q3 2020.
    • It earned a net income of $220.4 million, or $2.15 earnings per share, compared to a net income for the third quarter of 2020 of $23.3 million, or $0.24 earnings per share.
    • Adjusted EBITDA was $277.8 million for the third quarter of 2021, compared to $79.8 million for the third quarter of 2020.
    • As of September 30, 2021, the company had a total cash balance of $371.7 million.

    SBLK Dividend Declaration

    With the results announcement, on November 16, 2021, the Board of Directors of SBLK declared a quarterly cash dividend of $1.25 per share payable on or about December 22, 2021, to all shareholders of record as of December 10, 2021.

    SBLK ESG report

    On November 09, 2021, Star Bulk Carriers Corp (SBLK), published its 2020 Environmental, Social, and Governance (ESG) Report which is available on the Company’s website.

    Star bulk CEO Mr. Petros Pappas said that this third annual ESG Report strengthens our commitment to lead the way in sustainable dry bulk shipping. He further said that the challenges of the pandemic have further highlighted the need for global cooperation, social cohesion, resilience, and protection of the environment.

    Conclusion

    The improved financial results which beat the analyst’s estimates were the reason behind its exceptional performance on Tuesday. We can expect it to continue its positive performance on Wednesday as well.

  • Stem Inc. (STEM) stock popup in the after-hours on Tuesday, here is Why?

    Stem Inc. (STEM) stock popup in the after-hours on Tuesday, here is Why?

    Stem Inc. (STEM) shares declined 5.35% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $23.35. However, in the regular trading session, it lost 1.91%. STEM shares have risen 154.33% over the last 12 months, and they have moved up 8.01% in the past week. Over the past three months, the stock has gained 8.92%, while over the past six months, it has jumped 30.12%.

    Let’s have a brief look at its recent news.

    STEM Senior Notes Offering

    On November 16, 2021, Stem, Inc announced its intention to offer a $350 million aggregate principal amount of green Convertible Senior Notes due 2028 in a private offering. In connection with the Offering, Stem expects to grant up to an additional $52.5 million aggregate principal amount of the Notes on the same terms and conditions.

    STEM latest financial results

    On November 09, 2021, Stem, Inc. released its financial results for the third quarter, which ended September 30, 2021.

    Q3 2021 financial highlights

    • STEM reported record revenue of $39.8 million in Q3 2021 compared to $9.2 million in Q3 2020.
    • The total cost of revenue was $36.7 million in Q3 2021, compared to $10.9 million in Q3 2020.
    • The gross profit margin (GAAP) was 8% compared to 19% in Q3 2020.
    • Total operating expenses were $22.26 million in Q3 2021 compared to $10.74 million in Q3 2020.
    • It earned a net income of $115.6 million compared to a net loss of $18.8 million in the same quarter last year.
    • Adjusted EBITDA was $7.2 million in Q3 2021 compared to $7.9 million in Q3 2020.
    • As of September 30, 2021, the company had $576 million in cash, cash equivalents and short-term investments, and zero debt

    FY 2021 financial guidance

    For full-year 2021, the revenue of $147 million is expected and Adjusted EBITDA of $25 million is expected.

    A significant milestone for STEM Athena software

    On October 05, 2021, Stem, Inc added two advanced applications to its Athena® smart energy software, enabling its project developer customers to generate more revenue in wholesale energy markets for both fronts of a meter (FTM) and behind the meter (BTM) storage projects.

    STEM and Copec collaboration

    On September 15, 2021Stem, Inc. and Copec, one of the largest energy companies in Central and South America, announced a partnership to develop South America’s first virtual power plant (VPP) as well as the completion of their first smart energy storage system in Chile.

    Conclusion

    Well, senior Note offering was the reason behind its loss in the after-hours on Tuesday. There is no other recent news available. We hope it will perform better on Wednesday.