Aug. 12 at 11:15 PM
$STEM $STEM Q2 + the call. No spin:
Revenue -12%. The "software pivot" core: +1% YoY. CARR
$69.0M vs
$69.2M a year ago — flat over 12 months.
Headline metric: "5th straight quarter of positive adj EBITDA" —
$6.2M. Interest expense:
$7.5M. The victory lap doesn't cover the coupon.
On the call, the CFO disclosed the Q2 ATM average price: ~
$9.75. The stock closed today at
$5.45. They sold shares 44% above the current price and STILL need the ATM — into a market cap sitting on the
$50M NYSE 802.01B listing line, with the stockholders' deficit at -
$270M and widening.
20,000 shares traded after hours on the release. Nobody came.
The call was worse than the print. Detail in comments. 🧵
