Stem, Inc.

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After the market closed on February 16, 2023, Stem, Inc. announced Q4 and full year 2022 financial results including Q4 revenue that missed estimates and 2023 guidance that fell below consensus estimates.

Previously, on January 11, 2023, Blue Orca Capital published a short report alleging issues at Stem, including undisclosed financing to the company’s flagship customer, repeated auditor warnings of deficient internal controls, and potential revenue recognition issues among others.

Shares of Stem, Inc. stock dropped more than 10% in premarket trading and were down more than 15% once the market opened on Friday, February 17, 2023.

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