Gross margins also materially increased to 8% from negative 19% in the year-ago quarter. Revenue was at the high end of the company's guidance, placing them on track to meet their full-year 2021 revenue target of $147 million. This growth was driven by utility-scale deployments of its smart energy storage solutions across the United States. Stem's fiscal 2021 third quarter results saw revenue come in at $39.8 million, a 334% increase from its year-ago quarter and a $3.91 million beat of consensus estimates. Hyper Revenue Growth Continues As Demand For Smart Energy Storage Takes Off Against this narrative, prospective investors might be right to think that the recent pullback provides an opportunity to accumulate shares on a staggered basis going into the new year. Stem is now at the stage of its growth curve that will cement its position as the most significant pure-play publicly traded renewable energy storage company. Indeed, the company's fiscal 2021 third quarter results saw revenue grow 334% from its year-ago quarter with broad improvements in underlying profitability. ![]() This has taken longs by surprise as Stem's underlying financials have never been stronger. The company's shares have pulled back heavily over the last few weeks as fears over the new COVID-19 variant aggregates with a brutal end of year tax-loss selling and a more hawkish Fed to wreak havoc on small-cap growth stocks. This means Stem, by being one of the few publicly listed energy storage companies, is a critical enabler of the lower carbon future required to constrain runaway anthropogenic climate change. It simply would not be feasible to power whole developed economies with the intermittency of renewable energy without batteries to smooth the peaks and troughs of energy generation. The importance of energy storage to the global transition to renewables cannot be understated. In that, it is rapidly increasing revenues within a space set for strong structural growth over the next decade. Stem ( NYSE: STEM) has all the hallmarks of a great company.
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