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On January 11, 2023, Blue Orca Capital published a short report containing multiple allegations, among which is the claim that STEM is secretly financing its main customer to buy energy storage systems from STEM, instead of the customer buying it on its own. The report asserts that this is not a sign of STEM’s ability to compete for large-scale projects, but rather a result of STEM covertly funding the purchase.
The report also raises doubts about the revenue generated by STEM’s software services. According to the report, most of this revenue comes not from software but from an old business where STEM rents hardware to customers in “host customer arrangements”. These agreements, which STEM is phasing out, are similar to hardware leases with only a small software and service component. However, STEM is trying to claim that all revenue from these contracts is from software, despite the fact that STEM does not own most of the systems being leased, 87% of them are owned by special purpose vehicles that STEM does not control, yet STEM uses accounting tricks to claim the revenue as its own.