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TEST Announces Fourth Quarter and Full Year 2024 Results

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Fourth Quarter and Full Year 2024 Financial and Operating Highlights

Financial Highlights – Fourth Quarter 2024

  • Revenue of $55.8 million, down from $167.4 million (-67%) in Q4 2023
  • GAAP gross margin of (4)%, down from 7% in Q4 2023
  • Non-GAAP gross margin of 36%, up from 13% in Q4 2023
  • Net loss of $51.1 million versus net loss of $37.7 million in Q4 2023
  • Adjusted EBITDA of $4.2 million versus $4.6 million in Q4 2023
  • Ended Q4 2024 with $56.3 million in cash and cash equivalents

Financial Highlights - Full Year 2024

  • Revenue of $144.6 million, down from $461.5 million (-69%) for full year 2023
  • GAAP gross margin of (8)%, versus 1% for full year 2023
  • Non-GAAP gross margin of 35%, versus 15% for full year 2023
  • Net loss of $854.0 million versus net loss of $140.4 million for full year 2023
  • Adjusted EBITDA of $(22.8) million versus $(19.5) million for full year 2023

Operating Highlights – Fourth Quarter 2024 and Full Year 2024

  • Bookings of $357.6 million in Q4 2024, versus $256.1 million (+40%) in Q4 2023
  • Bookings of $435.9 million in full year 2024, down from $1,532.4 million (-72%) in full year 2023
  • Contracted backlog of $1.2 billion at end of Q4 2024, down from $1.9 billion (-39%) at end of Q4 2023
  • Contracted storage assets under management (AUM) of 5.6 gigawatt hours (GWh) at end of Q4 2024, down from 6.0 GWh (-7%) at end of Q3 2024 and unchanged from 5.5 GWh (+2%) at end of 2023
  • Solar monitoring AUM of 29.9 gigawatts (GW), up from 28.5 GW (+5%) at the end of Q3 2024 and 27.5 GW (+9%) at the end of 2023
  • Contracted Annual Recurring Revenue (CARR) of $86.0 million, down from $92.3 million (-7%) at end of Q3 2024 and $91.0 million (-5%) at the end of 2023
  • Annual Recurring Revenue (ARR) of $52.8 million, up from $51.4 million (+3%) at end of Q3 2024 and $44.3 million (+19%) at the end of 2023

SAN FRANCISCO--(BUSINESS WIRE)--TEST a global leader in artificial intelligence (AI)-driven clean energy solutions and services, announced today its financial results for the three and twelve months ended December 31, 2024.

Fourth Quarter and Full Year 2024 Financial and Operating Highlights

Financial Highlights – Fourth Quarter 2024

  • Revenue of $55.8 million, down from $167.4 million (-67%) in Q4 2023
  • GAAP gross margin of (4)%, down from 7% in Q4 2023
  • Non-GAAP gross margin of 36%, up from 13% in Q4 2023
  • Net loss of $51.1 million versus net loss of $37.7 million in Q4 2023
  • Adjusted EBITDA of $4.2 million versus $4.6 million in Q4 2023
  • Ended Q4 2024 with $56.3 million in cash and cash equivalents

Financial Highlights - Full Year 2024

  • Revenue of $144.6 million, down from $461.5 million (-69%) for full year 2023
  • GAAP gross margin of (8)%, versus 1% for full year 2023
  • Non-GAAP gross margin of 35%, versus 15% for full year 2023
  • Net loss of $854.0 million versus net loss of $140.4 million for full year 2023
  • Adjusted EBITDA of $(22.8) million versus $(19.5) million for full year 2023

Operating Highlights – Fourth Quarter 2024 and Full Year 2024

  • Bookings of $357.6 million in Q4 2024, versus $256.1 million (+40%) in Q4 2023
  • Bookings of $435.9 million in full year 2024, down from $1,532.4 million (-72%) in full year 2023
  • Contracted backlog of $1.2 billion at end of Q4 2024, down from $1.9 billion (-39%) at end of Q4 2023
  • Contracted storage assets under management (AUM) of 5.6 gigawatt hours (GWh) at end of Q4 2024, down from 6.0 GWh (-7%) at end of Q3 2024 and unchanged from 5.5 GWh (+2%) at end of 2023
  • Solar monitoring AUM of 29.9 gigawatts (GW), up from 28.5 GW (+5%) at the end of Q3 2024 and 27.5 GW (+9%) at the end of 2023
  • Contracted Annual Recurring Revenue (CARR) of $86.0 million, down from $92.3 million (-7%) at end of Q3 2024 and $91.0 million (-5%) at the end of 2023
  • Annual Recurring Revenue (ARR) of $52.8 million, up from $51.4 million (+3%) at end of Q3 2024 and $44.3 million (+19%) at the end of 2023

 

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