STEM, INC.

Listed Company

STEMCIK 0001758766NYSENon-AcceleratedSmaller ReportingServices-Computer Integrated Systems DesignFY ends Dec 31

Period

FY 2025

Revenue

$156.27M

Net Income

$137.80M

Total Assets

$308.89M

Equity

$-249.44M

Shares Out

8.96M

Op. Cash Flow

$6.90M

STEM$6.29−32.33% · past yearDBEQ Basic

Daily closing prices

Business

Stem, Inc. is a global software and services provider for clean energy asset optimization. The company develops PowerTrack, an integrated software suite for monitoring, controlling and optimizing solar, storage and hybrid energy assets, along with managed services and professional services for project deployment and operations. Stem serves project developers, asset owners, engineering-procurement-construction firms and distributors across 55 countries, managing 36 gigawatts of solar assets and nearly 2 gigawatt-hours of operating energy storage.

Summary from 10-K filed 2026-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	156	145	462	363	127
Total cost of revenue	96	156	458	330	126
Gross profit (loss)	60	−11	4	33	1
Sales and marketing	29	38	52	49	20
Research and development	35	51	57	38	23
General and administrative	52	88	75	77	42
Impairment of parent company guarantees	0	104	0	0	—
Impairment of goodwill	0	547	0	0	—
Total operating expenses	116	828	183	164	84
Loss from operations	−56	−839	−179	−131	−83
Interest expense	−24	−18	−15	−10	—
Gain on extinguishment of debt	220	0	59	0	−5
Change in fair value of derivative liability	0	1	−8	0	—
Change in fair value of warrant liability	−3	0	0	—	—
Other income, net	1	3	3	2	898,000
Total other income (expense), net	194	−14	39	−8	−18
Income (loss) before provision for income taxes	138	−854	−140	−139	−101
Provision for income taxes	−536,000	−332,000	−433,000	15	0
Net income (loss)	138	−854	−140	−124	−101
Net income (loss) per share attributable to common shareholders, basic (in dollars per share)	16.52	−105.8	−18.05	−0.81	−0.96
Net income (loss) per share attributable to common shareholders, diluted (in dollars per share)	−9.18	−105.8	−18.05	−0.81	−0.96
Net income (loss) attributable to common stockholders, basic	138	−854	−140	—	—
Net loss attributable to Stem common stockholders, diluted	−78	−854	−140	—	—
Weighted-average shares used in computing net income (loss) per share to common shareholders, basic (in shares)	8	8	8	153	106
Weighted-average shares used in computing net loss per share to common shareholders, diluted (in shares)	8	8	8	153	106

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	49	56	105	88	748
Accounts receivable, net of allowances of $3,893 and $9,499 as of December 31, 2025 and December 31, 2024, respectively	38	59	303	223	62
Inventory	5	11	27	—	—
Other current assets	8	10	9	8	5
Total current assets	100	137	473	533	1,024
Energy storage systems, net	44	59	74	91	106
Contract origination costs, net	7	10	11	12	9
Intangible assets, net	123	144	157	162	14
Operating lease right-of-use assets	10	13	12	12	13
Other noncurrent assets	25	76	82	65	25
Total assets	309	437	1,357	1,422	1,192
Accounts payable	10	30	78	84	28
Accrued liabilities	27	26	77	85	26
Accrued payroll	9	7	14	12	7
Financing obligation, current portion	14	17	15	16	15
Deferred revenue, current portion	44	43	54	64	9
Other current liabilities	7	6	13	5	2
Total current liabilities	111	129	251	267	88
Deferred revenue, noncurrent	85	86	89	74	28
Asset retirement obligation	4	4	4	4	4
Convertible notes, noncurrent	184	526	524	448	317
Senior secured notes, noncurrent	129	0	—	—	—
Financing obligation, noncurrent	30	42	52	64	73
Warrant liabilities	5	0	—	—	—
Lease liabilities, noncurrent	10	13	10	11	12
Other liabilities	820,000	35	416,000	362,000	0
Total liabilities	558	835	930	870	524
Commitments and contingencies (Note 19)	—	—	—	—	—
Preferred stock, $0.0001 par value; 1,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Common stock, $0.0001 par value; 250,000,000 and 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 8,489,540 and 8,139,884 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	1,000	16,000	16,000	15,000	14,000
Additional paid-in capital	1,239	1,228	1,199	1,185	1,177
Accumulated other comprehensive income	41,000	76,000	−42,000	−2	20,000
Accumulated deficit	−1,489	−1,627	−772	−632	−509
Total Stem's stockholders deficit	−249	−398	426	552	668
Non-controlling interests	383,000	541,000	485,000	541,000	0
Total stockholders deficit	−249	−398	427	552	668
Total liabilities and stockholders deficit	309	437	1,357	1,422	1,192

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	45	45	46	45	24
Non-cash interest expense, including interest expenses associated with debt issuance costs	2	2	3	2	10
Stock-based compensation	10	18	45	29	14
Non-cash lease expense	3	3	3	2	896,000
Accretion of asset retirement obligations	237,000	236,000	234,000	243,000	229,000
Impairment of inventory	0	15	0	0	—
Impairment of deferred costs with suppliers	0	13	0	0	—
Impairment of energy storage systems	2	800,000	5	3	4
Loss on disposal of property and equipment	842,000	0	0	276,000	—
Impairment of project assets	2	900,000	200,000	500,000	0
Impairment of right-of-use assets	1	2	0	0	—
Impairment of parent company guarantees	0	104	0	0	—
Impairment of deferred services	0	3	0	0	—
Impairment of other assets	25	0	0	276,000	0
Write-off of accrued expenses and other liabilities	−38	0	0	—	—
Net accretion of discount on investments	0	−29,000	−2	−123,000	664,000
Income tax benefit from release of valuation allowance	0	0	−335,000	−15	0
Provision for credit losses on accounts receivable	3	4	1	4	0
Net loss on investments	0	0	2	0	0
Other	276,000	−251,000	−949,000	3,000	−50,000
Accounts receivable	18	133	−81	−156	−48
Inventory	6	3	−18	19	−2
Deferred costs with suppliers	522,000	7	30	−37	−8
Other assets	9	7	−18	−29	−17
Contract origination costs, net	−1	−2	−6	−10	−3
Project assets	15	−9	−5	−4	0
Accounts payable	−20	−48	−5	53	16
Accrued expense and other liabilities	7	−20	−16	62	17
Deferred revenue	−280,000	−7	5	51	−15
Operating lease liabilities, net	−4	−3	−3	−2	−502,000
Net cash provided by (used in) operating activities	7	−37	−207	−106	−101
Acquisitions, net of cash acquired	0	0	−2	−533	0
Purchase of available-for-sale investments	0	0	−60	−221	−190
Proceeds from maturities of available-for-sale investments	0	8	142	219	0
Proceeds from sales of available-for-sale investments	0	0	74	11	16
Purchase of energy storage systems	0	−275,000	−3	−3	−4
Capital expenditures on internally-developed software	−7	−11	−14	−17	−6
Distribution from equity method investment	0	0	85,000	−50,000	−1
Purchase of property and equipment	0	−217,000	−2	−1	−600,000
Net cash (used in) provided by investing activities	−7	−4	136	−544	−185
Proceeds from exercise of stock options	0	0	276,000	1	149
Repayment of financing obligations	−12	−8	−13	−10	−10
Proceeds from issuance of convertible notes, net of issuance costs of $0, $0 and $7,601 for the years ended December 31, 2025, 2024 and 2023, respectively	0	0	232	0	447
Repayment of convertible notes	0	0	−100	0	0
Proceeds from issuance of senior secured notes, net of issuance costs of $5,246, $0 and $0 for the years ended December 31, 2025, 2024 and 2023, respectively	5	0	0	—	—
Purchase of capped call options	0	0	−28	0	−67
(Redemption of) investment from non-controlling interests	−158,000	56,000	−56,000	541,000	0
Repayment of notes payable	0	0	−2	0	−41
Net cash (used in) provided by financing activities	−8	−8	90	−9	1,027
Effect of exchange rate changes on cash, cash equivalents and restricted cash	−80,000	215,000	−16,000	−202,000	242,000
Net (decrease) increase in cash, cash equivalents and restricted cash	−7	−48	19	−660	741
Cash paid for interest	15	16	15	6	10
Cash paid for income taxes	481,000	680,000	235,000	285,000	0
Change in asset retirement costs and asset retirement obligation	91,000	85,000	443,000	116,000	231,000
Right-of-use asset obtained in exchange for lease liability	961,000	5	3	428,000	13
Debt issued in exchange for extinguishment of existing notes	122	0	0	—	—
Debt retired in exchange for issuance of new notes	344	0	0	—	—
Warrants issued in connection with debt exchange	2	0	0	—	—
Stock-based compensation capitalized to internal-use software	1	3	4	3	1

Filings

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Frequently asked questions

What is STEM, INC.'s CIK number?

STEM, INC.'s SEC CIK number is 0001758766 (1758766). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find STEM, INC.'s SEC filings?

All of STEM, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did STEM, INC. last report earnings?

STEM, INC. (STEM) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001758766-26-000043). This is STEM, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is STEM, INC.'s most recent earnings 8-K?

STEM, INC.'s latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001758766-26-000043. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View STEM, INC.'s latest earnings 8-K →
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