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STEM

Stem, Inc.

STEM

Stem, Inc. • NYSE
$17.30 ▲ 5.68% (+0.93)
Market Cap $145.15 M
52w High $33.60
52w Low $5.82
Dividend Yield 0%
P/E -1.29
Volume 102.78K
Outstanding Shares 8.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $38.237M ▼ $26.431M ▲ $-23.791M ▼ -62.22% ▼ $-2.84 ▼ $-5.64M ▼
Q2-2025 $38.374M ▲ $26.143M ▼ $202.531M ▲ 527.782% ▲ $24.31 ▲ $218.324M ▲
Q1-2025 $32.512M ▼ $31.686M ▼ $-25M ▲ -76.895% ▲ $-3.051 ▲ $-21.148M ▲
Q4-2024 $55.825M ▲ $44.705M ▼ $-51.137M ▲ -91.602% ▲ $-6.282 ▲ $-34.945M ▲
Q3-2024 $29.291M $150.648M $-148.3M -506.299% $-18.237 $-132.649M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $43.121M ▲ $362.607M ▼ $597.716M ▲ $-235.109M ▼
Q2-2025 $40.79M ▼ $379.216M ▼ $592.695M ▼ $-214.057M ▲
Q1-2025 $58.584M ▲ $405.081M ▼ $822.005M ▼ $-417.465M ▼
Q4-2024 $56.299M ▼ $437.359M ▼ $835.192M ▼ $-398.374M ▼
Q3-2024 $75.364M $537.835M $881.39M $-344.096M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-23.791M ▼ $11.387M ▲ $-1.001M ▲ $-7.764M ▼ $2.331M ▲ $10.386M ▲
Q2-2025 $202.531M ▲ $-21.278M ▼ $-1.084M ▲ $4.501M ▲ $-17.794M ▼ $-17.736M ▼
Q1-2025 $-25M ▲ $8.536M ▲ $-3.59M ▼ $-2.819M ▼ $2.285M ▲ $4.946M ▲
Q4-2024 $-51.137M ▲ $-14.71M ▼ $-2.671M ▼ $-1.496M ▲ $-19.065M ▼ $-17.381M ▼
Q3-2024 $-148.3M $-9.433M $-2.255M $-2.813M $-14.285M $-9.484M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Hardware
Hardware
 $40.00M ▲$20.00M ▼$10.00M ▼$20.00M ▲
Service
Service
 $20.00M ▲$390.00M ▲$10.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Stem looks like a company that successfully ramped revenue for several years after going public, but then ran into a sharp setback in its most recent year, with sales dropping meaningfully. Profitability has not followed scale: gross margins are very thin and even turned slightly negative lately, suggesting project pricing, mix, or cost control issues. Operating losses are large and have widened again after a brief period of improvement, showing that the current cost base is still far ahead of the business’s revenue level. Net losses remain substantial and per‑share losses look especially large after the reverse stock split, which mainly reflects accounting rather than a new economic shock, but underlines how far the business is from break‑even. Overall, the income statement tells a story of a promising but still immature business model that is not yet converting innovation into consistent, profitable growth.

Balance Sheet

Balance Sheet The balance sheet has weakened over the last year. Total assets have shrunk, cash has come down, and debt has stayed roughly the same, which increases financial strain. Equity, which had been positive for a few years after the SPAC merger, has swung back into negative territory, meaning liabilities are now larger than the reported asset base. That structure limits financial flexibility and may constrain growth options unless the company can improve profitability, raise new capital, or reduce obligations. In short, the balance sheet now looks more stretched and more sensitive to business setbacks than it did a couple of years ago.

Cash Flow

Cash Flow Stem has been consistently using cash rather than generating it. Operating cash flow has been negative every year, indicating that the core business is not yet self‑funding and still relies on external capital to operate and grow. Free cash flow is also negative each year, even though spending on equipment and capital projects is modest, so the cash burn is mainly driven by operating losses, not heavy investment. There is a small improvement in operating cash outflows in the latest year compared with the prior one, but given the drop in revenue, that improvement likely reflects some cost cutting rather than a structurally stronger model. Sustained negative cash flow increases pressure on management to either quickly improve unit economics or secure additional funding over time.

Competitive Edge

Competitive Edge Stem operates in a niche at the intersection of energy, software, and AI, which gives it a differentiated position versus traditional infrastructure or pure‑play software peers. Its platform is designed to be hardware‑agnostic, which helps it plug into many types of batteries, solar, and other assets, reducing dependency on any single vendor and making it more attractive to partners and customers. Years of operating data and an installed base across various markets provide a data advantage that can be hard for new entrants to match quickly. At the same time, the broader clean energy and grid‑software space is crowded, with utilities, large industrials, and venture‑backed startups all vying for similar opportunities. Stem’s challenge is to convert its technical strengths and relationships into stable, higher‑margin, recurring revenue in a market where policy changes, project delays, and long sales cycles are common.

Innovation and R&D

Innovation and R&D Innovation is clearly a core strength. Stem’s PowerTrack platform, which integrates AI, predictive analytics, and automated optimization, is built to manage complex portfolios of batteries, solar, and other distributed energy resources in real time. Being able to learn from many millions of operating hours gives its algorithms a feedback loop that can sharpen performance over time, potentially improving savings and revenue for customers. The roadmap, including features like PowerTrack Sage using large language models, aims to make the system easier to use and to open up insights to non‑technical users, which could deepen customer engagement and stickiness. Overall, the company appears to be investing with a software‑first, platform mindset that emphasizes recurring services over one‑off hardware sales, which, if executed well, can support better long‑term economics than the current financials suggest.

Summary

Stem shows a classic contrast between an ambitious, innovative platform in an important growth area—AI‑enabled clean energy infrastructure—and a set of financials that still look early‑stage and fragile. Revenue ramped for several years but then dropped sharply, while losses remain large and cash burn persistent, pointing to a business model that has not yet stabilized. The balance sheet has deteriorated, with negative equity and limited cash relative to debt, which makes future execution and funding more critical. On the positive side, the company’s AI‑driven, hardware‑agnostic platform, deep data pool, and shift toward software and services create real strategic differentiation in a market that is likely to grow over the long term. The key uncertainties are whether Stem can restore growth, expand margins, and manage its capital structure before financial constraints start to limit its ability to take advantage of the opportunities it is building toward.

NEWS

October 29, 2025 · 4:05 PM UTC

Stem Announces Third Quarter 2025 Results

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October 14, 2025 · 8:30 AM UTC

Stem Expands its European Operations as Demand Surges for Solar, Storage and Hybrid Energy Solutions

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October 7, 2025 · 8:30 AM UTC

Stem Announces Third Quarter 2025 Results Conference Call

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October 7, 2025 · 8:00 AM UTC

Accelerate Learning Inc. Wins Two Best of STEM Awards

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September 17, 2025 · 8:00 AM UTC

Luxa Biotechnology Announces Publication in Cell Stem Cell Describing Positive Clinical Results for First-in-Human Clinical Trial for Dry AMD Therapy

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