STEM

MKT CAP:$98M

Stem, Inc.

Market Cap

$98M

Technology·Software - Infrastructure·🇺🇸 United States·NYSE

Technology·Software Infra·🇺🇸·NYSE

Stock Price

$11.80-$5.16 (-30.42%)

Apr 22, 2026

Company Details

Stem, Inc. operates as a digitally connected and intelligent energy storage network provider in the United States and internationally. It offers energy storage systems sourced from original equipment manufacturers (OEMs). The company also p...

CEO

Arun Narayanan

IPO Date

Oct 8, 2020

Website

www.stem.com

Key Metrics TTM

Revenue

$165M

-35.6% YoY

Net Income

$103M

EPS (Diluted)

-$13.96

Free Cash Flow

-$20M

Revenue / Share

$19.69

Gross Margin

20.9%

Operating Margin

-57.3%

Net Margin

62.2%

FCF Margin

-12.0%

P/S

0.6x

P/E

1.0x

Earnings Reports

Q4 2025

May 5, 2026

PENDING

FY 2025

Mar 4, 2026

$156M+8.1%EPS -$9.18

Q3 2025

Oct 29, 2025

$38M+30.5%EPS -$2.84

Q2 2025

Aug 7, 2025

$38M+12.9%EPS -$1.79

Q1 2025

Apr 29, 2025

$33M+27.7%EPS -$3.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$53M	-$2M	-$30M
Q1 22	$41M	$4M	-$35M
Q2 22	$67M	$8M	-$30M
Q3 22	$100M	$9M	-$33M
Q4 22	$155M	$13M	-$34M
Q1 23	$67M	$994.0K	-$43M
Q2 23	$93M	$12M	-$35M
Q3 23	$134M	-$20M	-$68M
Q4 23	$167M	$13M	-$34M
Q1 24	$25M	-$24M	-$68M
Q2 24	$34M	$9M	-$580M
Q3 24	$29M	$6M	-$144M
Q4 24	$56M	-$2M	-$47M
Q1 25	$33M	$11M	-$21M
Q2 25	$38M	$13M	-$13M
Q3 25	$38M	$14M	-$13M

Valuation

Quarter	P/S	P/E
Q4 21	0.8x	—
Q1 22	0.6x	—
Q2 22	0.5x	3.6x
Q3 22	0.4x	—
Q4 22	0.3x	—
Q1 23	0.3x	—
Q2 23	0.2x	—
Q3 23	0.2x	—
Q4 23	0.2x	—
Q1 24	0.2x	—
Q2 24	0.3x	—
Q3 24	0.4x	—
Q4 24	0.7x	—
Q1 25	0.6x	—
Q2 25	0.6x	—
Q3 25	0.6x	1.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$32M	-$30M
Q1 22	-$26M	-$31M
Q2 22	-$7M	-$8M
Q3 22	-$36M	-$35M
Q4 22	-$37M	-$40M
Q1 23	-$36M	-$41M
Q2 23	-$165M	-$167M
Q3 23	-$4M	-$7M
Q4 23	-$2M	-$7M
Q1 24	-$621.0K	-$733.0K
Q2 24	-$12M	-$12M
Q3 24	-$9M	-$9M
Q4 24	-$15M	-$17M
Q1 25	$9M	$5M
Q2 25	-$21M	-$18M
Q3 25	$11M	$10M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$5M
Q2 22	$1M
Q3 22	$678.0K
Q4 22	$2M
Q1 23	$5M
Q2 23	$1M
Q3 23	$3M
Q4 23	$5M
Q1 24	$112.0K
Q2 24	$65.0K
Q3 24	$51.0K
Q4 24	$3M
Q1 25	$4M
Q2 25	$4M
Q3 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+183.1%	+164.5%
Q1 22	+166.5%	+200.5%
Q2 22	+246.2%	+123.9%
Q3 22	+149.8%	+124.0%
Q4 22	+194.5%	+128.0%
Q1 23	+64.1%	+44.7%
Q2 23	+38.8%	+32.1%
Q3 23	+34.4%	+52.9%
Q4 23	+7.7%	+6.2%
Q1 24	-62.2%	-15.1%
Q2 24	-63.4%	+380.3%
Q3 24	-78.1%	-14.0%
Q4 24	-66.7%	-48.8%
Q1 25	+27.7%	-42.6%
Q2 25	+12.9%	-91.6%
Q3 25	+30.5%	-70.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$6M	15.2%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$7M	10.7%
Q2 23	$0	0.0%
Q3 23	$11M	8.4%
Q4 23	$17M	10.0%
Q1 24	$8M	32.9%
Q2 24	$7M	20.0%
Q3 24	$0	0.0%
Q4 24	-$3M	-5.8%
Q1 25	$4M	13.3%
Q2 25	$1M	3.6%
Q3 25	$2M	5.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$7M	$13M	$8M
Q1 22	$9M	$21M	$9M
Q2 22	$9M	$16M	$13M
Q3 22	$11M	$18M	$13M
Q4 22	$10M	$23M	$14M
Q1 23	$13M	$18M	$12M
Q2 23	$14M	$19M	$14M
Q3 23	$14M	$22M	$12M
Q4 23	$28M	$6M	$14M
Q1 24	$14M	$19M	$11M
Q2 24	$15M	$16M	$11M
Q3 24	$11M	$27M	$8M
Q4 24	$11M	$26M	$7M
Q1 25	$11M	$14M	$7M
Q2 25	$10M	$9M	$7M
Q3 25	$7M	$13M	$7M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	183.1%	-37.9%	145.1
Q1 22	166.5%	-61.2%	105.3
Q2 22	246.2%	-24.8%	221.4
Q3 22	149.8%	-20.1%	129.7
Q4 22	194.5%	-16.7%	177.8
Q1 23	64.1%	-46.4%	17.7
Q2 23	38.8%	38.3%	77.1
Q3 23	34.4%	-45.9%	-11.5
Q4 23	7.7%	-16.4%	-8.7
Q1 24	-62.2%	-222.1%	-284.4
Q2 24	-63.4%	-1665.3%	-1728.7
Q3 24	-78.1%	-452.9%	-531.0
Q4 24	-66.7%	-62.6%	-129.3
Q1 25	27.7%	-65.0%	-37.4
Q2 25	12.9%	568.9%	581.8
Q3 25	30.5%	-14.8%	15.8

Rule of 40

Revenue Segments

Quarter	Hardware	Service
Q1 22	$31M	$10M
Q2 22	$54M	$13M
Q3 22	$86M	$14M
Q4 22	$139M	$16M
Q1 23	$53M	$15M
Q2 23	$77M	$16M
Q3 23	$117M	$17M
Q4 23	$153M	$15M
Q1 24	$11M	$15M
Q2 24	$19M	$15M
Q3 24	$7M	$22M
Q4 24	$40M	$16M
Q3 25	$20M	$18M

Revenue by Geography

Quarter	Hardware	Service	Non-US	United States
Q1 22	$31M	$10M	—	—
Q2 22	$54M	$13M	—	—
Q3 22	$86M	$14M	—	—
Q4 22	—	—	$3M	$152M
Q1 23	$53M	$15M	—	—
Q2 23	$77M	$16M	—	—
Q3 23	$117M	$17M	—	—
Q4 23	—	—	$9M	$159M
Q1 24	$11M	$15M	—	—
Q2 24	$19M	$15M	—	—
Q3 24	$7M	$22M	—	—
Q1 25	—	—	$779.0K	$32M
Q2 25	—	—	$2M	$36M
Q3 25	—	—	$2M	$36M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$175M	$177M	$352M
Q2 22	$151M	$184M	$335M
Q3 22	$100M	$193M	$294M
Q4 22	$88M	$162M	$250M
Q1 23	$118M	$88M	$206M
Q2 23	$75M	$63M	$138M
Q3 23	$97M	$28M	$125M
Q4 23	$105M	$8M	$114M
Q1 24	$113M	$0	$113M
Q2 24	$90M	$0	$90M
Q3 24	$75M	$0	$75M
Q4 24	$56M	$0	$56M
Q1 25	$59M	$0	$59M
Q2 25	$41M	$0	$41M
Q3 25	$43M	$0	$43M
Q4 25	$49M	$0	$49M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	7M	+3.1%	+259.9%
Q1 22	8M	+4.0%	+272.3%
Q2 22	8M	+2.4%	+53.2%
Q3 22	8M	+0.2%	+10.1%
Q4 22	8M	+0.1%	+6.8%
Q1 23	8M	+0.3%	+3.0%
Q2 23	8M	+0.5%	+1.1%
Q3 23	8M	+0.0%	+0.9%
Q4 23	8M	+0.1%	+0.9%
Q1 24	8M	+1.4%	+2.1%
Q2 24	8M	+2.5%	+4.1%
Q3 24	8M	+0.3%	+4.4%
Q4 24	8M	+0.1%	+4.4%
Q1 25	8M	+0.7%	+3.6%
Q2 25	8M	+3.5%	+4.6%
Q3 25	8M	-1.2%	+3.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$247.8K	213
Q1 22	$192.9K	213
Q2 22	$314.3K	213
Q3 22	$467.1K	213
Q4 22	$235.5K	660
Q1 23	$102.1K	660
Q2 23	$140.8K	660
Q3 23	$202.6K	660
Q4 23	$268.3K	624
Q1 24	$40.8K	624
Q2 24	$54.5K	624
Q3 24	$46.9K	624
Q4 24	$98.1K	569
Q1 25	$57.1K	569
Q2 25	$67.4K	569
Q3 25	$67.2K	569

Revenue / Employee