NYSE: STEM
STEM, INC.CIK 0001758766 · SIC 7373 · Computer Integrated Systems Design
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Stem, Inc. files prospectus for resale of up to 289,045 shares by selling shareholder raicoon GmbH; company receives no proceeds
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Stem stockholders approve 425,000-share equity plan expansion at 2026 annual meeting
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STEM: revenue $29.0M, net income -$18.9M. Stem cash drops 24.3% YoY to as new tax law cuts solar credits, debt costs jump 72%
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Stem announces Q1 2026 financial results in routine earnings disclosure
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Stem dismisses Deloitte as auditor, hires RSM US LLP with no disagreements disclosed
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | ||||
| Services and other revenue | 18,618 | 20,852 | 37,292 | 38,573 |
| Hardware revenue | 15,036 | 17,522 | 25,362 | 32,313 |
| Total revenue | 33,654 | 38,374 | 62,654 | 70,886 |
| Cost of revenue | ||||
| Cost of services and other | 11,559 | 14,262 | 23,503 | 25,675 |
| Cost of hardware | 8,208 | 11,312 | 14,405 | 21,873 |
| Total cost of revenue | 19,767 | 25,574 | 37,908 | 47,548 |
| Gross profit | 13,887 | 12,800 | 24,746 | 23,338 |
| Operating expenses: | ||||
| Sales and marketing | 7,437 | 7,250 | 13,954 | 14,042 |
| Research and development | 6,459 | 9,993 | 13,034 | 21,321 |
| General and administrative | 8,207 | 8,900 | 16,873 | 22,466 |
| (Remeasurement of) impairment of assets held for sale | (545) | — | 2,770 | — |
| Total operating expenses | 21,558 | 26,143 | 46,631 | 57,829 |
| Loss from operations | (7,671) | (13,343) | (21,885) | (34,491) |
| Other (expense) income, net: | ||||
| Interest expense | (7,510) | (4,072) | (14,869) | (8,362) |
| Gain on extinguishment of debt | — | 220,047 | — | 220,047 |
| Change in fair value of warrant liability | 503 | — | 2,914 | — |
| Other income, net | 308 | 374 | 657 | 870 |
| Total other (expense) income, net | (6,699) | 216,349 | (11,298) | 212,555 |
| (Loss) income before provision for income taxes | (14,370) | 203,006 | (33,183) | 178,064 |
| Provision for income taxes | (13) | (475) | (125) | (533) |
| Net (loss) income | (14,383) | 202,531 | (33,308) | 177,531 |
| Net (loss) income per share attributable to common stockholders, basic | (1.58) | 24.31 | (3.78) | 21.48 |
| Net loss per share attributable to common stockholders, diluted | (1.58) | (1.79) | (3.78) | (4.54) |
| Numerator used to compute net (loss) income per share: | ||||
| Net (loss) income attributable to Stem common stockholders, basic | (14,383) | 202,531 | (33,308) | 177,531 |
| Net loss attributable to Stem common stockholders, diluted (Note 12) | (14,383) | (15,160) | (33,308) | (38,205) |
| Weighted-average shares used in computing net (loss) income per share to common stockholders, basic | 9,110,452 | 8,330,679 | 8,815,386 | 8,263,378 |
| Weighted-average shares used in computing net loss per share to common stockholders, diluted | 9,110,452 | 8,481,799 | 8,815,386 | 8,414,498 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents (VIE: $337 and $560 as of June 30, 2026 and December 31, 2025, respectively) | 38,415 | 48,915 |
| Accounts receivable, net of allowances of $2,717 and $3,893 as of June 30, 2026 and December 31, 2025, respectively (VIE: $1,633 and $3,820 as of June 30, 2026 and December 31, 2025, respectively) | 33,222 | 38,353 |
| Inventory | 6,122 | 4,587 |
| Assets held for sale | 1,229 | — |
| Other current assets (VIE: $300 and $0 as of June 30, 2026 and December 31, 2025, respectively) | 10,339 | 8,236 |
| Total current assets | 89,327 | 100,091 |
| Energy storage systems, net | 33,990 | 43,925 |
| Contract origination costs, net | 6,121 | 7,466 |
| Goodwill | 2,463 | — |
| Intangible assets, net | 113,045 | 123,028 |
| Operating lease right-of-use assets | 10,598 | 9,571 |
| Other noncurrent assets | 24,229 | 24,806 |
| Total assets | 279,773 | 308,887 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
| Current liabilities: | ||
| Accounts payable (VIE: $157 and $440 as of June 30, 2026 and December 31, 2025, respectively) | 14,468 | 10,310 |
| Accrued liabilities | 21,796 | 26,875 |
| Accrued payroll | 5,552 | 9,131 |
| Financing obligation, current portion | 13,151 | 13,792 |
| Deferred revenue, current portion | 44,381 | 43,625 |
| Other current liabilities | 8,168 | 6,832 |
| Total current liabilities | 107,516 | 110,565 |
| Deferred revenue, noncurrent | 81,634 | 85,251 |
| Asset retirement obligation | 4,385 | 4,349 |
| Convertible notes, noncurrent | 184,007 | 183,594 |
| Senior secured notes, noncurrent | 135,212 | 128,796 |
| Financing obligation, noncurrent | 24,010 | 29,590 |
| Warrant liability | 2,207 | 5,121 |
| Lease liabilities, noncurrent | 10,070 | 9,860 |
| Other liabilities | 729 | 820 |
| Total liabilities | 549,770 | 557,946 |
| Commitments and contingencies (Note 15) | ||
| Stockholders’ deficit: | ||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized as of June 30, 2026 and December 31, 2025; zero shares issued and outstanding as of June 30, 2026 and December 31, 2025 | — | — |
| Common stock, $0.0001 par value; 250,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 9,607,873 and 8,489,540 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1 | 1 |
| Additional paid-in capital | 1,252,624 | 1,239,263 |
| Accumulated other comprehensive (loss) income | (141) | 41 |
| Accumulated deficit | (1,522,055) | (1,488,747) |
| Total Stem stockholders’ deficit | (269,571) | (249,442) |
| Non-controlling interests | (426) | 383 |
| Total stockholders’ deficit | (269,997) | (249,059) |
| Total liabilities and stockholders’ deficit | 279,773 | 308,887 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net (loss) income | (33,308) | 177,531 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
| Depreciation and amortization expense | 21,918 | 22,242 |
| Non-cash interest expense, including interest expenses associated with debt issuance costs | 737 | 210 |
| Stock-based compensation | 3,501 | 5,712 |
| Change in fair value of warrant liability | (2,914) | — |
| Non-cash lease expense | 1,319 | 1,362 |
| Accretion of asset retirement obligations | 123 | 119 |
| Impairment loss of energy storage systems | 103 | 1,413 |
| Gain on disposal and abandonment of property, plant and equipment | (112) | — |
| Impairment loss of project assets | 4 | 966 |
| Impairment of assets held for sale, net | 2,770 | — |
| Provision for credit losses on accounts receivable | 17 | 1,547 |
| Gain on extinguishment of debt | — | (220,047) |
| Other | (16) | 53 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 5,114 | 14,772 |
| Inventory | (1,535) | 6,321 |
| Other assets | (1,397) | 1,715 |
| Contract origination costs, net | (547) | (573) |
| Project assets | (4) | (2,202) |
| Accounts payable | 4,083 | (18,727) |
| Accrued expenses and other liabilities | (3,339) | (1,174) |
| Deferred revenue | (2,861) | (2,793) |
| Lease liabilities | (1,631) | (1,189) |
| Net cash used in operating activities | (7,975) | (12,742) |
| INVESTING ACTIVITIES | ||
| Capital expenditures on internally-developed software | (2,555) | (4,626) |
| Purchase of property and equipment | — | (48) |
| Net cash used in investing activities | (2,555) | (4,674) |
| FINANCING ACTIVITIES | ||
| Proceeds from issuances of common stock under at-the-market program, net | 5,631 | — |
| Repayment of financing obligations | (4,701) | (8,355) |
| Proceeds from issuance of senior secured notes | — | 10,000 |
| (Distributions to) contributions from non-controlling interests, net | (809) | 37 |
| Net cash provided by financing activities | 121 | 1,682 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (91) | 225 |
| Net decrease in cash, cash equivalents and restricted cash | (10,500) | (15,509) |
| Cash, cash equivalents and restricted cash, beginning of year | 50,701 | 58,085 |
| Cash, cash equivalents and restricted cash, end of period | 40,201 | 42,576 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗