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- Impairment Of Assets Held For Sale (new) — Company recorded a new $3.3 million impairment charge on assets held for sale in Q1 2026, indicating carrying value exceeded fair value.
Stem cash drops 38% YoY to $36.6M as new tax law cuts solar credits, debt costs jump 72%
Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 30, 2025 · ~1 min read
Key Changes
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Cash fell to $36.6M (from $58.6M a year ago), covering ~1.5 quarters of operating expenses. Company launched $30M equity offering program in March to shore up liquidity.
MD&A: Liquidity verify on EDGAR → -
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One Big Beautiful Bill Act (July 2025) ended residential solar tax credits and imposed 2026 construction deadline for leased-system credits, directly threatening customer project economics and demand.
MD&A: OBBB Act verify on EDGAR → -
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June 2025 debt exchange replaced $350M of low-rate convertible notes with $155M secured notes at 11-12% interest, driving 72% YoY jump in interest expense to $7.4M in Q1.
MD&A: Debt Restructuring verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify