STEM · Stem, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $156.27M | $144.58M | $461.51M | $362.98M | $127.37M | $36.31M |
| Cost of Revenue | $96.31M | $155.64M | $457.85M | $329.89M | $126.12M | $40.22M |
| Gross Profit | $59.96M | ($11.06M) | $3.67M | $33.09M | $1.25M | ($3.91M) |
| R&D | $35.30M | $51.28M | $56.51M | $38.30M | $22.72M | $15.94M |
| SG&A | $51.63M | $88.07M | $74.92M | $77.03M | $41.65M | $3.14M |
| Total Operating Expenses | $115.64M | $828.40M | $182.98M | $164.21M | $84.32M | $3.50M |
| D&A | $44.95M | $44.99M | $46.27M | $45.43M | $24.47M | $17.74M |
| Operating Income | ($55.69M) | ($839.46M) | ($179.31M) | ($131.12M) | ($83.07M) | ($3.50M) |
| Interest Expense | $23.93M | $18.29M | $14.98M | $10.47M | $17.39M | $20.81M |
| Income Tax | $536.0K | $332.0K | $433.0K | ($15.16M) | $0 | $5.0K |
| Net Income | $137.76M | ($854.01M) | ($140.41M) | ($124.05M) | ($101.21M) | ($3.36M) |
| EPS - Basic | $16.52 | ($105.80) | ($18.00) | ($16.20) | ($82.60) | - |
| EPS - Diluted | ($9.18) | ($105.80) | ($18.00) | ($16.20) | ($82.60) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $48.91M | $56.30M | $105.38M | $87.90M | $747.78M | $936.8K |
| Accounts Receivable | $38.35M | $59.32M | $302.85M | $223.22M | $61.70M | - |
| Inventory | $4.59M | $10.92M | $26.66M | $8.37M | $22.72M | - |
| Accounts Payable | $10.31M | $30.15M | $78.28M | $83.83M | $28.27M | $94.0K |
| Current Assets | $100.09M | $136.62M | $472.96M | $532.75M | $1.02B | $1.56M |
| Total Assets | $308.89M | $437.36M | $1.36B | $1.42B | $1.19B | $385.29M |
| Current Liabilities | $110.56M | $128.80M | $251.08M | $267.00M | $87.97M | $2.81M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $557.95M | $835.19M | $930.30M | $869.73M | $524.00M | $16.44M |
| Stockholders' Equity | ($249.44M) | ($398.37M) | $426.20M | $551.63M | $667.83M | $5.00M |
| Retained Earnings | ($1.49B) | ($1.63B) | ($772.49M) | ($632.08M) | ($509.05M) | ($3.38M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.86M | ($36.65M) | ($207.38M) | ($106.03M) | ($101.27M) | ($1.84M) |
| Investing Cash Flow | ($6.60M) | ($3.52M) | $135.73M | ($544.37M) | ($185.23M) | ($383.59M) |
| Financing Cash Flow | ($7.56M) | ($8.44M) | $90.24M | ($9.27M) | $1.03B | $386.36M |
| CapEx | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 38.4% | -7.6% | 0.8% | 9.1% | 1.0% | -10.8% |
| Operating margin | -35.6% | -580.6% | -38.9% | -36.1% | -65.2% | -9.6% |
| EBITDA margin | -6.9% | -549.5% | -28.8% | -23.6% | -46.0% | 39.2% |
| Net margin | 88.2% | -590.7% | -30.4% | -34.2% | -79.5% | -9.3% |
| Free cash flow margin | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - |
| R&D / Revenue | 22.6% | 35.5% | 12.2% | 10.6% | 17.8% | 43.9% |
| SG&A / Revenue | 33.0% | 60.9% | 16.2% | 21.2% | 32.7% | 8.6% |
| Effective tax rate | 0.4% | - | - | - | - | - |
| Return on assets | 44.6% | -195.3% | -10.3% | -8.7% | -8.5% | -0.9% |
| Return on equity | -55.2% | 214.4% | -32.9% | -22.5% | -15.2% | -67.3% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.91 | 1.06 | 1.88 | 2.00 | 11.64 | 0.56 |
| Quick ratio | 0.86 | 0.98 | 1.78 | 1.96 | 11.38 | 0.56 |
| Cash ratio | 0.44 | 0.44 | 0.42 | 0.33 | 8.50 | 0.33 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -2.3x | -45.9x | -12.0x | -12.5x | -4.8x | -0.2x |
| Equity multiplier | -1.24 | -1.10 | 3.18 | 2.58 | 1.78 | 77.06 |
| Liabilities / Assets | 1.81 | 1.91 | 0.69 | 0.61 | 0.44 | 0.04 |
| Efficiency | ||||||
| Asset turnover | 0.51 | 0.33 | 0.34 | 0.26 | 0.11 | 0.09 |
| Inventory turnover | 21.00 | 14.25 | 17.17 | 39.39 | 5.55 | - |
| Days sales outstanding | 90d | 150d | 240d | 224d | 177d | - |
| Days inventory outstanding | 17d | 26d | 21d | 9d | 66d | - |
| Days payable outstanding | 39d | 71d | 62d | 93d | 82d | 1d |
| Cash conversion cycle | 68d | 105d | 198d | 141d | 161d | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | 28.3x | 49.7x | 22.8x | - |
| P / S | 0.8x | 13.5x | 26.2x | 75.6x | 119.3x | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 8.1% | -68.7% | 27.1% | 185.0% | 250.8% | 106.9% |
| Revenue CAGR (3y) | -24.5% | 4.3% | 133.4% | 174.5% | - | - |
| Revenue CAGR (5y) | 33.9% | 52.5% | - | - | - | - |
| Gross profit growth (YoY) | - | - | -88.9% | 2553.7% | - | -20.0% |
| Operating income growth (YoY) | 93.4% | -368.1% | -36.8% | -57.8% | -2273.4% | 92.7% |
| Net income growth (YoY) | - | -508.2% | -13.2% | -22.6% | -2909.1% | 94.8% |
| EPS growth (YoY) | 91.3% | -487.8% | -11.1% | 80.4% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 37.4% | - | -22.7% | -17.4% | 13256.5% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$156.27M totalReportable Segment$156.27M · 100.0%
Product / service
$423.75M totalPower Track Software Edge Hardware And Project And Professional Services Other$111.22M · 26.2%
Service$87.70M · 20.7%
Hardware$68.57M · 16.2%
Edge Hardware$53.73M · 12.7%
Power Track Software$37.62M · 8.9%
Managed Services$30.21M · 7.1%
Project And Professional Services And Other$19.87M · 4.7%
Battery Hardware Resale$14.84M · 3.5%
Geographic
$156.27M totalUS$148.53M · 95.1%
Non Us$7.73M · 4.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-4.35
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Computer Integrated Systems Design
Comparing STEM against the 5 most active filers in the same SIC group.