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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.00M | - | $38.24M | $38.37M | $32.51M | - | $29.29M | $34.00M | $25.47M | - |
| Cost of Revenue | $18.14M | - | $24.66M | $25.57M | $21.97M | - | $23.09M | $24.62M | $49.66M | - |
| Gross Profit | $10.86M | - | $13.58M | $12.80M | $10.54M | - | $6.20M | $9.38M | ($24.19M) | - |
| R&D | $6.58M | - | $6.92M | $9.99M | $11.33M | - | $11.09M | $15.28M | $14.14M | - |
| SG&A | $8.67M | - | $12.54M | $8.90M | $13.57M | - | $27.21M | $15.85M | $18.56M | - |
| Total Operating Expenses | $25.07M | - | $26.43M | $26.14M | $31.69M | - | $150.65M | $589.22M | $43.82M | - |
| D&A | $10.48M | - | $3.10M | $3.10M | $11.00M | - | $3.50M | $3.50M | $10.81M | - |
| Operating Income | ($14.21M) | - | ($12.85M) | ($13.34M) | ($21.15M) | - | ($144.45M) | ($579.85M) | ($68.01M) | - |
| Interest Expense | $7.36M | - | $7.27M | $4.07M | $4.71M | - | $4.51M | $4.63M | $4.71M | - |
| Income Tax | $112.0K | - | ($141.0K) | $475.0K | $58.0K | - | $129.0K | $62.0K | $153.0K | - |
| Net Income | ($18.93M) | - | ($148.30M) | $202.53M | ($25.00M) | - | ($148.30M) | ($582.27M) | ($72.31M) | - |
| EPS - Basic | ($2.22) | - | ($2.84) | $24.31 | ($3.00) | - | ($18.20) | ($71.80) | ($9.20) | - |
| EPS - Diluted | ($2.22) | - | ($2.84) | ($1.79) | ($3.00) | - | ($18.20) | ($71.80) | ($9.20) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $36.59M | $48.91M | $43.12M | $40.79M | $58.58M | $56.30M | $75.36M | $89.65M | $112.80M | $105.38M |
| Accounts Receivable | $33.34M | $38.35M | $35.84M | $42.84M | $34.73M | $59.32M | $92.66M | $206.35M | $239.93M | $302.85M |
| Inventory | $5.70M | $4.59M | $5.17M | $4.60M | $8.84M | $10.92M | $33.95M | $33.21M | $24.44M | $26.66M |
| Accounts Payable | $7.08M | $10.31M | $10.99M | $11.43M | $19.64M | $30.15M | $47.36M | $63.10M | $61.75M | $78.28M |
| Current Assets | $85.30M | $100.09M | $93.76M | $99.22M | $110.58M | $136.62M | $227.53M | $359.92M | $405.53M | $472.96M |
| Total Assets | $281.88M | $308.89M | $362.61M | $379.22M | $405.08M | $437.36M | $537.84M | $691.54M | $1.28B | $1.36B |
| Current Liabilities | $101.27M | $110.56M | $113.56M | $112.06M | $120.18M | $128.80M | $206.98M | $216.65M | $236.62M | $251.08M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $547.76M | $557.95M | $597.72M | $592.70M | $822.00M | $835.19M | $881.39M | $894.28M | $912.84M | $930.30M |
| Stockholders' Equity | ($266.26M) | ($249.44M) | ($235.69M) | ($214.06M) | ($417.46M) | ($398.37M) | ($344.10M) | ($203.22M) | $371.57M | $426.20M |
| Retained Earnings | ($1.51B) | ($1.49B) | ($1.47B) | ($1.45B) | ($1.65B) | ($1.63B) | ($1.58B) | ($1.43B) | ($844.80M) | ($772.49M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($8.32M) | - | - | - | $8.54M | - | - | - | ($621.0K) | - |
| Investing Cash Flow | ($1.35M) | - | - | - | ($3.59M) | - | - | - | $4.67M | - |
| Financing Cash Flow | ($2.81M) | - | - | - | ($2.82M) | - | - | - | $3.14M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 37.4% | - | 35.5% | 33.4% | 32.4% | - | 21.2% | 27.6% | -95.0% | - |
| Operating margin | -49.0% | - | -33.6% | -34.8% | -65.0% | - | -493.2% | -1705.5% | -267.0% | - |
| EBITDA margin | -12.9% | - | -25.5% | -26.7% | -31.2% | - | -481.2% | -1695.2% | -224.6% | - |
| Net margin | -65.3% | - | -387.8% | 527.8% | -76.9% | - | -506.3% | -1712.6% | -283.9% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 22.7% | - | 18.1% | 26.0% | 34.8% | - | 37.8% | 44.9% | 55.5% | - |
| SG&A / Revenue | 29.9% | - | 32.8% | 23.2% | 41.7% | - | 92.9% | 46.6% | 72.9% | - |
| Effective tax rate | - | - | - | 0.2% | - | - | - | - | - | - |
| Return on assets | -6.7% | - | -40.9% | 53.4% | -6.2% | - | -27.6% | -84.2% | -5.6% | - |
| Return on equity | 7.1% | - | 62.9% | -94.6% | 6.0% | - | 43.1% | 286.5% | -19.5% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.84 | 0.91 | 0.83 | 0.89 | 0.92 | 1.06 | 1.10 | 1.66 | 1.71 | 1.88 |
| Quick ratio | 0.79 | 0.86 | 0.78 | 0.84 | 0.85 | 0.98 | 0.94 | 1.51 | 1.61 | 1.78 |
| Cash ratio | 0.36 | 0.44 | 0.38 | 0.36 | 0.49 | 0.44 | 0.36 | 0.41 | 0.48 | 0.42 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -1.9x | - | -1.8x | -3.3x | -4.5x | - | -32.0x | -125.2x | -14.4x | - |
| Equity multiplier | -1.06 | -1.24 | -1.54 | -1.77 | -0.97 | -1.10 | -1.56 | -3.40 | 3.46 | 3.18 |
| Liabilities / Assets | 1.94 | 1.81 | 1.65 | 1.56 | 2.03 | 1.91 | 1.64 | 1.29 | 0.71 | 0.69 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | - | 0.11 | 0.10 | 0.08 | - | 0.05 | 0.05 | 0.02 | - |
| Inventory turnover | 3.18 | - | 4.77 | 5.56 | 2.49 | - | 0.68 | 0.74 | 2.03 | - |
| Days sales outstanding | 420d | - | 342d | 408d | 390d | - | 1155d | 2215d | 3439d | - |
| Days inventory outstanding | 115d | - | 76d | 66d | 147d | - | 537d | 492d | 180d | - |
| Days payable outstanding | 143d | - | 163d | 163d | 326d | - | 749d | 935d | 454d | - |
| Cash conversion cycle | 392d | - | 256d | 310d | 210d | - | 943d | 1772d | 3164d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | 18.6x | - |
| P / S | 2.6x | - | 3.8x | 1.4x | 35.3x | - | 38.6x | 105.9x | 272.0x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -10.8% | - | 30.5% | 12.9% | 27.7% | - | -78.1% | -63.4% | -62.2% | - |
| Revenue CAGR (3y) | -24.5% | - | -27.3% | -16.9% | -7.5% | - | -9.7% | 98.0% | 83.7% | - |
| Revenue CAGR (5y) | 47.8% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 3.0% | - | 119.2% | 36.5% | - | - | - | -21.0% | - | - |
| Operating income growth (YoY) | 32.8% | - | 91.1% | 97.7% | 68.9% | - | -111.6% | -1562.9% | -59.5% | - |
| Net income growth (YoY) | 24.3% | - | 0.0% | - | 65.4% | - | -92.4% | - | -61.5% | - |
| EPS growth (YoY) | 26.0% | - | 84.4% | 97.5% | 67.4% | - | -3614.3% | -27515.4% | -3072.4% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 36.2% | 37.4% | 31.5% | -5.3% | - | - | - | - | -28.1% | -22.7% |
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%
Peer comparison
Same SIC group: Services-Computer Integrated Systems Design
Comparing STEM against the 5 most active filers in the same SIC group.