STEM, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $156.3M | $144.6M | $461.5M | $363.0M | $127.4M |
| Cost of revenue | $96.3M | $155.6M | $457.9M | $329.9M | $126.1M |
| Gross profit | $60.0M | -$11.1M | $3.7M | $33.1M | $1.2M |
| Research and development | $35.3M | $51.3M | $56.5M | $38.3M | $22.7M |
| Operating expenses | $115.6M | $828.4M | $183.0M | $164.2M | $84.3M |
| Operating income | -$55.7M | -$839.5M | -$179.3M | -$131.1M | -$83.1M |
| Interest expense | $23.9M | $18.3M | $15.0M | $10.5M | $17.4M |
| Pretax income | $138.3M | -$853.7M | -$140.0M | -$139.2M | -$101.2M |
| Income tax expense | $536,000 | $332,000 | $433,000 | -$15.2M | $0 |
| Net income | $137.8M | -$854.0M | -$140.4M | -$124.1M | -$101.2M |
| Balance Sheet | |||||
| Cash and equivalents | $48.9M | $56.3M | $105.4M | $87.9M | $747.8M |
| Current assets | $100.1M | $136.6M | $473.0M | $532.8M | $1.0B |
| Total assets | $308.9M | $437.4M | $1.4B | $1.4B | $1.2B |
| Current liabilities | $110.6M | $128.8M | $251.1M | $267.0M | $88.0M |
| Total liabilities | $557.9M | $835.2M | $930.3M | $869.7M | $524.0M |
| Stockholders' equity | -$249.4M | -$398.4M | $426.2M | $551.6M | $667.8M |
| Cash Flow Statement | |||||
| Cash from operations | $6.9M | -$36.6M | -$207.4M | -$106.0M | -$101.3M |
| Depreciation and amortization | $44.9M | $45.0M | $46.3M | $45.4M | $24.5M |
| Stock-based compensation | $10.2M | $18.5M | $45.1M | $28.7M | $13.5M |
| Capital expenditure | $0 | $217,000 | $1.5M | $1.5M | $600,000 |
| Free cash flow | $6.9M | -$36.9M | -$208.9M | -$107.5M | -$101.9M |
| Impairments | $0 | $547.2M | $0 | $0 | $4.3M |
Shares outstanding 9.0M · Free float 34.0%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.