STEM, INC.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $156.3M | $144.6M | $461.5M | $363.0M | $127.4M |
| Gross profit | $60.0M | -$11.1M | $3.7M | $33.1M | $1.2M |
| Operating income | -$55.7M | -$839.5M | -$179.3M | -$131.1M | -$83.1M |
| Operating expenses | $115.6M | $828.4M | $183.0M | $164.2M | $84.3M |
| Cost of revenue | $96.3M | $155.6M | $457.9M | $329.9M | $126.1M |
| Cash from operations | $6.9M | -$36.6M | -$207.4M | -$106.0M | -$101.3M |
| 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 |
| Total assets | $308.9M | $437.4M | $1.4B | $1.4B | $1.2B |
| Total liabilities | $557.9M | $835.2M | $930.3M | $869.7M | $524.0M |
Shares outstanding 9.0M · Free float 83.0%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.