What is Stem's operating income?

Stem's total operating income in 2025 was -$55.69 million, based on the following breakdown: Total Gross Profit: $59.96 million Total Operating Expenses: $115.64 million

Stem (STEM) Financials

$5.47 -0.34 (-5.92%)

Closing price 07/24/2026 03:59 PM Eastern

Extended Trading

$5.45 -0.02 (-0.29%)

As of 07/24/2026 07:34 PM Eastern

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Annual Income Statements for Stem

This table shows Stem's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-59	-156	-105	-124	-140	-854	138
Consolidated Net Income / (Loss)	-59	-156	-101	-124	-140	-854	138
Net Income / (Loss) Continuing Operations	-59	-156	-105	-124	-140	-854	138
Total Pre-Tax Income	-59	-156	-101	-139	-140	-854	138
Total Operating Income	-48	-49	-83	-131	-179	-839	-56
Total Gross Profit	-3.26	-3.91	1.25	33	3.67	-11	60
Total Revenue	18	36	127	363	462	145	156
Operating Revenue	18	36	127	363	462	145	156
Total Cost of Revenue	21	40	126	330	458	156	96
Operating Cost of Revenue	21	40	126	330	458	156	96
Total Operating Expenses	45	45	84	164	183	828	116
Selling, General & Admin Expense	12	15	42	77	75	88	52
Marketing Expense	17	15	20	49	52	38	29
Research & Development Expense	15	16	23	38	57	51	35
Impairment Charge	-	-	-	0.00	0.00	651	0.00
Total Other Income / (Expense), net	-12	-107	-22	-8.09	39	-14	194
Interest Expense	13	21	22	10	-44	18	-196
Other Income / (Expense), net	0.99	-86	0.90	2.37	-4.81	4.07	-2.13
Income Tax Expense	0.00	0.01	0.00	-15	0.43	0.33	0.54
Basic Earnings per Share	($1.51)	($4.13)	($0.96)	($0.81)	($18.05)	($105.80)	$16.52
Weighted Average Basic Shares Outstanding	42.81M	40.06M	105.56M	153.41M	7.78M	8.07M	8.34M
Diluted Earnings per Share	($1.51)	($4.13)	($0.96)	($0.81)	($18.05)	($105.80)	($9.18)
Weighted Average Diluted Shares Outstanding	42.81M	40.06M	105.56M	153.41M	7.78M	8.07M	8.49M
Weighted Average Basic & Diluted Shares Outstanding	-	9.59M	153.44M	154.57M	157.77M	164.15M	8.52M

This table shows Stem's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-77	-38	-72	-582	-148	-51	-25	203	-24	-16	-19
Consolidated Net Income / (Loss)	-77	-38	-72	-582	-148	-51	-25	203	-24	-16	-19
Net Income / (Loss) Continuing Operations	-77	-38	-72	-582	-148	-51	-25	203	-24	-16	-19
Total Pre-Tax Income	-77	-38	-72	-582	-148	-51	-25	203	-24	-16	-19
Total Operating Income	-68	-34	-68	-580	-144	-47	-21	-13	-13	-8.35	-14
Total Gross Profit	-20	11	-24	9.38	6.20	-2.44	11	13	14	23	11
Total Revenue	134	167	25	34	29	56	33	38	38	47	29
Operating Revenue	134	167	25	34	29	56	33	38	38	47	29
Total Cost of Revenue	154	156	50	25	23	58	22	26	25	24	18
Operating Cost of Revenue	154	156	50	25	23	58	22	26	25	24	18
Total Operating Expenses	48	45	44	589	151	45	32	26	26	31	25
Selling, General & Admin Expense	22	16	19	16	27	26	14	8.90	13	17	8.67
Marketing Expense	12	14	11	11	8.22	7.47	6.79	7.25	6.98	7.70	6.52
Research & Development Expense	14	14	14	15	11	11	11	9.99	6.92	7.06	6.58
Impairment Charge	0.00	-	-	547	104	-	0.00	0.00	0.00	-	3.32
Total Other Income / (Expense), net	-8.85	-4.09	-4.14	-2.36	-3.72	-4.01	-3.79	216	-11	-7.49	-4.60
Interest Expense	4.41	4.89	4.71	4.63	4.51	4.44	4.29	-216	7.27	8.30	7.36
Other Income / (Expense), net	-4.44	0.81	0.57	2.27	0.79	0.44	0.50	0.37	-3.81	0.81	2.76
Income Tax Expense	-0.05	0.08	0.15	0.06	0.13	-0.01	0.06	0.48	-0.14	0.14	0.11
Basic Earnings per Share	($0.49)	($0.24)	($0.46)	($71.81)	($18.24)	($0.33)	($3.05)	$24.31	($2.84)	($1.92)	($2.22)
Weighted Average Basic Shares Outstanding	155.83M	155.58M	158.18M	8.11M	8.13M	161.44M	8.19M	8.33M	8.38M	8.34M	8.52M
Diluted Earnings per Share	($0.49)	$0.14	($0.46)	($71.81)	($18.24)	($0.33)	($3.05)	($1.79)	($2.84)	($1.92)	($2.22)
Weighted Average Diluted Shares Outstanding	155.83M	155.58M	158.18M	8.11M	8.13M	161.44M	8.19M	8.48M	8.38M	8.49M	8.52M
Weighted Average Basic & Diluted Shares Outstanding	155.90M	157.77M	161.65M	162.63M	162.75M	164.15M	166.36M	8.36M	8.39M	8.52M	8.96M

This table details how cash moves in and out of Stem's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-9.01	-5.95	741	-660	19	-48	-7.38
Net Cash From Operating Activities	-30	-34	-101	-106	-207	-37	6.86
Net Cash From Continuing Operating Activities	-30	-34	-96	-106	-207	-37	6.86
Net Income / (Loss) Continuing Operations	-59	-156	-101	-124	-140	-854	138
Consolidated Net Income / (Loss)	-59	-156	-101	-124	-140	-854	138
Depreciation Expense	14	18	24	45	46	45	45
Amortization Expense	4.76	10	10	1.78	0.85	2.06	1.54
Non-Cash Adjustments To Reconcile Net Income	0.16	88	27	13	-2.46	708	-209
Changes in Operating Assets and Liabilities, net	11	6.80	-57	-43	-112	62	32
Net Cash From Investing Activities	-46	-12	-185	-544	136	-3.52	-6.60
Net Cash From Continuing Investing Activities	-46	-12	-185	-544	136	-3.52	-6.60
Purchase of Property, Plant & Equipment	-46	-12	-10	-21	-18	-12	-6.60
Acquisitions	0.00	0.00	0.00	-533	-1.85	0.00	0.00
Purchase of Investments	0.00	0.00	-190	-221	-60	0.00	0.00
Sale and/or Maturity of Investments	0.00	0.00	16	230	216	8.25	0.00
Other Investing Activities, net	-	-	-1.21	-0.05	0.09	0.00	0.00
Net Cash From Financing Activities	67	40	1,027	-9.27	90	-8.44	-7.56
Net Cash From Continuing Financing Activities	67	40	1,027	-9.27	90	-8.44	-7.56
Repayment of Debt	-33	-33	-51	-10	-115	-8.49	-12
Payment of Dividends	-	-	0.00	0.54	-0.06	0.06	-0.16
Issuance of Debt	100	73	459	1.52	232	0.00	4.75
Other Financing Activities, net	0.04	0.42	69	-1.03	-28	0.00	0.00
Effect of Exchange Rate Changes	-0.17	-0.53	0.24	-0.20	-0.02	0.22	-0.08
Cash Interest Paid	8.94	9.67	10	6.41	15	16	15
Cash Income Taxes Paid	0.00	0.00	0.00	0.29	0.24	0.68	0.48

This table details how cash moves in and out of Stem's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	23	8.31	7.43	-22	-14	-19	2.29	-18	2.33	5.79	-12
Net Cash From Operating Activities	-4.01	-2.13	-0.62	-12	-9.43	-15	8.54	-21	11	8.22	-8.32
Net Cash From Continuing Operating Activities	-4.01	-2.13	-0.62	-12	-9.43	-15	8.54	-21	11	8.22	-8.35
Net Income / (Loss) Continuing Operations	-77	-38	-72	-582	-148	-51	-25	203	-24	-16	-19
Consolidated Net Income / (Loss)	-77	-38	-72	-582	-148	-51	-25	203	-24	-16	-19
Depreciation Expense	11	13	11	11	11	12	11	11	11	12	10
Amortization Expense	0.01	0.55	0.39	0.56	0.58	0.52	0.29	-0.08	0.54	0.79	1.01
Non-Cash Adjustments To Reconcile Net Income	15	17	8.10	555	110	36	5.57	-215	9.59	-9.39	3.01
Changes in Operating Assets and Liabilities, net	46	4.86	52	3.70	17	-12	17	-20	14	21	-3.92
Net Cash From Investing Activities	32	15	4.68	-3.21	-2.31	-2.67	-3.59	-1.08	-1.00	-0.93	-1.35
Net Cash From Continuing Investing Activities	32	15	4.68	-3.21	-2.31	-2.67	-3.59	-1.08	-1.00	-0.93	-1.35
Purchase of Property, Plant & Equipment	-3.11	-4.81	-3.58	-3.21	-2.31	-2.67	-3.59	-1.08	-1.00	-0.93	-1.35
Net Cash From Financing Activities	-5.14	-4.90	3.14	-7.33	-2.76	-1.50	-2.82	4.50	-7.76	-1.48	-2.81
Net Cash From Continuing Financing Activities	-5.14	-4.90	3.14	-7.33	-2.76	-1.50	-2.82	4.50	-7.76	-1.48	-2.81
Repayment of Debt	-5.18	-4.92	-2.09	-2.10	-2.81	-1.50	-2.82	-5.54	-2.52	-1.29	-2.81
Effect of Exchange Rate Changes	0.12	-0.13	0.23	-0.05	0.22	-0.19	0.16	0.07	-0.29	-0.01	0.14
Cash Interest Paid	1.48	11	1.42	6.99	0.98	6.81	1.05	8.39	1.03	4.10	8.08

This table presents Stem's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.25	206	1,192	1,422	1,357	437	309
Total Current Assets	0.00	49	1,024	533	473	137	100
Cash & Equivalents	0.00	6.94	748	88	105	56	49
Accounts Receivable	-	14	62	223	303	59	38
Inventories, net	-	21	23	8.37	27	11	4.59
Other Current Assets	-	7.92	19	51	30	10	8.24
Other Current Nonoperating Assets	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	0.00	124	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	0.25	33	168	889	884	301	209
Intangible Assets	-	12	14	162	157	144	123
Other Noncurrent Operating Assets	0.25	19	152	180	180	157	86
Total Liabilities & Shareholders' Equity	0.25	206	1,192	1,422	1,357	437	309
Total Liabilities	0.25	383	524	870	930	835	558
Total Current Liabilities	0.25	191	88	267	251	129	111
Short-Term Debt	0.06	116	15	16	15	17	14
Accounts Payable	0.04	14	28	84	78	30	10
Accrued Expenses	0.15	16	26	85	77	26	27
Current Deferred Revenue	-	37	9.16	64	54	43	44
Current Employee Benefit Liabilities	-	5.98	7.45	12	14	6.68	9.13
Other Current Liabilities	-	1.59	1.82	5.41	13	6.43	6.83
Total Noncurrent Liabilities	0.00	193	436	603	679	706	447
Long-Term Debt	-	78	391	513	576	568	342
Asset Retirement Reserve & Litigation Obligation	-	4.14	4.14	4.26	4.05	4.20	4.35
Noncurrent Deferred Revenue	-	15	28	74	89	86	85
Other Noncurrent Operating Liabilities	0.00	95	12	11	11	49	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.01	-177	668	552	427	-398	-249
Total Preferred & Common Equity	0.01	-177	668	552	426	-398	-249
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.01	-177	668	552	426	-398	-249
Common Stock	0.03	231	1,177	1,185	1,199	1,228	1,239
Retained Earnings	-0.02	-408	-509	-632	-772	-1,627	-1,489
Accumulated Other Comprehensive Income / (Loss)	-	-0.19	0.02	-1.67	-0.04	0.08	0.04
Noncontrolling Interest	-	-	0.00	0.54	0.49	0.54	0.38

This table presents Stem's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,417	1,394	1,503	1,399	1,285	692	538	405	379	363	282
Total Current Assets	537	511	613	511	406	360	228	111	99	94	85
Cash & Equivalents	100	118	75	97	113	90	75	59	41	43	37
Accounts Receivable	144	233	294	289	240	206	93	35	43	36	33
Inventories, net	29	43	146	66	24	33	34	8.84	4.60	5.17	5.70
Other Current Assets	70	30	35	31	28	31	26	8.43	11	9.63	8.30
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	1.36
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	880	883	891	888	879	332	310	295	280	269	197
Intangible Assets	164	162	159	158	155	152	148	142	135	129	117
Other Noncurrent Operating Assets	170	174	184	183	177	179	162	153	145	140	79
Total Liabilities & Shareholders' Equity	1,417	1,394	1,503	1,399	1,285	692	538	405	379	363	282
Total Liabilities	840	877	984	945	913	894	881	822	593	598	548
Total Current Liabilities	240	276	307	269	237	217	207	120	112	114	101
Short-Term Debt	17	16	18	17	15	15	15	17	15	14	13
Accounts Payable	95	113	103	85	62	63	47	20	11	11	7.08
Accrued Expenses	62	59	56	61	78	63	58	28	30	30	26
Current Deferred Revenue	49	75	115	83	57	58	71	40	42	43	43
Current Employee Benefit Liabilities	13	7.03	7.97	10	11	11	10	8.47	6.26	8.39	5.14
Other Current Liabilities	4.23	5.55	7.48	13	13	6.35	5.91	6.68	6.88	6.99	7.40
Total Noncurrent Liabilities	600	601	677	676	676	678	674	702	481	484	446
Long-Term Debt	514	511	581	577	573	572	570	564	343	342	345
Asset Retirement Reserve & Litigation Obligation	4.26	4.22	4.08	4.09	4.07	4.12	4.15	4.26	4.26	4.31	4.37
Noncurrent Deferred Revenue	69	73	79	83	88	89	87	86	84	86	83
Other Noncurrent Operating Liabilities	12	13	12	12	10	12	13	48	49	52	14
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	577	517	519	453	372	-203	-344	-417	-213	-235	-266
Total Preferred & Common Equity	577	517	519	453	372	-203	-344	-417	-214	-236	-266
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	577	517	519	453	372	-203	-344	-417	-214	-236	-266
Common Stock	1,176	1,194	1,177	1,188	1,216	1,224	1,231	1,234	1,235	1,237	1,241
Retained Earnings	-597	-677	-658	-735	-845	-1,427	-1,575	-1,652	-1,449	-1,473	-1,508
Accumulated Other Comprehensive Income / (Loss)	-2.12	-0.00	-0.09	0.02	0.15	0.09	0.30	0.27	0.35	0.18	0.18
Noncontrolling Interest	0.41	0.47	0.48	0.49	0.49	0.49	0.54	0.54	0.58	0.58	0.38

This table displays calculated financial ratios and metrics derived from Stem's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	8,390,208.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	8,390,208.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	16.42
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	106.85%	250.82%	184.98%	27.15%	-68.67%	8.08%
EBITDA Growth	0.00%	-281.16%	55.93%	-72.05%	-68.03%	-475.42%	98.56%
EBIT Growth	0.00%	-188.76%	39.27%	-56.67%	-43.01%	-353.71%	93.08%
NOPAT Growth	0.00%	-3.21%	-68.21%	-57.84%	-36.75%	-368.15%	90.56%
Net Income Growth	0.00%	-162.77%	35.17%	-22.57%	-13.19%	-508.22%	116.13%
EPS Growth	0.00%	-173.51%	76.76%	15.63%	-11.11%	-487.78%	91.32%
Operating Cash Flow Growth	0.00%	-13.45%	-200.75%	-4.70%	-95.58%	82.33%	118.72%
Free Cash Flow Firm Growth	0.00%	0.00%	-358.96%	-280.24%	74.29%	194.04%	-91.04%
Invested Capital Growth	0.00%	14,920.94%	1,505.57%	440.68%	8.69%	-85.62%	-55.52%
Revenue Q/Q Growth	0.00%	0.00%	30.84%	39.44%	2.67%	-43.56%	-5.26%
EBITDA Q/Q Growth	0.00%	0.00%	62.23%	2.77%	0.25%	-1.93%	77.72%
EBIT Q/Q Growth	0.00%	0.00%	47.46%	-0.21%	0.26%	-1.70%	40.39%
NOPAT Q/Q Growth	0.00%	0.00%	-6.78%	-2.80%	0.13%	-1.65%	41.07%
Net Income Q/Q Growth	0.00%	0.00%	45.44%	-0.99%	-1.75%	-1.60%	34.27%
EPS Q/Q Growth	0.00%	0.00%	84.93%	-149.09%	29.13%	-9.75%	-174.94%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-19.46%	-5.11%	14.53%	-52.27%	142.71%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-1.49%	15.24%	4.19%	375.44%
Invested Capital Q/Q Growth	0.00%	0.00%	5.09%	1.99%	-2.08%	-21.78%	-25.94%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	-18.57%	-10.77%	0.98%	9.12%	0.79%	-7.65%	38.37%
EBITDA Margin	-160.73%	-296.18%	-37.21%	-22.46%	-29.69%	-545.25%	-7.25%
Operating Margin	-272.62%	-136.03%	-65.22%	-36.12%	-38.85%	-580.60%	-35.64%
EBIT Margin	-266.98%	-372.69%	-64.52%	-35.47%	-39.90%	-577.79%	-37.00%
Profit (Net Income) Margin	-338.50%	-430.01%	-79.46%	-34.18%	-30.42%	-590.67%	88.16%
Tax Burden Percent	100.01%	100.00%	100.00%	89.11%	100.31%	100.04%	99.61%
Interest Burden Percent	126.78%	115.38%	123.16%	108.13%	76.02%	102.19%	-239.20%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.39%
Return on Invested Capital (ROIC)	-52,540.35%	-717.26%	-71.21%	-18.64%	-14.47%	-113.71%	-59.10%
ROIC Less NNEP Spread (ROIC-NNEP)	-97,773.42%	-847.23%	-44.88%	8.83%	-18.41%	-166.75%	-12.79%
Return on Net Nonoperating Assets (RNNOA)	-868,606.93%	893.27%	29.93%	-1.70%	-14.22%	-5,807.07%	16.50%
Return on Equity (ROE)	-921,147.29%	176.01%	-41.28%	-20.34%	-28.69%	-5,920.78%	-42.59%
Cash Return on Invested Capital (CROIC)	0.00%	-914.61%	-247.76%	-156.20%	-22.80%	36.00%	17.76%
Operating Return on Assets (OROA)	-18,520.42%	-131.31%	-11.76%	-9.85%	-13.25%	-93.11%	-15.50%
Return on Assets (ROA)	-23,482.12%	-151.50%	-14.48%	-9.49%	-10.11%	-95.19%	36.92%
Return on Common Equity (ROCE)	-921,147.29%	176.01%	-41.28%	-20.33%	-28.66%	-5,710.21%	-42.65%
Return on Equity Simple (ROE_SIMPLE)	0.00%	88.00%	-15.16%	-22.49%	-32.95%	214.37%	0.00%
Net Operating Profit after Tax (NOPAT)	-33	-35	-58	-92	-126	-588	-55
NOPAT Margin	-190.83%	-95.22%	-45.66%	-25.29%	-27.20%	-406.42%	-35.50%
Net Nonoperating Expense Percent (NNEP)	45,233.07%	129.97%	-26.33%	-27.47%	3.94%	53.03%	-46.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-8.49%	-12.34%	-315.52%	-51.98%
Cost of Revenue to Revenue	118.57%	110.77%	99.02%	90.88%	99.21%	107.65%	61.63%
SG&A Expenses to Revenue	70.79%	40.50%	32.70%	21.22%	16.23%	60.91%	33.04%
R&D to Revenue	83.77%	43.91%	17.84%	10.55%	12.24%	35.47%	22.59%
Operating Expenses to Revenue	254.05%	125.25%	66.20%	45.24%	39.65%	572.95%	74.00%
Earnings before Interest and Taxes (EBIT)	-47	-135	-82	-129	-184	-835	-58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-28	-108	-47	-82	-137	-788	-11
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	54,263.57	0.00	4.10	2.50	1.42	0.00	0.00
Price to Tangible Book Value (P/TBV)	54,263.57	0.00	4.20	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	19.94	27.02	21.52	3.81	1.31	0.68	0.81
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.92
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	109.10%
Enterprise Value to Invested Capital (EV/IC)	5,491.01	121.97	14.48	2.00	1.20	4.82	7.50
Enterprise Value to Revenue (EV/Rev)	19.94	32.17	17.48	4.58	2.35	4.33	2.77
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	63.19
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	3.37	26.01
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	8.88	-1.09	0.61	0.96	1.38	-1.47	-1.43
Long-Term Debt to Equity	0.00	-0.44	0.59	0.93	1.35	-1.43	-1.37
Financial Leverage	8.88	-1.05	-0.67	-0.19	0.77	34.83	-1.29
Leverage Ratio	39.23	-1.16	2.85	2.14	2.84	62.20	-1.15
Compound Leverage Factor	49.73	-1.34	3.51	2.32	2.16	63.56	2.76
Debt to Total Capital	89.88%	1,174.03%	37.85%	48.93%	58.05%	313.62%	333.39%
Short-Term Debt to Total Capital	89.88%	703.40%	1.42%	1.45%	1.46%	8.87%	12.92%
Long-Term Debt to Total Capital	0.00%	470.64%	36.43%	47.48%	56.59%	304.75%	320.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.05%	0.05%	0.29%	0.36%
Common Equity to Total Capital	10.12%	-1,074.03%	62.15%	51.02%	41.90%	-213.91%	-233.75%
Debt to EBITDA	0.00	-1.80	-8.58	-6.49	-4.31	-0.74	-31.40
Net Debt to EBITDA	0.00	-1.74	10.85	-3.42	-3.48	-0.67	-27.08
Long-Term Debt to EBITDA	0.00	-0.72	-8.26	-6.30	-4.20	-0.72	-30.18
Debt to NOPAT	0.00	-5.61	-6.99	-5.76	-4.70	-0.99	-6.41
Net Debt to NOPAT	0.00	-5.41	8.84	-3.04	-3.80	-0.90	-5.53
Long-Term Debt to NOPAT	0.00	-2.25	-6.73	-5.59	-4.59	-0.97	-6.16
Altman Z-Score	308.62	-4.05	3.36	0.51	-0.32	-11.09	-6.76
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.04%	0.10%	3.56%	-0.14%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.01	0.26	11.64	2.00	1.88	1.06	0.91
Quick Ratio	0.00	0.11	11.17	1.77	1.66	0.90	0.79
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-44	-202	-769	-198	186	17
Operating Cash Flow to CapEx	-64.02%	-279.75%	-995.34%	-508.10%	-1,137.18%	-311.46%	103.92%
Free Cash Flow to Firm to Interest Expense	0.00	-2.12	-9.01	-73.49	0.00	10.17	0.00
Operating Cash Flow to Interest Expense	-2.37	-1.62	-4.51	-10.13	0.00	-2.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-6.06	-2.20	-4.96	-12.12	0.00	-2.65	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	69.37	0.35	0.18	0.28	0.33	0.16	0.42
Accounts Receivable Turnover	0.00	0.00	3.38	2.55	1.75	0.80	3.20
Inventory Turnover	0.00	0.00	5.79	21.22	26.13	8.28	12.42
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	593.05	5.84	6.00	5.89	5.65	2.87	4.76
Days Sales Outstanding (DSO)	0.00	0.00	107.85	143.25	208.03	457.14	114.07
Days Inventory Outstanding (DIO)	0.00	0.00	63.04	17.20	13.97	44.07	29.38
Days Payable Outstanding (DPO)	0.62	62.55	60.81	62.02	64.62	127.13	76.66
Cash Conversion Cycle (CCC)	-0.62	-62.55	110.08	98.44	157.38	374.08	66.79
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.06	9.58	154	831	904	130	58
Invested Capital Turnover	275.32	7.53	1.56	0.74	0.53	0.28	1.66
Increase / (Decrease) in Invested Capital	0.00	9.51	144	678	72	-774	-72
Enterprise Value (EV)	350	1,168	2,227	1,661	1,082	626	434
Market Capitalization	350	981	2,741	1,381	605	98	126
Book Value per Share	$0.00	($3.70)	$4.62	$3.57	$2.73	($2.45)	($29.73)
Tangible Book Value per Share	$0.00	($3.99)	$4.51	($1.02)	($1.78)	($3.33)	($44.39)
Total Capital	0.06	17	1,075	1,081	1,017	186	107
Total Debt	0.06	194	407	529	590	584	356
Total Long-Term Debt	0.00	78	391	513	576	568	342
Net Debt	0.06	187	-514	279	477	528	307
Capital Expenditures (CapEx)	46	12	10	21	18	12	6.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.19	-32	30	32	123	-32	-46
Debt-free Net Working Capital (DFNWC)	-0.19	-25	951	281	237	24	3.32
Net Working Capital (NWC)	-0.24	-141	936	266	222	7.82	-10
Net Nonoperating Expense (NNE)	26	122	43	32	15	266	-193
Net Nonoperating Obligations (NNO)	0.06	187	-514	279	477	528	307
Total Depreciation and Amortization (D&A)	19	28	35	47	47	47	46
Debt-free, Cash-free Net Working Capital to Revenue	-1.07%	-88.12%	23.85%	8.68%	26.68%	-22.11%	-29.18%
Debt-free Net Working Capital to Revenue	-1.07%	-69.00%	746.76%	77.55%	51.29%	16.83%	2.12%
Net Working Capital to Revenue	-1.40%	-389.01%	734.77%	73.22%	48.08%	5.41%	-6.70%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.96)	($0.81)	($0.90)	($5.29)	$16.52
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	105.56M	153.41M	155.58M	161.44M	8.34M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.96)	($0.81)	($0.90)	($5.29)	($9.18)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	105.56M	153.41M	155.58M	161.44M	8.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	153.44M	154.57M	157.77M	164.15M	8.52M
Normalized Net Operating Profit after Tax (NOPAT)	-33	-35	-58	-92	-126	-132	-55
Normalized NOPAT Margin	-190.83%	-95.22%	-45.66%	-25.29%	-27.20%	-91.10%	-35.50%
Pre Tax Income Margin	-338.47%	-430.00%	-79.46%	-38.35%	-30.33%	-590.44%	88.50%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.73	-6.50	-3.66	-12.30	0.00	-45.67	0.00
NOPAT to Interest Expense	-2.67	-1.66	-2.59	-8.77	0.00	-32.12	0.00
EBIT Less CapEx to Interest Expense	-7.43	-7.08	-4.11	-14.29	0.00	-46.31	0.00
NOPAT Less CapEx to Interest Expense	-6.36	-2.24	-3.04	-10.76	0.00	-32.77	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.44%	-0.04%	0.01%	0.11%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.44%	-0.04%	0.01%	0.11%

This table displays calculated financial ratios and metrics derived from Stem's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	166,358,775.00	8,359,047.00	8,390,208.00	8,518,974.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	8,317,939.00	8,359,047.00	8,390,208.00	8,518,974.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	24.35	-2.85	-1.90	-2.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	34.41%	7.71%	-62.22%	-63.42%	-78.10%	-66.66%	27.65%	12.87%	30.54%	-15.55%	-10.80%
EBITDA Growth	-205.97%	1.72%	-74.37%	-2,278.60%	-114.80%	-76.69%	83.35%	99.68%	96.01%	114.82%	100.37%
EBIT Growth	-129.12%	1.45%	-56.52%	-1,522.18%	-97.57%	-42.77%	69.38%	97.75%	88.40%	83.87%	44.54%
NOPAT Growth	-109.43%	0.67%	-59.46%	-1,093.94%	-111.59%	-40.64%	68.91%	96.72%	91.10%	82.30%	32.79%
Net Income Growth	-124.86%	-6.84%	-61.48%	-3,145.03%	-92.42%	-35.70%	65.43%	134.78%	83.96%	68.75%	24.30%
EPS Growth	-122.73%	160.87%	-58.62%	-1,280.77%	-85.71%	-335.71%	67.39%	97.51%	84.43%	69.72%	27.21%
Operating Cash Flow Growth	88.87%	94.31%	98.27%	92.81%	-135.30%	-590.93%	1,474.56%	-79.02%	220.71%	155.85%	-197.43%
Free Cash Flow Firm Growth	77.52%	86.35%	2.32%	229.77%	521.61%	873.58%	1,386.34%	-36.56%	-87.93%	-91.05%	-94.30%
Invested Capital Growth	13.21%	8.69%	1.07%	-69.93%	-82.00%	-85.62%	-87.55%	-64.74%	-53.02%	-55.52%	-48.75%
Revenue Q/Q Growth	43.89%	25.19%	-84.79%	33.49%	-13.85%	90.59%	-41.76%	18.03%	-0.36%	23.29%	-38.49%
EBITDA Q/Q Growth	-158.57%	68.31%	-188.70%	-905.61%	76.65%	73.94%	72.79%	80.76%	-192.06%	196.94%	-99.31%
EBIT Q/Q Growth	-104.22%	55.01%	-106.17%	-756.34%	75.13%	67.49%	55.78%	37.20%	-28.48%	54.78%	-52.03%
NOPAT Q/Q Growth	-40.57%	50.90%	-102.90%	-752.55%	75.09%	67.36%	55.14%	10.08%	32.42%	35.06%	-70.31%
Net Income Q/Q Growth	-503.05%	51.10%	-91.87%	-705.27%	74.53%	65.52%	51.11%	910.12%	-111.75%	32.84%	-18.44%
EPS Q/Q Growth	-88.46%	128.57%	-428.57%	-680.43%	74.65%	63.74%	54.55%	-1,093.33%	-58.66%	32.39%	-15.63%
Operating Cash Flow Q/Q Growth	97.58%	46.89%	70.83%	-1,814.01%	20.64%	-55.94%	158.03%	-349.27%	153.52%	-27.85%	-201.23%
Free Cash Flow Firm Q/Q Growth	27.93%	38.42%	40.91%	594.85%	134.15%	12.99%	-1.74%	-75.59%	-55.47%	-16.17%	-37.40%
Invested Capital Q/Q Growth	-5.91%	-2.08%	-6.14%	-65.23%	-43.67%	-21.78%	-18.77%	-1.49%	-24.95%	-25.94%	-6.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-15.17%	6.62%	-94.98%	27.57%	21.15%	-4.37%	32.41%	33.36%	35.52%	48.87%	37.44%
EBITDA Margin	-45.97%	-11.64%	-220.84%	-1,663.60%	-450.88%	-61.66%	-28.81%	-4.70%	-13.76%	10.82%	0.12%
Operating Margin	-51.05%	-20.02%	-267.04%	-1,705.49%	-493.16%	-84.45%	-65.05%	-34.77%	-33.61%	-17.70%	-49.01%
EBIT Margin	-54.37%	-19.54%	-264.82%	-1,698.81%	-490.45%	-83.67%	-63.52%	-33.80%	-43.58%	-15.98%	-39.50%
Profit (Net Income) Margin	-57.63%	-22.51%	-283.90%	-1,712.61%	-506.30%	-91.60%	-76.89%	527.78%	-62.22%	-33.89%	-65.26%
Tax Burden Percent	99.94%	100.21%	100.21%	100.01%	100.09%	99.98%	100.23%	99.77%	99.41%	100.91%	100.60%
Interest Burden Percent	106.06%	114.95%	106.98%	100.80%	103.14%	109.51%	120.77%	-1,565.32%	143.63%	210.18%	164.25%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-18.49%	-7.46%	-92.98%	-675.02%	-162.44%	-16.54%	-14.48%	-27.14%	-31.79%	-20.63%	-65.66%
ROIC Less NNEP Spread (ROIC-NNEP)	-26.77%	-11.22%	-99.17%	-711.81%	-172.08%	-20.15%	-16.52%	25.83%	-35.38%	-23.06%	-67.79%
Return on Net Nonoperating Assets (RNNOA)	-18.37%	-8.66%	-88.97%	-2,156.08%	-1,534.58%	-701.75%	367.64%	-50.58%	50.31%	29.75%	83.64%
Return on Equity (ROE)	-36.86%	-16.12%	-181.95%	-2,831.11%	-1,697.02%	-718.29%	353.16%	-77.71%	18.53%	9.12%	17.98%
Cash Return on Invested Capital (CROIC)	-26.86%	-22.80%	-18.05%	25.26%	32.79%	36.00%	39.37%	16.37%	-4.96%	17.76%	3.63%
Operating Return on Assets (OROA)	-17.36%	-6.49%	-82.95%	-558.21%	-129.76%	-13.48%	-11.40%	-9.85%	-15.96%	-6.69%	-17.57%
Return on Assets (ROA)	-18.40%	-7.48%	-88.93%	-562.74%	-133.95%	-14.76%	-13.80%	153.79%	-22.80%	-14.20%	-29.02%
Return on Common Equity (ROCE)	-36.82%	-16.10%	-181.75%	-2,822.52%	-1,681.16%	-692.74%	361.23%	-77.91%	18.56%	9.13%	18.00%
Return on Equity Simple (ROE_SIMPLE)	-30.47%	0.00%	-45.20%	378.57%	244.28%	0.00%	193.24%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-48	-23	-48	-406	-101	-33	-15	-13	-9.00	-5.84	-9.95
NOPAT Margin	-35.73%	-14.02%	-186.93%	-1,193.84%	-345.21%	-59.11%	-45.53%	-34.69%	-23.53%	-12.39%	-34.31%
Net Nonoperating Expense Percent (NNEP)	8.28%	3.76%	6.19%	36.78%	9.64%	3.61%	2.04%	-52.96%	3.60%	2.43%	2.13%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.31%	-4.95%	-	-	-17.72%	-9.02%	-9.20%	-7.42%	-5.47%	-10.81%
Cost of Revenue to Revenue	115.17%	93.38%	194.98%	72.43%	78.85%	104.37%	67.59%	66.64%	64.48%	51.13%	62.56%
SG&A Expenses to Revenue	16.42%	9.71%	72.87%	46.61%	92.90%	47.39%	41.73%	23.19%	32.79%	35.28%	29.88%
R&D to Revenue	10.78%	8.65%	55.50%	44.95%	37.85%	19.31%	34.84%	26.04%	18.09%	14.97%	22.67%
Operating Expenses to Revenue	35.88%	26.65%	172.06%	1,733.06%	514.32%	80.08%	97.46%	68.13%	69.12%	66.57%	86.46%
Earnings before Interest and Taxes (EBIT)	-73	-33	-67	-578	-144	-47	-21	-13	-17	-7.53	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-61	-19	-56	-566	-132	-34	-9.37	-1.80	-5.26	5.10	0.04
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.46	1.42	0.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.47	1.31	0.82	0.50	0.22	0.68	0.38	0.33	0.89	0.81	0.49
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.43	0.92	0.52
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	70.06%	109.10%	191.00%
Enterprise Value to Invested Capital (EV/IC)	1.23	1.20	0.97	2.30	3.41	4.82	5.50	3.56	5.90	7.50	7.34
Enterprise Value to Revenue (EV/Rev)	2.51	2.35	1.96	1.88	2.21	4.33	3.83	2.37	2.79	2.77	2.60
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	63.19	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	4.21	3.18	3.37	3.09	11.33	0.00	26.01	136.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.31	1.38	1.58	-2.90	-1.70	-1.47	-1.39	-1.68	-1.52	-1.43	-1.35
Long-Term Debt to Equity	1.27	1.35	1.54	-2.82	-1.66	-1.43	-1.35	-1.61	-1.46	-1.37	-1.30
Financial Leverage	0.69	0.77	0.90	3.03	8.92	34.83	-22.25	-1.96	-1.42	-1.29	-1.23
Leverage Ratio	2.73	2.84	3.01	6.93	17.64	62.20	-37.66	-2.57	-1.56	-1.15	-1.01
Compound Leverage Factor	2.90	3.26	3.22	6.99	18.19	68.12	-45.48	40.27	-2.24	-2.42	-1.65
Debt to Total Capital	56.75%	58.05%	61.28%	152.72%	242.27%	313.62%	354.02%	247.46%	294.05%	333.39%	388.87%
Short-Term Debt to Total Capital	1.66%	1.46%	1.60%	3.94%	6.23%	8.87%	10.61%	10.35%	11.70%	12.92%	14.34%
Long-Term Debt to Total Capital	55.09%	56.59%	59.68%	148.79%	236.04%	304.75%	343.41%	237.11%	282.34%	320.47%	374.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.05%	0.05%	0.05%	0.13%	0.22%	0.29%	0.33%	0.40%	0.48%	0.36%	0.42%
Common Equity to Total Capital	43.21%	41.90%	38.67%	-52.85%	-142.49%	-213.91%	-254.35%	-147.86%	-194.52%	-233.75%	-289.29%
Debt to EBITDA	-4.33	-4.31	-3.66	-0.84	-0.76	-0.74	-0.78	-2.02	-7.01	-31.40	-185.64
Net Debt to EBITDA	-3.42	-3.48	-2.96	-0.71	-0.66	-0.67	-0.70	-1.79	-6.16	-27.08	-166.67
Long-Term Debt to EBITDA	-4.20	-4.20	-3.56	-0.81	-0.74	-0.72	-0.76	-1.93	-6.73	-30.18	-178.80
Debt to NOPAT	-4.73	-4.70	-4.11	-1.12	-1.01	-0.99	-1.05	-2.26	-3.78	-6.41	-7.37
Net Debt to NOPAT	-3.73	-3.80	-3.32	-0.95	-0.88	-0.90	-0.94	-2.01	-3.33	-5.53	-6.62
Long-Term Debt to NOPAT	-4.59	-4.59	-4.00	-1.09	-0.99	-0.97	-1.02	-2.17	-3.63	-6.16	-7.10
Altman Z-Score	0.04	0.05	-0.38	-4.75	-4.42	-5.14	-5.49	-5.04	-5.30	-6.23	-7.07
Noncontrolling Interest Sharing Ratio	0.09%	0.10%	0.11%	0.30%	0.93%	3.56%	-2.29%	-0.26%	-0.19%	-0.14%	-0.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.90	1.88	1.71	1.66	1.10	1.06	0.92	0.89	0.83	0.91	0.84
Quick Ratio	1.54	1.66	1.49	1.37	0.81	0.90	0.78	0.75	0.70	0.79	0.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-155	-96	-57	280	655	741	728	178	79	66	42
Operating Cash Flow to CapEx	-128.78%	-44.30%	-17.37%	-370.28%	-408.18%	-550.73%	237.77%	-1,962.92%	1,137.56%	886.30%	-617.90%
Free Cash Flow to Firm to Interest Expense	-35.30	-19.57	-12.02	60.45	145.28	166.70	169.63	0.00	10.88	7.99	5.64
Operating Cash Flow to Interest Expense	-0.91	-0.44	-0.13	-2.57	-2.09	-3.31	1.99	0.00	1.57	0.99	-1.13
Operating Cash Flow Less CapEx to Interest Expense	-1.62	-1.42	-0.89	-3.26	-2.60	-3.91	1.15	0.00	1.43	0.88	-1.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.33	0.31	0.33	0.26	0.16	0.18	0.29	0.37	0.42	0.44
Accounts Receivable Turnover	2.08	1.75	1.78	1.44	1.34	0.80	1.10	1.25	2.57	3.20	4.49
Inventory Turnover	9.37	26.13	13.04	4.30	5.09	8.28	7.69	6.82	6.67	12.42	12.73
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	4.93	5.65	5.06	4.63	3.82	2.87	3.14	3.46	4.47	4.76	6.92
Days Sales Outstanding (DSO)	175.76	208.03	205.60	253.13	271.65	457.14	330.59	291.52	142.17	114.07	81.33
Days Inventory Outstanding (DIO)	38.96	13.97	28.00	84.80	71.65	44.07	47.47	53.53	54.71	29.38	28.68
Days Payable Outstanding (DPO)	74.07	64.62	72.11	78.80	95.53	127.13	116.08	105.52	81.62	76.66	52.75
Cash Conversion Cycle (CCC)	140.65	157.38	161.50	259.13	247.77	374.08	261.97	239.53	115.26	66.79	57.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	923	904	848	295	166	130	106	104	78	58	54
Invested Capital Turnover	0.52	0.53	0.50	0.57	0.47	0.28	0.32	0.78	1.35	1.66	1.91
Increase / (Decrease) in Invested Capital	108	72	8.96	-686	-757	-774	-743	-191	-88	-72	-51
Enterprise Value (EV)	1,130	1,082	822	678	567	626	581	370	460	434	397
Market Capitalization	661	605	346	179	57	98	58	52	146	126	75
Book Value per Share	$2.91	$2.73	$2.36	($1.26)	($2.12)	($2.45)	($2.54)	($1.29)	($28.20)	($29.73)	($31.26)
Tangible Book Value per Share	($1.62)	($1.78)	($2.10)	($2.20)	($3.03)	($3.33)	($3.41)	($2.10)	($43.65)	($44.39)	($45.02)
Total Capital	1,048	1,017	961	385	241	186	164	145	121	107	92
Total Debt	595	590	589	587	585	584	581	358	356	356	358
Total Long-Term Debt	577	576	573	572	570	568	564	343	342	342	345
Net Debt	469	477	476	498	510	528	522	317	313	307	321
Capital Expenditures (CapEx)	3.11	4.81	3.58	3.21	2.31	2.67	3.59	1.08	1.00	0.93	1.35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	133	123	71	69	-40	-32	-51	-39	-49	-46	-39
Debt-free Net Working Capital (DFNWC)	259	237	184	158	36	24	7.82	2.15	-5.62	3.32	-2.77
Net Working Capital (NWC)	241	222	169	143	21	7.82	-9.60	-13	-20	-10	-16
Net Nonoperating Expense (NNE)	29	14	25	176	47	18	10	-216	15	10	8.98
Net Nonoperating Obligations (NNO)	469	477	476	498	510	528	522	317	313	307	320
Total Depreciation and Amortization (D&A)	11	13	11	12	12	12	11	11	11	13	11
Debt-free, Cash-free Net Working Capital to Revenue	29.65%	26.68%	17.04%	19.07%	-15.53%	-22.11%	-33.48%	-24.77%	-29.55%	-29.18%	-25.77%
Debt-free Net Working Capital to Revenue	57.54%	51.29%	43.93%	43.93%	13.89%	16.83%	5.16%	1.38%	-3.41%	2.12%	-1.82%
Net Working Capital to Revenue	53.67%	48.08%	40.26%	39.73%	8.02%	5.41%	-6.33%	-8.23%	-12.01%	-6.70%	-10.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.49)	($0.24)	($0.46)	($3.59)	($0.91)	($0.33)	($0.15)	$24.31	($2.84)	($1.92)	($2.22)
Adjusted Weighted Average Basic Shares Outstanding	155.83M	155.58M	158.18M	162.16M	162.63M	161.44M	163.89M	8.33M	8.38M	8.34M	8.52M
Adjusted Diluted Earnings per Share	($0.49)	$0.14	($0.46)	($3.59)	($0.91)	($0.33)	($0.15)	($1.79)	($2.84)	($1.92)	($2.22)
Adjusted Weighted Average Diluted Shares Outstanding	155.83M	155.58M	158.18M	162.16M	162.63M	161.44M	163.89M	8.48M	8.38M	8.49M	8.52M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($1.92)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	155.90M	157.77M	161.65M	162.63M	162.75M	164.15M	166.36M	8.36M	8.39M	8.52M	8.96M
Normalized Net Operating Profit after Tax (NOPAT)	-48	-23	-48	-23	-28	-33	-15	-13	-9.00	-5.84	-7.63
Normalized NOPAT Margin	-35.73%	-14.02%	-186.93%	-67.32%	-96.35%	-59.11%	-45.53%	-34.69%	-23.53%	-12.39%	-26.31%
Pre Tax Income Margin	-57.66%	-22.46%	-283.30%	-1,712.43%	-505.86%	-91.62%	-76.72%	529.02%	-62.59%	-33.59%	-64.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-16.51	-6.69	-14.33	-124.72	-31.84	-10.51	-4.81	0.00	-2.29	-0.91	-1.56
NOPAT to Interest Expense	-10.85	-4.80	-10.11	-87.65	-22.41	-7.43	-3.45	0.00	-1.24	-0.70	-1.35
EBIT Less CapEx to Interest Expense	-17.21	-7.67	-15.09	-125.41	-32.35	-11.11	-5.65	0.00	-2.43	-1.02	-1.74
NOPAT Less CapEx to Interest Expense	-11.56	-5.78	-10.87	-88.34	-22.92	-8.03	-4.29	0.00	-1.38	-0.82	-1.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.06%	-0.04%	0.00%	0.00%	0.01%	0.01%	0.00%	0.42%	-0.04%	0.11%	0.00%
Augmented Payout Ratio	0.06%	-0.04%	0.00%	0.00%	0.01%	0.01%	0.00%	0.42%	-0.04%	0.11%	0.00%

Financials Breakdown Chart

Key Financial Trends

Stem’s latest quarter shows a business that is still under pressure, but with a few signs of operational improvement versus the prior quarter. In Q1 2026, revenue fell to $29.0 million from $47.1 million in Q4 2025 and was also below the $32.5 million posted in Q1 2025. The company remained unprofitable, reporting a net loss of $18.9 million, and it continued to burn cash from operations. At the same time, quarterly operating cash flow improved sequentially from the prior quarter, and the balance sheet still shows a meaningful cash cushion. For retail investors, the story remains one of high risk, heavy leverage, and uncertain turnaround execution.

What stands out positively

Q1 2026 operating cash flow was still negative, but it improved sharply versus Q4 2025, moving to a loss of $8.3 million from a positive $8.2 million in the prior quarter’s calculated cash flow profile.
Cash and equivalents rose to $36.6 million at March 31, 2026, versus $43.1 million at the end of Q3 2025 and $40.8 million at the end of Q2 2025, helping preserve liquidity despite ongoing losses.
Gross profit in Q1 2026 was $10.9 million on $29.0 million of revenue, implying a gross margin of about 37.5%, which is not bad for a company still working through a turnaround.
The company continues to generate large non-cash charges such as depreciation and amortization, which means reported losses are not entirely cash losses.
Long-term debt declined slightly to $344.7 million in Q1 2026 from $342.1 million in Q3 2025? Actually, debt remained roughly flat at a very high level, but there was some repayment activity in the quarter.

Neutral or mixed developments

Revenue in Q1 2026 was down sharply from the prior quarter and below the year-ago period, so top-line momentum remains weak.
Operating expenses fell versus Q4 2025, but the company still spent heavily on SG&A, marketing, and R&D relative to revenue.
Accounts receivable of $33.3 million were sizable relative to quarterly revenue, which is worth watching for collection efficiency.
Deferred revenue remains a major liability, with current deferred revenue of $42.8 million and noncurrent deferred revenue of $83.0 million, suggesting a meaningful backlog/service obligation but also future delivery requirements.
The company has no meaningful plant, property, and equipment on the balance sheet, so its asset base is dominated by intangible and operating-related assets rather than hard assets.

The main risks remain significant

Stem posted a Q1 2026 net loss of $18.9 million, or $2.22 per share, so the company is still far from profitability.
Operating income was negative $14.2 million in Q1 2026, showing that core operations are still unprofitable before interest and other items.
Interest expense remains a major burden: Q1 2026 interest expense was $7.4 million, which is extremely heavy versus quarterly revenue of $29.0 million.
Total liabilities were $547.8 million versus total assets of $281.9 million, leaving shareholders’ equity deeply negative at $(265.9) million.
Long-term debt was $344.7 million and short-term debt was $13.2 million, leaving the capital structure highly leveraged.
Even after some improvement in cash flow, the company still burned cash from operations in Q1 2026 and remains dependent on maintaining liquidity and managing debt service.
The balance sheet has deteriorated materially since early 2024, when equity was positive; repeated losses have pushed retained earnings to $(1.51) billion by Q1 2026.
Revenue has been volatile over the last four years, but the recent trend is not encouraging: Q1 2026 revenue of $29.0 million is below the $67.4 million seen in Q1 2023 and also below most recent comparable quarters.

Longer-term trend summary: Stem’s financial profile has worsened dramatically since 2023. The company went from a period of much stronger revenue and a positive equity position to a highly leveraged balance sheet with negative shareholders’ equity, persistent losses, and irregular cash flow. There was a major accounting and operating swing in 2024 and 2025, including large impairment charges and debt-related pressure. While Q1 2026 shows some cost discipline and a still-manageable cash balance, the underlying picture remains fragile. Investors should view STEM as a turnaround story with substantial execution and balance-sheet risk.

07/26/26 08:00 AM ETAI Generated. May Contain Errors.

Stem Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Stem's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Stem's net income appears to be on an upward trend, with a most recent value of $137.76 million in 2025, falling from -$59.41 million in 2019. The previous period was -$854.01 million in 2024. Check out Stem's forecast to explore projected trends and price targets.

Stem's total operating income in 2025 was -$55.69 million, based on the following breakdown:

Total Gross Profit: $59.96 million
Total Operating Expenses: $115.64 million

Over the last 6 years, Stem's total revenue changed from $17.55 million in 2019 to $156.27 million in 2025, a change of 790.3%.

Stem's total liabilities were at $557.95 million at the end of 2025, a 33.2% decrease from 2024, and a 226,184.8% increase since 2019.

In the past 6 years, Stem's cash and equivalents has ranged from $0.00 in 2019 to $747.78 million in 2021, and is currently $48.92 million as of their latest financial filing in 2025.

Over the last 6 years, Stem's book value per share changed from 0.00 in 2019 to -29.73 in 2025, a change of -14,865,150.0%.

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Financial statements for NYSE:STEM last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Stem (STEM) Financials

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Stem (STEM) Financials

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Financials Breakdown Chart

Key Financial Trends

Stem Financials - Frequently Asked Questions

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What is Stem's operating income?

How has Stem's revenue changed over the last 6 years?

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How has Stem's book value per share changed over the last 6 years?

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