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Stem (STEM) Financials

$10.54 +0.42 (+4.10%)

Closing price 05/5/2026 03:59 PM Eastern

Extended Trading

$10.85 +0.31 (+2.91%)

As of 09:11 AM 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
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-59	-156	-105	-124	-140	-854
Consolidated Net Income / (Loss)	-59	-156	-101	-124	-140	-854
Net Income / (Loss) Continuing Operations	-59	-156	-105	-124	-140	-854
Total Pre-Tax Income	-59	-156	-101	-139	-140	-854
Total Operating Income	-48	-49	-83	-131	-179	-839
Total Gross Profit	-3.26	-3.91	1.25	33	3.67	-11
Total Revenue	18	36	127	363	462	145
Operating Revenue	18	36	127	363	462	145
Total Cost of Revenue	21	40	126	330	458	156
Operating Cost of Revenue	21	40	126	330	458	156
Total Operating Expenses	45	45	84	164	183	828
Selling, General & Admin Expense	12	15	42	77	75	88
Marketing Expense	17	15	20	49	52	38
Research & Development Expense	15	16	23	38	57	51
Impairment Charge	-	-	-	0.00	0.00	651
Total Other Income / (Expense), net	-12	-107	-22	-8.09	39	-14
Interest Expense	13	21	22	10	-44	18
Other Income / (Expense), net	0.99	-86	0.90	2.37	-4.81	4.07
Income Tax Expense	0.00	0.01	0.00	-15	0.43	0.33
Basic Earnings per Share	($1.51)	($4.13)	($0.96)	($0.81)	($0.90)	($5.29)
Weighted Average Basic Shares Outstanding	42.81M	40.06M	105.56M	153.41M	155.58M	161.44M
Diluted Earnings per Share	($1.51)	($4.13)	($0.96)	($0.81)	($0.90)	($5.29)
Weighted Average Diluted Shares Outstanding	42.81M	40.06M	105.56M	153.41M	155.58M	161.44M
Weighted Average Basic & Diluted Shares Outstanding	-	9.59M	153.44M	154.57M	157.77M	164.15M

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 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-34	-3.25	-45	19	-77	-38	-72	-582	-148	-51	-25
Consolidated Net Income / (Loss)	-34	-35	-45	19	-77	-38	-72	-582	-148	-51	-25
Net Income / (Loss) Continuing Operations	-34	-35	-45	19	-77	-38	-72	-582	-148	-51	-25
Total Pre-Tax Income	-34	-35	-45	20	-77	-38	-72	-582	-148	-51	-25
Total Operating Income	-33	-34	-43	-35	-68	-34	-68	-580	-144	-47	-21
Total Gross Profit	9.13	13	0.99	12	-20	11	-24	9.38	6.20	-2.44	11
Total Revenue	100	155	67	93	134	167	25	34	29	56	33
Operating Revenue	100	155	67	93	134	167	25	34	29	56	33
Total Cost of Revenue	90	143	66	81	154	156	50	25	23	58	22
Operating Cost of Revenue	90	143	66	81	154	156	50	25	23	58	22
Total Operating Expenses	42	46	44	47	48	45	44	589	151	45	32
Selling, General & Admin Expense	18	23	18	19	22	16	19	16	27	26	14
Marketing Expense	13	14	12	14	12	14	11	11	8.22	7.47	6.79
Research & Development Expense	11	9.87	13	14	14	14	14	15	11	11	11
Total Other Income / (Expense), net	-1.66	-1.49	-2.22	54	-8.85	-4.09	-4.14	-2.36	-3.72	-4.01	-3.79
Interest Expense	2.52	2.04	1.78	-55	4.41	4.89	4.71	4.63	4.51	4.44	4.29
Other Income / (Expense), net	0.86	0.55	-0.44	-0.74	-4.44	0.81	0.57	2.27	0.79	0.44	0.50
Income Tax Expense	0.02	0.04	-0.09	0.49	-0.05	0.08	0.15	0.06	0.13	-0.01	0.06
Basic Earnings per Share	($0.22)	($0.23)	($0.29)	$0.12	($0.49)	($0.24)	($0.46)	($3.59)	($0.91)	($0.33)	($0.15)
Weighted Average Basic Shares Outstanding	154.39M	153.41M	154.97M	155.62M	155.83M	155.58M	158.18M	162.16M	162.63M	161.44M	163.89M
Diluted Earnings per Share	($0.22)	($0.23)	($0.29)	($0.26)	($0.49)	$0.14	($0.46)	($3.59)	($0.91)	($0.33)	($0.15)
Weighted Average Diluted Shares Outstanding	154.39M	153.41M	154.97M	155.80M	155.83M	155.58M	158.18M	162.16M	162.63M	161.44M	163.89M
Weighted Average Basic & Diluted Shares Outstanding	154.49M	154.57M	155.53M	155.80M	155.90M	157.77M	161.65M	162.63M	162.75M	164.15M	166.36M

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

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 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-51	-12	30	-42	23	8.31	7.43	-22	-14	-19	2.29
Net Cash From Operating Activities	-36	-37	-36	-165	-4.01	-2.13	-0.62	-12	-9.43	-15	8.54
Net Cash From Continuing Operating Activities	-36	-37	-36	-165	-4.01	-2.13	-0.62	-12	-9.43	-15	8.46
Net Income / (Loss) Continuing Operations	-34	-35	-45	19	-77	-38	-72	-582	-148	-51	-25
Consolidated Net Income / (Loss)	-34	-35	-45	19	-77	-38	-72	-582	-148	-51	-25
Depreciation Expense	11	13	11	11	11	13	11	11	11	12	11
Amortization Expense	0.47	-0.00	-0.27	0.56	0.01	0.55	0.39	0.56	0.58	0.52	0.29
Non-Cash Adjustments To Reconcile Net Income	7.75	-6.55	9.94	-45	15	17	8.10	555	110	36	5.49
Changes in Operating Assets and Liabilities, net	-21	-8.95	-12	-151	46	4.86	52	3.70	17	-12	17
Net Cash From Investing Activities	-16	28	68	21	32	15	4.68	-3.21	-2.31	-2.67	-3.59
Net Cash From Continuing Investing Activities	-16	28	68	21	32	15	4.68	-3.21	-2.31	-2.67	-3.59
Purchase of Property, Plant & Equipment	-6.90	-3.25	-5.36	-4.96	-3.11	-4.81	-3.58	-3.21	-2.31	-2.67	-3.59
Sale and/or Maturity of Investments	72	71	124	34	35	22	8.25	-	-	-	0.00
Net Cash From Financing Activities	1.16	-2.45	-2.16	102	-5.14	-4.90	3.14	-7.33	-2.76	-1.50	-2.82
Net Cash From Continuing Financing Activities	1.16	-2.45	-2.16	102	-5.14	-4.90	3.14	-7.33	-2.76	-1.50	-2.82
Repayment of Debt	-0.82	-2.67	-2.23	-102	-5.18	-4.92	-2.09	-2.10	-2.81	-1.50	-2.82
Other Financing Activities, net	0.58	0.08	0.15	-28	0.03	0.02	5.23	-5.23	-	-	0.00
Effect of Exchange Rate Changes	-0.17	0.10	0.13	-0.13	0.12	-0.13	0.23	-0.05	0.22	-0.19	0.16
Cash Interest Paid	1.50	1.50	1.48	1.11	1.48	11	1.42	6.99	0.98	6.81	1.05

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

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	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,427	1,417	1,394	1,503	1,399	1,285	692	538	405
Total Current Assets	542	537	511	613	511	406	360	228	111
Cash & Equivalents	151	100	118	75	97	113	90	75	59
Accounts Receivable	96	144	233	294	289	240	206	93	35
Inventories, net	63	29	43	146	66	24	33	34	8.84
Other Current Assets	48	70	30	35	31	28	31	26	8.43
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	885	880	883	891	888	879	332	310	295
Intangible Assets	165	164	162	159	158	155	152	148	142
Other Noncurrent Operating Assets	173	170	174	184	183	177	179	162	153
Total Liabilities & Shareholders' Equity	1,427	1,417	1,394	1,503	1,399	1,285	692	538	405
Total Liabilities	823	840	877	984	945	913	894	881	822
Total Current Liabilities	225	240	276	307	269	237	217	207	120
Short-Term Debt	15	17	16	18	17	15	15	15	17
Accounts Payable	113	95	113	103	85	62	63	47	20
Accrued Expenses	33	62	59	56	61	78	63	58	28
Current Deferred Revenue	50	49	75	115	83	57	58	71	40
Current Employee Benefit Liabilities	10	13	7.03	7.97	10	11	11	10	8.47
Other Current Liabilities	4.42	4.23	5.55	7.48	13	13	6.35	5.91	6.68
Total Noncurrent Liabilities	598	600	601	677	676	676	678	674	702
Long-Term Debt	516	514	511	581	577	573	572	570	564
Asset Retirement Reserve & Litigation Obligation	4.22	4.26	4.22	4.08	4.09	4.07	4.12	4.15	4.26
Noncurrent Deferred Revenue	66	69	73	79	83	88	89	87	86
Other Noncurrent Operating Liabilities	12	12	13	12	12	10	12	13	48
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	603	577	517	519	453	372	-203	-344	-417
Total Preferred & Common Equity	603	577	517	519	453	372	-203	-344	-417
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	603	577	517	519	453	372	-203	-344	-417
Common Stock	1,167	1,176	1,194	1,177	1,188	1,216	1,224	1,231	1,234
Retained Earnings	-563	-597	-677	-658	-735	-845	-1,427	-1,575	-1,652
Accumulated Other Comprehensive Income / (Loss)	-1.14	-2.12	-0.00	-0.09	0.02	0.15	0.09	0.30	0.27
Noncontrolling Interest	0.21	0.41	0.47	0.48	0.49	0.49	0.49	0.54	0.54

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

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

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	149.80%	194.51%	64.05%	38.84%	34.41%	7.71%	-62.22%	-63.42%	-78.10%	-66.66%	27.65%
EBITDA Growth	-116.09%	10.50%	-29.00%	-43.13%	-205.97%	1.72%	-74.37%	-2,278.60%	-114.80%	-76.69%	83.35%
EBIT Growth	-126.83%	-0.84%	-24.98%	-21.36%	-129.12%	1.45%	-56.52%	-1,522.18%	-97.57%	-42.77%	69.38%
NOPAT Growth	-19.29%	-11.82%	-22.03%	-62.85%	-109.43%	0.67%	-59.46%	-1,093.94%	-111.59%	-40.64%	68.91%
Net Income Growth	-129.65%	-3.58%	-99.16%	159.71%	-124.86%	-6.84%	-61.48%	-3,145.03%	-92.42%	-35.70%	65.43%
EPS Growth	-46.67%	-110.31%	-93.33%	-23.81%	-122.73%	160.87%	-58.62%	-1,280.77%	-85.71%	-335.71%	67.39%
Operating Cash Flow Growth	-32.43%	-15.97%	-37.75%	-2,396.88%	88.87%	94.31%	98.27%	92.81%	-135.30%	-590.93%	1,474.56%
Free Cash Flow Firm Growth	-438.08%	-324.18%	92.22%	78.29%	77.52%	86.35%	2.32%	229.77%	521.61%	873.58%	1,386.34%
Invested Capital Growth	457.08%	440.68%	3.46%	22.74%	13.21%	8.69%	1.07%	-69.93%	-82.00%	-85.62%	-87.55%
Revenue Q/Q Growth	48.63%	56.22%	-56.64%	37.89%	43.89%	25.19%	-84.79%	33.49%	-13.85%	90.59%	-41.76%
EBITDA Q/Q Growth	-20.95%	1.36%	-62.73%	26.28%	-158.57%	68.31%	-188.70%	-905.61%	76.65%	73.94%	72.79%
EBIT Q/Q Growth	-8.17%	-4.59%	-29.82%	17.37%	-104.22%	55.01%	-106.17%	-756.34%	75.13%	67.49%	55.78%
NOPAT Q/Q Growth	-9.31%	-3.52%	-26.39%	-13.86%	-40.57%	50.90%	-102.90%	-752.55%	75.09%	67.36%	55.14%
Net Income Q/Q Growth	-7.03%	-2.91%	-26.95%	142.70%	-503.05%	51.10%	-91.87%	-705.27%	74.53%	65.52%	51.11%
EPS Q/Q Growth	-4.76%	-4.55%	-26.09%	10.34%	-88.46%	128.57%	-428.57%	-680.43%	74.65%	63.74%	54.55%
Operating Cash Flow Q/Q Growth	-443.46%	-3.87%	4.21%	-361.79%	97.58%	46.89%	70.83%	-1,814.01%	20.64%	-55.94%	158.03%
Free Cash Flow Firm Q/Q Growth	30.40%	-1.39%	91.74%	-272.45%	27.93%	38.42%	40.91%	594.85%	134.15%	12.99%	-1.74%
Invested Capital Q/Q Growth	2.01%	1.99%	0.94%	16.88%	-5.91%	-2.08%	-6.14%	-65.23%	-43.67%	-21.78%	-18.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.17%	8.06%	1.47%	12.77%	-15.17%	6.62%	-94.98%	27.57%	21.15%	-4.37%	32.41%
EBITDA Margin	-20.20%	-12.75%	-47.85%	-25.58%	-45.97%	-11.64%	-220.84%	-1,663.60%	-450.88%	-61.66%	-28.81%
Operating Margin	-32.76%	-21.71%	-63.28%	-37.52%	-51.05%	-20.02%	-267.04%	-1,705.49%	-493.16%	-84.45%	-65.05%
EBIT Margin	-31.90%	-21.35%	-63.93%	-38.31%	-54.37%	-19.54%	-264.82%	-1,698.81%	-490.45%	-83.67%	-63.52%
Profit (Net Income) Margin	-34.45%	-22.69%	-66.43%	20.57%	-57.63%	-22.51%	-283.90%	-1,712.61%	-506.30%	-91.60%	-76.89%
Tax Burden Percent	100.06%	100.11%	99.80%	97.50%	99.94%	100.21%	100.21%	100.01%	100.09%	99.98%	100.23%
Interest Burden Percent	107.94%	106.14%	104.12%	-55.09%	106.06%	114.95%	106.98%	100.80%	103.14%	109.51%	120.77%
Effective Tax Rate	0.00%	0.00%	0.00%	2.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-12.42%	-11.20%	-20.90%	-17.07%	-18.49%	-7.46%	-92.98%	-675.02%	-162.44%	-16.54%	-14.48%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.14%	-1.28%	-26.84%	-0.90%	-26.77%	-11.22%	-99.17%	-711.81%	-172.08%	-20.15%	-16.52%
Return on Net Nonoperating Assets (RNNOA)	0.64%	0.25%	-11.76%	-0.53%	-18.37%	-8.66%	-88.97%	-2,156.08%	-1,534.58%	-701.75%	367.64%
Return on Equity (ROE)	-11.78%	-10.95%	-32.66%	-17.60%	-36.86%	-16.12%	-181.95%	-2,831.11%	-1,697.02%	-718.29%	353.16%
Cash Return on Invested Capital (CROIC)	-157.70%	-156.20%	-15.18%	-31.74%	-26.86%	-22.80%	-18.05%	25.26%	32.79%	36.00%	39.37%
Operating Return on Assets (OROA)	-7.41%	-5.93%	-17.70%	-10.86%	-17.36%	-6.49%	-82.95%	-558.21%	-129.76%	-13.48%	-11.40%
Return on Assets (ROA)	-8.00%	-6.30%	-18.39%	5.83%	-18.40%	-7.48%	-88.93%	-562.74%	-133.95%	-14.76%	-13.80%
Return on Common Equity (ROCE)	-11.78%	-10.95%	-32.64%	-17.59%	-36.82%	-16.10%	-181.75%	-2,822.52%	-1,681.16%	-692.74%	361.23%
Return on Equity Simple (ROE_SIMPLE)	-21.30%	0.00%	-28.32%	-18.35%	-30.47%	0.00%	-45.20%	378.57%	244.28%	0.00%	193.24%
Net Operating Profit after Tax (NOPAT)	-23	-24	-30	-34	-48	-23	-48	-406	-101	-33	-15
NOPAT Margin	-22.93%	-15.20%	-44.30%	-36.58%	-35.73%	-14.02%	-186.93%	-1,193.84%	-345.21%	-59.11%	-45.53%
Net Nonoperating Expense Percent (NNEP)	-9.28%	-9.92%	5.94%	-16.17%	8.28%	3.76%	6.19%	36.78%	9.64%	3.61%	2.04%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.18%	-	-	-	-2.31%	-4.95%	-	-	-17.72%	-9.02%
Cost of Revenue to Revenue	90.83%	91.94%	98.53%	87.23%	115.17%	93.38%	194.98%	72.43%	78.85%	104.37%	67.59%
SG&A Expenses to Revenue	18.10%	14.67%	26.40%	20.34%	16.42%	9.71%	72.87%	46.61%	92.90%	47.39%	41.73%
R&D to Revenue	10.58%	6.35%	19.95%	15.23%	10.78%	8.65%	55.50%	44.95%	37.85%	19.31%	34.84%
Operating Expenses to Revenue	41.94%	29.77%	64.75%	50.29%	35.88%	26.65%	172.06%	1,733.06%	514.32%	80.08%	97.46%
Earnings before Interest and Taxes (EBIT)	-32	-33	-43	-36	-73	-33	-67	-578	-144	-47	-21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-20	-20	-32	-24	-61	-19	-56	-566	-132	-34	-9.37
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.57	2.50	1.70	1.71	1.46	1.42	0.93	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)	7.90	3.81	2.25	2.14	1.47	1.31	0.82	0.50	0.22	0.68	0.38
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.82	2.00	1.43	1.38	1.23	1.20	0.97	2.30	3.41	4.82	5.50
Enterprise Value to Revenue (EV/Rev)	8.82	4.58	3.08	3.25	2.51	2.35	1.96	1.88	2.21	4.33	3.83
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	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.21	3.18	3.37	3.09
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.92	0.96	1.02	1.15	1.31	1.38	1.58	-2.90	-1.70	-1.47	-1.39
Long-Term Debt to Equity	0.89	0.93	0.99	1.12	1.27	1.35	1.54	-2.82	-1.66	-1.43	-1.35
Financial Leverage	-0.20	-0.19	0.44	0.59	0.69	0.77	0.90	3.03	8.92	34.83	-22.25
Leverage Ratio	1.86	2.14	2.45	2.61	2.73	2.84	3.01	6.93	17.64	62.20	-37.66
Compound Leverage Factor	2.00	2.27	2.55	-1.44	2.90	3.26	3.22	6.99	18.19	68.12	-45.48
Debt to Total Capital	47.93%	48.93%	50.49%	53.58%	56.75%	58.05%	61.28%	152.72%	242.27%	313.62%	354.02%
Short-Term Debt to Total Capital	1.54%	1.45%	1.56%	1.62%	1.66%	1.46%	1.60%	3.94%	6.23%	8.87%	10.61%
Long-Term Debt to Total Capital	46.39%	47.48%	48.93%	51.96%	55.09%	56.59%	59.68%	148.79%	236.04%	304.75%	343.41%
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	0.04%	0.05%	0.04%	0.04%	0.05%	0.05%	0.05%	0.13%	0.22%	0.29%	0.33%
Common Equity to Total Capital	52.03%	51.02%	49.47%	46.37%	43.21%	41.90%	38.67%	-52.85%	-142.49%	-213.91%	-254.35%
Debt to EBITDA	-6.34	-6.49	-5.94	-6.25	-4.33	-4.31	-3.66	-0.84	-0.76	-0.74	-0.78
Net Debt to EBITDA	-2.84	-3.42	-3.63	-4.81	-3.42	-3.48	-2.96	-0.71	-0.66	-0.67	-0.70
Long-Term Debt to EBITDA	-6.13	-6.30	-5.76	-6.06	-4.20	-4.20	-3.56	-0.81	-0.74	-0.72	-0.76
Debt to NOPAT	-5.95	-5.76	-5.43	-5.95	-4.73	-4.70	-4.11	-1.12	-1.01	-0.99	-1.05
Net Debt to NOPAT	-2.66	-3.04	-3.31	-4.58	-3.73	-3.80	-3.32	-0.95	-0.88	-0.90	-0.94
Long-Term Debt to NOPAT	-5.76	-5.59	-5.26	-5.77	-4.59	-4.59	-4.00	-1.09	-0.99	-0.97	-1.02
Altman Z-Score	1.24	0.73	0.30	0.37	0.04	0.05	-0.38	-4.75	-4.42	-5.14	-5.49
Noncontrolling Interest Sharing Ratio	0.03%	0.04%	0.05%	0.06%	0.09%	0.10%	0.11%	0.30%	0.93%	3.56%	-2.29%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.23	2.00	1.85	1.99	1.90	1.88	1.71	1.66	1.10	1.06	0.92
Quick Ratio	1.82	1.77	1.59	1.41	1.54	1.66	1.49	1.37	0.81	0.90	0.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-692	-701	-58	-216	-155	-96	-57	280	655	741	728
Operating Cash Flow to CapEx	-521.95%	-1,151.35%	-668.68%	-3,335.04%	-128.78%	-44.30%	-17.37%	-370.28%	-408.18%	-550.73%	237.77%
Free Cash Flow to Firm to Interest Expense	-274.43	-343.88	-32.59	0.00	-35.30	-19.57	-12.02	60.45	145.28	166.70	169.63
Operating Cash Flow to Interest Expense	-14.29	-18.34	-20.16	0.00	-0.91	-0.44	-0.13	-2.57	-2.09	-3.31	1.99
Operating Cash Flow Less CapEx to Interest Expense	-17.02	-19.93	-23.17	0.00	-1.62	-1.42	-0.89	-3.26	-2.60	-3.91	1.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.28	0.28	0.28	0.32	0.33	0.31	0.33	0.26	0.16	0.18
Accounts Receivable Turnover	2.90	2.55	2.54	2.13	2.08	1.75	1.78	1.44	1.34	0.80	1.10
Inventory Turnover	9.04	21.22	6.18	3.65	9.37	26.13	13.04	4.30	5.09	8.28	7.69
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	4.39	5.89	3.39	3.52	4.93	5.65	5.06	4.63	3.82	2.87	3.14
Days Sales Outstanding (DSO)	125.67	143.25	143.87	171.26	175.76	208.03	205.60	253.13	271.65	457.14	330.59
Days Inventory Outstanding (DIO)	40.38	17.20	59.10	99.97	38.96	13.97	28.00	84.80	71.65	44.07	47.47
Days Payable Outstanding (DPO)	83.07	62.02	107.74	103.60	74.07	64.62	72.11	78.80	95.53	127.13	116.08
Cash Conversion Cycle (CCC)	82.98	98.44	95.23	167.62	140.65	157.38	161.50	259.13	247.77	374.08	261.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	815	831	839	981	923	904	848	295	166	130	106
Invested Capital Turnover	0.54	0.74	0.47	0.47	0.52	0.53	0.50	0.57	0.47	0.28	0.32
Increase / (Decrease) in Invested Capital	669	678	28	182	108	72	8.96	-686	-757	-774	-743
Enterprise Value (EV)	2,296	1,661	1,199	1,351	1,130	1,082	822	678	567	626	581
Market Capitalization	2,057	1,381	876	890	661	605	346	179	57	98	58
Book Value per Share	$3.74	$3.57	$3.34	$3.34	$2.91	$2.73	$2.36	($1.26)	($2.12)	($2.45)	($2.54)
Tangible Book Value per Share	($0.86)	($1.02)	($1.24)	($1.21)	($1.62)	($1.78)	($2.10)	($2.20)	($3.03)	($3.33)	($3.41)
Total Capital	1,109	1,081	1,045	1,119	1,048	1,017	961	385	241	186	164
Total Debt	531	529	527	600	595	590	589	587	585	584	581
Total Long-Term Debt	514	513	511	581	577	576	573	572	570	568	564
Net Debt	238	279	322	461	469	477	476	498	510	528	522
Capital Expenditures (CapEx)	6.90	3.25	5.36	4.96	3.11	4.81	3.58	3.21	2.31	2.67	3.59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	20	32	46	185	133	123	71	69	-40	-32	-51
Debt-free Net Working Capital (DFNWC)	314	281	251	323	259	237	184	158	36	24	7.82
Net Working Capital (NWC)	297	266	235	305	241	222	169	143	21	7.82	-9.60
Net Nonoperating Expense (NNE)	11	12	15	-53	29	14	25	176	47	18	10
Net Nonoperating Obligations (NNO)	238	279	322	461	469	477	476	498	510	528	522
Total Depreciation and Amortization (D&A)	12	13	11	12	11	13	11	12	12	12	11
Debt-free, Cash-free Net Working Capital to Revenue	7.79%	8.68%	11.80%	44.62%	29.65%	26.68%	17.04%	19.07%	-15.53%	-22.11%	-33.48%
Debt-free Net Working Capital to Revenue	120.53%	77.55%	64.60%	77.89%	57.54%	51.29%	43.93%	43.93%	13.89%	16.83%	5.16%
Net Working Capital to Revenue	113.99%	73.22%	60.42%	73.52%	53.67%	48.08%	40.26%	39.73%	8.02%	5.41%	-6.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.22)	($0.23)	($0.29)	$0.12	($0.49)	($0.24)	($0.46)	($3.59)	($0.91)	($0.33)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	154.39M	153.41M	154.97M	155.62M	155.83M	155.58M	158.18M	162.16M	162.63M	161.44M	163.89M
Adjusted Diluted Earnings per Share	($0.22)	($0.23)	($0.29)	($0.26)	($0.49)	$0.14	($0.46)	($3.59)	($0.91)	($0.33)	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	154.39M	153.41M	154.97M	155.80M	155.83M	155.58M	158.18M	162.16M	162.63M	161.44M	163.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	154.49M	154.57M	155.53M	155.80M	155.90M	157.77M	161.65M	162.63M	162.75M	164.15M	166.36M
Normalized Net Operating Profit after Tax (NOPAT)	-23	-24	-30	-34	-48	-23	-48	-23	-28	-33	-15
Normalized NOPAT Margin	-22.93%	-15.20%	-44.30%	-36.58%	-35.73%	-14.02%	-186.93%	-67.32%	-96.35%	-59.11%	-45.53%
Pre Tax Income Margin	-34.43%	-22.67%	-66.57%	21.10%	-57.66%	-22.46%	-283.30%	-1,712.43%	-505.86%	-91.62%	-76.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-12.59	-16.28	-24.25	0.00	-16.51	-6.69	-14.33	-124.72	-31.84	-10.51	-4.81
NOPAT to Interest Expense	-9.06	-11.59	-16.80	0.00	-10.85	-4.80	-10.11	-87.65	-22.41	-7.43	-3.45
EBIT Less CapEx to Interest Expense	-15.33	-17.87	-27.26	0.00	-17.21	-7.67	-15.09	-125.41	-32.35	-11.11	-5.65
NOPAT Less CapEx to Interest Expense	-11.79	-13.18	-19.82	0.00	-11.56	-5.78	-10.87	-88.34	-22.92	-8.03	-4.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.44%	0.32%	0.27%	0.06%	-0.04%	0.00%	0.00%	0.01%	0.01%	0.00%
Augmented Payout Ratio	0.00%	0.44%	0.32%	0.27%	0.06%	-0.04%	0.00%	0.00%	0.01%	0.01%	0.00%

Financials Breakdown Chart

Key Financial Trends

The latest quarterly figures for STEM, INC. (STEM) show a company that has volatile top-line results and meaningful balance-sheet risk, but also a few signs of improving cash flow in early 2025. Below is a concise, data-driven snapshot of trends over the last four years, with the most relevant items highlighted for retail investors.

Positive: In Q1 2025, STEM generated positive net cash from continuing operating activities of about $8.46 million, indicating some near-term cash flow generation despite a reported net loss.
Positive: Q4 2024 revenue rose to $55.825 million, marking a notable top-line uptick versus earlier 2024 quarters and suggesting potential seasonal or demand-driven strength at year-end.
Neutral: Revenue and profitability have shown strong quarter-to-quarter volatility, with periods of growth (e.g., late 2023) followed by substantial declines (e.g., parts of 2024 and into 2025).
Neutral: The balance sheet shows sizable intangible assets and goodwill relative to equity, contributing to a sizable negative equity position in recent quarters.
Negative: A one-time impairment expense in Q3 2024 of $104.134 million substantially reduced pretax income and masked underlying operating performance for that quarter.
Negative: The company remains heavily levered, with long-term debt around $563.6 million in Q1 2025 and about $570 million in recent 2024 quarters, contributing to a high liability load relative to assets.
Negative: Net losses have been pervasive across multiple quarters (for example, Q1 2025 net income attributable to common shareholders at approximately -$25.0 million; Q4 2024 around -$51.1 million; Q3 2024 around -$148.2 million), signaling ongoing profitability challenges.
Negative: Cash burn has been evident in several quarters, with negatives in operating cash flow in many periods (e.g., Q3 2024 net cash from continuing operating activities about -$9.43 million; Q4 2024 about -$14.71 million) despite occasional positive cash flow in select quarters like Q1 2025.

05/06/26 09:14 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Stem's Financials

When does Stem's fiscal year end?

According to the most recent income statement we have on file, Stem's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Stem's net income changed over the last 5 years?

Stem's net income appears to be on an upward trend, with a most recent value of -$854.01 million in 2024, rising from -$59.41 million in 2019. The previous period was -$140.41 million in 2023. Find out what analysts predict for Stem in the coming months.

What is Stem's operating income?

Stem's total operating income in 2024 was -$839.46 million, based on the following breakdown:

Total Gross Profit: -$11.06 million
Total Operating Expenses: $828.40 million

How has Stem's revenue changed over the last 5 years?

Over the last 5 years, Stem's total revenue changed from $17.55 million in 2019 to $144.58 million in 2024, a change of 723.7%.

How much debt does Stem have?

Stem's total liabilities were at $835.19 million at the end of 2024, a 10.2% decrease from 2023, and a 338,626.8% increase since 2019.

How much cash does Stem have?

In the past 5 years, Stem's cash and equivalents has ranged from $0.00 in 2019 to $747.78 million in 2021, and is currently $56.30 million as of their latest financial filing in 2024.

How has Stem's book value per share changed over the last 5 years?

Over the last 5 years, Stem's book value per share changed from 0.00 in 2019 to -2.45 in 2024, a change of -1,223,950.0%.

Related Companies

Financial statements for NYSE:STEM last updated on 6/23/2025 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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