STEM INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
STEM$2.76+9.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenue | |||
| Services and other revenue | $62,548 | $52,143 | $20,463 |
| Hardware revenue | 398,967 | 310,837 | 106,908 |
| Total revenue | 461,515 | 362,980 | 127,371 |
| Cost of revenue | |||
| Cost of services and other revenue | 50,298 | 43,153 | 28,177 |
| Cost of hardware revenue | 407,552 | 286,735 | 97,947 |
| Total cost of revenue | 457,850 | 329,888 | 126,124 |
| Gross profit | 3,665 | 33,092 | 1,247 |
| Operating expenses | |||
| Sales and marketing | 51,556 | 48,882 | 19,950 |
| Research and development | 56,508 | 38,303 | 22,723 |
| General and administrative | 74,915 | 77,028 | 41,648 |
| Total operating expenses | 182,979 | 164,213 | 84,321 |
| Loss from operations | (179,314) | (131,121) | (83,074) |
| Other income (expense), net | |||
| Interest expense, net | (14,977) | (10,468) | (17,395) |
| Gain (loss) on extinguishment of debt, net | 59,121 | — | (5,064) |
| Change in fair value of derivative liability | (7,731) | — | — |
| Change in fair value of warrants and embedded derivatives | — | — | 3,424 |
| Other income, net | 2,921 | 2,374 | 898 |
| Total other income (expense), net | 39,334 | (8,094) | (18,137) |
| Loss before (provision for) benefit from income taxes | (139,980) | (139,215) | (101,211) |
| (Provision for) benefit from income taxes | (433) | 15,161 | — |
| Net loss | $(140,413) | $(124,054) | $(101,211) |
| Net loss per share attributable to Stem common shareholders, basic and diluted | $(0.90) | $(0.81) | $(0.96) |
| Weighted-average shares used in computing net loss per share to Stem common shareholders, basic and diluted | 155,583,957 | 153,413,743 | 105,561,139 |
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