STEM INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
STEM$2.76+9.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | ||||
| Services and other revenue | $22,143 | $16,597 | $52,086 | $47,630 |
| Hardware revenue | 7,148 | 117,143 | 36,673 | 246,461 |
| Total revenue | 29,291 | 133,740 | 88,759 | 294,091 |
| Cost of Revenue | ||||
| Cost of services and other revenue | 15,687 | 13,684 | 36,626 | 36,944 |
| Cost of hardware revenue | 7,408 | 140,347 | 60,753 | 264,573 |
| Total cost of revenue | 23,095 | 154,031 | 97,379 | 301,517 |
| Gross profit (loss) | 6,196 | (20,291) | (8,620) | (7,426) |
| Operating expenses: | ||||
| Sales and marketing | 8,216 | 11,605 | 30,286 | 37,691 |
| Research and development | 11,086 | 14,420 | 40,503 | 42,020 |
| General and administrative | 27,212 | 21,955 | 61,618 | 58,656 |
| Impairment of parent company guarantees | 104,134 | — | 104,134 | — |
| Impairment of goodwill | — | — | 547,152 | — |
| Total operating expenses | 150,648 | 47,980 | 783,693 | 138,367 |
| Loss from operations | (144,452) | (68,271) | (792,313) | (145,793) |
| Other (expense) income, net: | ||||
| Interest expense | (4,512) | (4,405) | (13,850) | (10,085) |
| Gain on extinguishment of debt, net | — | — | — | 59,121 |
| Change in fair value of derivative liability | — | (5,155) | 1,477 | (7,731) |
| Other income, net | 793 | 713 | 2,153 | 2,114 |
| Total other (expense) income, net | (3,719) | (8,847) | (10,220) | 43,419 |
| Loss before (provision for) benefit from income taxes | (148,171) | (77,118) | (802,533) | (102,374) |
| (Provision for) benefit from income taxes | (129) | 46 | (344) | (354) |
| Net loss | $(148,300) | $(77,072) | $(802,877) | $(102,728) |
| Net loss per share attributable to common stockholders, basic and diluted | $(0.91) | $(0.49) | $(4.99) | $(0.66) |
| Weighted-average shares used in computing net loss per share to common stockholders, basic and diluted | 162,633,996 | 155,829,348 | 160,997,019 | 155,474,725 |
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