STEM INC
For the period ended Dec 31, 2024. Filed Mar 5, 2025.
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FY2024 · Filed Mar 5, 2025
STEM$2.36-14.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| OPERATING ACTIVITIES | |||
| Net loss | $(854,014) | $(140,413) | $(124,054) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization expense | 44,988 | 46,275 | 45,434 |
| Non-cash interest expense, including interest expenses associated with debt issuance costs | 2,087 | 2,602 | 1,901 |
| Stock-based compensation | 18,471 | 45,109 | 28,661 |
| Change in fair value of derivative liability | (1,477) | 7,731 | — |
| Non-cash lease expense | 3,023 | 2,928 | 2,328 |
| Accretion of asset retirement obligations | 236 | 234 | 243 |
| Impairment of inventory | 14,673 | — | — |
| Impairment of deferred costs with suppliers | 13,409 | — | — |
| Impairment of energy storage systems | 836 | 4,683 | 2,571 |
| Loss on disposal of property and equipment | — | — | 276 |
| Impairment of project assets | 887 | 176 | 502 |
| Impairment of right-of-use assets | 2,096 | — | — |
| Impairment of parent company guarantees | 104,134 | — | — |
| Impairment of goodwill | 547,152 | — | — |
| Impairment of deferred services | 3,386 | — | — |
| Net accretion of discount on investments | (29) | (1,755) | (123) |
| Income tax benefit from release of valuation allowance | — | (335) | (15,100) |
| Provision for credit losses on accounts receivable | 3,978 | 1,447 | 3,590 |
| Net loss on investments | — | 1,561 | — |
| Gain on extinguishment of debt, net | — | (59,121) | — |
| Other | (251) | (949) | 3 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 133,057 | (80,887) | (155,817) |
| Inventory | 2,766 | (18,291) | 18,606 |
| Deferred costs with suppliers | 6,523 | 30,322 | (37,134) |
| Other assets | 6,537 | (18,036) | (29,420) |
| Contract origination costs, net | (2,129) | (5,924) | (9,612) |
| Project assets | (8,877) | (5,392) | (3,711) |
| Accounts payable | (48,146) | (5,241) | 53,260 |
| Accrued expense and other liabilities | (20,293) | (15,762) | 62,210 |
| Deferred revenue | (6,878) | 4,573 | 51,005 |
| Operating lease liabilities, net | (2,795) | (2,912) | (1,649) |
| Net cash used in operating activities | (36,650) | (207,377) | (106,030) |
| INVESTING ACTIVITIES | |||
| Acquisitions, net of cash acquired | — | (1,847) | (533,009) |
| Purchase of available-for-sale investments | — | (60,002) | (220,640) |
| Proceeds from maturities of available-for-sale investments | 8,250 | 141,810 | 219,264 |
| Proceeds from sales of available-for-sale investments | — | 73,917 | 10,930 |
| Purchase of energy storage systems | (275) | (2,634) | (2,606) |
| Capital expenditures on internally-developed software | (11,275) | (14,097) | (16,767) |
| Distribution from (purchase of) equity method investment | — | 85 | (50) |
| Purchase of property and equipment | (217) | (1,505) | (1,495) |
| Net cash (used in) provided by investing activities | (3,517) | 135,727 | (544,373) |
| FINANCING ACTIVITIES | |||
| Proceeds from exercise of stock options | — | 276 | 1,276 |
| Payments for taxes related to net share settlement of stock options | — | — | (2,302) |
| Proceeds from financing obligations | — | — | 1,519 |
|---|---|---|---|
| Repayment of financing obligations | (8,494) | (12,686) | (10,306) |
| Proceeds from issuance of convertible notes, net of issuance costs of $0, $7,601 and $0 for the years ended December 31, 2024, 2023 and 2022, respectively | — | 232,399 | — |
| Repayment of convertible notes | — | (99,754) | — |
| Purchase of capped call options | — | (27,840) | — |
| Investment from (redemption of) non-controlling interests | 56 | (56) | 541 |
| Repayment of notes payable | — | (2,101) | — |
| Net cash (used in) provided by financing activities | (8,438) | 90,238 | (9,272) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 215 | (16) | (202) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (48,390) | 18,572 | (659,877) |
| Cash, cash equivalents and restricted cash, beginning of year | 106,475 | 87,903 | 747,780 |
| Cash, cash equivalents and restricted cash, end of period | $58,085 | $106,475 | $87,903 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
|---|---|---|---|
| Cash paid for interest | $16,198 | $14,588 | $6,407 |
| Cash paid for income taxes | $680 | $235 | $285 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
| Change in asset retirement costs and asset retirement obligation | $85 | $443 | $116 |
| Right-of-use asset obtained in exchange for lease liability | $5,485 | $2,782 | $428 |
| Stock-based compensation capitalized to internal-use software | $2,757 | $4,331 | $2,983 |
| Purchase of energy storage systems in accounts payable | $— | $— | $172 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE: | |||
| Cash and cash equivalents | $56,299 | $105,375 | $87,903 |
| Restricted cash included in other noncurrent assets | 1,786 | 1,100 | — |
| Total cash, cash equivalents, and restricted cash | $58,085 | $106,475 | $87,903 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.