STEM, INC.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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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, 2025 · Filed Oct 30, 2025
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 Balance Sheets
(in thousands, except share and per share amounts)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $43,121 | $56,299 |
| Accounts receivable, net of allowances of $7,434 and $9,499 as of September 30, 2025 and December 31, 2024, respectively | 35,836 | 59,316 |
| Inventory | 5,165 | 10,920 |
| Other current assets | 9,634 | 10,082 |
| Total current assets | 93,756 | 136,617 |
| Energy storage systems, net | 47,894 | 58,820 |
| Contract origination costs, net | 8,663 | 9,681 |
| Intangible assets, net | 129,169 | 143,912 |
| Operating lease right-of-use assets | 10,147 | 12,574 |
| Other noncurrent assets | 72,978 | 75,755 |
| Total assets | $362,607 | $437,359 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
| Current liabilities: | ||
| Accounts payable | $10,986 | $30,147 |
| Accrued liabilities | 29,913 | 25,770 |
| Accrued payroll | 8,389 | 6,678 |
| Financing obligation, current portion | 14,181 | 16,521 |
| Deferred revenue, current portion | 43,104 | 43,255 |
| Other current liabilities | 6,988 | 6,429 |
| Total current liabilities | 113,561 | 128,800 |
| Deferred revenue, noncurrent | 85,817 | 85,900 |
| Asset retirement obligation | 4,314 | 4,203 |
| Convertible notes, noncurrent | 183,389 | 525,922 |
| Senior secured notes, noncurrent | 127,609 | — |
| Financing obligation, noncurrent | 31,091 | 41,627 |
| Warrant liability | 6,089 | — |
| Lease liabilities, noncurrent | 10,653 | 13,336 |
| Other liabilities | 35,193 | 35,404 |
| Total liabilities | 597,716 | 835,192 |
| Commitments and contingencies (Note 13) | ||
| Stockholders’ deficit: | ||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized as of September 30, 2025 and December 31, 2024; zero shares issued and outstanding as of September 30, 2025 and December 31, 2024 | — | — |
| Common stock, $0.0001 par value; 250,000,000 and 500,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 8,389,951 and 8,139,884 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 1 | 16 |
| Additional paid-in capital | 1,236,905 | 1,228,042 |
| Accumulated other comprehensive income | 175 | 76 |
| Accumulated deficit | (1,472,768) | (1,626,508) |
| Total Stem stockholders’ deficit | (235,687) | (398,374) |
| Non-controlling interests | 578 | 541 |
| Total stockholders’ deficit | (235,109) | (397,833) |
| Total liabilities and stockholders’ deficit | $362,607 | $437,359 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.