STEM, INC.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
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$2.36-14.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| OPERATING ACTIVITIES | ||
| Net income (loss) | $153,740 | $(802,877) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Depreciation and amortization expense | 33,100 | 33,227 |
| Non-cash interest expense, including interest expenses associated with debt issuance costs | 751 | 1,565 |
| Stock-based compensation | 7,929 | 21,716 |
| Change in fair value of derivative liability | — | (1,477) |
| Change in fair value of warrant liability | 4,190 | — |
| Non-cash lease expense | 2,058 | 2,251 |
| Accretion of asset retirement obligations | 178 | 177 |
| Impairment loss of energy storage systems | 1,413 | 357 |
| Loss on disposal and abandonment of property, plant and equipment | 842 | — |
| Impairment loss of project assets | 1,130 | 641 |
| Impairment loss of right-of-use assets | 1,357 | 2,096 |
| Impairment of parent company guarantees | — | 104,134 |
| Impairment of goodwill | — | 547,152 |
| Net accretion of discount on investments | — | (29) |
| Provision for (recovery of) credit losses on accounts receivable | 2,052 | (3,229) |
| Gain on extinguishment of debt | (220,047) | — |
| Other | (9) | (157) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 21,364 | 106,920 |
| Inventory | 5,755 | (7,285) |
| Other assets | 2,588 | 12,447 |
| Contract origination costs, net | (953) | (927) |
| Project assets | (2,074) | (7,382) |
| Accounts payable | (19,171) | (30,675) |
| Accrued expenses and other liabilities | 6,027 | (19,935) |
| Deferred revenue | (235) | 21,531 |
| Lease liabilities | (3,340) | (2,181) |
| Net cash used in operating activities | (1,355) | (21,940) |
| INVESTING ACTIVITIES | ||
| Proceeds from maturities of available-for-sale investments | — | 8,250 |
| Capital expenditures on internally-developed software | (5,675) | (8,868) |
| Purchase of property and equipment | — | (228) |
| Net cash used in investing activities | (5,675) | (846) |
| FINANCING ACTIVITIES | ||
| Repayment of financing obligations | (10,873) | (6,998) |
| Proceeds from issuance of senior secured notes, net of issuance costs of $5,246 and $0 for the nine months ended September 30, 2025 and 2024, respectively | 4,754 | — |
| Investment from non-controlling interests, net | 37 | 56 |
| Net cash used in financing activities | (6,082) | (6,942) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (66) | 403 |
| Net decrease in cash, cash equivalents and restricted cash | (13,178) | (29,325) |
| Cash, cash equivalents and restricted cash, beginning of year | 58,085 | 106,475 |
| Cash, cash equivalents and restricted cash, end of period | $44,907 | $77,150 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
|---|---|---|
| Cash paid for interest | $10,471 | $9,387 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH WITHIN THE UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE: | ||
| Cash and cash equivalents | $43,121 | $75,364 |
| Restricted cash included in other noncurrent assets | 1,786 | 1,786 |
| Total cash, cash equivalents, and restricted cash | $44,907 | $77,150 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.