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$2.36-14.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | ||||
| Services and other revenue | $18,409 | $22,143 | $56,982 | $52,086 |
| Hardware revenue | 19,828 | 7,148 | 52,141 | 36,673 |
| Total revenue | 38,237 | 29,291 | 109,123 | 88,759 |
| Cost of Revenue | ||||
| Cost of services and other | 11,975 | 15,687 | 37,650 | 36,626 |
| Cost of hardware | 12,682 | 7,408 | 34,555 | 60,753 |
| Total cost of revenue | 24,657 | 23,095 | 72,205 | 97,379 |
| Gross profit (loss) | 13,580 | 6,196 | 36,918 | (8,620) |
| Operating expenses: | ||||
| Sales and marketing | 6,979 | 8,216 | 21,021 | 30,286 |
| Research and development | 6,916 | 11,086 | 28,237 | 40,503 |
| General and administrative | 12,536 | 27,212 | 35,002 | 61,618 |
| Impairment of parent company guarantees | — | 104,134 | — | 104,134 |
| Impairment of goodwill | — | — | — | 547,152 |
| Total operating expenses | 26,431 | 150,648 | 84,260 | 783,693 |
| Loss from operations | (12,851) | (144,452) | (47,342) | (792,313) |
| Other (expense) income, net: | ||||
| Interest expense | (7,270) | (4,512) | (15,632) | (13,850) |
| Gain on extinguishment of debt | — | — | 220,047 | — |
| Change in fair value of derivative liability | — | — | — | 1,477 |
| Change in fair value of warrant liability | (4,190) | — | (4,190) | — |
| Other income, net | 379 | 793 | 1,249 | 2,153 |
| Total other (expense) income, net | (11,081) | (3,719) | 201,474 | (10,220) |
| (Loss) income before provision for income taxes | (23,932) | (148,171) | 154,132 | (802,533) |
| Benefit from (provision for) income taxes | 141 | (129) | (392) | (344) |
| Net (loss) income | $(23,791) | $(148,300) | $153,740 | $(802,877) |
| Net (loss) income per share attributable to common stockholders, basic | $(2.84) | $(18.24) | $18.52 | $(99.74) |
| Net loss per share attributable to common stockholders, diluted | $(2.84) | $(18.24) | $(7.33) | $(99.74) |
| Numerator used to compute net (loss) income per share: | ||||
| Net (loss) income attributable to Stem common stockholders, basic | $(23,791) | $(148,300) | $153,740 | $(802,877) |
| Net loss attributable to Stem common stockholders, diluted (Note 10) | $(23,791) | $(148,300) | $(61,996) | $(802,877) |
| Weighted-average shares used in computing net (loss) income per share to common stockholders, basic | 8,376,032 | 8,131,700 | 8,301,432 | 8,049,851 |
| Weighted-average shares used in computing net loss per share to common stockholders, diluted | 8,376,032 | 8,131,700 | 8,452,552 | 8,049,851 |
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