STEM, INC.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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FY2025 · Filed Mar 5, 2026
STEM$2.76+9.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue | |||
| Services and other revenue | $87,696 | $67,810 | $62,548 |
| Hardware revenue | 68,570 | 76,774 | 398,967 |
| Total revenue | 156,266 | 144,584 | 461,515 |
| Cost of revenue | |||
| Cost of services and other | 52,662 | 52,394 | 50,298 |
| Cost of hardware | 43,648 | 103,248 | 407,552 |
| Total cost of revenue | 96,310 | 155,642 | 457,850 |
| Gross profit (loss) | 59,956 | (11,058) | 3,665 |
| Operating expenses | |||
| Sales and marketing | 28,717 | 37,759 | 51,556 |
| Research and development | 35,295 | 51,282 | 56,508 |
| General and administrative | 51,632 | 88,071 | 74,915 |
| Impairment of parent company guarantees | — | 104,134 | — |
| Impairment of goodwill | — | 547,152 | — |
| Total operating expenses | 115,644 | 828,398 | 182,979 |
| Loss from operations | (55,688) | (839,456) | (179,314) |
| Other income (expense), net | |||
| Interest expense | (23,933) | (18,293) | (14,977) |
| Gain on extinguishment of debt | 220,047 | — | 59,121 |
| Change in fair value of derivative liability | — | 1,477 | (7,731) |
| Change in fair value of warrant liability | (3,222) | — | — |
| Other income, net | 1,093 | 2,590 | 2,921 |
| Total other income (expense), net | 193,985 | (14,226) | 39,334 |
| Income (loss) before provision for income taxes | 138,297 | (853,682) | (139,980) |
| Provision for income taxes | (536) | (332) | (433) |
| Net income (loss) | $137,761 | $(854,014) | $(140,413) |
| Net income (loss) per share attributable to common shareholders, basic | $16.52 | $(105.80) | $(18.05) |
| Net loss per share attributable to common shareholders, diluted | $(9.18) | $(105.80) | $(18.05) |
| Numerator used to compute net income (loss) per share: | |||
| Net income (loss) attributable to common stockholders, basic | $137,761 | $(854,014) | $(140,413) |
| Net loss attributable to Stem common stockholders, diluted (Note 16) | $(77,975) | $(854,014) | $(140,413) |
| Weighted-average shares used in computing net income (loss) per share to common shareholders, basic | 8,338,759 | 8,072,127 | 7,779,198 |
| Weighted-average shares used in computing net loss per share to common shareholders, diluted | 8,489,879 | 8,072,127 | 7,779,198 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.