STEM, INC.

For the period ended Dec 31, 2025. Filed Mar 5, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 5, 2026

STEM$2.36-14.5%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Years Ended December 31,
	2025	2024	2023
OPERATING ACTIVITIES
Net income (loss)	$137,761	$(854,014)	$(140,413)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	44,947	44,988	46,275
Non-cash interest expense, including interest expenses associated with debt issuance costs	1,540	2,087	2,602
Stock-based compensation	10,216	18,471	45,109
Change in fair value of derivative liability	—	(1,477)	7,731
Change in fair value of warrant liability	3,222	—	—
Non-cash lease expense	2,652	3,023	2,928
Accretion of asset retirement obligations	237	236	234
Impairment of inventory	—	14,673	—
Impairment of deferred costs with suppliers	—	13,409	—
Impairment of energy storage systems	2,020	836	4,683
Loss on disposal of property and equipment	842	—	—
Impairment of project assets	1,654	887	176
Impairment of right-of-use assets	1,357	2,096	—
Impairment of parent company guarantees	—	104,134	—
Impairment of goodwill	—	547,152	—
Impairment of deferred services	—	3,386	—
Impairment of other assets	25,088	—	—
Write-off of accrued expenses and other liabilities	(38,318)	—	—
Net accretion of discount on investments	—	(29)	(1,755)
Income tax benefit from release of valuation allowance	—	—	(335)
Provision for credit losses on accounts receivable	3,046	3,978	1,447
Net loss on investments	—	—	1,561
Gain on extinguishment of debt	(220,047)	—	(59,121)
Other	276	(251)	(949)
Changes in operating assets and liabilities:
Accounts receivable	17,729	133,057	(80,887)
Inventory	6,333	2,766	(18,291)
Deferred costs with suppliers	522	6,523	30,322
Other assets	9,393	6,537	(18,036)
Contract origination costs, net	(1,490)	(2,129)	(5,924)
Project assets	14,762	(8,877)	(5,392)
Accounts payable	(19,850)	(48,146)	(5,241)
Accrued expense and other liabilities	7,447	(20,293)	(15,762)
Deferred revenue	(280)	(6,878)	4,573
Operating lease liabilities, net	(4,198)	(2,795)	(2,912)
Net cash provided by (used in) operating activities	6,861	(36,650)	(207,377)
INVESTING ACTIVITIES
Acquisitions, net of cash acquired	—	—	(1,847)
Purchase of available-for-sale investments	—	—	(60,002)
Proceeds from maturities of available-for-sale investments	—	8,250	141,810
Proceeds from sales of available-for-sale investments	—	—	73,917
Purchase of energy storage systems	—	(275)	(2,634)
Capital expenditures on internally-developed software	(6,602)	(11,275)	(14,097)
Distribution from equity method investment	—	—	85
Purchase of property and equipment	—	(217)	(1,505)
Net cash (used in) provided by investing activities	(6,602)	(3,517)	135,727

FINANCING ACTIVITIES
Proceeds from exercise of stock options	—	—	276
Repayment of financing obligations	(12,159)	(8,494)	(12,686)
Proceeds from issuance of convertible notes, net of issuance costs of $0, $0 and $7,601 for the years ended December 31, 2025, 2024 and 2023, respectively	—	—	232,399
Repayment of convertible notes	—	—	(99,754)
Proceeds from issuance of senior secured notes, net of issuance costs of $5,246, $0 and $0 for the years ended December 31, 2025, 2024 and 2023, respectively	4,754	—	—
Purchase of capped call options	—	—	(27,840)
(Redemption of) investment from non-controlling interests	(158)	56	(56)
Repayment of notes payable	—	—	(2,101)
Net cash (used in) provided by financing activities	(7,563)	(8,438)	90,238
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(80)	215	(16)
Net (decrease) increase in cash, cash equivalents and restricted cash	(7,384)	(48,389)	18,572
Cash, cash equivalents and restricted cash, beginning of year	58,085	106,475	87,903
Cash, cash equivalents and restricted cash, end of period	$50,701	$58,085	$106,475

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	$14,571	$16,198	$14,588
Cash paid for income taxes	$481	$680	$235
NON-CASH INVESTING AND FINANCING ACTIVITIES
Change in asset retirement costs and asset retirement obligation	$91	$85	$443
Right-of-use asset obtained in exchange for lease liability	$961	$5,485	$2,782
Debt issued in exchange for extinguishment of existing notes	$121,954	$—	$—
Debt retired in exchange for issuance of new notes	$343,901	$—	$—
Warrants issued in connection with debt exchange	$1,899	$—	$—
Stock-based compensation capitalized to internal-use software	$1,015	$2,757	$4,331
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	$48,915	$56,299	$105,375
Restricted cash included in other noncurrent assets	1,786	1,786	1,100
Total cash, cash equivalents, and restricted cash	$50,701	$58,085	$106,475

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.