STEM
Stem, Inc.17.49
-0.21-1.19%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms EMS ramp, adds cycle details.
Q&A stayed light, largely reaffirming prepared remarks on PowerTrack EMS' trajectory—foundation in 2026, scaling in 2027—while Arun detailed longer utility-scale sales cycles and phased revenue recognition mixing immediate hardware with extended services. Management addressed the up-to-$40M battery resale guidance as opportunistic trusted-advisor plays, not strategic shifts, despite the jump from $15M. Brian pointed to software mix for steady 40-50% gross margins. Justin Clare probed EMS timing, battery demand, and margins; responses were direct yet unsurprising. Investors will watch EMS pipeline build. Q&A adds color, not curveballs.
Key Stats
Market Cap
146.74MP/E (TTM)
-Basic EPS (TTM)
-13.39Dividend Yield
0%Recent Filings
8-K
Switches auditors cleanly
Stem dismissed Deloitte as its auditor on March 12, 2026, after Audit Committee approval, with no disagreements or reportable events noted in prior audits. RSM was engaged as the new firm for Q1 2026 review and full 2026 audit, pending acceptance. Clean handover. Deloitte's concurring letter is attached.
8-K
ATM equity program launched
Stem entered an at-the-market equity offering agreement with Jefferies on March 6, 2026, enabling sales of up to $30 million in common stock through NYSE or other methods at prevailing prices. Jefferies earns up to 3% commission; Stem controls sales volume and can suspend anytime. No sales obligation exists.
10-K
FY2025 results
Stem pivoted hard from battery resales to AI software and services in 2025, lifting FY revenue 8% to $156M while slashing hardware sales 11%—Q4 delivered the year's strongest quarter with services up sharply. Gross margins exploded from -8% to 38% GAAP (46% non-GAAP), fueled by $220M debt extinguishment gain that flipped net loss to $138M profit; operating loss narrowed 93% to $56M on 41% opex cuts post-27% workforce trim. Bookings hit $132M, CARR climbed to $67M, solar AUM surged to 36GW. Liquidity holds at $49M cash with $312M debt; no annual guidance disclosed. New strategy risks stalling without quick software scale.
8-K
Stem hits first positive EBITDA
Stem delivered transformative 2025 results on March 4, 2026, posting first-ever positive full-year adjusted EBITDA of $6.7M and revenue up 8% to $156.3M, fueled by 25% growth in high-margin software/services/edge hardware to $141.4M while de-emphasizing battery sales. Q4 revenue dipped 15% to $47.2M yet adjusted EBITDA hit $5.5M with cash at $48.9M. Guidance targets ~85% adjusted EBITDA growth to $10-15M and 10% ARR expansion in 2026. Software shift builds leverage.
8-K
Court dismisses Stem lawsuit
Stem, Inc. scored a total win on December 17, 2025, when a California federal court dismissed with prejudice all claims in the In re Stem, Inc. Sec. Litig. (Case No. 23-CV-02329-MMC) securities class action against the company and former executives. The ruling ends the federal securities law allegations. Litigation risk vanishes.
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