← STEM, INC.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | — | $937k | $747.8m | $87.9m | $105.4m | $56.3m | $48.9m | |
| Accounts receivable, net of allowances of $3,893 and $9,499 as of December 31, 2025 and December 31, 2024, respectively | — | $13.6m | $61.7m | $223.2m | $302.8m | $59.3m | $38.4m | |
| Inventory | — | — | — | — | $26.7m | $10.9m | $4.6m | |
| Other current assets | — | $7.9m | $18.6m | $8.0m | $9.3m | $9.5m | $8.2m | |
| Total current assets | $2k | $1.6m | $1.0b | $532.8m | $473.0m | $136.6m | $100.1m | |
| Intangible assets, net | — | $12.1m | $14.0m | $162.3m | $157.1m | $143.9m | $123.0m | |
| Operating lease right-of-use assets | — | $358k | $13.0m | $12.4m | $12.3m | $12.6m | $9.6m | |
| Other noncurrent assets | — | $8.3m | $24.5m | $65.3m | $81.9m | $75.8m | $24.8m | |
| Energy storage systems, net | — | $123.7m | $106.1m | $90.8m | $74.4m | $58.8m | $43.9m | |
| Contract origination costs, net | — | $10.4m | $8.6m | $11.7m | $11.1m | $9.7m | $7.5m | |
| Financing obligation, current portion | — | $14.9m | $15.3m | $15.7m | $14.8m | $16.5m | $13.8m | |
| Other current liabilities | — | $1.6m | $1.8m | $5.4m | $12.7m | $6.4m | $6.8m | |
| Asset retirement obligation | — | $4.1m | $4.1m | $4.3m | $4.1m | $4.2m | $4.3m | |
| Convertible notes, noncurrent | — | $0 | $316.5m | $447.9m | $523.6m | $525.9m | $183.6m | |
| Senior secured notes, noncurrent | — | — | — | — | — | $0 | $128.8m | |
| Financing obligation, noncurrent | — | $73.1m | $73.2m | $63.9m | $52.0m | $41.6m | $29.6m | |
| Warrant liabilities | — | $95.3m | $0 | — | — | $0 | $5.1m | |
| Lease liabilities, noncurrent | — | $57k | $12.2m | $11.0m | $10.5m | $13.3m | $9.9m | |
| Other liabilities | — | — | $0 | $362k | $416k | $35.4m | $820k | |
| Non-controlling interests | — | — | $0 | $541k | $485k | $541k | $383k | |
| Total Stem's stockholders’ deficit | $6k | $5.0m | $667.8m | $551.6m | $426.2m | ($398.4m) | ($249.4m) | |
| Total stockholders’ deficit | — | — | $667.8m | $552.2m | $426.7m | ($397.8m) | ($249.1m) | |
| Total assets | $253k | $385.3m | $1.2b | $1.4b | $1.4b | $437.4m | $308.9m | |
| Total liabilities and stockholders’ deficit | $253k | $385.3m | $1.2b | $1.4b | $1.4b | $437.4m | $308.9m | |
| Accounts payable | $35k | $94k | $28.3m | $83.8m | $78.3m | $30.1m | $10.3m | |
| Accrued liabilities | $154k | $2.5m | $26.0m | $85.3m | $76.9m | $25.8m | $26.9m | |
| Accrued payroll | — | $6.0m | $7.5m | $12.5m | $14.4m | $6.7m | $9.1m | |
| Deferred revenue, current portion | — | $36.9m | $9.2m | $64.3m | $54.0m | $43.3m | $43.6m | |
| Deferred revenue, noncurrent | — | $15.5m | $28.3m | $73.8m | $88.7m | $85.9m | $85.3m | |
| Total current liabilities | $247k | $2.8m | $88.0m | $267.0m | $251.1m | $128.8m | $110.6m | |
| Total liabilities | $247k | $16.4m | $524.0m | $869.7m | $930.3m | $835.2m | $557.9m | |
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | — | 0 | 0 | 0 | 0 | 0 | 0 | |
| Common stock, $0.0001 par value; 250,000,000 and 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 8,489,540 and 8,139,884 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 1k | 1k | 14k | 15k | 16k | 16k | 1k | |
| Additional paid-in capital | $24k | $8.4m | $1.2b | $1.2b | $1.2b | $1.2b | $1.2b | |
| Accumulated other comprehensive income | — | ($192k) | $20k | ($1.7m) | ($42k) | $76k | $41k | |
| Accumulated deficit | ($19k) | ($3.4m) | ($509.1m) | ($632.1m) | ($772.5m) | ($1.6b) | ($1.5b) |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.