← STEM, INC.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income (loss) | ($10k) | ($3.4m) | ($101.2m) | ($124.1m) | ($140.4m) | ($854.0m) | $137.8m | |
| Depreciation and amortization expense | $13.9m | $17.7m | $24.5m | $45.4m | $46.3m | $45.0m | $44.9m | |
| Impairment of inventory | — | — | — | $0 | $0 | $14.7m | $0 | |
| Impairment of deferred costs with suppliers | — | — | — | $0 | $0 | $13.4m | $0 | |
| Impairment of energy storage systems | $295k | $1.4m | $4.3m | $2.6m | $4.7m | $836k | $2.0m | |
| Impairment of project assets | — | $0 | $0 | $502k | $176k | $887k | $1.7m | |
| Impairment of right-of-use assets | — | — | — | $0 | $0 | $2.1m | $1.4m | |
| Impairment of parent company guarantees | — | — | — | $0 | $0 | $104.1m | $0 | |
| Impairment of goodwill | — | — | — | $0 | $0 | $547.2m | $0 | |
| Impairment of deferred services | — | — | — | $0 | $0 | $3.4m | $0 | |
| Impairment of other assets | — | $0 | $0 | $276k | $0 | $0 | $25.1m | |
| Non-cash interest expense, including interest expenses associated with debt issuance costs | $4.8m | $10.0m | $9.6m | $1.9m | $2.6m | $2.1m | $1.5m | |
| Loss on disposal of property and equipment | — | — | — | $276k | $0 | $0 | $842k | |
| Gain on extinguishment of debt | — | — | $5.1m | $0 | ($59.1m) | $0 | ($220.0m) | |
| Operating lease liabilities, net | ($230k) | ($646k) | ($303k) | ($1.6m) | ($2.9m) | ($2.8m) | ($4.2m) | |
| Distribution from equity method investment | — | — | ($1.2m) | ($50k) | $85k | $0 | $0 | |
| Stock-based compensation | $1.5m | $4.5m | $13.5m | $28.7m | $45.1m | $18.5m | $10.2m | |
| Change in fair value of derivative liability | — | — | $0 | $0 | $7.7m | ($1.5m) | $0 | |
| Change in fair value of warrant liability | ($1.5m) | $84.5m | ($3.4m) | $0 | $0 | $0 | $3.2m | |
| Non-cash lease expense | $906k | $589k | $896k | $2.3m | $2.9m | $3.0m | $2.7m | |
| Accretion of asset retirement obligations | $303k | $217k | $229k | $243k | $234k | $236k | $237k | |
| Write-off of accrued expenses and other liabilities | — | — | — | — | $0 | $0 | ($38.3m) | |
| Net accretion of discount on investments | $0 | $0 | $664k | ($123k) | ($1.8m) | ($29k) | $0 | |
| Income tax benefit from release of valuation allowance | — | $0 | $0 | ($15.1m) | ($335k) | $0 | $0 | |
| Provision for credit losses on accounts receivable | — | $0 | $0 | $3.6m | $1.4m | $4.0m | $3.0m | |
| Net loss on investments | — | ($137k) | $0 | $0 | $1.6m | $0 | $0 | |
| Other | ($76k) | ($129k) | ($50k) | $3k | ($949k) | ($251k) | $276k | |
| Accounts receivable | ($5.1m) | ($7.0m) | ($48.1m) | ($155.8m) | ($80.9m) | $133.1m | $17.7m | |
| Inventory | ($1.6m) | ($17.3m) | ($1.9m) | $18.6m | ($18.3m) | $2.8m | $6.3m | |
| Deferred costs with suppliers | — | ($2.6m) | ($7.5m) | ($37.1m) | $30.3m | $6.5m | $522k | |
| Other assets | ($1.9m) | ($5.3m) | ($24.8m) | ($29.4m) | ($18.0m) | $6.5m | $9.4m | |
| Contract origination costs, net | ($1.3m) | ($2.6m) | ($2.6m) | ($9.6m) | ($5.9m) | ($2.1m) | ($1.5m) | |
| Project assets | — | $0 | $0 | ($3.7m) | ($5.4m) | ($8.9m) | $14.8m | |
| Accounts payable | ($778) | ($281k) | $16.3m | $53.3m | ($5.2m) | ($48.1m) | ($19.9m) | |
| Accrued expense and other liabilities | — | $4.5m | $17.0m | $62.2m | ($15.8m) | ($20.3m) | $7.4m | |
| Deferred revenue | $9.0m | $31.7m | ($15.0m) | $51.0m | $4.6m | ($6.9m) | ($280k) | |
| Acquisitions, net of cash acquired | — | $0 | $0 | ($533.0m) | ($1.8m) | $0 | $0 | |
| Purchase of energy storage systems | ($41.0m) | ($6.2m) | ($3.6m) | ($2.6m) | ($2.6m) | ($275k) | $0 | |
| Purchase of property and equipment | ($7k) | ($12k) | ($600k) | ($1.5m) | ($1.5m) | ($217k) | $0 | |
| Proceeds from exercise of stock options | — | — | $148.5m | $1.3m | $276k | $0 | $0 | |
| Repayment of financing obligations | ($7.3m) | ($10.7m) | ($9.6m) | ($10.3m) | ($12.7m) | ($8.5m) | ($12.2m) | |
| 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 | $63.2m | $33.1m | $446.8m | $0 | $232.4m | $0 | $0 | |
| Repayment of convertible notes | — | — | $0 | $0 | ($99.8m) | $0 | $0 | |
| 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 | — | — | — | — | $0 | $0 | $4.8m | |
| Purchase of capped call options | $0 | $0 | ($66.7m) | $0 | ($27.8m) | $0 | $0 | |
| (Redemption of) investment from non-controlling interests | — | $0 | $0 | $541k | ($56k) | $56k | ($158k) | |
| Repayment of notes payable | ($25.8m) | ($22.2m) | ($41.4m) | $0 | ($2.1m) | $0 | $0 | |
| Change in asset retirement costs and asset retirement obligation | ($636k) | $1.8m | $231k | $116k | $443k | $85k | $91k | |
| Right-of-use asset obtained in exchange for lease liability | $0 | $0 | $13.3m | $428k | $2.8m | $5.5m | $961k | |
| Stock-based compensation capitalized to internal-use software | $0 | $0 | $1.2m | $3.0m | $4.3m | $2.8m | $1.0m | |
| Net cash provided by (used in) operating activities | ($17k) | ($1.8m) | ($101.3m) | ($106.0m) | ($207.4m) | ($36.6m) | $6.9m | |
| Capital expenditures on internally-developed software | ($5.4m) | ($5.8m) | ($6.0m) | ($16.8m) | ($14.1m) | ($11.3m) | ($6.6m) | |
| Purchase of available-for-sale investments | $0 | $0 | ($189.9m) | ($220.6m) | ($60.0m) | $0 | $0 | |
| Proceeds from maturities of available-for-sale investments | — | $0 | $0 | $219.3m | $141.8m | $8.2m | $0 | |
| Proceeds from sales of available-for-sale investments | $0 | $0 | $16.0m | $10.9m | $73.9m | $0 | $0 | |
| Net cash (used in) provided by investing activities | ($46.4m) | ($383.6m) | ($185.2m) | ($544.4m) | $135.7m | ($3.5m) | ($6.6m) | |
| Debt issued in exchange for extinguishment of existing notes | — | — | — | — | $0 | $0 | $122.0m | |
| Debt retired in exchange for issuance of new notes | — | — | — | — | $0 | $0 | $343.9m | |
| Warrants issued in connection with debt exchange | — | — | — | — | $0 | $0 | $1.9m | |
| Net cash (used in) provided by financing activities | ($142k) | $386.4m | $1.0b | ($9.3m) | $90.2m | ($8.4m) | ($7.6m) | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ($170k) | ($534k) | $242k | ($202k) | ($16k) | $215k | ($80k) | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | ($160k) | $937k | $740.8m | ($659.9m) | $18.6m | ($48.4m) | ($7.4m) | |
| Cash, cash equivalents and restricted cash, beginning of year | $0 | $937k | $747.8m | $87.9m | $106.5m | $58.1m | $50.7m | |
| Cash and cash equivalents | — | — | $747.8m | $87.9m | $105.4m | $56.3m | $48.9m | |
| Restricted cash included in other noncurrent assets | — | — | $0 | $0 | $1.1m | $1.8m | $1.8m | |
| Cash paid for interest | $8.9m | $9.7m | $10.2m | $6.4m | $14.6m | $16.2m | $14.6m | |
| Cash paid for income taxes | $3k | $2k | $0 | $285k | $235k | $680k | $481k |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.