Stem, Inc. (STEM) Financial Statements
Industry: Computer Integrated Systems Design (Services)
In fiscal 2025, Stem reported revenue of $156.3M, up 8.1% from $144.6M the year before. Net income was $137.8M (a 88.2% net margin), or -$9.18 per diluted share. Gross margin was 38.4% and operating margin was -35.6%. Operating activities generated $6.9M of cash, leaving $6.9M of free cash flow. At fiscal year end, Stem held $308.9M in total assets against $557.9M in total liabilities, including $48.9M of cash and equivalents.
Open the full interactive Stem financials → Quarterly statements, key ratios, valuation history and price charts.
Stem Key Stats
| Share Price | $4.00 |
|---|---|
| Market Cap | $36.4M |
| Revenue YoY Growth | +8.1% |
| 52-Week Range | $3.82 – $29.79 |
| Shares Outstanding | 9.1 million (basic, 2026 Q2) |
Stem Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $127.4M | $363.0M | $461.5M | $144.6M | $156.3M |
| Gross Profit | — | $1.2M | $33.1M | $3.7M | -$11.1M | $60.0M |
| Operating Income | — | -$83.1M | -$131.1M | -$179.3M | -$839.5M | -$55.7M |
| Pre-Tax Income | -$3.4M | -$101.2M | -$139.2M | -$140.0M | -$853.7M | $138.3M |
| Income Tax | — | $0 | -$15.2M | $433,000 | $332,000 | $536,000 |
| Net Income | -$3.4M | -$101.2M | -$124.1M | -$140.4M | -$854.0M | $137.8M |
| Diluted EPS | -$1.76 | -$19.20 | -$16.20 | -$18.00 | -$105.80 | -$9.18 |
Stem Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $38.2M | $47.1M | $29.0M | $33.7M |
| Net Income | -$23.8M | -$16.0M | -$18.9M | -$14.4M |
| Diluted EPS | -$2.84 | -$1.88 | -$2.22 | -$1.58 |
Stem Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $936,773 | $747.8M | $87.9M | $105.4M | $56.3M | $48.9M |
| Current Assets | $1.6M | $1.02B | $532.8M | $473.0M | $136.6M | $100.1M |
| Total Assets | $385.3M | $1.19B | $1.42B | $1.36B | $437.4M | $308.9M |
| Current Liabilities | $2.8M | $88.0M | $267.0M | $251.1M | $128.8M | $110.6M |
| Total Long-Term Debt | — | $406.7M | $529.1M | $590.5M | $584.1M | $355.8M |
| Total Liabilities | $16.4M | $524.0M | $869.7M | $930.3M | $835.2M | $557.9M |
| Shareholders' Equity | $5.0M | $667.8M | $551.6M | $426.2M | -$398.4M | -$249.4M |
Stem Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$1.8M | -$101.3M | -$106.0M | -$207.4M | -$36.6M | $6.9M |
| Cash From Investing | -$383.6M | -$185.2M | -$544.4M | $135.7M | -$3.5M | -$6.6M |
| Cash From Financing | $386.4M | $1.03B | -$9.3M | $90.2M | -$8.4M | -$7.6M |
| Free Cash Flow | — | -$101.3M | -$106.0M | -$207.4M | -$36.7M | $6.9M |
Figures from Stem's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Stem financials page for every line item.
Stem Company Profile
| Ticker | STEM |
|---|---|
| Exchange | NYSE |
| Industry | Computer Integrated Systems Design (Services) |
| Headquarters | Houston, Texas |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001758766 |
Frequently Asked Questions
What was Stem's revenue in fiscal 2025?
Stem (STEM) reported revenue of $156.3M for fiscal 2025.
What is Stem's annual revenue history?
Stem's annual revenue by fiscal year: 2020: $0; 2021: $127.4M; 2022: $363.0M; 2023: $461.5M; 2024: $144.6M; 2025: $156.3M.
What was Stem's net income in fiscal 2025?
Stem reported net income of $137.8M for fiscal 2025.
What was Stem's earnings per share (EPS) in fiscal 2025?
Stem's diluted EPS was -$9.18 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Stem generate in fiscal 2025?
Stem generated $6.9M of free cash flow in fiscal 2025.
What was Stem's revenue last quarter?
In its most recent reported quarter (2026 Q2), Stem reported revenue of $33.7M.
How much debt does Stem have?
Stem reported $355.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Stem are outstanding?
Stem reported a weighted average of 9.1 million basic shares outstanding in 2026 Q2.
What is Stem's market cap?
Based on its latest closing price, Stem (STEM) has a market capitalization of about $36.4M.
When does Stem's fiscal year end?
Stem's fiscal year end, as registered with the SEC, is December 31.
Where is Stem headquartered?
Stem lists its business address in Houston, Texas in its SEC filings.