Stem Inc
NYSE:STEM
Stem Inc
Stem, Inc. builds and operates the digitally connected energy storage network. The company is headquartered in San Francisco, California and currently employs 213 full-time employees. The company went IPO on 2020-08-20. The firm is focused on providing smart energy storage and energy management software. The company also enagaged in offering clean energy intelligence and optimization. Stem's energy software platform, Athena, is an artificial intelligence (AI)-powered analytics platform that enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Its solutions include energy storage, solar plus storage, wholesale energy markets, microgrids, backup power and voltage support, utility bill optimization, demand response and commercial electronic vehicle (EV) charging. The firm's customers include enterprise, commercial and industrial, electric cooperatives, project developers, utilities, solar engineering, procurement and construction (EPCs), and independent power producers (IPPs) and asset owners.
Stem, Inc. builds and operates the digitally connected energy storage network. The company is headquartered in San Francisco, California and currently employs 213 full-time employees. The company went IPO on 2020-08-20. The firm is focused on providing smart energy storage and energy management software. The company also enagaged in offering clean energy intelligence and optimization. Stem's energy software platform, Athena, is an artificial intelligence (AI)-powered analytics platform that enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Its solutions include energy storage, solar plus storage, wholesale energy markets, microgrids, backup power and voltage support, utility bill optimization, demand response and commercial electronic vehicle (EV) charging. The firm's customers include enterprise, commercial and industrial, electric cooperatives, project developers, utilities, solar engineering, procurement and construction (EPCs), and independent power producers (IPPs) and asset owners.
Transformation: Stem delivered a software-centric turnaround in 2025, with full year revenue of $156 million and software/services/edge hardware revenue of $141 million, shifting the revenue mix toward higher-margin offerings.
Profitability: The company achieved its first full year positive adjusted EBITDA of $7 million and positive operating cash flow of $7 million, with Q4 adjusted EBITDA of $5 million.
Margins & cost cuts: Record GAAP gross margin for the year of 38% and Q4 GAAP gross margin of 49%; cash operating expenses down 41% year-over-year for the full year and down 50% in Q4.
Product & market momentum: PowerTrack EMS and PowerTrack Sage launched in 2025; EMS is targeted at utility-scale and international projects (Everyray 100‑MWh engagement announced) and Sage will be generally available this month with a light rollout to all customers.
2026 framing & guidance: Revenue guidance $140M–$190M (with $130M–$150M from core software/services/edge hardware), adjusted EBITDA $10M–$15M, ARR guidance $65M–$70M; 2026 described as an optimization year to drive operating leverage before scaling in 2027.
Bookings & backlog: Q4 bookings $33 million, contracted backlog $21 million, CARR at $67 million after a $3 million sequential decrease driven by one customer cancellation.
Capital & liquidity: End-of-year cash $49 million (up from $43 million at Q3), and the company does not plan further DevCo asset investments after selling/writing off those assets.
