Stem Inc
stem.comStem Inc (NYSE: STEM) is an energy storage and solar asset management company that provides software and services for optimizing distributed energy resources. It makes money through a combination of recurring software subscriptions and hardware-related services, with Contracted Annual Recurring Revenue (CARR) of $67.2M and Annual Recurring Revenue (ARR) of $61.1M as of December 31, 2025. Total revenue was $156.3M in FY2025, up from $144.6M in FY2024, with a GAAP gross margin of 38% in FY2025 versus negative 8% in FY2024. The company operates a software platform that monitors and controls solar and battery energy storage assets, with 36.1 GW of solar operating assets under management and 1.7 GWh of storage operating AUM as of December 31, 2025. Stem competes against other asset performance monitoring and control solution providers, traditional utilities, and distributed generation product companies. As of December 31, 2025, Stem held more than 90 patents across storage and solar asset performance.
Products & Services
Software platform for monitoring, control, and optimization of solar and battery energy storage assets. Services include asset performance monitoring and control solutions for distributed energy resources. Stem held more than 90 patents covering storage and solar asset performance technology as of December 31, 2025.
Revenue Model
Recurring software subscription revenue tracked via CARR ($67.2M as of December 31, 2025) and ARR ($61.1M as of December 31, 2025), plus hardware and non-recurring services revenue. Bookings, redefined in Q1 2025 as total value of executed purchase orders, were $131.8M in FY2025.
Customers & Markets
Commercial and industrial customers, utilities, and grid operators deploying solar generation and battery energy storage systems. End markets include distributed renewable energy generation and grid stability and resiliency services.
Geographic Exposure
The 10-K references localizing capabilities based on geography and regulatory considerations, but does not provide a specific revenue breakdown by geography in the excerpts provided.
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