Stem Inc
stem.comWhat Do They Do?
Provides software, edge hardware and services that help project developers, asset owners and engineering, procurement and construction firms monitor and operate solar, storage and hybrid energy assets.
10-K for FY2025, filed Mar 5, 2026
How Do They Make Money?
Stem earns recurring software-as-a-service revenue from PowerTrack, sells edge devices and energy-storage systems, and provides project, professional and managed storage services. Managed services include recurring operation and optimization of energy portfolios.
10-K for FY2025, filed Mar 5, 2026PowerTrack Software – Recurring Software as a Service (“SaaS”) revenue from our PowerTrack platform supporting customer-owned clean energy…View ↗
Edge Hardware – Sales of edge device hardware to aid in the collection of site data and the real-time operation and control of sites.View ↗
Project and Professional Services & Other – Full lifecycle energy services including development and engineering, procurement and…View ↗
Managed Services – Includes (1) recurring revenue related to the operation and optimization of energy storage and hybrid portfolios managed…View ↗
Battery Hardware Resale – Sales of energy storage systems through partnership arrangements.View ↗
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10-K for FY2025, filed Mar 5, 2026
FY2025 revenue by product or service ↗
$156.3M
-
10-K for FY2025, filed Mar 5, 2026
$156.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Subtotal
|
71% |
Subtotal, FY2025
$111.2M Sources
|
|
|
Managed services
|
19% |
Managed services, FY2025
$30.2M Sources
|
|
|
Battery Hardware Resale
Sold outright
10-K for FY2025, filed Mar 5, 2026 |
9.5% |
Battery Hardware Resale, FY2025
$14.8M Sources
|
Sold outright |
Who Are Their Customers?
Serves project developers, asset owners, engineering, procurement and construction firms, and distributors with software, hardware and services for clean-energy projects.
10-K for FY2025, filed Mar 5, 2026Our PowerTrack Software for solar monitoring and analytics enables the standardization of energy portfolios on one hardware agnostic…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 88 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 5, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$14.4MView ↗
- ▼ Now a loss
- vs $202.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
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Mar 17, 2026
Stem changed its independent auditor
The audit committee dismissed Deloitte and engaged RSM as the company’s new independent auditor.
Sources
8-K, filed Mar 17, 2026
On March 12, 2026, the Audit Committee of the Board of Directors (the “Board”) of Stem, Inc. (the “Company”) approved the dismissal of…View ↗
Growing. Revenue grew 23% in 4 years, from $127.4M in FY2021 to $156.3M in FY2025, about 5% a year.
Greater emphasis on software and services
The older report included energy-storage systems sourced from battery makers and delivered through partners alongside software and solar monitoring. The latest emphasizes AI-enabled software, edge products and services, and describes reducing battery resales.
10-K for FY2022, filed Feb 17, 2023 10-K for FY2025, filed Mar 5, 2026Stem, Inc., a Delaware corporation (“Stem,” the “Company,” “we,” “us,” or “our”), is a global leader in AI-driven clean energy solutions…View ↗
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