STEMNYSEServices-Computer Integrated Systems DesignUS GAAP · USD

Stem, Inc

Stem, Inc. is a U.S.-based software and services company focused on energy storage, clean energy asset management, and grid-connected optimization solutions. Its platform combines AI-enabled software, edge hardware, and professional and managed services to help asset owners and energy operators monitor, control, and optimize distributed energy resources.

Kysy yhtiöstä
Liikevaihto156milj. USD
+8,1 %v/v
Liikevoitto (EBIT)−55,7milj. USD
+93,4 %v/v
EBIT-marginaali−35,6%
+545,0 %-yks.v/v
Nettotulos138milj. USD
+116,1 %v/v
Vapaa kassavirta6,9milj. USD
+118,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1 000−5000500milj. USD2020: 36 milj. USD2020: EBIT −3,5 milj. USD20202021: 127 milj. USD2021: EBIT −83 milj. USD20212022: 363 milj. USD2022: EBIT −131 milj. USD20222023: 462 milj. USD2023: EBIT −179 milj. USD20232024: 145 milj. USD2024: EBIT −839 milj. USD20242025: 156 milj. USD2025: EBIT −56 milj. USD2025156−56
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Software subscriptions45 %

Recurring software fees for energy optimization, asset management, and monitoring.

Managed and professional services20 %

Implementation, support, advisory, and ongoing services tied to customer deployments.

Hardware sales30 %

Sales of OEM energy storage systems and edge hardware devices.

Project assets and other revenue5 %

Project asset sales, utility incentives, and other ancillary revenue streams.

Tuotteet

Raportoitu · osuus liikevaihdosta
34,4%24,1%19,3%12,7%9,5%FY2025100 %
  • Edge Hardware34,4 %
  • Power Track Software24,1 %
  • Managed Services19,3 %
  • Project and Professional Services and Other12,7 %
  • Battery Hardware Resale9,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Stem sells to asset owners, operators, developers, and other energy stakeholders that need software and hardware to manage clean energy portfolios. Customers buy the platform to improve visibility, optimize dispatch and performance, and support the operation of storage and distributed energy assets. The company has historically depended on a relatively small number of significant customers, so contract timing and retention matter materially.

Asset owners

Buy monitoring and optimization software to improve performance and visibility across energy assets.

Energy operators

Use software, edge devices, and services to run storage and distributed energy systems.

Developers and project stakeholders

Purchase advisory, project asset, and deployment-related services for clean energy projects.

Subscription customers

Renew recurring software and service contracts tied to PowerTrack and related offerings.

Strategia

Stem's strategy is centered on expanding AI-enabled software, edge, and services while reducing reliance on battery resale activity. The company is also prioritizing operational simplification, customer retention, and more disciplined spending so it can scale recurring software and service revenue. These priorities are intended to strengthen the mix of revenue and improve the durability of the business model.

Grow software and services revenueKeskipitkä aikaväli

Recurring software and service revenue is more scalable than hardware resale activity.

Reduce reliance on battery resalesLyhyt aikaväli

Lower dependence on lower-quality, less recurring revenue streams improves business mix.

Improve operating efficiencyLyhyt aikaväli

A leaner cost structure supports scaling and helps absorb contract timing volatility.

Strengthen customer base and renewalsKeskipitkä aikaväli

Retention and contract renewals are critical for recurring revenue visibility.

Maantiede

Q1/2026

Stem describes itself as a global business, with customers and operations spanning multiple geographies. The company sources components from both domestic and international vendors, so its operating footprint is exposed to logistics, tariffs, and supply-chain conditions across regions. Geography matters because grid interconnection, permitting, and utility relationships are local, which can affect deployment timing and customer adoption.

USA95 %
Other countries (US filing)4,6 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Stem faces execution risk as it transitions from a hardware- and battery-resale-heavy model toward software and services. Its results are also exposed to customer concentration, subscription renewals, supplier disruptions, interconnection delays, and regulatory or permitting constraints tied to energy infrastructure. Because the business combines software, hardware, and project-based delivery, revenue and margins can vary materially with contract timing and deployment conditions.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Strategy execution risk1Subscription renewal risk2Customer concentration3Supply chain and tariff risk4Interconnection and permitting delays5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Strategy execution riskVaikutus: KorkeaTodennäköisyys: Korkea

    The company is changing its operating model and may not realize expected benefits.

    Kohdistuu: Software and services transition

  2. Subscription renewal riskVaikutus: KorkeaTodennäköisyys: Korkea

    Recurring revenue depends on customers continuing and expanding subscriptions.

    Kohdistuu: PowerTrack and related services

  3. Customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A small number of customers have historically accounted for a material portion of revenue.

    Kohdistuu: Large contract timing and renewals

  4. Supply chain and tariff riskVaikutus: KeskitasoTodennäköisyys: Korkea

    Hardware depends on domestic and international suppliers and is sensitive to tariffs and logistics.

    Kohdistuu: Battery and edge hardware components

  5. Interconnection and permitting delaysVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Energy storage installations require utility approvals and grid connection.

    Kohdistuu: Customer project deployment timing

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Software subscriptions, services, and hardware are recognized differently under contract terms.

Vaikutus: Affects revenue timing, deferred revenue, and quarterly comparability

Asset impairment

Energy storage systems and project assets require recoverability and fair value testing.

Vaikutus: Can create material non-cash charges

Fair value of debt

The 2030 Senior Secured Notes are valued using a model with unobservable inputs.

Vaikutus: Affects debt valuation disclosures and interest-related accounting

Restructuring costs

Workforce and operational changes generate one-time charges and related accruals.

Vaikutus: Impacts operating expenses and period-to-period comparability

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Päivitetty: 24.9.2026