Stem Inc Financials

STEM

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Stem Inc (STEM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Stem Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.04x

For every $1 of reported earnings, Stem Inc generates $0.04 in operating cash flow (-$36.6M OCF vs -$854.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-45.9x

Stem Inc earns $-45.9 in operating income for every $1 of interest expense (-$839.5M vs $18.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$144.6M

YoY-68.7%

5Y CAGR+52.5%

Stem Inc generated $144.6M in revenue in fiscal year 2024. This represents a decrease of 68.7% from the prior year.

EBITDA

-$794.5M

YoY-497.2%

Stem Inc's EBITDA was -$794.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 497.2% from the prior year.

Free Cash Flow

N/A

Net Income

-$854.0M

YoY-508.2%

Stem Inc reported -$854.0M in net income in fiscal year 2024. This represents a decrease of 508.2% from the prior year.

EPS (Diluted)

$-5.29

YoY-487.8%

Stem Inc earned $-5.29 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 487.8% from the prior year.

Cash & Debt

$56.3M

YoY-46.6%

5Y CAGR+34.3%

Stem Inc held $56.3M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY-94.8%

5Y CAGR-28.4%

Stem Inc had 8M shares outstanding in fiscal year 2024. This represents a decrease of 94.8% from the prior year.

Gross Margin

-7.6%

YoY-8.4pp

5Y CAGR+10.9pp

Stem Inc's gross margin was -7.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 8.4 percentage points from the prior year.

Operating Margin

-580.6%

YoY-541.8pp

5Y CAGR-308.0pp

Stem Inc's operating margin was -580.6% in fiscal year 2024, reflecting core business profitability. This is down 541.8 percentage points from the prior year.

Net Margin

-590.7%

YoY-560.3pp

5Y CAGR-252.2pp

Stem Inc's net profit margin was -590.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 560.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$51.3M

YoY-9.2%

5Y CAGR+28.4%

Stem Inc invested $51.3M in research and development in fiscal year 2024. This represents a decrease of 9.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

STEM Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$144.6M-68.7%	$461.5M+27.1%	$363.0M+185.0%	$127.4M+250.8%	$36.3M+106.9%	$17.6M
Cost of Revenue	$155.6M-66.0%	$457.9M+38.8%	$329.9M+161.6%	$126.1M+213.6%	$40.2M+93.2%	$20.8M
Gross Profit	-$11.1M-401.7%	$3.7M-88.9%	$33.1M+2553.7%	$1.2M+131.9%	-$3.9M-20.0%	-$3.3M
R&D Expenses	$51.3M-9.2%	$56.5M+47.5%	$38.3M+68.6%	$22.7M+42.5%	$15.9M+8.4%	$14.7M
SG&A Expenses	$88.1M+17.6%	$74.9M-2.7%	$77.0M+85.0%	$41.6M+183.2%	$14.7M+18.4%	$12.4M
Operating Income	-$839.5M-368.1%	-$179.3M-36.8%	-$131.1M-57.8%	-$83.1M-68.2%	-$49.4M-3.2%	-$47.9M
Interest Expense	$18.3M+22.1%	$15.0M+43.1%	$10.5M-39.8%	$17.4M-16.4%	$20.8M+65.8%	$12.5M
Income Tax	$332K-23.3%	$433K+102.9%	-$15.2M	$0-100.0%	$5K-16.7%	$6K
Net Income	-$854.0M-508.2%	-$140.4M-13.2%	-$124.1M-22.6%	-$101.2M+35.2%	-$156.1M-162.8%	-$59.4M
EPS (Diluted)	$-5.29-487.8%	$-0.90-11.1%	$-0.81+15.6%	$-0.96+76.8%	$-4.13-173.5%	$-1.51

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$38.2M-0.4%	$38.4M+18.0%	$32.5M-41.8%	$55.8M+64.2%	$34.0M+33.5%	$25.5M-84.8%	$167.4M+25.2%	$133.7M
Cost of Revenue	$24.7M-3.6%	$25.6M+16.4%	$22.0M-62.3%	$58.3M+136.6%	$24.6M-50.4%	$49.7M-68.2%	$156.3M+1.5%	$154.0M
Gross Profit	$13.6M+6.1%	$12.8M+21.5%	$10.5M+532.2%	-$2.4M-126.0%	$9.4M+138.8%	-$24.2M-318.1%	$11.1M+154.7%	-$20.3M
R&D Expenses	$6.9M-30.8%	$10.0M-11.8%	$11.3M+5.1%	$10.8M-29.5%	$15.3M+8.1%	$14.1M-2.4%	$14.5M+0.5%	$14.4M
SG&A Expenses	$12.5M+40.9%	$8.9M-34.4%	$13.6M-48.7%	$26.5M+66.9%	$15.8M-14.6%	$18.6M+14.2%	$16.3M-25.9%	$22.0M
Operating Income	-$12.9M+3.7%	-$13.3M+36.9%	-$21.1M+55.1%	-$47.1M+91.9%	-$579.8M-752.6%	-$68.0M-102.9%	-$33.5M+50.9%	-$68.3M
Interest Expense	$7.3M+78.5%	$4.1M-5.1%	$4.3M-3.4%	$4.4M-4.1%	$4.6M-1.6%	$4.7M-3.8%	$4.9M+11.1%	$4.4M
Income Tax	-$141K-129.7%	$475K+719.0%	$58K+583.3%	-$12K-119.4%	$62K-59.5%	$153K+93.7%	$79K+271.7%	-$46K
Net Income	-$23.8M-111.7%	$202.5M+910.1%	-$25.0M+51.1%	-$51.1M+91.2%	-$582.3M-705.3%	-$72.3M-91.9%	-$37.7M+51.1%	-$77.1M
EPS (Diluted)	$-2.84-58.7%	$-1.79	$-0.15	$85.22	$-71.81-15510.9%	$-0.46-428.6%	$0.14+128.6%	$-0.49

STEM Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$437.4M-67.8%	$1.4B-4.6%	$1.4B+19.3%	$1.2B+479.0%	$205.8M+9.5%	$188.0M
Current Assets	$136.6M-71.1%	$473.0M-11.2%	$532.8M-48.0%	$1.0B+1977.7%	$49.3M+71.1%	$28.8M
Cash & Equivalents	$56.3M-46.6%	$105.4M+19.9%	$87.9M-88.2%	$747.8M+10671.8%	$6.9M-46.1%	$12.9M
Inventory	$421K-98.4%	$26.7M+218.4%	$8.4M-63.1%	$22.7M+9.0%	$20.8M+482.2%	$3.6M
Accounts Receivable	$59.3M-80.4%	$302.8M+35.7%	$223.2M+261.8%	$61.7M+354.6%	$13.6M+105.0%	$6.6M
Goodwill	$0-100.0%	$547.2M+0.1%	$546.6M+31298.6%	$1.7M+0.1%	$1.7M+2.6%	$1.7M
Total Liabilities	$835.2M-10.2%	$930.3M+7.0%	$869.7M+66.0%	$524.0M+36.7%	$383.3M+80.3%	$212.6M
Current Liabilities	$128.8M-48.7%	$251.1M-6.0%	$267.0M+203.5%	$88.0M-53.8%	$190.5M+74.2%	$109.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$398.4M-193.5%	$426.2M-22.7%	$551.6M-17.4%	$667.8M+476.4%	-$177.4M-623.2%	-$24.5M
Retained Earnings	-$1.6B-110.6%	-$772.5M-22.2%	-$632.1M-24.2%	-$509.1M-24.8%	-$407.8M-57.4%	-$259.1M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$362.6M-4.4%	$379.2M-6.4%	$405.1M-7.4%	$437.4M-36.8%	$691.5M-46.2%	$1.3B-5.3%	$1.4B-3.0%	$1.4B
Current Assets	$93.8M-5.5%	$99.2M-10.3%	$110.6M-19.1%	$136.6M-62.0%	$359.9M-11.2%	$405.5M-14.3%	$473.0M-7.4%	$510.5M
Cash & Equivalents	$43.1M+5.7%	$40.8M-30.4%	$58.6M+4.1%	$56.3M-37.2%	$89.6M-20.5%	$112.8M+7.1%	$105.4M+8.6%	$97.1M
Inventory	N/A	N/A	N/A	$421K	N/A	$24.4M-8.3%	$26.7M-59.4%	$65.7M
Accounts Receivable	$35.8M-16.4%	$42.8M+23.3%	$34.7M-41.4%	$59.3M-71.3%	$206.4M-14.0%	$239.9M-20.8%	$302.8M+4.9%	$288.7M
Goodwill	N/A	N/A	N/A	$0	$0-100.0%	$547.2M0.0%	$547.2M0.0%	$547.2M
Total Liabilities	$597.7M+0.8%	$592.7M-27.9%	$822.0M-1.6%	$835.2M-6.6%	$894.3M-2.0%	$912.8M-1.9%	$930.3M-1.6%	$945.4M
Current Liabilities	$113.6M+1.3%	$112.1M-6.8%	$120.2M-6.7%	$128.8M-40.5%	$216.6M-8.4%	$236.6M-5.8%	$251.1M-6.7%	$269.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$235.7M-10.1%	-$214.1M+48.7%	-$417.5M-4.8%	-$398.4M-96.0%	-$203.2M-154.7%	$371.6M-12.8%	$426.2M-5.9%	$452.9M
Retained Earnings	-$1.5B-1.6%	-$1.4B+12.3%	-$1.7B-1.5%	-$1.6B-14.0%	-$1.4B-68.9%	-$844.8M-9.4%	-$772.5M-5.1%	-$734.8M

STEM Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$36.6M+82.3%	-$207.4M-95.6%	-$106.0M-4.7%	-$101.3M-200.8%	-$33.7M-13.5%	-$29.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$3.5M-102.6%	$135.7M+124.9%	-$544.4M-193.9%	-$185.2M-1439.0%	-$12.0M+74.0%	-$46.4M
Financing Cash Flow	-$8.4M-109.4%	$90.2M+1073.2%	-$9.3M-100.9%	$1.0B+2449.0%	$40.3M-40.0%	$67.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$11.4M+153.5%	-$21.3M-349.3%	$8.5M+158.0%	-$14.7M-23.8%	-$11.9M-1814.0%	-$621K+70.8%	-$2.1M+46.9%	-$4.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.0M+7.7%	-$1.1M+69.8%	-$3.6M-34.4%	-$2.7M+16.8%	-$3.2M-168.7%	$4.7M-69.8%	$15.5M-51.3%	$31.8M
Financing Cash Flow	-$7.8M-272.5%	$4.5M+259.7%	-$2.8M-88.4%	-$1.5M+79.6%	-$7.3M-333.2%	$3.1M+164.1%	-$4.9M+4.6%	-$5.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

STEM Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	-7.6%-8.4pp	0.8%-8.3pp	9.1%+8.1pp	1.0%+11.8pp	-10.8%+7.8pp	-18.6%
Operating Margin	-580.6%-541.8pp	-38.9%-2.7pp	-36.1%+29.1pp	-65.2%+70.8pp	-136.0%+136.6pp	-272.6%
Net Margin	-590.7%-560.3pp	-30.4%+3.8pp	-34.2%+45.3pp	-79.5%+350.5pp	-430.0%-91.5pp	-338.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-195.3%-184.9pp	-10.3%-1.6pp	-8.7%-0.2pp	-8.5%+67.3pp	-75.8%-44.2pp	-31.6%
Current Ratio	1.06-0.8	1.88-0.1	2.00-9.6	11.64+11.4	0.260.0	0.26
Debt-to-Equity	-2.10-4.3	2.18+0.6	1.58+0.8	0.78+2.9	-2.16+6.5	-8.67
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	35.5%+2.2pp	33.4%+1.0pp	32.4%+36.8pp	-4.4%-31.9pp	27.6%+122.5pp	-95.0%-101.6pp	6.6%+21.8pp	-15.2%
Operating Margin	-33.6%+1.2pp	-34.8%+30.3pp	-65.0%+19.4pp	-84.5%+1621.0pp	-1705.5%-1438.4pp	-267.0%-247.0pp	-20.0%+31.0pp	-51.0%
Net Margin	-62.2%-590.0pp	527.8%+604.7pp	-76.9%+14.7pp	-91.6%+1621.0pp	-1712.6%-1428.7pp	-283.9%-261.4pp	-22.5%+35.1pp	-57.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-6.6%-60.0pp	53.4%+59.6pp	-6.2%+5.5pp	-11.7%+72.5pp	-84.2%-78.6pp	-5.6%-2.9pp	-2.8%+2.7pp	-5.5%
Current Ratio	0.83-0.1	0.89-0.0	0.92-0.1	1.06-0.6	1.66-0.1	1.71-0.2	1.88-0.0	1.90
Debt-to-Equity	-2.54+0.2	-2.77-0.8	-1.97+0.1	-2.10+2.3	-4.40-6.9	2.46+0.3	2.18+0.1	2.09
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$398.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Stem Inc's annual revenue?

Stem Inc (STEM) reported $144.6M in total revenue for fiscal year 2024. This represents a -68.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Stem Inc's revenue growing?

Stem Inc (STEM) revenue declined by 68.7% year-over-year, from $461.5M to $144.6M in fiscal year 2024.

Is Stem Inc profitable?

No, Stem Inc (STEM) reported a net income of -$854.0M in fiscal year 2024, with a net profit margin of -590.7%.

What is Stem Inc's earnings per share (EPS)?

Stem Inc (STEM) reported diluted earnings per share of $-5.29 for fiscal year 2024. This represents a -487.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Stem Inc's EBITDA?

Stem Inc (STEM) had EBITDA of -$794.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Stem Inc's gross margin?

Stem Inc (STEM) had a gross margin of -7.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Stem Inc's operating margin?

Stem Inc (STEM) had an operating margin of -580.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Stem Inc's net profit margin?

Stem Inc (STEM) had a net profit margin of -590.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Stem Inc's operating cash flow?

Stem Inc (STEM) generated -$36.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Stem Inc's total assets?

Stem Inc (STEM) had $437.4M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Stem Inc spend on research and development?

Stem Inc (STEM) invested $51.3M in research and development during fiscal year 2024.

How many shares does Stem Inc have outstanding?

Stem Inc (STEM) had 8M shares outstanding as of fiscal year 2024.

What is Stem Inc's current ratio?

Stem Inc (STEM) had a current ratio of 1.06 as of fiscal year 2024, which is considered adequate.

What is Stem Inc's debt-to-equity ratio?

Stem Inc (STEM) had a debt-to-equity ratio of -2.10 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Stem Inc's return on assets (ROA)?

Stem Inc (STEM) had a return on assets of -195.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Stem Inc's cash runway?

Based on fiscal year 2024 data, Stem Inc (STEM) had $56.3M in cash against an annual operating cash burn of $36.6M. This gives an estimated cash runway of approximately 18 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Stem Inc's debt-to-equity ratio negative or unusual?

Stem Inc (STEM) has negative shareholder equity of -$398.4M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Stem Inc's Piotroski F-Score?

Stem Inc (STEM) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Stem Inc's earnings high quality?

Stem Inc (STEM) has an earnings quality ratio of 0.04x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Stem Inc cover its interest payments?

Stem Inc (STEM) has an interest coverage ratio of -45.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.