Stem, Inc. income statement

In fiscal 2025, Stem, Inc. reported revenue of $156m, up 8.1% on the year before, operating income of −$55.7m (a -35.6% margin) and net income of $138m, or −$9.18 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Stem, Inc.: income statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	18	36	127	363	462	145	156	148
Cost of revenue	21	40	126	330	458	156	96	87
Gross profit	−3	−4	1	33	4	−11	60	61
Research and development	15	16	23	38	57	51	35	27
Selling and marketing	17	15	20	49	52	38	29	29
General and administrative	12	15	42	77	75	88	52	46
Operating income	−48	−49	−83	−131	−179	−839	−56	−43
Interest expense	13	21	17	10	15	18	24	30
Income before tax	−59	−156	−101	−139	−140	−854	138	−73
Income tax	0	0	0	−15	0	0	1	0
Net income	−59	−156	−101	−124	−140	−854	138	−73
Diluted EPS	−$30.20	−$82.60	−$19.20	−$16.20	−$18.05	−$105.80	−$9.18	−$8.37
Diluted shares (average)	2m	2m	5m	8m	8m	8m	8m	9m
EBITDA	−34	−32	−59	−86	−133	−794	−11	−15

US$ millions unless shown otherwise. Fiscal quarters.

Stem, Inc.: income statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Revenue	29	56	33	38	38	47	29	34
Cost of revenue	23	58	22	26	25	24	18	20
Gross profit	6	−2	11	13	14	23	11	14
Research and development	11	11	11	10	7	7	7	6
Selling and marketing	8	7	7	7	7	8	7	7
General and administrative	27	26	14	9	13	17	9	8
Operating income	−144	−47	−21	−13	−13	−8	−14	−8
Interest expense	5	4	4	4	7	8	7	8
Income before tax	−148	−51	−25	203	−24	−16	−19	−14
Income tax	0	−0	0	0	−0	0	0	0
Net income	−148	−51	−25	203	−24	−16	−19	−14
Diluted EPS	−$18.24	−$6.06	−$3.05	−$1.79	−$2.84	−$1.85	−$2.22	−$1.58
EBITDA	−141	−35	−10	−10	−10	4	−4	−5

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Stem, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Stem, Inc.