STEM, INC. STEM
In 2024, we announced a new business strategy that reflects a renewed focus on developing and marketing our AI-enabled software, edge and services offerings. This transition entailed significant operational changes during calendar years 2024 and 2025, including reduction of what had historically been the source of most of our revenue (battery resales), adjustments to the way we develop and market our products and services, and realignment of our business processes. These changes have resulted in reduced revenue, increased restructuring-related costs, reduced operating expenses, and short-term disruptions in our operations, which may negatively affect our ability to effectively scale our software and services offerings and achieve our financial and operational targets. Failure to achieve the anticipated benefits of our new strategy may have a material adverse effect on our business, financial condition, and results of operations. See "Our strategy may not achieve anticipated benefits." in Part I. Item 1A. "Risk Factors" in this Report for additional information about some risks related to our new strategy.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $156.3M | $144.6M | $461.5M | $363.0M | $127.4M | $36.3M | $17.6M | — |
| Cost of revenue | $96.3M | $155.6M | $457.9M | $329.9M | $126.1M | $40.2M | $20.8M | — |
| Gross profit | $60.0M | -$11.1M | $3.7M | $33.1M | $1.2M | -$3.9M | -$3.3M | — |
| R&D | $35.3M | $51.3M | $56.5M | $38.3M | $22.7M | $15.9M | $14.7M | — |
| SG&A | $51.6M | $88.1M | $74.9M | $77.0M | $41.6M | $14.7M | $12.4M | — |
| Total operating expenses | $115.6M | $828.4M | $183.0M | $164.2M | $84.3M | $45.5M | $44.6M | — |
| Operating income | -$55.7M | -$839.5M | -$179.3M | -$131.1M | -$83.1M | -$49.4M | -$47.9M | — |
| Interest expense | $23.9M | $18.3M | $15.0M | $10.5M | $17.4M | $20.8M | $12.5M | — |
| Pre-tax income | $138.3M | -$853.7M | -$140.0M | -$139.2M | -$101.2M | -$156.1M | -$59.4M | — |
| Income tax | $536.0K | $332.0K | $433.0K | $15.2M | $0 | $5.0K | $6.0K | — |
| Net income | $137.8M | -$854.0M | -$140.4M | -$124.1M | -$101.2M | -$156.1M | -$59.4M | — |
| EPS, basic | 16.52 | -105.80 | -18.05 | -0.81 | -0.96 | -4.13 | -1.51 | — |
| EPS, diluted | -9.18 | -105.80 | -18.05 | -0.81 | -0.96 | -4.13 | -1.51 | — |
| Shares, diluted (wtd. avg.) | $8.5M | $8.1M | $7.8M | $153.4M | $105.6M | $40.1M | $42.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $48.9M | $56.3M | $105.4M | $87.9M | $747.8M | $6.9M | $12.9M | $21.9M |
| Short-term investments | — | $0 | $8.2M | $162.1M | $173.0M | $0 | — | — |
| Receivables | $38.4M | $59.3M | $302.8M | $223.2M | $61.7M | $13.6M | — | — |
| Inventory | — | — | $26.7M | $8.4M | $22.7M | $20.8M | — | — |
| Total current assets | $100.1M | $136.6M | $473.0M | $532.8M | $1.02B | $49.3M | $1.6K | — |
| Property, plant and equipment | $43.9M | $58.8M | $74.4M | — | $106.1M | $123.7M | — | — |
| Goodwill | — | $0 | $547.2M | $546.6M | $1.7M | $1.7M | — | — |
| Other intangibles | $123.0M | $143.9M | $157.1M | $162.3M | $14.0M | $12.1M | — | — |
| Total assets | $308.9M | $437.4M | $1.36B | $1.42B | $1.19B | $205.8M | $253.0K | — |
| Accounts payable | $10.3M | $30.1M | $78.3M | $83.8M | $28.3M | $13.7M | $35.1K | — |
| Total current liabilities | $110.6M | $128.8M | $251.1M | $267.0M | $88.0M | $190.5M | $246.6K | — |
| Total liabilities | $557.9M | $835.2M | $930.3M | $869.7M | $524.0M | $383.3M | $246.6K | — |
| Retained earnings | -$1.49B | -$1.63B | -$772.5M | -$632.1M | -$509.1M | -$407.8M | -$18.6K | — |
| Total equity | -$249.4M | -$398.4M | $426.7M | $552.2M | $667.8M | -$177.4M | -$24.5M | $8.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.9M | -$36.6M | -$207.4M | -$106.0M | -$101.3M | -$33.7M | -$29.7M | — |
| Depreciation and amortisation | $44.9M | $45.0M | $46.3M | $45.4M | $24.5M | $17.7M | $13.9M | — |
| Stock-based compensation | $10.2M | $18.5M | $45.1M | $28.7M | $13.5M | $4.5M | $1.5M | — |
| Investing cash flow | -$6.6M | -$3.5M | $135.7M | -$544.4M | -$185.2M | -$12.0M | -$46.4M | — |
| Financing cash flow | -$7.6M | -$8.4M | $90.2M | -$9.3M | $1.03B | $40.3M | $67.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001758766-26-000037.
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