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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Rest of the world
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $148.5M | $139.4M | $443.4M |
| Rest of the world | $7.7M | $5.2M | $18.1M |
As the company reported it, from the “REVENUE - Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $17.6M | $36.3M | $127.4M | $363.0M | $461.5M | $144.6M | $156.3M |
| Gross profit | — | -$3.3M | -$3.9M | $1.2M | $33.1M | $3.7M | -$11.1M | $60.0M |
| Net income | — | -$59.4M | -$156.1M | -$101.2M | -$124.1M | -$140.4M | -$854.0M | $137.8M |
Recent filings and events
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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| JKHY | JACK HENRY & ASSOCIATES INC | $11.40B | 23.3x | 7.1% |
| AUR | Aurora Innovation, Inc. | $9.50B | — | — |
| OTEX | OPEN TEXT CORP | $6.77B | 10.8x | 1.5% |