Stem (STEM) Financial Statements & Analysis

Stem (STEM) Income Statement

Stem reported revenue of $156.27M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 8.1% from $144.58M a year earlier. Net income was $137.76M, a net margin of 88.2%. Gross margin was 38.4% and operating margin -35.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $33.65M, down 12.3% from the same quarter a year earlier.

Stem Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Stem, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Revenue & Gross Profit
Revenue	156.27	144.58	461.52	362.98	127.37	36.31	17.55	7.03
Cost of Revenue	94.29	155.64	453.17	329.89	121.80	40.22	20.81	9.69
Gross Profit	59.96	-11.06	3.67	33.09	1.25	-3.91	-3.26	-2.66
Operating Expenses
Research & Development	35.30	51.28	56.51	38.30	22.72	15.94	14.70	12.68
Selling, General & Administrative	68.70	125.83	126.30	125.91	61.60	29.53	29.89	0.00
Operating Expenses	115.64	177.11	182.98	164.21	84.32	45.48	44.59	0.01
Operating Income	-55.69	-188.17	-179.31	-131.12	-83.07	-49.39	-47.85	-
Other Income/Expense
Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.53
Interest Expense	23.93	18.29	-14.98	10.47	-16.73	20.81	12.55	0.00
Other Income/Expense	193.99	-647.22	39.33	2.37	-18.14	-106.73	-11.56	-49.03
Income
Income Before Tax	138.30	-853.68	-139.98	-139.22	-101.21	-156.12	-59.41	-0.01
Income Tax Expense	0.54	0.33	0.43	-15.16	0.00	0.01	0.01	0.01
Net Income	137.76	-854.01	-140.41	-124.05	-101.21	-156.12	-59.41	-0.01
Net Income - Continuous Operations	137.76	-854.01	-140.41	-124.05	-101.21	-156.12	-59.41	-0.01
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-
EBITDA	-10.03	-790.40	-137.15	-83.31	-59.05	-116.99	-33.67	-37.51
EBIT	-42.01	-835.39	-174.46	-128.75	-78.75	-47.99	-	-
Depreciation & Amortization	44.95	44.99	37.31	45.43	19.70	18.33	13.89	4.90
Earnings Per Share
Basic EPS	17.00	-106.00	-18.00	-16.00	-19.00	-78.00	-	-
Diluted EPS	-9.00	-106.00	-18.00	-16.00	-19.00	-78.00	-	-
Basic Shares Outstanding	8.34	8.07	7.78	7.67	5.28	2.00	2.40	2.40
Diluted Shares Outstanding	8.49	8.07	7.78	7.67	5.28	2.00	2.40	2.40

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Stem Financial Statements

What was Stem's revenue in fiscal 2025?

Stem reported revenue of $156.27M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 8.1% from $144.58M a year earlier.

Is Stem profitable?

Yes. Stem earned net income of $137.76M in fiscal 2025, a net margin of 88.2%. In fiscal 2024 it lost $854.01M.

What is Stem's operating margin?

Stem's operating income was −$55.69M on revenue of $156.27M in fiscal 2025, an operating margin of -35.6%, compared with -130.1% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition