Stem Q2 revenue $38.4M (+13% YoY); positive adjusted EBITDA of $3.8M; net income $202.5M

STEM, INC.

2025-Q2 EPS reported -$4.54 revenue$70,886,000

Revenue $38.4M, up 13% YoY; GAAP net income $202.5M vs net loss $582.3M in Q2 2024.
Adjusted EBITDA $3.8M vs -$11.3M YoY; GAAP gross margin 33% vs 28%.
ARR $58.5M, up 22% YoY; Storage operating AUM 1.7 GWh (+42% YoY).
Debt exchange reduced outstanding debt by $195M, extended majority of maturities to 2030.
Full-year 2025 guidance reaffirmed across all key metrics.

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