Stem achieves first positive annual adjusted EBITDA in FY25; guides to 85% growth in FY26

STEM, INC.

FY25 revenue $156.3M (+8% YoY); net income $137.8M vs loss $854.0M; adjusted EBITDA $6.7M (first positive annual).
Q4 revenue $47.2M (-15% YoY) but non-GAAP gross margin improved to 45% from 36%; Q4 adjusted EBITDA $5.5M.
FY25 bookings $131.8M (+14%); ARR $61.1M (+16%); solar operating AUM 36.1 GW (+21% YoY).
FY26 guidance: targeting ~85% adjusted EBITDA growth and ~10% ARR expansion from FY25 levels.

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