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.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

STEM, INC. reported the twelve months ended December 31, 2025 results: revenue $156.3 million, net income Net income of $137.8 million. Guidance initiated.

Period: the twelve months ended December 31, 2025
Revenue: $156.3 million
Net income: Net income of $137.8 million
Guidance: initiated
Result: reported results

Exact text from the filing

• Revenue of $156.3 million, up 8% from $144.6 million for FY24 • Software, services, and edge hardware revenue of $141.4 million, up 25% from $113.2 million for FY24 • GAAP gross profit of $60.0 million, up from $(11.1) million for FY24 • Non-GAAP gross profit of $72.3 million, up from $63.7 million for FY24 • GAAP gross margin of 38%, versus (8)% for FY24 • Non-GAAP gross margin of 46%, versus 35% for FY24 • Net income of $137.8 million versus net loss of $854.0 million for FY24 • Adjusted EBITDA of $6.7 million versus $(22.8) million for FY24 • Operating cash flow of $6.9 million versus $(36.7) million for FY24

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

STEM, INC. reported the three months ended December 31, 2025 results: revenue $47.2 million, net income Net loss of $16.0 million. Guidance initiated.

Period: the three months ended December 31, 2025
Revenue: $47.2 million
Net income: Net loss of $16.0 million
Guidance: initiated
Result: reported results

Exact text from the filing

• Revenue of $47.2 million, down 15% from $55.8 million in 4Q24 • Software, services, and edge hardware revenue of $46.5 million, up 62% from $28.8 million in 4Q24 • GAAP gross profit of $23.2 million, up from $(2.5) million in 4Q24 • Non-GAAP gross profit of $20.9 million, up from $20.2 million in 4Q24 • GAAP gross margin of 49%, up from (4)% in 4Q24 • Non-GAAP gross margin of 45%, up from 36% in 4Q24 • Net loss of $16.0 million versus net loss of $51.1 million in 4Q24 • Adjusted EBITDA of $5.5 million versus $4.2 million in 4Q24 • Operating cash flow of $8.2 million versus $(14.7) million in 4Q24 • Ended 4Q25 with $48.9 million in cash and cash equivalents versus $43.1 million in 3Q25

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Source: SEC EDGAR

accession 0001758766-26-000014

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