Stem Q2 2026: revenue $33.7M (-12%), adj EBITDA $6.2M +63%, reaffirms FY26

STEM, INC.

Revenue $33.7M, down 12% YoY; software/services/edge hardware revenue $33.4M, up 1% YoY.
GAAP gross margin 41% (up from 33%); non-GAAP gross margin 55% (up from 49%).
Net loss $14.4M vs net income $202.5M in 2Q25; adjusted EBITDA $6.2M, +63% YoY.
Bookings $36.8M, up 39% from 1Q26; contracted backlog $27.1M, up 18% sequentially.
Reaffirmed full-year 2026 guidance; fifth straight quarter of positive adjusted EBITDA.

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