STEM, INC. — fact timeline

STEM, INC. shareholders approved Ratification of RSM US LLP as independent auditor for fiscal year ending December 31, 2026 at the 2026-06-03 meeting.

“Proposal 4 – Ratification of RSM US LLP as the Company’s Independent Auditor for 2026 . Stockholders ratified the selection of RSM US LLP as the Company’s independent auditor for the fiscal year ending December 31, 2026, by the following votes: Votes For Votes Against Abstentions Broker Non-Votes 4,330,718 148,533 52,846 —”

STEM, INC. shareholders approved Non-binding, advisory approval of the compensation of the Company's named executive officers at the 2026-06-03 meeting.

“Proposal 3 – Non-Binding, Advisory Approval of the Compensation of the Company’s Named Executive Officers . Stockholders approved, on a non-binding, advisory basis, the compensation of the Company’s named executive officers by the following votes: Votes For Votes Against Abstentions Broker Non-Votes 1,891,571 128,692 22,507 2,489,327”

STEM, INC. shareholders approved Approval of amendment and restatement of Amended and Restated Stem, Inc. 2024 Equity Incentive Plan to increase shares by 425,000 and extend term at the 2026-06-03 meeting.

“Proposal 2 – Approval of an Amendment and Restatement of the Plan . Stockholders approved the amendment and restatement of the Plan by the following votes: Votes For Votes Against Abstentions Broker Non-Votes 1,645,467 387,942 9,361 2,489,327”

STEM, INC. shareholders approved Election of three Class II director nominees to serve until 2029 Annual Meeting at the 2026-06-03 meeting.

“Proposal 1 – Election of Directors . All of the Class II director nominees were elected to serve until the 2029 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified, by the following votes: Name Votes For Votes Withheld Broker Non-Votes Ira Birns 1,977,507 65,263 2,489,327 Adam E. Daley 1,852,248 190,522 2,489,327 Anil Tammineedi 1,827,044 215,726 2,489,327”

STEM, INC. reported the quarter ended March 31, 2026 results: revenue $29.0 million, net income $18.9 million. Guidance reaffirmed.

“a global leader reimagining technology to support the energy transition, announced today its results for the quarter ended March 31, 2026. Financial Highlights • Revenue of $29.0 million, down 11% from $32.5 million in 1Q25 • Software, services, and edge hardware revenue of $29.0 million, up 4% from $28.0 million in 1Q25 • GAAP gross profit of $10.9 million, up”

STEM, INC. engaged RSM US LLP as its auditor.

“(b) On March 12, 2026, the Audit Committee of the Board approved the engagement of RSM US LLP (“ RSM ”) as the Company’s new independent registered public accounting firm, beginning with the review of the Company’s financial statements for the quarter ending March 31, 2026, and including the audit of the Company’s consolidated financial statements for the fiscal year ending December 31, 2026.”

STEM, INC. dismissed Deloitte & Touche LLP as its auditor.

“(the “ Company ”) approved the dismissal of Deloitte & Touche LLP (“ Deloitte ”) as the Company’s independent registered public accounting firm.”

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.

“• 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”

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.

“• 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”

STEM, INC.: Reduced quorum requirement for stockholder meetings from a majority to one-third of voting power (effective 2025-10-15).

“On October 15, 2025, the Board of Directors of Stem, Inc. (the “Company”) approved an amendment (the “Amendment”) to the Company’s Amended and Restated Bylaws (the “Bylaws”) that reduced the quorum required for the transaction of business at stockholder meetings from (i) a majority of the voting power of the stock outstanding and entitled to vote at the meeting, to (ii) one-third of the voting power of the stock outstanding and entitled to vote at the meeting.”

STEM, INC. incurred senior notes of $155,426,583 with U.S. Bank Trust Company, National Association at 12.00% per annum on the principal amount thereof if interest is paid in kind, su maturing the earlier of (a) December 30, 2030, (b) the date, if any, on or after June 30, 2028 on which (x) the aggregate principal amount of the 2028 Convertible Notes.

“to exchange (the “Exchange”) (i) $228,818,000 principal amount of the 2028 Convertible Notes and (ii) $121,310,000 principal amount of the 2030 Convertible Notes (clauses (i) and (ii) together, the “Exchanged Notes”) and (iii) $10,000,000 of cash, less amounts in lieu of fractional notes, for (a) $155,426,583 in aggregate principal amount of the Company’s new 12.00%/11.00% Senior Secured PIK Toggle Notes due 2030 (the “New Notes”), (b) Warrants (the “Warrants”)”

STEM, INC.: Filed an amendment to the Second Amended and Restated Certificate of Incorporation to effect a 1-for-20 reverse stock split and reduce authorized common shares from 500 million to 250 million, effective June 23, 2025 (effective 2025-06-23).

“Following Stem, Inc.’s (the “Company”) 2025 Annual Meeting of Stockholders, the Company’s Board of Directors approved a reverse stock split (the “Reverse Stock Split”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a ratio of 1-for-20 (the “Reverse Stock Split Ratio”) and a reduction in the total number of authorized shares of Common Stock from 500 million shares to 250 million shares (the “Authorized Shares Reduction”), each with an effective time of 12:01 a.m. Eastern Time on June 23, 2025 (the “Effective Time”).”

STEM, INC. announced a restructuring with charges of approximately $6.0 million to $6.5 million (approximately 27%).

“On April 9, 2025, the Company announced a reduction in force plan (the “Plan”), as part of the Company’s broader efforts to prioritize investments in software, reduce operating costs, increase efficiency, drive profitable growth and increase stockholder value. The Plan will reduce the Company’s global full-time workforce by approximately 27%. The Company estimates the total cash expenditures associated with the Plan to be approximately $6.0 million to $6.5 million, primarily consisting of severance payments, notice period payments in applicable jurisdictions, employee benefits and related costs.”

Vasudevan (Vasu) Guruswamy was appointed as Director at STEM, INC..

“appointed (i) Mr. Krishna Shivram to the Board as a Class I director and (ii) Mr. Vasudevan (Vasu) Guruswamy to the Board as a Class III director, both effective March 17, 2025.”

Krishna Shivram was appointed as Director at STEM, INC..

“appointed (i) Mr. Krishna Shivram to the Board as a Class I director and (ii) Mr. Vasudevan (Vasu) Guruswamy to the Board as a Class III director, both effective March 17, 2025.”

Michael Carlson changed role as President, Managed Services at STEM, INC..

“Effective March 6, 2025, Michael Carlson, formerly the Company’s Chief Operating Officer, has changed roles and assumed the position of President, Managed Services.”

Gerard Cunningham resigned as Director at STEM, INC..

“On February 25, 2025, Gerard Cunningham notified the Board of Directors (the “Board”) and the Corporate Secretary of Stem, Inc. (the “Company”) of his resignation from the Board effective February 28, 2025 for personal reasons.”

David Bush departed as Chief Financial Officer at STEM, INC..

“On January 30, 2025, the Company and Mr. Bush entered into a Separation and Release of Claims Agreement (the “Separation Agreement”), pursuant to which Mr. Bush is entitled to receive the following payments and benefits in accordance with the existing terms of his employment agreement with the Company:”

Jane Woodward resigned as Director at STEM, INC..

“On January 17, 2025, Jane Woodward notified the Board of Directors (the “Board”) and the Corporate Secretary of Stem, Inc. (the “Company”) of her resignation from the Board effective January 31, 2025 for personal reasons.”

David Buzby changed role as non-executive Chair of the Board at STEM, INC..

“Effective January 27, 2025, Mr. Buzby will serve as the non-executive Chair of the Board.”

Arun Narayanan was appointed as Chief Executive Officer at STEM, INC..

“On January 16, 2025, Stem, Inc. (the “Company”) announced that the Company’s board of directors (the “Board”) has appointed Mr. Arun Narayanan, age 50, as the Company’s Chief Executive Officer (“CEO”), effective January 27, 2025.”

David Buzby was appointed as Chief Executive Officer at STEM, INC..

“the Board appointed the Board’s current Chairman and Executive Chair, Mr. David Buzby, age 64, as the Company’s interim Chief Executive Officer (“Interim CEO”), effective September 11, 2024.”

John Carrington departed as Chief Executive Officer at STEM, INC..

“Mr. John Carrington stepped down as Chief Executive Officer of the Company and as a member of the Company’s board of directors (the “Board”), effective September 11, 2024.”

Michael C. Morgan resigned as Director at STEM, INC..

“On August 8, 2024, Michael C. Morgan notified the Board of Directors (the “Board”) and the Corporate Secretary of Stem, Inc. (the “Company”) of his resignation from the Board effective October 7, 2024 for personal reasons.”

David Buzby was appointed as Executive Chair of the Board of Directors at STEM, INC..

“the Company appointed David Buzby, age 64, as Executive Chair of the Board of Directors (the “Board”) of the Company, effective immediately.”

Prakesh Patel departed as Chief Strategy Officer at STEM, INC..

“the Company announced that Prakesh Patel, the Company's Chief Strategy Officer, is departing from the Company, effective immediately.”

Doran Hole was appointed as Chief Financial Officer and Executive Vice President at STEM, INC..

“the Company appointed Doran Hole, age 55, as the Company’s Chief Financial Officer and Executive Vice President, effective September 2, 2024.”

William Bush departed as Chief Financial Officer at STEM, INC..

“William Bush will be stepping down as Chief Financial Officer of the Company, effective September 2, 2024.”

Alan Russo resigned as Chief Revenue Officer at STEM, INC..

“On June 28, 2024, Alan Russo notified Stem, Inc. (the “Company”) of his intent to resign as Chief Revenue Officer of the Company, effective July 12, 2024.”

STEM, INC. reported first quarter 2024 results: revenue $25.5 million, net income $72.3 million. Guidance reaffirmed.

“Stem Announces First Quarter 2024 Results Substantial increase of +42% CARR-to-ARR conversion since January 2024 Introducing Next Generation Asset Performance Management Software Suite Reaffirming Full Year 2024 Operating Cash Flow, Adjusted EBITDA, Gross Margin and Bookings Guidance First Quarter 2024 Financial and Operating Highlights Financial Highlights 1 • Revenue of $25.5 million, down from $67.4 million (-62%) in 1Q23.”

Gerard Cunningham was appointed as Class I Director at STEM, INC..

“On April 19, 2024, the Board of Directors (the “Board”) of Stem, Inc. (the “Company”), on recommendation of the Nominating, Governance and Sustainability Committee of the Board, appointed Mr. Gerard Cunningham to the Board as a Class I director, effective April 19, 2024.”

Robert Schaefer retired as President of Behind-the-Meter Division at STEM, INC..

“On March 23, 2024, the Company and Mr. Schaefer entered into a Separation and Release of Claims Agreement (the “Separation Agreement”), pursuant to which Mr. Schaefer is entitled to receive the following payments and benefits in accordance with the existing terms of his employment agreement with the Company:”

Robert Schaefer retired as President, Behind the Meter Division at STEM, INC..

“On February 28, 2024, Robert Schaefer, President, Behind the Meter Division, of Stem, Inc. (the “Company”) notified the Company of his decision to retire, effective as of May 3, 2024.”

STEM, INC. reported the fourth quarter and full year 2023 results: revenue $461.5 million, net income $140.4 million. Guidance raised.

“versus $(9.5) million in Q4 2022 • Ended Q4 2023 with $113.6 million in cash, cash equivalents, and short-term investments Financial Highlights - Full Year 2023 • Revenue of $461.5 million, up from $363.0 million (+27%) for full year 2022 • GAAP gross margin of 1%, versus 9% for full year 2022 • Non-GAAP gross margin of 15%, versus 13% for full year 2022 • Net loss”

Ira Birns was appointed as Chairman of the Audit Committee at STEM, INC..

“the Board appointed Mr. Birns to be chairman of the Audit Committee of the Board (the “Audit Committee”), effective as of that date.”

Ira Birns was appointed as Class II director at STEM, INC..

“appointed Mr. Ira Birns to the Board as a Class II director, effective November 6, 2023.”

STEM, INC. reported the quarter ended September 30, 2023 results: revenue $133.7 million, net income $77.1 million. Guidance lowered.

“manufacturers, with expected double-digit declines in costs and improved payment terms Third Quarter 2023 Financial and Operating Highlights Financial Highlights • Revenue of $133.7 million, up from $99.5 million (+34%) in Q3 2022. Q3 revenue reflects the reduction in revenue referred to below • GAAP gross margin of (15)%, down from 9% in Q3 2022 • Non-GAAP gross”

STEM, INC. reported the three months ended June 30, 2023 results: revenue $93.0, net income $19.1. Guidance reaffirmed.

“Results and Operating Metrics (in $ millions unless otherwise noted ): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Key Financial Results Revenue $ 93.0 $ 66.9 $ 160.4 $ 108.0 GAAP Gross Profit $ 11.9 $ 7.7 $ 12.9 $ 11.4 GAAP Gross Margin (%) 13 % 12 % 8 % 11 % Non-GAAP Gross Profit* $ 16.4 $ 11.3 $ 31.5 $ 17.9 Non-GAAP Gross”

STEM, INC. reported the quarter ended June 30, 2023 results: revenue Revenue of $93.0 million, net income Net income of $19.1 million. Guidance reaffirmed.

“Act”), except as expressly set forth by specific reference in such a filing. --- EX-99 (EX-99) --- Stem Announces Second Quarter 2023 Results Strong Second Quarter Revenue of $93 million , Above Midpoint of Guidance Range Ameresco (313 MWh) and Hungary (304 MW) Projects Highlight FTM Momentum Technology Leadership Further Recognized by Third-Party Awards Reaffirm”

Lisa L. Troe resigned as Director at STEM, INC..

“On June 16, 2023, Lisa L. Troe notified the Board of Directors (the “Board”) and the Corporate Secretary of Stem, Inc. (the “Company”) of her resignation from the Board effective June 30, 2023.”

STEM, INC. shareholders approved Advisory vote on executive compensation at the 2023-06-07 meeting.

“Proposal 6 – Advisory Vote on Executive Compensation. Stockholders approved, on an advisory basis, the compensation of the Company’s named executive officers by the following votes: Votes For Votes Against Abstentions Broker Non-Votes 46,437,195 15,778,304 319,223 34,512,214”

STEM, INC. shareholders approved Ratification of Deloitte & Touche LLP as independent registered public accounting firm for fiscal year ending December 31, 2023 at the 2023-06-07 meeting.

“Proposal 5 – Ratification of Independent Auditor for 2023. Stockholders ratified the selection of Deloitte & Touche LLP as the Company’s independent auditor for the fiscal year ending December 31, 2023, by the following votes: Votes For Votes Against Abstentions Broker Non-Votes 96,553,592 366,142 127,202 0”

STEM, INC. shareholders rejected Amendment and restatement of Certificate of Incorporation to limit the liability of certain officers of the Company in accordance with recent amendments to Delaware law at the 2023-06-07 meeting.

“Proposal 4 – Amendment and Restatement of our Certificate of Incorporation to Limit the Liability of Certain Officers of the Company, in accordance with Recent Amendments to Delaware Law. Proposal 4 did not receive the required affirmative vote of at least 66 2⁄3% of the Company’s outstanding shares of common stock entitled to vote. Votes For Votes Against Abstentions Broker Non-Votes 52,647,678 9,609,548 277,496 34,512,214”

STEM, INC. shareholders rejected Amendment and restatement of Certificate of Incorporation to eliminate supermajority voting requirements to amend Certificate of Incorporation and Bylaws at the 2023-06-07 meeting.

“Proposal 3 – Amendment and Restatement of our Certificate of Incorporation to Eliminate Supermajority Voting Requirements to Amend our Certificate of Incorporation and Bylaws. Proposal 3 did not receive the required affirmative vote of at least 66 2⁄3% of the Company’s outstanding shares of common stock entitled to vote. 3 Votes For Votes Against Abstentions Broker Non-Votes 61,339,559 886,885 308,278 34,512,214”

STEM, INC. shareholders rejected Amendment and restatement of Certificate of Incorporation to declassify Board of Directors over a five-year period at the 2023-06-07 meeting.

“Proposal 2 – Amendment and Restatement of our Certificate of Incorporation to Declassify our Board of Directors over a Five-year Period. Proposal 2 did not receive the required affirmative vote of at least 66 2⁄3% of the Company’s outstanding shares of common stock entitled to vote. Votes For Votes Against Abstentions Broker Non-Votes 61,900,202 417,858 216,662 34,512,214”

STEM, INC. shareholders approved Election of three Class II directors at the 2023-06-07 meeting.

“Proposal 1 – Election of Directors. The following Class II director nominees were elected for a three-year term, or until their respective successors are duly elected and qualified: Name Votes For Votes Withheld Broker Non-Votes Adam E. Daley 59,179,725 3,354,997 34,512,214 Anil Tammineedi 58,445,467 4,089,255 34,512,214 Lisa L. Troe 58,738,115 3,796,607 34,512,214”

STEM, INC. reported the three months ended March 31, 2023 results: revenue $67 million, net income $45 million. Guidance reaffirmed.

“Stem Announces First Quarter 2023 Results Record First Quarter Revenue of $67 million , Above High End of Guidance Range Accelerating Growth in Software Services Reaffirm Full-Year 2023 Financial and Operating Guidance Recognized as Largest Energy Storage Virtual Power Plant Operator in North America by Wood Mackenzie First Quarter 2023 Financial and Operating Highlights Financial Highlights • Record Q1 revenue of $67 million, up from $41 million (+63%) in Q1 2022 • GAAP gross margin of 1%, down from 9% in Q1 2022 • Non-GAAP gross margin of 19%, up from 16% in Q1 2022 • Net loss of $45 million versus net loss of $22 million in Q1 2022 • Adjusted EBITDA of $(14) million versus $(13) million in Q1 2022 • Ended the quarter with $206 million in cash, cash equivalents, and short-term investments”

STEM, INC. incurred convertible notes of $240 million aggregate principal amount with U.S. Bank Trust Company, National Association at 4.25% maturing April 1, 2030.

“sold to Morgan Stanley & Co. LLC and Evercore Group L.L.C., as initial purchasers (the “Initial Purchasers”), and the Initial Purchasers purchased from the Company, $240 million aggregate principal amount of the Company’s 4.25% Green Convertible Senior Notes due 2030 (the “Notes”)”

STEM, INC. entered into Indenture dated April 3, 2023 with U.S. Bank Trust Company, National Association valued at $240,000,000 aggregate principal amount of 4.25% Green Convertible Senior Notes due 2030 (effective 2023-04-03).

“On April 3, 2023, Stem, Inc. (the “Company”) sold to Morgan Stanley & Co. LLC and Evercore Group L.L.C., as initial purchasers (the “Initial Purchasers”), and the Initial Purchasers purchased from the Company, $240 million aggregate principal amount of the Company’s 4.25% Green Convertible Senior Notes due 2030 (the “Notes”), pursuant to a purchase agreement dated as of March 29, 2023, by and between the Company and the Initial Purchasers (the “Purchase Agreement”).”

STEM, INC. reported the fourth quarter and full year 2022 results: revenue $155.5 million, net income Net loss of $35.3 million. Guidance initiated.

“offering with ChargePoint partnership Fourth Quarter and Full Year 2022 Financial and Operating Highlights Financial Highlights – Fourth Quarter 2022 • Record Revenue of $156 million, up from $53 million (+194%) in Q4 2021 and sequentially up 56% versus Q3 2022 revenue of $100 million • GAAP Gross Margin of 8%, up from (3)% in Q4 2021 • Non-GAAP Gross Margin”