# Stem, Inc. (STEM)

> Source: Nexqual · https://nexqual.com/STEM · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Stem, Inc. (STEM), nexqual.com/STEM" · informational, not investment advice.

**Price:** USD 3.01 (-0.33% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 3.02 · day 2.99–3.14 · 52w 2.96–25.18 · market cap $29.0M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $148M, net income -$73.1M (-49.4% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $46K; 6 not under a Rule 10b5-1 plan ($46K); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -87.4% vs S&P 500 +13.4%; 5Y -99.4% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD -1.56, revenue estimate $39.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $127M | $363M | $462M | $145M | $156M | $148M |
| Gross profit | $1.2M | $33.1M | $3.7M | -$11.1M | $60.0M | — |
| Operating income | -$83.1M | -$131M | -$179M | -$839M | -$55.7M | -$43.1M |
| Net income | -$101M | -$124M | -$140M | -$854M | $138M | -$73.1M |
| EPS (diluted) | -$19.20 | -$16.20 | -$18.05 | -$105.80 | -$9.18 | — |
| Gross margin | 1.0% | 9.1% | 0.8% | -7.6% | 38.4% | — |
| Operating margin | -65.2% | -36.1% | -38.9% | -580.6% | -35.6% | -29.1% |
| Net margin | -79.5% | -34.2% | -30.4% | -590.7% | 88.2% | -49.4% |
| Revenue growth | +250.8% | +185.0% | +27.1% | -68.7% | +8.1% | — |
| Cash + short-term investments | $921M | $250M | $114M | $56.3M | — | — |
| Total debt | $317M | $448M | $524M | $526M | $184M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · Earnings yield -252.20%
P/E at fiscal year-ends: Dec 2025 0.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-29 | Carlson Michael James | President, Managed Services | 146 | $1K | 0.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-20 | Musfeldt Brian | Chief Financial Officer | 996 | $6K | 29.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-02 | Laureles Saul R. | Chief Legal Officer | 675 | $5K | 1.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-02 | Tappin Matthew | President, Software Products | 996 | $8K | 9.4% | No | Too little history (no open-market trades in 2023) |
| 2026-07-02 | Carlson Michael James | President, Managed Services | 1,347 | $11K | 5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-02 | Narayanan Arun | Chief Executive Officer | 1,996 | $16K | 9.5% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | BMO Capital | Target lowered | Market Perform | $8 → $5 |
| 2026-10-14 | Susquehanna | Target lowered | Neutral | $7.5 → $4.5 |
| 2026-09-25 | UBS | Upgrade | Neutral → Buy | $7 |
| 2026-08-14 | UBS | Target lowered | Neutral | $10.5 → $7 |
| 2026-07-27 | Barclays | Target lowered | Equal-Weight | $18 → $8 |
| 2026-07-10 | Susquehanna | Target lowered | Neutral | $10 → $7.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -87.4% | -99.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -87.5% | -63.7% |
| Volatility (annualized) | 91.5% | 104.6% |
| Max drawdown | -87.4% (Oct 2025→Oct 2026) | -99.4% (Nov 2021→Oct 2026) |

## Peers (Utilities - Renewable)
NRGV (Energy Vault Holdings, Inc.) USD 2.55 -1.54% · XIFR (XPLR Infrastructure, LP) USD 9.47 -3.76% · FLNC (Fluence Energy, Inc.) USD 5.59 -1.93% · FRVO (Fervo Energy Company) USD 8.04 -2.55% · RNW (ReNew Energy Global plc) USD 6.88 -0.00% · MWH (SOLV Energy, Inc.) USD 21.38 -0.72%

## More
Full page: https://nexqual.com/STEM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in STEM's own 10-K filed 2026-03-05 (https://www.sec.gov/Archives/edgar/data/1758766/000175876626000016/stem-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Amazon (AMZN) | "Our commercial agreement with AWS will remain in effect until terminated by AWS or us." |

Other companies that name STEM in their own reports (relationship from STEM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | SES AI Corp (SES) | 10-K 2026-03-04 | "Existing suppliers of ESS products include FREYR Battery, Microvast Holdings, Electrovaya, Stem Inc., and Fluence Energy." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subtotal | $27.5M | 81.6% | +14.8% |
| — Edge hardware (part of Subtotal) | $14.8M | 43.8% | +22.0% |
| — PowerTrack software (part of Subtotal) | $10.5M | 31.3% | +10.7% |
| — Project and professional services & other (part of Subtotal) | $2.2M | 6.5% | -6.4% |
| Services and other revenue | $18.6M | 55.3% | -10.7% |
| Hardware revenue | $15.0M | 44.7% | -14.2% |
| Managed services | $5.9M | 17.5% | -34.5% |
| Battery hardware resale | $286,000 | 0.8% | -94.7% |
| Total revenue | $33.7M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $32.3M | 95.9% | -11.4% |
| Rest of the world | $1.4M | 4.1% | -28.7% |
| Total revenue | $33.7M | 100% | — |

## Customer concentration

Period ended 2025-06-30: 14% of revenue from unnamed direct customers (10-Q, filed 2026-08-13).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.56 | $-1.70 | -8.4% | $39.2M | 2 |
| Next quarter (ends 2026-12-31) | $-1.32 | $-1.45 | -8.4% | $45.5M | 2 |
| Current fiscal year (ends 2026-12-31) | $-6.37 | $-7.02 | -9.3% | $147.4M | 2 |
| Next fiscal year (ends 2027-12-31) | $-5.78 | $-5.81 | -0.5% | $170.9M | 2 |