Stem, Inc. (STEM) Income Statement
STEM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSTEM revenue and net income
Where STEM's revenue goes
2025Each bar shows an amount and its share of revenue. STEM kept 88.2% of revenue as net income.
STEM profit margins
STEM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.1% | −24.5% | +33.9% | — |
| Gross profit | — | +21.9% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
STEM quarterly EPS vs estimates
Stem beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $-1.73).
STEM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $156.3M | $144.6M | $461.5M | $363.0M | $127.4M | $36.3M | $17.6M | $7.0M |
| Cost of revenue | $96.3M | $155.6M | $457.9M | $329.9M | $126.1M | $40.2M | $20.8M | $9.7M |
| Gross profit | $60.0M | −$11.1M | $3.7M | $33.1M | $1.2M | −$3.9M | −$3.3M | −$2.7M |
| Research & development | $35.3M | $51.3M | $56.5M | $38.3M | $22.7M | $15.9M | $14.7M | $12.7M |
| Sales, general & admin | $80.3M | $125.8M | $126.5M | $125.9M | $61.6M | $29.5M | $29.9M | $10.9M |
| Total operating expenses | $115.6M | $828.4M | $183.0M | $164.2M | $84.3M | $45.5M | $44.6M | $8,149 |
| Operating income | −$55.7M | −$839.5M | −$179.3M | −$131.1M | −$83.1M | −$49.4M | −$47.9M | −$8,150 |
| Interest income | — | — | — | — | — | $109.1M | — | — |
| Interest expense | $23.9M | $18.3M | $15.0M | $10.5M | $17.4M | $20.8M | $12.5M | $0 |
| Income before taxes | $138.3M | −$853.7M | −$140.0M | −$139.2M | −$101.2M | −$156.1M | −$59.4M | −$8,144 |
| Income taxes | $536,000 | $332,000 | $433,000 | −$15.2M | $18.3M | $5,000 | $6,000 | $13,000 |
| Net income | $137.8M | −$854.0M | −$140.4M | −$124.1M | −$101.2M | −$156.1M | −$59.4M | −$8,144 |
| EBITDA | $207.2M | −$790.4M | −$78.7M | −$83.3M | −$63.0M | −$117.0M | −$33.7M | −$37.5M |
| EPS (diluted) | −$10.77 | −$12.92 | −$14.75 | −$15.67 | −$7.54 | −$0.07 | −$1.25 | — |
| Gross margin | 38.4% | −7.6% | 0.8% | 9.1% | 1.0% | −10.8% | −18.6% | −37.8% |
| Operating margin | −35.6% | −580.6% | −38.9% | −36.1% | −65.2% | −136.0% | −272.6% | −0.1% |
| Net margin | 88.2% | −590.7% | −30.4% | −34.2% | −79.5% | −430.0% | −338.5% | −0.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.7M | $29.0M | $47.1M | $38.2M | $38.4M | $32.5M | $55.8M | $29.3M | $34.0M | $25.5M | $167.4M | $133.7M |
| Cost of revenue | $19.8M | $18.1M | $28.9M | $24.7M | $25.6M | $22.0M | $58.3M | $23.1M | $24.6M | $49.7M | $154.0M | $154.0M |
| Gross profit | $13.9M | $10.9M | $18.2M | $13.6M | $12.8M | $10.5M | −$2.4M | $6.2M | $9.4M | −$24.2M | $13.4M | −$20.3M |
| Research & development | $6.5M | $6.6M | $7.1M | $6.9M | $10.0M | $11.3M | $10.8M | $11.1M | $15.3M | $14.1M | $28.0M | $14.4M |
| Sales, general & admin | $8.2M | $15.2M | $24.3M | $19.5M | $16.1M | $20.4M | $33.9M | $35.4M | $26.8M | $29.7M | $6.3M | $33.6M |
| Total operating expenses | $21.6M | $21.8M | $31.4M | $26.4M | $26.1M | $31.7M | $44.7M | $150.6M | $589.2M | $43.8M | $46.9M | $48.0M |
| Operating income | −$7.7M | −$10.9M | −$13.1M | −$12.9M | −$13.3M | −$21.1M | −$47.1M | −$144.5M | −$579.8M | −$68.0M | −$33.5M | −$68.3M |
| Interest expense | $7.5M | $7.4M | $8.3M | $7.3M | $4.1M | $4.3M | $4.4M | $4.5M | $4.6M | $4.7M | $4.9M | $4.4M |
| Income before taxes | −$14.4M | −$18.8M | −$15.8M | −$23.9M | $203.0M | −$24.9M | −$51.1M | −$148.2M | −$582.2M | −$72.2M | −$37.6M | −$77.1M |
| Income taxes | $13,000 | $112,000 | $144,000 | −$141,000 | $475,000 | $58,000 | −$12,000 | $129,000 | $62,000 | $153,000 | $79,000 | −$46,000 |
| Net income | −$14.4M | −$18.9M | −$16.0M | −$23.8M | $202.5M | −$25.0M | −$51.1M | −$148.3M | −$582.3M | −$72.3M | −$37.7M | −$77.1M |
| EBITDA | $4.6M | −$973,000 | $4.3M | −$5.8M | $218.3M | −$9.7M | −$34.9M | −$132.6M | −$566.2M | −$56.6M | −$27.5M | −$61.4M |
| EPS (diluted) | −$1.58 | −$1.88 | −$2.11 | −$1.93 | −$3.73 | −$3.00 | −$0.06 | −$3.52 | −$4.51 | −$4.83 | −$0.24 | −$5.10 |
| Gross margin | 41.3% | 37.4% | 38.7% | 35.5% | 33.4% | 32.4% | −4.4% | 21.2% | 27.6% | −95.0% | 8.0% | −15.2% |
| Operating margin | −22.8% | −37.6% | −27.9% | −33.6% | −34.8% | −65.0% | −84.4% | −493.2% | −1,705.5% | −267.0% | −20.0% | −51.0% |
| Net margin | −42.7% | −65.3% | −33.9% | −62.2% | 527.8% | −76.9% | −91.6% | −506.3% | −1,712.6% | −283.9% | −22.5% | −57.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in STEM's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
STEM financial results
In fiscal year 2025 (ended December 31, 2025), Stem reported revenue of $156.3 million, up 8.1% from the year before. It had net income of $137.8 million, a net profit margin of 88.2%. Diluted earnings per share came to −$10.77. Over five years revenue grew at an average rate of 33.9% a year.
See the STEM stock overview for the latest quote and news, or the STEM chart for price history and technical indicators.
STEM income statement FAQ
What is Stem's annual revenue?
Stem reported total revenue of $156.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.1% from $144.6 million the previous year.
Is Stem profitable?
Yes. Stem reported net income of $137.8 million in fiscal 2025, a net profit margin of 88.2%; its operating margin was −35.6%.
What is Stem's gross margin?
Stem's gross margin was 38.4% in fiscal 2025: for every $100 of revenue, Stem kept $38 after the direct cost of its products and services.
How much does Stem spend on research and development?
Stem spent $35.3 million on research and development in fiscal 2025, 22.6% of revenue.
How fast is Stem growing?
Revenue grew 33.9% a year on average over the last five fiscal years, from $36.3 million to $156.3 million.
What are Stem's earnings per share?
Stem earned $-10.77 per diluted share in fiscal 2025, compared with $-12.92 a year earlier.
When will Stem report its next earnings?
Stem is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Stem's fiscal year end?
Stem's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.