v3.26.1
REVENUE
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenue is recognized when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. As many contracts contain multiple goods or services delivered to the customer at different times, the transaction price is allocated to each good or service based on the relative standalone selling price and revenue is recognized when or as the performance obligation is satisfied. The Company recognizes revenue through arrangements with customers, host customer arrangements, and partnership arrangements.
Disaggregation of Revenue
Product line revenue, as presented below, depicts the nature, amount and timing of revenue for the Company’s various offerings.
PowerTrack Software – Recurring Software as a Service (“SaaS”) revenue from our PowerTrack platform supporting customer-owned clean energy assets.
Edge Hardware – Sales of edge device hardware to aid in the collection of site data and the real-time operation and control of sites.
Project and Professional Services & Other – Full lifecycle energy services including development and engineering, procurement and integration, performance and operations support, and revenue tied to DevCo JVs.
Managed Services – Includes (1) recurring revenue related to the operation and optimization of energy storage and hybrid portfolios managed by Stem, (2) full lifecycle, storage services covering the design, procurement and commissioning of energy storage and hybrid systems and (3) Host Customer recurring and merchant revenues.
Battery Hardware Resale – Sales of energy storage systems through partnership arrangements.
The following table provides information on the disaggregation of revenue as recorded in the unaudited condensed consolidated statements of operations (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
PowerTrack software$10,543$9,521$20,817$18,375
Edge hardware14,75012,08625,07622,349
Project and professional services & other2,1822,3303,9014,146
Subtotal27,47523,93749,79444,870
Managed services5,8939,00312,57416,054
Battery hardware resale2865,4342869,962
Total revenue
$33,654$38,374$62,654$70,886
The following table summarizes reportable revenue by geographic regions determined based on the location of the customers (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
United States$32,273 $36,437 $59,951 $66,497 
Rest of the world1,381 1,937 2,703 4,389 
Total revenue$33,654 $38,374 $62,654 $70,886 
Remaining Performance Obligations

The Company’s remaining performance obligations represent the unrecognized revenue value of its contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. As of June 30, 2026, the Company had $366.6 million of remaining performance obligations, of which, we expect to recognize in revenue approximately 22% in the next 12 months, with the remainder recognized in revenue in periods thereafter.
Contract Balances
The following table provides information about contract assets and liabilities from contracts with customers:
Change
June 30, 2026December 31, 2025$%
Contract assets
$2,682 $2,734 $(52)(2)%
Contract liabilities
$126,015 $128,876 $(2,861)(2)%
The balance of contract assets is driven by the difference in timing of when revenue is recognized from performance obligations satisfied in the current reporting period and when amounts are invoiced to the customer. The balance of contract liabilities is driven by the difference in timing between when cash is received pursuant to a contract and when the Company’s performance obligations under the contract are satisfied.
The following table presents the changes in the contract liabilities balances during the six months ended June 30, 2026 and June 30, 2025 (in thousands):
Six Months Ended June 30,
20262025
Beginning balance$128,876 $129,155 
Upfront payments received from customers22,545 25,412 
Upfront or annual incentive payments received124 1,006 
Revenue recognized related to amounts that were included in beginning balance of deferred revenue(23,111)(24,744)
Revenue recognized related to deferred revenue generated during the period(2,419)(4,467)
Ending balance$126,015 $126,362