v3.26.1
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Equity Incentive Plans
In May 2024, the Company adopted the Stem, Inc. 2024 Equity Incentive Plan (as amended, the “2024 Plan”). Under the 2024 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), and other awards that are settled in shares of the Company’s common stock.

Stock Options
The following table summarizes the stock option activity for the period ended June 30, 2026:
Number of
Options
Outstanding		Weighted-
Average
Exercise Price
Per Share		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
(in thousands)
Balances as of December 31, 2025169,919 $106.55 6.1$241 
Options granted3,500 18.30 
Options forfeited and cancelled(1,204)355.20 
Balances as of June 30, 2026172,215 $103.02 5.7$36 
Options vested and exercisable — June 30, 2026134,558 $127.01 4.8$— 
As of June 30, 2026, the Company had approximately $0.3 million of remaining unrecognized stock-based compensation expense for stock options, which is expected to be recognized over a weighted average period of 1.1 years.
Restricted Stock Units
The following table summarizes the RSU activity for the period ended June 30, 2026:

Number of
RSUs
Outstanding (1)
Weighted-Average
Grant Date Fair Value
Per Share
Balances as of December 31, 2025601,260$19.86 
RSUs granted714,8968.54 
RSUs vested(133,345)45.79 
RSUs forfeited(36,801)17.32 
Balances as of June 30, 20261,146,010$9.85 
(1) Includes certain restricted stock units with service and market-based vesting criteria.
As of June 30, 2026, the Company had approximately $8.1 million of remaining unrecognized stock-based compensation expense for RSUs, which is expected to be recognized over a weighted average period of 1.5 years.
Stock-Based Compensation Expense
The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Sales and marketing$177$228$433$399
Research and development4931051,1651,859
General and administrative7841,0621,9033,454
Total stock-based compensation expense$1,454$1,395$3,501$5,712
Stock-based compensation expense associated with capitalized research and development expense was immaterial for the three months ended June 30, 2026. During the three months ended June 30, 2025, research and development expenses of $0.6 million, corresponding to internal-use software, were capitalized. Stock-based compensation expense associated with capitalized research and development expense was immaterial for the six months ended June 30, 2026. During the six months ended June 30, 2025, research and development expenses of $0.8 million, corresponding to internal-use software, were capitalized.