Net (loss) income per share is computed by dividing net loss by the basic weighted-average number of shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the diluted weighted-average number of shares outstanding during the period and, accordingly, reflects the potential dilutive effect of all issuable shares of common stock, including as a result of stock options, restricted stock units, warrants and convertible notes. The diluted weighted-average number of shares used in our diluted net loss per share calculation is determined using the treasury stock method for stock options, restricted stock units, and warrants, and the if-converted method for convertible notes. For periods in which we recognize losses, the calculation of diluted loss per share is the same as the calculation of basic loss per share.

The following table sets forth the computation of basic net (loss) income per share and diluted net loss per share attributable to common stockholders, adjusted on a retroactive basis to reflect the reverse stock split as discussed in Note 2 — Summary of Significant Accounting Policies under “Basis of Presentation” (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net (loss) income attributable to common stockholders	$	(14,383)	$	202,531	$	(33,308)	$	177,531

Numerator - Diluted:
Net (loss) income per share attributable to common stockholders, basic	$	(14,383)	$	202,531	$	(33,308)	$	177,531
Less: Gain on extinguishment of debt, net of tax	—		(217,691)		—		(215,736)
Net loss attributable to Stem common stockholders, diluted	$	(14,383)	$	(15,160)	$	(33,308)	$	(38,205)

Denominator:
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic	9,110,452		8,330,679		8,815,386		8,263,378
Dilutive potential common shares	—		151,120		—		151,120
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, diluted	9,110,452		8,481,799		8,815,386		8,414,498

Net (loss) income per share attributable to common stockholders, basic	$	(1.58)	$	24.31	$	(3.78)	$	21.48
Net loss per share attributable to common stockholders, diluted	$	(1.58)	$	(1.79)	$	(3.78)	$	(4.54)

The following table shows total outstanding potentially dilutive shares excluded from the computation of diluted net loss per share attributable to common stockholders as their effect would have been anti-dilutive, adjusted on a retroactive basis to reflect the reverse stock split as discussed in Note 2 — Summary of Significant Accounting Policies under “Basis of Presentation”, as of June 30, 2026 and 2025:


	June 30, 2026	June 30, 2025

Outstanding 2028 Convertible Notes (if converted)	116,620	116,620
Outstanding 2030 Convertible Notes (if converted)	832,620	832,620
Outstanding stock options	172,215	241,773
Outstanding legacy warrants	127	127
Outstanding RSUs	1,146,010	655,845
Outstanding private placement warrants	439,919	439,919
Total	2,707,511	2,286,904