v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents (VIE: $337 and $560 as of June 30, 2026 and December 31, 2025, respectively) $ 38,415 $ 48,915
Accounts receivable, net of allowances of $2,717 and $3,893 as of June 30, 2026 and December 31, 2025, respectively (VIE: $1,633 and $3,820 as of June 30, 2026 and December 31, 2025, respectively) 33,222 38,353
Inventory 6,122 4,587
Assets held for sale 1,229 0
Other current assets (VIE: $300 and $0 as of June 30, 2026 and December 31, 2025, respectively) 10,339 8,236
Total current assets 89,327 100,091
Energy storage systems, net 33,990 43,925
Contract origination costs, net 6,121 7,466
Goodwill 2,463 0
Intangible assets, net 113,045 123,028
Operating lease right-of-use assets 10,598 9,571
Other noncurrent assets 24,229 24,806
Total assets 279,773 308,887
Current liabilities:    
Accounts payable (VIE: $157 and $440 as of June 30, 2026 and December 31, 2025, respectively) 14,468 10,310
Accrued liabilities 21,796 26,875
Accrued payroll 5,552 9,131
Financing obligation, current portion 13,151 13,792
Deferred revenue, current portion 44,381 43,625
Other current liabilities 8,168 6,832
Total current liabilities 107,516 110,565
Deferred revenue, noncurrent 81,634 85,251
Asset retirement obligation 4,385 4,349
Convertible notes, noncurrent 184,007 183,594
Senior secured notes, noncurrent 135,212 128,796
Financing obligation, noncurrent 24,010 29,590
Warrant liability 2,207 5,121
Lease liabilities, noncurrent 10,070 9,860
Other liabilities 729 820
Total liabilities 549,770 557,946
Commitments and contingencies (Note 15)
Stockholders’ deficit:    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized as of June 30, 2026 and December 31, 2025; zero shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value; 250,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 9,607,873 and 8,489,540 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1 1
Additional paid-in capital 1,252,624 1,239,263
Accumulated other comprehensive (loss) income (141) 41
Accumulated deficit (1,522,055) (1,488,747)
Total Stem stockholders’ deficit (269,571) (249,442)
Non-controlling interests (426) 383
Total stockholders’ deficit (269,997) (249,059)
Total liabilities and stockholders’ deficit $ 279,773 $ 308,887