| Schedule of Computation of Basic and Diluted Net (Loss) Income 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) | |
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| Schedule of Potentially Dilutive Shares |
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 | |
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