BUSINESS	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Description of the Business Stem, Inc., together with its consolidated subsidiaries (“Stem,” the “Company,” “we,” “us,” or “our”), is a global leader reimagining technology to support the energy transition. We help asset owners, operators, and stakeholders benefit from the full value of their energy portfolio by enabling the intelligent development, deployment and operation of clean energy assets. PowerTrack is our integrated suite of software and solutions for solar, storage and hybrid assets. Within the PowerTrack product suite we offer PowerTrack Software, PowerTrack Energy Management System, PowerTrack Supervisory Control and Data Acquisition (“SCADA”), PowerTrack Power Plant Controller (“PPC”), PowerTrack Logger and PowerTrack Optimizer. The PowerTrack Software for solar monitoring and analytics enables the standardization of energy portfolios on one hardware agnostic application. Our commercial- and utility-scale edge hardware solutions are original equipment manufacturer (“OEM”)-agnostic devices that are used to connect customers’ solar and storage assets to our software applications in a unified view. Our Managed Services are full lifecycle, storage services covering the design, procurement, commissioning, operation and optimization of energy storage and hybrid systems, enabled by our PowerTrack Optimizer software. Our comprehensive suite of Professional Services supports solar and storage projects through every stage of the project lifecycle, offering the expertise needed to navigate complexity and scale clean energy portfolios. Stem, Inc. was incorporated on March 16, 2009 in the State of Delaware and is headquartered in Houston, Texas. Liquidity As of June 30, 2026, we had cash and cash equivalents of $38.4 million, an accumulated deficit of $1,522.1 million, and negative working capital, which we define as current assets less current liabilities, of $18.2 million. During the six months ended June 30, 2026, we incurred a net loss of $33.3 million and had negative cash flows from operating activities of $8.0 million. As of June 30, 2026, our principal sources of liquidity were cash and cash equivalents totaling $38.4 million, which were held for working capital purposes and for investment growth opportunities. To the extent that current and anticipated future sources of liquidity are insufficient to fund our cash requirements and future business activities, we may be required to seek additional equity or debt financing. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in continued innovation, or pay our interest expense associated with our debt issuances, we may not be able to compete successfully, which would harm our business, operations, and financial condition. At June 30, 2026, we believe that our cash position is sufficient to meet our capital and liquidity requirements for at least the next 12 months. Our business prospects are subject to various risks, expenses and uncertainties, including those discussed in Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The attainment of profitable operations is dependent upon future events, including continued execution of our software and services-oriented strategy, the successful delivery of AI-enabled software and edge device capabilities to our customers, securing new customers and maintaining current ones, and hiring, motivating and retaining appropriate personnel. Failure to generate sufficient revenues, achieve planned gross margins and operating profitability, control operating costs, or secure additional funding as required may require us to modify, delay or abandon some of our planned future expansion or development, or to otherwise enact additional operating cost reductions, which could have a material adverse effect on our business, operating results and financial condition.

Stem, Inc., together with its consolidated subsidiaries (“Stem,” the “Company,” “we,” “us,” or “our”), is a global leader reimagining technology to support the energy transition. We help asset owners, operators, and stakeholders benefit from the full value of their energy portfolio by enabling the intelligent development, deployment and operation of clean energy assets.

PowerTrack is our integrated suite of software and solutions for solar, storage and hybrid assets. Within the PowerTrack product suite we offer PowerTrack Software, PowerTrack Energy Management System, PowerTrack Supervisory Control and Data Acquisition (“SCADA”), PowerTrack Power Plant Controller (“PPC”), PowerTrack Logger and PowerTrack Optimizer.

The PowerTrack Software for solar monitoring and analytics enables the standardization of energy portfolios on one hardware agnostic application. Our commercial- and utility-scale edge hardware solutions are original equipment manufacturer (“OEM”)-agnostic devices that are used to connect customers’ solar and storage assets to our software applications in a unified view. Our Managed Services are full lifecycle, storage services covering the design, procurement, commissioning, operation and optimization of energy storage and hybrid systems, enabled by our PowerTrack Optimizer software. Our comprehensive suite of Professional Services supports solar and storage projects through every stage of the project lifecycle, offering the expertise needed to navigate complexity and scale clean energy portfolios.

As of June 30, 2026, we had cash and cash equivalents of $38.4 million, an accumulated deficit of $1,522.1 million, and negative working capital, which we define as current assets less current liabilities, of $18.2 million. During the six months ended June 30, 2026, we incurred a net loss of $33.3 million and had negative cash flows from operating activities of $8.0 million. As of June 30, 2026, our principal sources of liquidity were cash and cash equivalents totaling $38.4 million, which were held for working capital purposes and for investment growth opportunities. To the extent that current and anticipated future sources of liquidity are insufficient to fund our cash requirements and future business activities, we may be required to seek additional equity or debt financing. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in continued innovation, or pay our interest expense associated with our debt issuances, we may not be able to compete successfully, which would harm our business, operations, and financial condition. At June 30, 2026, we believe that our cash position is sufficient to meet our capital and liquidity requirements for at least the next 12 months.

Our business prospects are subject to various risks, expenses and uncertainties, including those discussed in Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The attainment of profitable operations is dependent upon future events, including continued execution of our software and services-oriented strategy, the successful delivery of AI-enabled software and edge device capabilities to our customers, securing new customers and maintaining current ones, and hiring, motivating and retaining appropriate personnel. Failure to generate sufficient revenues, achieve planned gross margins and operating profitability, control operating costs, or secure additional funding as required may require us to modify, delay or abandon some of our planned future expansion or development, or to otherwise enact additional operating cost reductions, which could have a material adverse effect on our business, operating results and financial condition.