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STEM

STEM, INC.
7 filings tracked
technologycloud computingSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Stem is successfully transitioning from a hardware-heavy integrator to a lean, software-centric energy platform.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the narrative of a software transformation, Stem faces severe structural headwinds and a precarious financial position. The 11% decline in total revenue highlights the loss of legacy hardware streams that previously provided essential cash flow.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing reveals a company in the midst of a high-stakes identity shift. Stem has successfully improved the quality of its earnings by prioritizing high-margin software and managed services over low-margin hardware sales. This has resulted in a leaner cost structure and a positive Adjusted EBITDA, signaling that the business model can function without the volume of battery resales. However, the transition has left the company with a diminished revenue base and a heavy debt service burden that threatens to offset operational gains. Ultimately, the filing presents a race between the growth of the PowerTrack software ecosystem and the exhaustion of the company's cash reserves. While the growth in ARR and the acquisition of raicoon GmbH suggest a viable long-term software play, the immediate pressure of high-interest debt and a narrow liquidity buffer means investors must weigh the potential for a software-driven breakout against the risk of a liquidity crisis.

Selected Quarter

Core Takeaway

Stem has successfully shifted its revenue mix toward high-margin software, but the financial benefit is currently offset by high debt service costs and a shrinking cash pile.

Investor Lens

The trade-off is between a fundamentally improved margin profile and a high risk of insolvency if the software growth doesn't accelerate quickly enough to cover debt.

Watch Next

The utilization of the $30 million ATM program and the impact of the raicoon GmbH acquisition on Q2 software revenue.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.55Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 7

Non-GAAP gross margin increased to 52% due to the reduction of low-margin battery resales.

margin expansion
90%
bullishMay 7

Achieved positive Adjusted EBITDA of $2.0 million compared to a loss in the prior year.

earnings beat
70%
neutralMay 7

Entered into a $30 million at-the-market (ATM) equity offering program.

capital raise
50%
bullishMay 7

Acquired raicoon GmbH to enhance automated fault detection capabilities for solar assets.

acquisition
60%
bullishMay 7

Non-GAAP gross margin increased to 52% due to the reduction of low-margin battery resales.

margin expansion
90%
bullishMay 7

Achieved positive Adjusted EBITDA of $2.0 million compared to a loss in the prior year.

earnings beat
70%
neutralMay 7

Entered into a $30 million at-the-market (ATM) equity offering program.

capital raise
50%
bullishMay 7

Acquired raicoon GmbH to enhance automated fault detection capabilities for solar assets.

acquisition
60%
bullishMay 7

Non-GAAP gross margin increased to 52% due to the reduction of low-margin battery resales.

margin expansion
90%
bullishMay 7

Achieved positive Adjusted EBITDA of $2.0 million compared to a loss in the prior year.

earnings beat
70%
neutralMay 7

Entered into a $30 million at-the-market (ATM) equity offering program.

capital raise
50%
bullishMay 7

Acquired raicoon GmbH to enhance automated fault detection capabilities for solar assets.

acquisition
60%
bullishMay 7

Non-GAAP gross margin increased to 52% due to the reduction of low-margin battery resales.

margin expansion
90%
bullishMay 7

Achieved positive Adjusted EBITDA of $2.0 million compared to a loss in the prior year.

earnings beat
70%
neutralMay 7

Entered into a $30 million at-the-market (ATM) equity offering program.

capital raise
50%
bullishMay 7

Acquired raicoon GmbH to enhance automated fault detection capabilities for solar assets.

acquisition
60%
bullishMay 7

Non-GAAP gross margin increased to 52% due to the reduction of low-margin battery resales.

margin expansion
90%
bullishMay 7

Achieved positive Adjusted EBITDA of $2.0 million compared to a loss in the prior year.

earnings beat
70%
neutralMay 7

Entered into a $30 million at-the-market (ATM) equity offering program.

capital raise
50%
bullishMay 7

Acquired raicoon GmbH to enhance automated fault detection capabilities for solar assets.

acquisition
60%
bullishMay 7

Non-GAAP gross margin increased to 52% due to the reduction of low-margin battery resales.

margin expansion
90%
bullishMay 7

Achieved positive Adjusted EBITDA of $2.0 million compared to a loss in the prior year.

earnings beat
70%
neutralMay 7

Entered into a $30 million at-the-market (ATM) equity offering program.

capital raise
50%
bullishMay 7

Acquired raicoon GmbH to enhance automated fault detection capabilities for solar assets.

acquisition
60%
bullishMay 7

Non-GAAP gross margin increased to 52% due to the reduction of low-margin battery resales.

margin expansion
90%
bullishMay 7

Achieved positive Adjusted EBITDA of $2.0 million compared to a loss in the prior year.

earnings beat
70%
neutralMay 7

Entered into a $30 million at-the-market (ATM) equity offering program.

capital raise
50%
bullishMay 7

Acquired raicoon GmbH to enhance automated fault detection capabilities for solar assets.

acquisition
60%

Filing History

10-QMay 7, 2026
Expand Sequence

The Q1 2026 filing reveals a company in the midst of a high-stakes identity shift. Stem has successfully improved the quality of its earnings by prioritizing high-margin software and managed services over low-margin hardware sales. This has resulted in a leaner cost structure and a positive Adjusted EBITDA, signaling that the business model can function without the volume of battery resales. However, the transition has left the company with a diminished revenue base and a heavy debt service burden that threatens to offset operational gains. Ultimately, the filing presents a race between the growth of the PowerTrack software ecosystem and the exhaustion of the company's cash reserves. While the growth in ARR and the acquisition of raicoon GmbH suggest a viable long-term software play, the immediate pressure of high-interest debt and a narrow liquidity buffer means investors must weigh the potential for a software-driven breakout against the risk of a liquidity crisis.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.