STEM on NYSE

Stem Inc.

Energy software; Public Company.¹

Price unavailable

Last updated Oct 18, 2026.

Overview

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TickerSTEM on NYSE¹
IndustryServices-Computer Integrated Systems Design¹
Websitewww.stem.com
Business address1400 Post Oak Boulevard, Suite 560, Houston, Tx 77056³
Filer categoryNon-accelerated filer, Smaller reporting company³

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

38.4%Gross margin⁴

-35.6%Operating margin⁴

88.2%Net margin⁴

8.1%Revenue growth, 2025⁴

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueResearch and developmentProfit

Cost of revenue36¢$96.3M
Research and development13¢$35.3M
Income tax0¢$536.0K
Profit51¢$137.8M

Out of $156.3M in revenue.⁴

Where each dollar of operating cash went, fiscal 2025

Kept or used elsewhere

Kept or used elsewhere100¢$6.9M

Out of $6.9M of cash from operations.⁴

Financial statements

Revenue⁵⁶⁷⁸⁴$156.3M in 2025+790% since 2019

Gross profit⁵⁶⁷⁸⁴$60.0M in 2025

Operating income⁵⁶⁷⁸⁴-$55.7M in 2025+16% since 2019

Net income⁵⁶⁴$137.8M in 2025

Fiscal year	2019	2020	2021	2022	2023	2024	2025
Revenue	$17.6M⁵	$36.3M⁶	$127.4M⁷	$363.0M⁸	$461.5M⁴	$144.6M⁴	$156.3M⁴
Cost of revenue	$20.8M⁵	$40.2M⁶	$126.1M⁷	$329.9M⁸	$457.9M⁴	$155.6M⁴	$96.3M⁴
Gross profit	-$3.3M⁵	-$3.9M⁶	$1.2M⁷	$33.1M⁸	$3.7M⁴	-$11.1M⁴	$60.0M⁴
Research and development	$14.7M⁵	$15.9M⁶	$22.7M⁷	$38.3M⁸	$56.5M⁴	$51.3M⁴	$35.3M⁴
Operating income	-$47.9M⁵	-$49.4M⁶	-$83.1M⁷	-$131.1M⁸	-$179.3M⁴	-$839.5M⁴	-$55.7M⁴
Interest	$12.5M⁵	$20.8M⁶	$17.4M⁷	$10.5M⁷	$15.0M⁷
Income tax	$6.0K⁵	$5.0K⁶	$0⁷	-$15.2M⁸	$433.0K⁴	$332.0K⁴	$536.0K⁴
Net income	-$59.4M⁵	-$156.1M⁶	-$101.2M⁶	-$124.1M⁶	-$140.4M⁴	-$854.0M⁴	$137.8M⁴
Earnings per share	-$1.51⁵	-$4.13⁶	-$0.96⁷	-$0.81⁸	-$18.05⁴	-$105.80⁴	$16.52⁴
Earnings per share (diluted)	-$1.51⁵	-$4.13⁶	-$0.96⁷	-$0.81⁸	-$18.05⁴	-$105.80⁴	-$9.18⁴

Total assets¹¹⁵⁶⁷⁸⁴$308.9M in 2025+121981% since 2019

Total liabilities¹¹⁵⁶⁷⁸⁴$557.9M in 2025+226185% since 2019

Shareholders’ equity⁵⁶⁷⁸⁴-$249.4M in 2025+917% since 2019

Cash⁶⁵⁷⁸⁴$48.9M in 2025+280% since 2019

Long-term debt¹²¹³¹⁴¹⁵$1.1M in 2023−74% since 2019

Fiscal year	2019	2020	2021	2022	2023	2024	2025
Cash	$12.9M⁶	$6.9M⁵	$747.8M⁷	$87.9M⁸	$105.4M⁴	$56.3M⁴	$48.9M⁴
Current assets	$1.6K¹¹	$49.3M⁵	$1.0B⁶	$532.8M⁷	$473.0M⁸	$136.6M⁴	$100.1M⁴
Total assets	$253.0K¹¹	$205.8M⁵	$1.2B⁶	$1.4B⁷	$1.4B⁸	$437.4M⁴	$308.9M⁴
Current liabilities	$246.6K¹¹	$190.5M⁵	$88.0M⁶	$267.0M⁷	$251.1M⁸	$128.8M⁴	$110.6M⁴
Long-term debt	$4.1M¹²	$3.7M¹³	$2.1M¹⁴	$2.2M¹⁴	$1.1M¹⁵
Total liabilities	$246.6K¹¹	$383.3M⁵	$524.0M⁶	$869.7M⁷	$930.3M⁸	$835.2M⁴	$557.9M⁴
Shareholders’ equity	-$24.5M⁵	-$177.4M⁵	$667.8M⁶	$551.6M⁷	$426.2M⁸	-$398.4M⁴	-$249.4M⁴
Shares outstanding	52.3M shares¹⁶	0 shares¹⁷	144.7M shares⁶	154.5M shares⁷	155.9M shares⁸	8.1M shares⁴	8.5M shares⁴

Cash from operations⁵⁶⁷⁸⁴$6.9M in 2025

Capital spending¹⁶¹³¹⁴$215.0K in 2022−84% since 2019

Free cash flow⁵⁶⁷⁸-$106.2M in 2022+242% since 2019

Fiscal year	2019	2020	2021	2022	2023	2024	2025
Cash from operations	-$29.7M⁵	-$33.7M⁶	-$101.3M⁷	-$106.0M⁸	-$207.4M⁴	-$36.6M⁴	$6.9M⁴
Capital spending	$1.4M¹⁶	$471.0K¹³	$577.0K¹⁴	$215.0K¹⁴
Free cash flow	-$31.1M	-$34.1M	-$101.8M	-$106.2M

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Leadership

Who has led Stem Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

David S. Buzby2024

President

Chief financial officer

Chief operating officer

20202025

Chief executive officerArun Narayanan Jan 28, 2025 to now¹⁸
Chief executive officerMatthew Cohen Apr 22, 2022 to Apr 6, 2023¹⁹
Chief executive officerJohn Eugene Carrington May 28, 2021 to May 28, 2024²⁰
Chief executive officerAdam Berk Sep 10, 2021 to Sep 10, 2021²¹
Chief executive officerEric J. Scheyer Aug 17, 2020 to Oct 5, 2020²²
ChairDavid S. Buzby Aug 30, 2024 to Aug 30, 2024²³
PresidentMichael James Carlson Nov 12, 2025 to now²⁴
PresidentMatthew Tappin Jul 24, 2023 to Nov 12, 2025²⁵
PresidentAdam Berk May 15, 2017 to Oct 25, 2019²⁶
Chief financial officerBrian Musfeldt Aug 19, 2025 to now²⁷
Chief financial officerSpencer Doran Hole Sep 3, 2024 to Sep 3, 2024²⁸
Chief financial officerMatthew Cohen Apr 22, 2022 to Apr 6, 2023¹⁹
Chief financial officerWilliam John Bush May 28, 2021 to May 28, 2024²⁹
Chief financial officerMichael D. Wilds Aug 17, 2020 to Aug 17, 2020³⁰
Chief financial officerSteven Shelly Hubbard May 15, 2017 to May 15, 2017³¹
Chief operating officerMichael James Carlson Sep 30, 2022 to Mar 17, 2025³²
Chief operating officerMark William Triplett May 28, 2021 to Apr 14, 2022³³

Board members and other officers (35)

Chief Accounting OfficerJeffrey T. Cabot Jan 7, 2026 to now³⁴
OfficerDavid S. Buzby Jan 16, 2025 to Jan 16, 2025³⁵
OfficerMichael James Carlson Jul 2, 2025 to now³⁶
Chief Technology OfficerHofeldt Albert Oct 30, 2024 to Feb 21, 2025³⁷
Chief Accounting OfficerRahul Shukla Jan 25, 2022 to now³⁸
Chief People OfficerKim Homenock Aug 11, 2022 to Feb 21, 2025³⁹
Chief Strategy OfficerPrakesh Patel May 28, 2021 to May 28, 2024⁴⁰
SecretarySteven Shelly Hubbard Sep 10, 2021 to Sep 10, 2021⁴¹
Board memberKrishna Shivram Mar 19, 2025 to now⁴²
Board memberVasudevan Guruswamy Mar 19, 2025 to now⁴³
Board memberGerard Cunningham Apr 22, 2024 to Aug 30, 2024⁴⁴
Board memberIra M. Birns Nov 13, 2023 to now⁴⁵
Board memberJohn Eugene Carrington Apr 8, 2022 to May 28, 2024⁴⁶
Board memberMatthew Cohen Apr 22, 2022 to Apr 6, 2023¹⁹
Board memberJane Woodward May 24, 2021 to Jun 10, 2024⁴⁷
Board memberLaura D. Tyson May 24, 2021 to now⁴⁸
Board memberLisa L. Troe May 24, 2021 to Jun 20, 2023⁴⁹
Board memberDavid S. Buzby May 25, 2021 to now⁵⁰
Board memberAnil Tammineedi May 26, 2021 to now⁵¹
Board memberBrian John Hayek Jul 19, 2021 to Jul 19, 2021⁵²
Board memberRobert Louis Benjamin Diener Jul 21, 2021 to Jul 21, 2021⁵³
Board memberDennis Suskind Oct 22, 2021 to Oct 22, 2021⁵⁴
Board memberAdam Daley Aug 17, 2020 to now⁵⁵
Board memberAlec N. Litowitz Aug 17, 2020 to Oct 5, 2020⁵⁶
Board memberC. Park Shaper Aug 17, 2020 to Apr 30, 2021⁵⁷
Board memberDesiree G. Rogers Aug 17, 2020 to Apr 30, 2021⁵⁸
Board memberEric J. Scheyer Aug 17, 2020 to Oct 5, 2020²²
Board memberMichael C. Morgan Aug 17, 2020 to Jun 10, 2024⁵⁹
Board memberJessica Michelle Feingold Dec 20, 2018 to Oct 25, 2019⁶⁰
Board memberRajiv Raj Dec 20, 2018 to Sep 8, 2023⁶¹
Board memberAdam Berk May 15, 2017 to Sep 10, 2021²⁶
Board memberGarrett Martin Bender May 15, 2017 to Sep 3, 2021⁶²
Board memberLindy L. Sinder May 15, 2017 to Oct 22, 2021⁶³
Board memberSteven Shelly Hubbard May 15, 2017 to Sep 10, 2021³¹
General counselSaul R. Laureles May 24, 2021 to now⁶⁴

Former names

Star Peak Energy Transition Corp.Jul 17, 2020 to Apr 30, 2021³
Star Peak Energy Acquisition Corp.Nov 21, 2018 to Nov 21, 2018³

Timeline

Jan 28, 2025New chief executive Arun Narayanan becomes CEO¹⁸
Apr 22, 2022New chief executive Matthew Cohen becomes CEO¹⁹
Sep 10, 2021New chief executive Adam Berk becomes CEO²¹
May 28, 2021New chief executive John Eugene Carrington becomes CEO²⁰
Apr 29, 2021Went public Listed on NYSE¹
Aug 17, 2020New chief executive Eric J. Scheyer becomes CEO²²

Filings

675 filings to the SEC since October 2021: 9 annual reports, 21 quarterly reports, 89 major events, 341 insider forms, 16 large holders, 199 other. The latest 20:

Sep 29, 2026144 EDGAR
Sep 29, 20264 EDGAR
Aug 13, 2026S-8 EDGAR
Aug 13, 202610-Q EDGAR
Aug 12, 20268-K EDGAR
Aug 11, 20264 EDGAR
Aug 11, 20264 EDGAR
Aug 11, 20264 EDGAR
Aug 11, 20264 EDGAR
Aug 11, 20264 EDGAR
Aug 11, 20264 EDGAR
Aug 11, 20264 EDGAR
Aug 10, 2026144 EDGAR
Aug 10, 2026144 EDGAR
Aug 10, 2026144 EDGAR
Aug 10, 2026144 EDGAR
Jul 29, 2026144 EDGAR
Jul 29, 2026144 EDGAR
Jul 29, 2026144 EDGAR
Jul 21, 20264 EDGAR

The 675 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 16 such filings since October 2021, the latest 10:

Jul 29, 2025SCHEDULE 13G/A
Nov 14, 2024SC 13G
Nov 12, 2024SC 13G/A
Nov 4, 2024SC 13G/A
Nov 4, 2024SC 13G/A
Feb 13, 2024SC 13G
Feb 13, 2024SC 13G/A
Jan 26, 2024SC 13G/A
Feb 9, 2023SC 13G/A
Feb 3, 2023SC 13G

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataStem Inc. on Wikidata
2
SEC EDGARStem Inc. filings on SEC EDGAR
3
SEC EDGARStem Inc. filings on SEC EDGAR
4
SEC EDGARStem Inc. 10-K for fiscal 2025
5
SEC EDGARStem Inc. 10-K for fiscal 2019
6
SEC EDGARStem Inc. 10-K for fiscal 2020
7
SEC EDGARStem Inc. 10-K for fiscal 2021
8
SEC EDGARStem Inc. 10-K for fiscal 2022
9
SEC EDGARStem Inc. 10-Q for fiscal 2026
10
SEC EDGARStem Inc. 10-Q for fiscal 2026
11
SEC EDGARStem Inc. 10-K for fiscal 2019
12
SEC EDGARStem Inc. 10-K for fiscal 2019
13
SEC EDGARStem Inc. 10-K for fiscal 2020
14
SEC EDGARStem Inc. 10-K for fiscal 2021
15
SEC EDGARStem Inc. 10-K for fiscal 2023
16
SEC EDGARStem Inc. 10-K for fiscal 2019
17
SEC EDGARStem Inc. 10-K for fiscal 2020
18
SEC EDGARArun Narayanan, Chief executive officer
19
SEC EDGARMatthew Cohen, Chief executive officer
20
SEC EDGARJohn Eugene Carrington, Chief executive officer
21
SEC EDGARAdam Berk, Chief executive officer
22
SEC EDGAREric J. Scheyer, Chief executive officer
23
SEC EDGARDavid S. Buzby, Chair
24
SEC EDGARMichael James Carlson, President
25
SEC EDGARMatthew Tappin, President
26
SEC EDGARAdam Berk, President
27
SEC EDGARBrian Musfeldt, Chief financial officer
28
SEC EDGARSpencer Doran Hole, Chief financial officer
29
SEC EDGARWilliam John Bush, Chief financial officer
30
SEC EDGARMichael D. Wilds, Chief financial officer
31
SEC EDGARSteven Shelly Hubbard, Chief financial officer
32
SEC EDGARMichael James Carlson, Chief operating officer
33
SEC EDGARMark William Triplett, Chief operating officer
34
SEC EDGARJeffrey T. Cabot, Chief Accounting Officer
35
SEC EDGARDavid S. Buzby, Officer
36
SEC EDGARMichael James Carlson, Officer
37
SEC EDGARHofeldt Albert, Chief Technology Officer
38
SEC EDGARRahul Shukla, Chief Accounting Officer
39
SEC EDGARKim Homenock, Chief People Officer
40
SEC EDGARPrakesh Patel, Chief Strategy Officer
41
SEC EDGARSteven Shelly Hubbard, Secretary
42
SEC EDGARKrishna Shivram, Board member
43
SEC EDGARVasudevan Guruswamy, Board member
44
SEC EDGARGerard Cunningham, Board member
45
SEC EDGARIra M. Birns, Board member
46
SEC EDGARJohn Eugene Carrington, Board member
47
SEC EDGARJane Woodward, Board member
48
SEC EDGARLaura D. Tyson, Board member
49
SEC EDGARLisa L. Troe, Board member
50
SEC EDGARDavid S. Buzby, Board member
51
SEC EDGARAnil Tammineedi, Board member
52
SEC EDGARBrian John Hayek, Board member
53
SEC EDGARRobert Louis Benjamin Diener, Board member
54
SEC EDGARDennis Suskind, Board member
55
SEC EDGARAdam Daley, Board member
56
SEC EDGARAlec N. Litowitz, Board member
57
SEC EDGARC. Park Shaper, Board member
58
SEC EDGARDesiree G. Rogers, Board member
59
SEC EDGARMichael C. Morgan, Board member
60
SEC EDGARJessica Michelle Feingold, Board member
61
SEC EDGARRajiv Raj, Board member
62
SEC EDGARGarrett Martin Bender, Board member
63
SEC EDGARLindy L. Sinder, Board member
64
SEC EDGARSaul R. Laureles, General counsel