Stem, Inc. balance sheet STEM

Annual Quarterly

As of Jun 30, 2026, Stem, Inc. had total assets of $279.8 million and total liabilities of $549.8 million. Total assets were down 26.2% from a year earlier. Stockholders' equity was negative, at -$269.6 million, because liabilities exceed assets. It held $38.4 million in cash and investments against $10.1 million of total debt, net cash of $28.3 million. The current ratio, current assets divided by current liabilities, was 0.83.

USD in millions, except ratios and per-share amounts. The percent under a figure is the change from the year before.

Line	FY 2026 Jun 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020
Assets
Cash	38 -5.8%	49 -13.1%	56 -46.6%	105 +19.9%	88 -88.2%	748 +10671.8%	7
Short-term investments	—	—	0 -100.0%	8 -94.9%	162 -6.3%	173	—
Long-term investments	—	—	—	—	—	0	—
Cash and investments	38 -5.8%	49 -13.1%	56 -50.4%	114 -54.6%	250 -72.9%	921 +13164.0%	7
Receivables	33 -22.5%	38 -35.3%	59 -80.4%	303 +35.7%	223 +261.8%	62	—
Inventory	—	—	—	27 +218.4%	8 -63.1%	23	—
Total current assets	89 -10.0%	100 -26.7%	137 -71.1%	473 -11.2%	533 -48.0%	1,024 +1977.7%	49
Property and equipment, net	34 -33.3%	44 -25.3%	59	—	—	106	—
Goodwill	2	—	0 -100.0%	547 +0.1%	547 +31298.6%	2	—
Total assets	280 -26.2%	309 -29.4%	437 -67.8%	1,357 -4.6%	1,422 +19.3%	1,192 +479.0%	206
Liabilities and equity
Accounts payable	14 +26.6%	10 -65.8%	30 -61.5%	78 -6.6%	84 +196.5%	28 +105.6%	14
Total current liabilities	108 -4.1%	111 -14.2%	129 -48.7%	251 -6.0%	267 +203.5%	88 -53.8%	191
Total liabilities	550 -7.2%	558 -33.2%	835 -10.2%	930 +7.0%	870 +66.0%	524 +36.7%	383
Stockholders' equity	-270 -25.9%	-249 +37.4%	-398 -193.5%	426 -22.7%	552 -17.4%	668 +476.4%	-177
Debt
Lease liabilities	10 -13.5%	13 -20.1%	16 +20.1%	13 -1.0%	14 +0.8%	13	—
Total debt	10 -13.5%	13 -20.1%	16 +20.1%	13 -1.0%	14 +0.8%	13	—
Net cash	28 -2.7%	36 -10.3%	40 -59.9%	100 -57.6%	236 -73.9%	907	—
Ratios
Current ratio	0.83x	0.91x	1.06x	1.88x	2.00x	11.64x	0.26x
Debt to equity	—	—	—	0.03x	0.02x	0.02x	—
Debt to EBITDA	6.53x	—	—	—	—	—	—
Return on equity	—	—	—	-32.95%	-22.49%	—	—
Return on assets	-26.12%	44.60%	-195.27%	-10.35%	-8.72%	—	-75.84%
Book value per share	-28.06	-29.38	-48.94	2.73	3.57	4.62	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except ratios and per-share amounts. Cash and investments adds short-term and long-term marketable securities to cash. Debt due within a year is the borrowings that are not already in long-term debt. Total debt is those borrowings plus lease liabilities. Net cash is cash and investments minus total debt. Return on equity and return on assets divide the trailing twelve months of net income by the balance on that date. Debt to EBITDA uses the trailing twelve months of EBITDA. The first column is the latest balance sheet when it is newer than the latest fiscal year. More on our methodology.

Company profile

Industry: Services-Computer Integrated Systems Design (SIC 7373)
Listed as: STEM (NYSE)
Fiscal year ends: December 31
Headquarters: Houston, TX
SEC filer status: Non-accelerated filer, Smaller reporting company
SEC CIK: 1758766
Former names: Star Peak Energy Transition Corp. (until Apr 30, 2021); Star Peak Energy Acquisition Corp. (until Nov 21, 2018)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.