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Stem (STEM) investor relations material
Stem Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 13% year-over-year to $38.4M in Q2 2025, with record software revenue, positive adjusted EBITDA, and a strategic shift to software and services.
Net income reached $202.5M, reversing a prior year loss, driven by a $220M gain on debt extinguishment and improved gross profit.
Debt was reduced by nearly $200M through a major exchange, extending maturities and strengthening the balance sheet.
Implemented significant cost reductions, including a 27–35% workforce reduction and nearly 40% year-over-year drop in cash OpEx.
Launched new AI-enabled PowerTrack offerings and reorganized into four business units, with external segment reporting to follow.
Financial highlights
GAAP gross margin improved to 33% from 28% year-over-year; non-GAAP gross margin rose to 49% from 40%.
Adjusted EBITDA was $3.8M–$4M, a $15M year-over-year improvement.
Net income for Q2 2025 was $202.5M, compared to a net loss of $582.3M in Q2 2024, mainly due to the debt extinguishment gain.
Operating cash flow was negative $21M, impacted by working capital outflows and one-time payments.
Cash and cash equivalents stood at $40.8M at quarter end.
Outlook and guidance
Full-year 2025 guidance reaffirmed: revenue $125M–$175M, non-GAAP gross margin 30–40%, adjusted EBITDA $(10)M to $5M, year-end ARR $55M–$65M.
Tracking toward the high end of guidance for most metrics, with operating cash flow at the low end ($0M–$15M).
Expect positive cash from operations in the second half of the year.
No update to guidance ranges due to ongoing policy and regulatory uncertainty.
Management expects continued investment in software and infrastructure, focusing on profitable growth and expense moderation.
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