Slide 1: Fourth Quarter and Full Year 2025 Results
March 4, 2026 Fourth Quarter and Full Year 2025 Results
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation, as well as other statements we make, contains “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words s
Slide 3: Fourth Quarter 2025 Results and Other Highlights
Fourth Quarter 2025 Results and Other Highlights Delivered consistent, transformative results in 4Q25, driven by software-centric strategy 4Q25 Results Highlights Revenue Annual Recurring Revenue (ARR) $47M (15)% YoY $61M +1% QoQ / +16% YoY Increased PowerTrackTM software Generated positive operatin
Slide 4: 4Q 2025 Financial Metrics
4Q 2025 Financial Metrics $ millions, unless otherwise noted ● Revenue down driven by GAAP & Non-GAAP significantly less battery resale Revenue Gross Margin % revenue ($27M in 4Q24 vs $55.8 $47.2 49% 45% $1M in 4Q25) 36% ● Margin improvements driven by favorable revenue mix ● Non-GAAP gross margin l
Slide 5: 4Q 2025 Operating Metrics
4Q 2025 Operating Metrics $ millions, unless otherwise noted Bookings Contracted CARR Backlog $70.1 $67.2 • Software and services bookings +8% $32.7 $30.3 up 10% QoQ $22.2 $21.3 • Edge hardware and services backlog flat QoQ, hardware backlog down sequentially 3Q25 4Q25 3Q25 4Q25 3Q25 4Q25 • ARR incr
Slide 6: Full Year 2025 Financial Metrics
Full Year 2025 Financial Metrics $ millions, unless otherwise noted GAAP & Non-GAAP Revenue Gross Margin % ● Solid YoY improvement across $156.3 $144.6 +8% 38% 46% all metrics 35% ● Margin improvements driven by favorable revenue mix ● GAAP gross margin improved (8%) 2024 2025 YoY due to absence of
Slide 7: Introducing Full Year 2026 Guidance
Introducing Full Year 2026 Guidance Metric Range Comments Total Revenue $140 - $190 Primarily software, services, and edge hardware revenue Software, services, $130 - $150 Core revenue. Mostly ratable with slight 2H seasonality & edge hardware Battery hardware resale Up to $40 Lumpy, opportunistic d
Slide 8: About Stem
About Stem Stem (NYSE: STEM) is a global leader reimagining technology to support the energy transition. We turn complexity into clarity and potential into performance. Stem helps asset owners, operators, and energy stakeholders unlock the full value of their portfolios by enabling the intelligent d
Slide 9: Appendix
Appendix © 2026 Stem, Inc. 9
Slide 10: Key Financial and Operating Metrics
Key Financial and Operating Metrics Three Months Ended Twelve Months Ended $ millions unless otherwise noted December 31, December 31, (1) As previously disclosed, revenue, gross profit (loss), and net loss were negatively impacted by a $38.7 million reduction in revenue for the twelve months 2025 2
Slide 11: Supplemental Revenue Detail
Supplemental Revenue Detail Three Months Ended Twelve Months Ended $ in thousands December 31, December 31, 2025 2024 2025 2024 PowerTrack software(1) 9,865 8,626 37,620 32,811 Edge hardware 15,824 13,045 53,731 45,429 Project and professional services Project and professional services 2,622 2,070
Slide 12: Supplemental Margin Detail
Supplemental Margin Detail Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 Non-GAAP Non-GAAP GAAP Gross GAAP Gross Gross Gross Margin Margin Margin Margin PowerTrack software 60% 71% 57% 70% Edge hardware 45% -- 44% -- Project and professional services (23%) 25% 7% 39% Man
Slide 13: Reconciliation of GAAP Operating Expense to Cash Operating Expense
Reconciliation of GAAP Operating Expense to Cash Operating Expense Three Months Ended Twelve Months Ended $ millions unless otherwise noted December 31, December 31, 2025 2024 2025 2024 GAAP Operating Expense(1) $31.4 $44.7 $115.6 $828.3 Less: Non-cash adjustments Depreciation and Amortization (4.5)
Slide 14: Reconciliation of GAAP and Non-GAAP Gross Margin
Reconciliation of GAAP and Non-GAAP Gross Margin $ millions unless otherwise noted Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 Revenue $47.2 $55.8 $156.3 $144.6 Cost of revenue (24.0) (58.3) (96.3) (155.7) GAAP gross (loss) profit $23.2 ($2.5) $60.0 ($11.1) G
Slide 15: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA $ thousands unless otherwise noted Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 Net income (loss) $(15,979) $(51,137) $137,761 $(854,014) Adjusted EBITDA, as used in the Company's full year 2026 guidance,
Slide 16: Reconciliation of GAAP and Non-GAAP Gross Margin
Reconciliation of GAAP and Non-GAAP Gross Margin PowerTrack Software Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 $ millions unless otherwise noted PowerTrack Software Revenue $9.9 $37.6 Less: Cost of revenue (3.9) (16.2) GAAP gross (loss) profit $5.9 $21.4 GAAP gross m
Slide 17: Reconciliation of GAAP and Non-GAAP Gross Margin
Reconciliation of GAAP and Non-GAAP Gross Margin Project and Professional Services Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 $ millions unless otherwise noted Project and Professional Services Revenue $13.2 $19.9 Less: Cost of revenue (16.3) (18.5) GAAP gross (loss)
Slide 18: Reconciliation of GAAP and Non-GAAP Gross Margin
Reconciliation of GAAP and Non-GAAP Gross Margin Managed Services Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 $ millions unless otherwise noted Managed Services Revenue $7.6 $30.2 Less: Cost of revenue +5.1 (18.4) GAAP gross (loss) profit $12.7 $11.9 GAAP gross margin
Slide 19: Definitions
Definitions Item Definition Annual Recurring Revenue Annualized value from operating customer subscription contracts, including solar software, storage software & recurring managed services, and any recurring professional services contracts. (“ARR”) Total value of executed customer purchase orders,
Slide 20: © 2026 Stem, Inc.
stem stem © 2026 Stem, Inc. 20