Slide 1: Investor Presentation March 2026
March 2026 Investor Presentation
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: Stem Energy Intelligence
Stem Energy Intelligence Turning complexity into clarity, and potential into performance Driven by human and artificial intelligence © 2026 Stem, Inc. 3
Slide 4: Stem by the Numbers
Stem by the Numbers 35+ GW 1.5+ GWh solar assets under management storage assets under management 40+ Million 55+ Countries runtime hours of leveraged data with assets under management 90% 13 of 15 of leading community solar asset top commercial & industrial solar owners standardize on PowerTrackTM
Slide 5: The Stem Story
The Stem Story From startup to global clean energy leader Founded in 2009 Public on NYSE in 2021 Acquired AlsoEnergy in 2022 Refined Strategy in 2024 Today – Energy Intelligence Stem, Inc. was founded with a Stem became the first pure- Combined Stem's analytics Refined strategy centered A global lea
Slide 6: Executive Leadership Team
Executive Leadership Team The extensive and diverse expertise powering Stem’s transformation of the energy industry Taylor Beeninga Michael Carlson Saul Laureles Tatjana Legans Chief Human President, Managed Chief Legal Officer VP, Marketing & New Resources Officer Services & OEM Hardware and Secret
Slide 7: Unlocking energy intelligence with decisions backed by data
Unlocking energy intelligence with decisions backed by data Backed by a deep history of data with advanced analytics, our edge-to-cloud platform drives insightful decisions that improve business efficiencies and asset performance and returns Transforming Data into Real Outcomes Data Analytics Insigh
Slide 8: End-to-end Energy Solutions
End-to-end Energy Solutions We help asset owners, operators and stakeholders benefit from the full value of their energy portfolio by enabling the intelligent development, deployment, and operation of clean energy assets Software & Professional Solutions Services PowerTrackTM suite of solutions with
Slide 9: PowerTrack Software
Compelling products across key end markets Nearly two decades of combined expertise in solar and storage C&I Solar Utility-scale Solar Storage Hybrid PowerTrackTM Software PowerTrackTM EMS Edge solution supporting PowerTrack Software PowerTrackTM SCADA PowerTrackTM PPC PowerTrackTM Logger Managed Se
Slide 10: Core benefits across the value chain
Core benefits across the value chain Optimizing renewable energy system performance at asset and aggregated portfolio levels Increase Reduce Asset Cost & Performance Inefficiency Enhance Leverage Real-Time Visibility Intelligence & & Control Decision Support Ensure Enable Risk Mitigation Scalability
Slide 11: Products Overview
Products Overview We provide a high tech, data-driven, sustainable-by-design suite of tools to help manage solar and storage assets PowerTrackTM EMS Value added PowerTrackTM professional and AI Logger services PowerTrackTM PPC PowerTrackTM SCADA PowerTrackTM Software Monitoring & Operations Integrat
Slide 12: Stem's Software Technology
Stem’s Software Technology Driving technical & commercial performance PowerTrack Software PowerTrack Optimizer Monitoring & Control Optimization Platform • Live, real-time configurable reporting and • Intelligent, predictive software tool that dashboards supports Stem’s Managed Services • Accessible
Slide 13: Stem Managed Services Overview
Stem Managed Services Overview Simplifying battery storage deployment and operations with expert support Integrated Storage Energy Optimization Solutions • Manage projects end-to-end • Manage operations and participation across wholesale • Provide expert system design, Managed Services markets, util
Slide 14: Financial Overview
Financial Overview © 2026 Stem, Inc. 14
Slide 15: 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 16: Full Year 2026 Guidance
Full Year 2026 Guidance $ millions, unless otherwise noted Low High Total Revenue $140 $190 Software, services, & edge hardware $130 $150 Battery hardware resale Up to $40 Non-GAAP gross margin % 40% – 50% Adjusted EBITDA $10 $15 Operating cash flow $0 $10 Year-end ARR $65 $70 Guidance as of March 4
Slide 17: Financial Summary
Financial Summary 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 $ millions unless otherwise noted Total revenue $25.5 $34.0 $29.3 $55.8 $32.5 $38.4 $38.2 $47.2 $144.6 $156.3 GAAP gross profit (loss) ($) (24.2) 9.4 6.2 (2.5) 10.5 12.8 13.5 23.2 (11.1) 60.0 GAAP gross margin (%) (95%) 28% 21% (4%)
Slide 18: Revenue Detail Summary
Revenue Detail Summary 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 $ millions unless otherwise noted PowerTrack software(1) $7.8 $7.9 $8.5 $8.6 $8.9 $9.5 $9.4 $9.9 $32.8 $37.7 Edge hardware 8.0 11.1 13.2 13.1 10.3 12.1 15.5 15.8 45.5 53.7 Project and professional services 1.4 1.3 *6.8 2.1 1.8
Slide 19: Operating Metric Summary
Operating Metric Summary 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $ millions unless otherwise noted Solar Operating AUM (GW) 26.9 26.9 28.5 29.9 32.4 32.7 33.9 36.1 Storage Operating AUM (GWh) 0.8 1.2 1.6 1.8 1.6 1.7 1.8 1.7 Total ARR $45.1 $48.1 $51.3 $52.8 $56.9 $58.5 $60.2 $61.1 PowerTrack ARR $30
Slide 20: 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 21: Appendix
Appendix © 2026 Stem, Inc. 21
Slide 22: Global solar & storage market landscape
Global solar & storage market landscape Utility Stability in core C&I markets and opportunity for continued growth in utility-scale, storage C&I Residential and international markets Solar Deployments (GW) Storage Deployments (GWh) -5.5% CAGR +8.6% 79.1 49.7 CAGR 74.9 43.6 39.4 37.5 38.0 38.0 58.3
Slide 23: Strategic Debt Exchange – June 2025
Strategic Debt Exchange – June 2025 Outstanding Debt $195M, 36% vs 1Q25 Transaction Overview • On June 30, 2025 Stem exchanged $350M in aggregate principal amount of 2028 and 2030 $ millions Convertible Senior Notes for $155M in new First $537 Lien Notes due 2030 and $10M in cash Remaining Principal
Slide 24: Reconciliation of GAAP and Non-GAAP Gross Profit (Loss)
Reconciliation of GAAP and Non-GAAP Gross Profit (Loss) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 $ millions unless otherwise noted Revenue $25.5 $34.0 $29.3 $55.8 $32.5 $38.4 $38.2 $47.2 $144.6 $156.3 Cost of revenue (49.7) (24.6) (23.1) (58.3) (22.0) (25.6) (24.7) (24.0) (155.7) (96.3) GAA
Slide 25: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA $ thousands 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 Net income (loss) $(72,307) $(582,270) $(148,300) $(51,137) $(25,000) $202,531 $(23,791) $(15,979) $(854,014) $137,761 Adjusted to exclude the following: Depreciation and amortization
Slide 26: Reconciliation of GAAP Operating Expense to Cash Operating Expense
Reconciliation of GAAP Operating Expense to Cash Operating Expense 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 $ millions unless otherwise noted GAAP Operating Expense(1) $43.8 $589.2 $150.6 $44.7 $31.7 $26.1 $26.4 $31.4 $828.3 $115.6 Less: Non-cash adjustments Depreciation and Amortization (4
Slide 27: 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 28: Stem
stem stem © 2026 Stem, Inc. 28