Slide 1: First Quarter 2026 Results
May 6, 2026 First Quarter 2026 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: First Quarter 2026 Results and Other Highlights
First Quarter 2026 Results and Other Highlights Demonstrated operational discipline and strong PowerTrackTM growth 1Q26 Results Highlights Revenue Annual Recurring Revenue (ARR) $29M (11)% YoY $61M +8% YoY Increased PowerTrackTM software Announced acquisition of raicoon revenue by 4% QoQ and 16% YoY
Slide 4: 1Q 2026 Financial Metrics
1Q 2026 Financial Metrics $ millions, unless otherwise noted GAAP & Non-GAAP Revenue Gross Margin % ● Revenue down driven by $32.5 $29.0 52% significantly less battery resale 46% 38% revenue ($4.5M in 1Q25 vs 32% $0M in 1Q26) ● Margin improvements driven by favorable revenue mix 1Q25 1Q26 1Q25 1Q26
Slide 5: 1Q 2026 Operating Metrics
1Q 2026 Operating Metrics $ millions, unless otherwise noted Bookings Contracted CARR Backlog $67.2 $67.2 $32.7 $26.5 $23.0 $21.3 +8% • Bookings down sequentially due to typical 1Q seasonality 4Q25 1Q26 4Q25 1Q26 4Q25 1Q26 • Edge hardware and services Battery Hardware Resale Battery Hardware Resale
Slide 6: Reaffirming Full Year 2026 Guidance
Reaffirming 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 Note: Sub-
Slide 7: 2026 Key Priorities
2026 Key Priorities 1) Drive operational leverage 2) Continue to strengthen core business 3) Build the foundation for accelerated growth in 2027+ © 2026 Stem, Inc. 7
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 $ millions unless otherwise noted March 31, 2026 2025 Key Financial Results Revenue $29.0 $32.5 GAAP Gross Profit (Loss) 10.9 10.5 GAAP Gross Margin (%) 38% 32% Non-GAAP Gross Profit 15.2 14.8 Non-GAAP Gross Margin (%) 52% 46% Net Income (Loss)
Slide 11: Supplemental Revenue Detail
Supplemental Revenue Detail Three Months Ended $ in thousands March 31, 2026 2025 PowerTrack software 10,274 8,854 Edge hardware 10,326 10,263 Project and professional services 1,719 1,816 Subtotal $22,319 $20,933 Managed services 6,681 7,051 Battery hardware resale -- 4,528 Total Stem Revenue $29
Slide 12: Supplemental Margin Detail
Supplemental Margin Detail Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 GAAP Gross Non-GAAP GAAP Gross Non-GAAP Margin Gross Margin Margin Gross Margin PowerTrack software 65% 75% 52% 69% Edge hardware 37% -- 37% -- Project and professional services 53% -- 63% -- Managed servi
Slide 13: Reconciliation of GAAP Operating Expense to Cash Operating Expense
Reconciliation of GAAP Operating Expense to Cash Operating Expense Three Months Ended $ millions unless otherwise noted March 31, 2026 2025 GAAP Operating Expense $25.1 $31.7 Less: Non-cash adjustments Depreciation and Amortization (3.4) (3.5) Stock Compensation (2.0) (4.3) Impairment of assets held
Slide 14: Reconciliation of GAAP and Non-GAAP Gross Margin
Reconciliation of GAAP and Non-GAAP Gross Margin Three Months Ended $ millions unless otherwise noted March 31, 2026 2025 Revenue $29.0 $32.5 Cost of revenue (18.1) (22.0) GAAP gross profit $10.9 10.5 GAAP gross margin (%) 38% 32% Adjustments to gross margin: Amortization of capitalized software & d
Slide 15: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended $ thousands unless otherwise noted March 31, 2026 2025 Net income (loss) $(18,925) $(25,000) Adjusted to exclude the following: Depreciation and amortization(1) 10,518 11,695 Interest expense 7,359 4,290 Stock-based compensati
Slide 16: Reconciliation of GAAP and Non-GAAP Gross Margin: PowerTrack Software
Reconciliation of GAAP and Non-GAAP Gross Margin PowerTrack Software Three Months Ended March 31 $ millions unless otherwise noted 2026 2025 PowerTrack Software Revenue $10.3 $8.9 Less: Cost of revenue (3.6) (4.3) GAAP gross (loss) profit $6.7 $4.6 GAAP gross margin (%) 65% 52% Non-GAAP Gross Profit
Slide 17: Reconciliation of GAAP and Non-GAAP Gross Margin: Managed Services
Reconciliation of GAAP and Non-GAAP Gross Margin Managed Services Three Months Ended March 31 $ millions unless otherwise noted 2026 2025 Managed Services Revenue $6.7 $7.1 Less: Cost of revenue (7.2) (6.8) GAAP gross (loss) profit $(0.5) 0.3 GAAP gross margin (%) (8%) 4% Non-GAAP Gross Profit GAAP
Slide 18: 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 19: © 2026 Stem, Inc.
stem stem © 2026 Stem, Inc. 19