Slide 1: Investor Presentation September 2025
September 2025 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 © 2025 Stem, Inc. 3
Slide 4: Stem by the Numbers
Stem by the Numbers 30+ 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 Stem asset ow
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 Jake Berlin Michael Carlson Saul Laureles VP, People & President, Professional President, Managed Chief Legal Officer Culture Services Services & OEM Hardware and Secre
Slide 7: Unlock energy intelligence with decisions backed by data
Unlock 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 Insights
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 Solar Storage Hybrid PowerTrackTM Software PowerTrackTM EMS Edge solution supporting PowerTrack Software PowerTrackTM SCADA PowerTrackTM PPC PowerTrackTM Logger PowerTrackTM Opt
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 PowerTrackTM Value Added Logger Services PowerTrackTM PPC PowerTrackTM SCADA PowerTrackTM Software Monitoring & Operations Integration & Monetization O
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 • Intelligent software tools that work with and dashboards Stem’s Managed Services • Accessible data and
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: Stem Professional Service Offerings
Stem Professional Service Offerings A trusted strategic partner throughout the entire energy project lifecycle Development Power Policy & Finance & Procurement Performance & Engineering Markets Regulatory Origination & Integration & Operations • Feasibility & • Market Intelligence • Federal, State,
Slide 15: Financial Overview
Financial Overview © 2025 Stem, Inc. 15
Slide 16: Financial Summary
Financial Summary 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY24 LTM $ millions unless otherwise noted Total revenue $25.5 $34.0 $29.3 $55.8 $32.5 $38.4 $144.6 $156.0 GAAP gross profit (loss) ($) (24.2) 9.4 6.2 (2.5) 10.5 12.8 (11.1) 27.0 GAAP gross margin (%) (95%) 28% 21% (4%) 32% 33% (8%) 17% Non-GAAP gross
Slide 17: Revenue Detail Summary
Revenue Detail Summary 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY24 LTM $ millions unless otherwise noted Solar software 7.8 7.9 8.5 8.6 8.8 9.5 32.8 35.3 Edge hardware 8.0 11.1 13.2 13.1 10.3 12.1 45.5 48.7 Project and professional services 1.4 1.3 6.8 2.1 1.8 2.2 11.7 13.2 Storage software & managed service
Slide 18: Operating Metric Summary
Operating Metric Summary 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $ millions unless otherwise noted Storage Operating AUM (GWh) 0.8 1.2 1.6 1.8 1.6 1.7 Solar Operating AUM (GW) 26.9 26.9 28.5 29.9 32.4 32.7 Total ARR $45.1 $48.1 $51.3 $52.8 $56.9 $58.5 Solar ARR $30.1 $31.1 $32.7 $33.8 $37.2 $38.0 Storage ARR
Slide 19: 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 $ millions aggregate principal amount of 2028 and 2030 Convertible Senior Notes for $155M in new First Lien $537 Remaining Principal Notes due 2030 and $10M in cash
Slide 20: About Stem
About Stem Stem (NYSE: STEM) is a global leader reimagining technology to support the energy transition. Turning complexity into clarity, and potential into performance. Helping asset owners, operators and stakeholders benefit from the full value of their energy portfolio by enabling the intelligent
Slide 21: Appendix
Appendix © 2025 Stem, Inc. 21
Slide 22: Global solar & storage market landscape
Global solar & storage market landscape Utility The largest share of our revenue today comes from the U.S. C&I solar market, and we C&I Residential continue to view it as a strong and sustainable opportunity even without government incentives Solar Deployments (GW) Storage Deployments (GW) +11.3% CA
Slide 23: Reconciliation of GAAP and Non-GAAP Gross Profit (Loss)
Reconciliation of GAAP and Non-GAAP Gross Profit (Loss) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY24 LTM $ millions unless otherwise noted Revenue $25.5 $34.0 $29.3 $55.8 $32.5 $38.4 $144.6 $156.0 Cost of revenue (49.7) (24.6) (23.1) (58.3) (22.0) (25.6) (155.7) (129.0) GAAP gross profit (loss) $(24.2) $9.4 $
Slide 24: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA $ thousands 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY24 LTM Net income (loss) $(72,307) $(582,270) $(148,300) $(51,137) $(25,000) $202,531 $(854,014) $(21,906) Adjusted to exclude the following: Depreciation and amortization(1) 11,154 13,651 11,516 12,48
Slide 25: Reconciliation of GAAP Operating Expense to Cash Operating Expense
Reconciliation of GAAP Operating Expense to Cash Operating Expense 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY24 LTM $ millions unless otherwise noted GAAP Operating Expense(1) $43.8 $589.2 $150.6 $44.7 $31.7 $26.1 $828.3 $253.1 Less: Non-cash adjustments Depreciation and Amortization (4.0) (4.0) (3.5) (4.2) (
Slide 26: 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,