STEM, INC. — Form 8-K
Filed August 12, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
STEM reported Q2 2026 revenue of $33.7M (down 12% from $38.4M in Q2 2025), driven by reduced battery hardware resales. Software, services, and edge hardware revenue grew 1% to $33.4M, with PowerTrack software up 11% YoY. Adjusted EBITDA increased 63% to $6.2M (from $3.8M), marking the fifth consecutive quarter of positive adjusted EBITDA. GAAP gross margin improved to 41% from 33%; non-GAAP gross margin reached 55% from 49%. ARR increased 2% sequentially to $62.4M; contracted backlog grew 18% to $27.1M. The company reaffirmed full-year 2026 guidance: revenue $140–$190M, adjusted EBITDA $10–$15M, year-end ARR $65–$70M.
Why this rating
Mixed results. Revenue decline is concerning but offset by strong margin expansion and EBITDA growth. ARR and backlog growth are positive. Relative to ~$50M market cap, a $33.7M quarterly revenue run-rate and improving unit economics matter, but guidance reaffirmation and no major strategic shifts limit immediate significance. Moderate development.
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