Filing Flows › Technology › Stem (STEM)
Stem (STEM) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Stem (STEM) Q2 2026 earnings results →
Q2 2026 Revenue down 12% year over year to $33.7M · 43¢ of every $1 of revenue lost · operating margin -22.8%
Stem made $33.7M in Q2 2026 (-12% Y/Y): Subtotal $27.5M, Managed services $5.9M, Battery hardware resale $286K. Operating margin -22.8%, net loss $14.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $33.7M in Q2 2026, down 12% year over year and up 16% from the previous quarter. Edge hardware was the largest line at 44% of revenue. Battery hardware resale lost $5.1M year over year (down 95%), 109% of the total change.
Gross margin was 41.3%, up 7.9 points from Q2 2025. Operating costs exceeded revenue by $7.7M, an operating margin of -22.8%. Operating expenses fell 18% while revenue fell 12%. The quarter ended with a net loss of $14.4M, narrower than the previous quarter's $18.9M loss.
Operating cash flow was $342K. Non-cash charges added back $11.4M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items added $1.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $33.7M | -12% | -22.8% | −$14.4M | $342K |
| Q1 2026 | 10-Q | May 7, 2026 | $29.0M | -11% | -49.0% | −$18.9M | −$8.3M |
| Q4 2025 | 10-K | Mar 5, 2026 | $47.1M | -16% | -17.7% | −$16.0M | $8.2M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $38.2M | +30% | -33.6% | −$23.8M | $11.4M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $38.4M | +13% | -34.8% | $203M | −$21.3M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $32.5M | +28% | -65.0% | −$25.0M | $8.5M |
| Q4 2024 | 10-K | Mar 5, 2025 | $55.8M | -67% | -84.4% | −$51.1M | −$14.7M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
Customers and suppliers named in filings
Buys from
About Stem
In 2024, we announced a new business strategy that reflects a renewed focus on developing and marketing our AI-enabled software, edge and services offerings. This transition entailed significant operational changes during calendar years 2024 and 2025, including reduction of what had historically been the source of most of our revenue (battery resales), adjustments to the way we develop and market our products and services, and realignment of our business processes. These changes have resulted in reduced revenue, increased restructuring-related costs, reduced operating expenses, and short-term disruptions in our operations, which may negatively affect our ability to effectively scale our software and services offerings and achieve our financial and operational targets.
In its own words, from its 10-K, filed Mar 5, 2026.
Stem against its Services-Computer Integrated Systems Design peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -12% against the peers' median +2%. Operating margin: -22.8% against the peers' median 10.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| STEM Stem | Q2 2026 | $33.7M | -12% | -22.8% |
| LDOS Leidos Holdings | Q3 2026 | $4.6B | +4% | 11.9% |
| KD Kyndryl Holdings | Q2 FY27 | $3.7B | -2% | 3.1% |
| CACI CACI International | Q3 2026 | $2.5B | +8% | 10.0% |
| SAIC Science Applications International | Q2 FY27 | $1.9B | +6% | 8.1% |
| PSN Parsons | Q3 2026 | $1.7B | +2% | 6.3% |
| GDDY GoDaddy | Q3 2026 | $1.3B | +6% | 27.0% |
| OTEX Open Text | Q1 FY27 | $1.2B | -4% | 20.3% |
| LAWIL Light & Wonder | Q3 2026 | $824M | -2% | 29.4% |
Source: Stem 10-Q on SEC EDGAR · CIK 1758766 · Services-Computer Integrated Systems Design
13F: who owns STEM and who is buying
More on STEM
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results