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Stem cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$342K in Q2 2026 · $11.7M over twelve months

Operating cash flow$342K
Free cash flow+$342K
Cash conversion cycle40 days

Analysis

In Q2 2026, Stem generated $342K of operating cash flow. That is $21.7M more than in Q2 2025 (−$21.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was $11.6M; the largest uses were net borrowing (+) / repaid (−) ($5.2M), other investing ($4.5M), other financing ($2.9M); besides operations, cash came from capital spending ($48K); the cash balance fell by $2.4M.

Operating cash flow was $342K against net income of −$14.4M. The largest differences: depreciation & amortization +$11.4M, payables +$7.3M, accrued liabilities −$2.7M.

Its cash conversion cycle was 40 days (receivables 90 + inventory 0 − payables 50).

Free cash flow

Stem: free cash flow by quarterStem: free cash flow by quarter−$9.5MQ3 2024−$14.7MQ4 2024$8.5MQ1 2025−$21.3MQ2 2025$11.4MQ3 2025$8.2MQ4 2025−$8.3MQ1 2026$342KQ2 2026
Operating cash flow less capital spending.
Stem: operating cash flow against capital spendingStem: operating cash flow against capital spendingOperating cash flowCapital spending−$9.4M$51KQ3 2024−$14.7M−$11KQ4 2024$8.5M$0Q1 2025−$21.3M$48KQ2 2025$11.4M−$48KQ3 2025$8.2M$0Q4 2025−$8.3M$0Q1 2026$342K$0Q2 2026
Latest (Q2 2026): Operating cash flow $342K, Capital spending $0.

Capital allocation, year by year

Stem: where the cash came from (up) and went (down), by fiscal yearStem: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$101MFY2021: Net borrowing $447MFY2021: Shares issued $149MFY2021: Capital spending −$600K$595MFY2021FY2022: Operating cash flow −$106MFY2022: Shares issued $1.3MFY2022: Capital spending −$1.5MFY2022: Acquisitions −$533M$1.3MFY2022FY2023: Operating cash flow −$207MFY2023: Net borrowing −$99.8MFY2023: Shares issued $276KFY2023: Capital spending −$1.5MFY2023: Acquisitions −$1.8M$276KFY2023FY2024: Operating cash flow −$36.6MFY2024: Capital spending −$217KFY2024FY2025: Operating cash flow $6.9MFY2025: Net borrowing $4.8M$11.6MFY2025
Over these 5 years operating cash flow totalled −$444M; the largest uses were acquisitions ($535M) and operating cash flow ($451M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$38.4M
Debtnone
Net cash$38.4M

Stem funds itself: free cash flow was $11.7M over the last twelve months, with $38.4M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Stem: sources (+) and uses (−) of cash, Q2 2026Stem: sources (+) and uses (−) of cash, Q2 2026Other financing$2.9MCash drawn (+) / kept (−)−$1.8MOther investing−$1.2MOperating cash flow$342KExchange rates−$230K
Stem: sources (+) and uses (−) of cash, TTM to Q2 2026Stem: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$11.6MNet borrowing (+) / repaid (−)−$5.2MOther investing−$4.5MOther financing−$2.9MCash drawn (+) / kept (−)$2.4MPartners−$1.0MExchange rates−$396KCapital spending$48K

From profit to cash

Stem: net income to operating cash flow, Q2 2026Stem: net income to operating cash flow, Q2 2026Net income−$14.4MDepreciation & amortization$11.4MStock-based pay$1.5MImpairments$100KGains on disposals−$73KOther non-cash−$53KReceivables$106KInventory−$424KPayables$7.3MAccrued liabilities−$2.7MDeferred revenue$202KPrepaid and other assets−$1.6MOperating cash flow$342K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$342K——−$1.8M$342K
Q1 2026−$8.3M——$12.3M−$8.3M
Q4 2025$8.2M——−$5.8M$8.2M
Q3 2025$11.4M$48K−$5.2M−$2.3M$11.4M
Q2 2025−$21.3M−$48K—$17.8M−$21.3M
Q1 2025$8.5M——−$2.3M$8.5M
Q4 2024−$14.7M$11K—$19.1M−$14.7M
Q3 2024−$9.4M−$51K—$14.3M−$9.5M

Stem: income statement and cash flow

Stem, Q2 2026: revenue $33.7M (-12% year over year), operating margin -22.8%. The chart follows the revenue to costs, profit and cash.

Stem: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.