Filing Flows › Stem (STEM) › Q1 2026 › vs Q1 2025
Stem (STEM) Q1 2026 vs Q1 2025 (year over year)
Stem's revenue fell $3.5M (-11%) from $32.5M in Q1 2025 to $29.0M in Q1 2026. The biggest changes: Subtotal −$4.5M (-17%); Managed services −$370K (-5%).
Stem, Q1 2026: revenue $29.0M (-11% year over year), operating margin -49.0%, net loss $18.9M, operating cash flow −$8.3M. The chart draws each line against Q1 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Hardware revenue | $10.3M | $14.8M | −$4.5M | -30% |
| Edge hardware | $10.3M | $10.3M | $63K | +0.6% |
| Project and professional services & other | $1.7M | $1.8M | −$97K | -5% |
| Subtotal | $22.4M | $26.9M | −$4.5M | -17% |
| Managed services | $6.7M | $7.1M | −$370K | -5% |
| Revenue | $29.0M | $32.5M | −$3.5M | -11% |
| Net loss | $18.9M | $25.0M | −$6.1M | -24% |
| Costs & expenses | $47.9M | $57.5M | −$9.6M | -17% |
| Operating costs | $43.2M | $53.7M | −$10.4M | -19% |
| Interest & other, net | $4.6M | $3.8M | $805K | +21% |
| Income tax | $112K | $58K | $54K | +93% |
| Cost of revenue | $18.1M | $22.0M | −$3.8M | -17% |
| Research & development | $6.6M | $11.3M | −$4.8M | -42% |
| Sales & marketing | $6.5M | $6.8M | −$275K | -4% |
| General & admin | $8.7M | $13.6M | −$4.9M | -36% |
| Operating cash sources | $20.8M | $6.8M | $14.1M | +208% |
| Depreciation & amortization | $10.5M | $11.0M | −$515K | -5% |
| Share-based compensation | $2.0M | $4.3M | −$2.3M | -53% |
| Cash used in operations | $8.3M | −$8.5M | $16.9M | — |
| Net loss absorbed | $18.9M | $25.0M | −$6.1M | -24% |
| Working capital & other | $1.9M | −$18.2M | $20.1M | — |
Questions
How much did Stem's revenue grow year over year in Q1 2026?
Stem's revenue fell $3.5M (-11%) from $32.5M in Q1 2025 to $29.0M in Q1 2026.
What drove Stem's revenue change in Q1 2026?
Subtotal −$4.5M (-17%); Managed services −$370K (-5%).