Filing Flows › Stem (STEM) › Q1 2026
Stem (STEM) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Stem (STEM) reported revenue of $29.0M for the first quarter 2026 (Q1 2026), -11% from a year earlier and -38% from the quarter before. Operating margin was -49.0%, net loss $18.9M (65.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $29.0M | -38% | -11% |
| Operating profit | −$14.2M | — | — |
| Net earnings | −$18.9M | — | — |
| Operating cash flow | −$8.3M | -201% | -197% |
What changed
Revenue was $29.0M in Q1 2026, down 11% year over year and down 38% from the previous quarter. Hardware revenue was the largest line at 36% of revenue. Hardware revenue lost $4.5M year over year (down 30%), 127% of the total change.
Gross margin was 37.4%, up 5.0 points from Q1 2025. Operating costs exceeded revenue by $14.2M, an operating margin of -49.0%. Operating expenses fell 21% while revenue fell 11%. The quarter ended with a net loss of $18.9M, wider than the previous quarter's $16.0M loss.
Operating cash flow was −$8.3M. Non-cash charges added back $10.5M of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items used $1.9M.
Questions
What was Stem's revenue in the first quarter 2026?
Stem (STEM) reported revenue of $29.0M for the first quarter 2026 (Q1 2026), -11% from a year earlier and -38% from the quarter before.
Was Stem profitable in the first quarter 2026?
Operating loss was $14.2M (-49.0% of revenue) and net loss $18.9M.
Source: Stem 10-Q on SEC EDGAR.