Filing Flows › Stem (STEM) › Q2 2025
Stem (STEM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Stem (STEM) reported revenue of $38.4M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +18% from the quarter before. Operating margin was -34.8%, net earnings $203M (527.8% of revenue).
Stem, Q2 2025: revenue $38.4M (+13% year over year), operating margin -34.8%, net earnings $203M, operating cash flow −$21.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $38.4M | +18% | +13% |
| Operating profit | −$13.3M | — | — |
| Net earnings | $203M | — | — |
| Operating cash flow | −$21.3M | -349% | — |
What changed
Revenue was $38.4M in Q2 2025, up 13% year over year and up 18% from the previous quarter. Edge hardware was the largest line at 31% of revenue. Storage software & managed services added $3.1M year over year (up 53%), 71% of the total change. Battery hardware resale declined 30%.
Gross margin was 33.4%, up 5.8 points from a year earlier. Operating costs exceeded revenue by $13.3M, an operating margin of -34.8%. Operating expenses fell 96% while revenue rose 13%. Net earnings were $202.5M. The effective tax rate was 0.2%. Non-operating items added $216.3M, 107% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$21.3M. Non-cash charges added back $11.2M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items used $236.4M. Capital expenditures of $48K exceeded it, leaving free cash flow of −$21.3M.
Questions
What was Stem's revenue in the second quarter 2025?
Stem (STEM) reported revenue of $38.4M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +18% from the quarter before.
Was Stem profitable in the second quarter 2025?
Operating loss was $13.3M (-34.8% of revenue) and net earnings $203M.
Source: Stem 10-Q on SEC EDGAR.