Filing Flows › Stem (STEM) › Q2 2026 › vs Q2 2025
Stem (STEM) Q2 2026 vs Q2 2025 (year over year)
Stem's revenue fell $4.7M (-12%) from $38.4M in Q2 2025 to $33.7M in Q2 2026. The biggest changes: Battery hardware resale −$5.1M (-95%); Subtotal +$3.5M (+15%); Managed services −$3.1M (-35%).
Stem, Q2 2026: revenue $33.7M (-12% year over year), operating margin -22.8%, net loss $14.4M, operating cash flow $342K. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Edge hardware | $14.8M | $12.1M | $2.7M | +22% |
| PowerTrack software | $10.5M | $9.5M | $1.0M | +11% |
| Project and professional services & other | $2.2M | $2.3M | −$148K | -6% |
| Subtotal | $27.5M | $23.9M | $3.5M | +15% |
| Managed services | $5.9M | $9.0M | −$3.1M | -35% |
| Battery hardware resale | $286K | $5.4M | −$5.1M | -95% |
| Revenue | $33.7M | $38.4M | −$4.7M | -12% |
| Net loss | $14.4M | −$203M | $217M | — |
| Costs & expenses | $48.0M | $255M | −$207M | -81% |
| Operating costs | $41.3M | $51.7M | −$10.4M | -20% |
| Interest & other, net | $6.7M | −$216M | $223M | — |
| Income tax | $13K | $475K | −$462K | -97% |
| Cost of revenue | $19.8M | $25.6M | −$5.8M | -23% |
| Operating expenses | $21.6M | $26.1M | −$4.6M | -18% |
| Operating cash sources | $14.7M | −$224M | $239M | — |
| Depreciation & amortization | $11.4M | $11.2M | $191K | +2% |
| Share-based compensation | $1.5M | $1.4M | $59K | +4% |
| Working capital & other | $1.8M | −$236M | $238M | — |
| Net loss absorbed | $14.4M | −$203M | $217M | — |
| Operating cash flow | $342K | −$21.3M | $21.6M | — |
Questions
How much did Stem's revenue grow year over year in Q2 2026?
Stem's revenue fell $4.7M (-12%) from $38.4M in Q2 2025 to $33.7M in Q2 2026.
What drove Stem's revenue change in Q2 2026?
Battery hardware resale −$5.1M (-95%); Subtotal +$3.5M (+15%); Managed services −$3.1M (-35%).