Filing Flows › Stem (STEM) › Q3 2025
Stem (STEM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Stem (STEM) reported revenue of $38.2M for the third quarter 2025 (Q3 2025), +31% from a year earlier and -0.4% from the quarter before. Operating margin was -33.6%, net loss $23.8M (62.2% of revenue).
Stem, Q3 2025: revenue $38.2M (+30% year over year), operating margin -33.6%, net loss $23.8M, operating cash flow $11.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $38.2M | -0.4% | +31% |
| Operating profit | −$12.9M | — | — |
| Net earnings | −$23.8M | -112% | — |
| Operating cash flow | $11.4M | — | — |
What changed
Revenue was $38.2M in Q3 2025, up 31% year over year and roughly flat from the previous quarter. Edge hardware was the largest line at 41% of revenue. Battery hardware resale added $10.3M year over year, 115% of the total change. Project and professional services & other declined 64%.
Gross margin was 35.5%, up 14.4 points from a year earlier. Operating costs exceeded revenue by $12.9M, an operating margin of -33.6%. Operating expenses fell 82% while revenue rose 31%. The quarter ended with a net loss of $23.8M, after a profit of $202.5M the previous quarter.
Operating cash flow was $11.4M. Non-cash charges added back $10.9M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $22.1M. Capital expenditures of −$48K left free cash flow of $11.4M.
Questions
What was Stem's revenue in the third quarter 2025?
Stem (STEM) reported revenue of $38.2M for the third quarter 2025 (Q3 2025), +31% from a year earlier and -0.4% from the quarter before.
Was Stem profitable in the third quarter 2025?
Operating loss was $12.9M (-33.6% of revenue) and net loss $23.8M.
Source: Stem 10-Q on SEC EDGAR.