Filing Flows › Stem (STEM) › Q4 2025
Stem (STEM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 5, 2026
Stem (STEM) reported revenue of $47.1M for the fourth quarter 2025 (Q4 2025), -16% from a year earlier and +23% from the quarter before. Operating margin was -17.7%, net loss $16.0M (33.9% of revenue).
Stem, Q4 2025: revenue $47.1M (-16% year over year), operating margin -17.7%, net loss $16.0M, operating cash flow $8.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $47.1M | +23% | -16% |
| Operating profit | −$8.3M | — | — |
| Net earnings | −$16.0M | — | — |
| Operating cash flow | $8.2M | -28% | — |
What changed
Revenue was $47.1M in Q4 2025, down 16% year over year and up 23% from the previous quarter. Edge hardware was the largest line at 34% of revenue.
Gross margin was 48.9%. Operating costs exceeded revenue by $8.3M, an operating margin of -17.7%. The quarter ended with a net loss of $16.0M, narrower than the previous quarter's $23.8M loss.
Operating cash flow was $8.2M. Non-cash charges added back $11.8M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $10.1M.
Questions
What was Stem's revenue in the fourth quarter 2025?
Stem (STEM) reported revenue of $47.1M for the fourth quarter 2025 (Q4 2025), -16% from a year earlier and +23% from the quarter before.
Was Stem profitable in the fourth quarter 2025?
Operating loss was $8.3M (-17.7% of revenue) and net loss $16.0M.
Source: Stem 10-K on SEC EDGAR.