Filing Flows › Stem (STEM) › How it makes money
How Stem (STEM) makes money
Stem (STEM) made $33.7M of revenue in the second quarter 2026 (Q2 2026), -12% from a year earlier. Subtotal brought in $27.5M (82%); Managed services brought in $5.9M (18%); Battery hardware resale brought in $286K (1%).
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Subtotal | $27.5M | 81.6% | — | +15% |
| ↳ Edge hardware | $14.8M | 43.8% | — | +22% |
| ↳ PowerTrack software | $10.5M | 31.3% | — | +11% |
| ↳ Project and professional services & other | $2.2M | 6.5% | — | -6% |
| Managed services | $5.9M | 17.5% | — | -35% |
| Battery hardware resale | $286K | 0.8% | — | -95% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $33.7M | 100.0% |
| Income tax | $13K | 0.0% |
| Operating cash flow | $342K | 1.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $33.7M | -12% |
| Q1 2026 | $29.0M | -11% |
| Q4 2025 | $47.1M | -16% |
| Q3 2025 | $38.2M | +30% |
| Q2 2025 | $38.4M | +13% |
| Q1 2025 | $32.5M | +28% |
| Q4 2024 | $55.8M | -67% |
From Stem's 10-Q filed Aug 13, 2026 (on EDGAR).
Questions
How does Stem make money?
Stem (STEM) made $33.7M of revenue in the second quarter 2026 (Q2 2026), -12% from a year earlier. Subtotal brought in $27.5M (82%); Managed services brought in $5.9M (18%); Battery hardware resale brought in $286K (1%).
What is Stem's biggest business?
Subtotal: $27.5M in the second quarter 2026, 82% of revenue, +15% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.