Financial Statements — STEM
Balance Sheet
(in billions USD)| Metric | Q2
2026 | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 | Q3
2022 | Q2
2022 | Q1
2022 | Q3
2021 | Q2
2021 | Q1
2021 |
|---|
| Cash & Equivalents | 0.04 | 0.04 | 0.04 | 0.04 | 0.06 | 0.08 | 0.09 | 0.11 | 0.10 | 0.08 | 0.12 | 0.10 | 0.15 | 0.17 | 0.41 | 0.47 | 0.00 |
| Short-term Investments | -- | -- | -- | -- | -- | -- | -- | -- | 0.03 | 0.06 | 0.09 | 0.19 | 0.18 | 0.18 | 0.17 | -- | -- |
| Accounts Receivable | 0.03 | 0.03 | 0.04 | 0.04 | 0.03 | 0.09 | 0.21 | 0.24 | 0.29 | 0.29 | 0.23 | 0.14 | 0.10 | 0.07 | 0.03 | 0.02 | 0.01 |
| Inventory | -- | -- | -- | -- | -- | -- | -- | 0.02 | 0.07 | 0.15 | 0.04 | 0.03 | 0.06 | 0.07 | 0.02 | 0.03 | 0.02 |
| Total Current Assets | 0.09 | 0.09 | 0.09 | 0.10 | 0.11 | 0.23 | 0.36 | 0.41 | 0.51 | 0.61 | 0.51 | 0.54 | 0.54 | 0.53 | 0.65 | 0.54 | 0.00 |
| Property, Plant & Equipment | 0.03 | 0.04 | 0.05 | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.11 | 0.12 | 0.12 |
| Goodwill | 0.00 | -- | -- | -- | -- | 0.00 | 0.00 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.00 | 0.00 | 0.00 |
| Intangible Assets | 0.11 | 0.12 | 0.13 | 0.14 | 0.14 | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.01 | 0.01 | 0.01 |
| Total Non-current Assets* | 0.19 | 0.20 | 0.27 | 0.28 | 0.29 | 0.31 | 0.33 | 0.88 | 0.89 | 0.89 | 0.88 | 0.88 | 0.88 | 0.89 | 0.17 | 0.16 | 0.21 |
| Total Assets | 0.28 | 0.28 | 0.36 | 0.38 | 0.41 | 0.54 | 0.69 | 1.28 | 1.40 | 1.50 | 1.39 | 1.42 | 1.43 | 1.42 | 0.82 | 0.70 | 0.21 |
| Accounts Payable | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.05 | 0.06 | 0.06 | 0.09 | 0.10 | 0.11 | 0.09 | 0.11 | 0.10 | 0.01 | 0.02 | 0.00 |
| Total Current Liabilities | 0.11 | 0.10 | 0.11 | 0.11 | 0.12 | 0.21 | 0.22 | 0.24 | 0.27 | 0.31 | 0.28 | 0.24 | 0.23 | 0.19 | 0.08 | 0.09 | 0.21 |
| Total Non-current Liabilities* | 0.44 | 0.45 | 0.48 | 0.48 | 0.70 | 0.67 | 0.68 | 0.68 | 0.68 | 0.68 | 0.60 | 0.60 | 0.60 | 0.60 | 0.12 | 0.40 | 0.08 |
| Total Liabilities | 0.55 | 0.55 | 0.60 | 0.59 | 0.82 | 0.88 | 0.89 | 0.91 | 0.95 | 0.98 | 0.88 | 0.84 | 0.82 | 0.79 | 0.19 | 0.49 | 0.29 |
| Retained Earnings | (1.52) | (1.51) | (1.47) | (1.45) | (1.65) | (1.58) | (1.43) | (0.84) | (0.73) | (0.66) | (0.68) | (0.60) | (0.56) | (0.53) | (0.47) | (0.59) | (0.49) |
| Total Stockholder Equity | (0.27) | (0.27) | (0.24) | (0.21) | (0.42) | (0.34) | (0.20) | 0.37 | 0.45 | 0.52 | 0.52 | 0.58 | 0.60 | 0.63 | 0.63 | 0.21 | (0.48) |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Total Revenue | 33.65 | 29.00 | 47.14 | 38.24 | 38.37 | 32.51 | 55.83 | 29.29 | 34.00 | 25.47 | 167.42 | 133.74 | 92.95 | 67.41 | 155.44 | 99.50 | 66.95 | 41.09 | 52.78 | 39.83 |
| Cost of Revenue | 19.77 | 18.14 | 24.11 | 24.66 | 25.57 | 21.97 | 58.26 | 23.10 | 24.62 | 49.66 | 156.33 | 154.03 | 81.08 | 66.41 | 142.91 | 90.37 | 59.16 | 37.44 | 54.43 | 36.70 |
| Gross Profit | 13.89 | 10.86 | 23.04 | 13.58 | 12.80 | 10.54 | (2.44) | 6.20 | 9.38 | (24.19) | 11.09 | (20.29) | 11.87 | 0.99 | 12.53 | 9.13 | 7.79 | 3.64 | (1.65) | 3.14 |
| Research & Development | 6.46 | 6.58 | 7.06 | 6.92 | 9.99 | 11.33 | 10.78 | 11.09 | 15.28 | 14.14 | 14.49 | 14.42 | 14.16 | 13.44 | 9.87 | 10.53 | 8.96 | 8.94 | 7.22 | 6.27 |
| Selling, General & Admin | 8.21 | 8.67 | 16.63 | 12.54 | 8.90 | 13.57 | 26.45 | 27.21 | 15.85 | 18.56 | 16.26 | 21.96 | 18.90 | 17.80 | 22.81 | 18.01 | 15.69 | 20.51 | 15.09 | 11.02 |
| Total Operating Expenses | 21.56 | 25.07 | 31.38 | 26.43 | 26.14 | 31.69 | 44.71 | 150.65 | 589.22 | 43.82 | 44.61 | 47.98 | 46.74 | 43.65 | 46.28 | 41.73 | 37.61 | 38.60 | 37.70 | 22.27 |
| Operating Income | (7.67) | (14.21) | (8.35) | (12.85) | (13.34) | (21.15) | (47.14) | (144.45) | (579.85) | (68.01) | (33.52) | (68.27) | (34.87) | (42.65) | (33.75) | (32.60) | (29.82) | (34.95) | (30.18) | (19.13) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | -- | 4.71 | 4.89 | 4.41 | 3.90 | 1.78 | 2.04 | 2.52 | 2.69 | 3.22 | 4.56 | 2.67 |
| Pretax Income | (14.37) | (18.81) | (15.83) | (23.93) | 203.01 | (24.94) | (51.15) | (148.17) | (582.21) | (72.15) | (37.61) | (77.12) | 19.61 | (44.87) | (35.23) | (34.26) | (32.03) | (37.70) | (34.05) | 115.61 |
| Tax Provision | 0.01 | 0.11 | 0.14 | (0.14) | 0.48 | 0.06 | (0.01) | 0.13 | 0.06 | 0.15 | 0.08 | (0.05) | 0.49 | (0.09) | 0.04 | 0.02 | (0.01) | (15.21) | 0.00 | 0.00 |
| Net Income | (14.38) | (18.92) | (15.98) | (23.79) | 202.53 | (25.00) | (51.14) | (148.30) | (582.27) | (72.31) | (37.68) | (77.07) | 19.12 | (44.78) | (35.27) | (34.28) | (32.02) | (22.48) | 39.74 | 115.61 |
| Basic EPS | (1.58) | (2.22) | (4.80) | (2.84) | 24.31 | (0.15) | (0.33) | (0.91) | (3.59) | (0.46) | (0.24) | (0.49) | 0.12 | (0.29) | (0.23) | (0.22) | (0.21) | (0.15) | (0.23) | 0.85 |
| Diluted EPS | (1.58) | (2.22) | (4.40) | (2.84) | (1.79) | (0.15) | (0.33) | (0.91) | (3.59) | (0.46) | 0.14 | (0.49) | (0.26) | (0.29) | (0.23) | (0.22) | (0.21) | (0.15) | (0.23) | (0.15) |
Cash Flow Statement
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Operating Cash Flow | 0.34 | (8.32) | 8.22 | 11.39 | (21.28) | 8.54 | (14.71) | (9.43) | (11.89) | (0.62) | (2.13) | (4.01) | (165.42) | (35.82) | (37.40) | (36.00) | (6.62) | (26.00) | (32.25) | (27.19) |
| Capital Expenditures | 0.00 | -- | 0.00 | (0.05) | 0.05 | 0.00 | (0.01) | 0.05 | 0.12 | 0.06 | 1.11 | 0.11 | 0.13 | 0.16 | 0.01 | (0.91) | 1.13 | 1.28 | 0.08 | 0.23 |
| Free Cash Flow* | 0.34 | -- | 8.22 | 11.44 | (21.33) | 8.54 | (14.70) | (9.48) | (12.00) | (0.68) | (3.24) | (4.11) | (165.54) | (35.98) | (37.40) | (35.09) | (7.75) | (27.28) | (32.32) | (27.41) |
| Investing Cash Flow | (1.21) | (1.35) | (0.93) | (1.00) | (1.08) | (3.59) | (2.67) | (2.31) | (3.21) | 4.68 | 15.47 | 31.79 | 20.64 | 67.83 | 27.55 | (15.89) | (13.10) | (542.93) | (3.18) | (173.46) |
| Financing Cash Flow | 2.93 | (2.80) | (1.48) | (7.76) | 4.50 | (2.82) | (1.50) | (2.76) | (7.33) | 3.14 | (4.90) | (5.14) | 102.44 | (2.16) | (2.45) | 1.16 | (3.69) | (4.29) | 378.28 | 131.63 |
* Derived from reported values
