Stem Inc-A 2026年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March31, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ________ to ________ (Exact name of registrant as specified in its charter) 85-1972187 (IRS EmployerIdentification No.) 1400 Post Oak Boulevard., Suite 560, Houston, Texas 77056 (Address of principal executive offices, including zip code)1-877-374-7836(Registrant’s telephone number, including area code) Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filerEmerging growth companyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying ☐Accelerated filer☒Smaller reporting company☐ with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Outstanding as of April29, 20268,956,953 Common Stock, $0.0001 par value per share STEM, INC.Quarterly Report on Form 10-QFor the Period Ended March31, 2026 TABLE OF CONTENTS PagePart I. Financial Information3Item 1. Financial Statements (Unaudited)3Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Operations4Condensed Consolidated Statements of Comprehensive Loss5Condensed Consolidated Statements of Stockholders’ Deficit6Condensed Consolidated Statements of Cash Flows7Notes to Condensed Consolidated Financial Statements8Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations26Item 3. Quantitative and Qualitative Disclosures About Market Risk40Item 4. Controls and Procedures40Part II. Other Information42Item 1. Legal Proceedings42Item 1A. Risk Factors42Item 2. Unregistered Sales of Equity Securities and Use of Proceeds42Item 3. Defaults Upon Senior Securities42Item 4. Mine Safety Disclosures42Item 5. Other Information42Item 6. Exhibits43Signature43 March 31, 2026December 31, 2025 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.3 STEM, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)(in thousands, except share and per share amounts) STEM, INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(UNAUDITED)(in thousands) The accompanying notes are an integral part of these condensed consolidated financial statements.5 STEM, INC.CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT(UNAUDITED)(in thousands, except share amounts) The accompanying notes are an integral part of these condensed consolidated financial statements.6 The accompanying notes are an integral part of these condensed consolidated financial statements.7 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED) 1.BUSINESS Description of the Business Stem, Inc., together with its consolidated subsidiaries (“Stem,” the “Company,” “we,” “us,” or “our”), is a global leaderreimagining technology to support the energy transition. We help asset owners, operators, and stakeholders benefit from the full valueof their energy portfolio by enabling the intelligent development, deployment and operation of clean energy assets. PowerTrack is our integrated suite of software and solutions for solar, storage and hybrid assets. Within the PowerTrack productsuite we offer PowerTrack Software, PowerTrack Energy Management System, PowerTrack Supervisory Control and Data Acquisition(“SCADA”), PowerTrack Power Plant Controller (“PPC”), PowerTrack Logger and PowerTrack Optimizer. The PowerTrack Software for solar monitoring and analytics enables th