Stem, Inc. announced its fourth quarter and full year 2025 financial results, reporting full year revenue of $156.3 million and achieving its first-ever positive annual Adjusted EBITDA of $6.7 million. The company also introduced full year 2026 guidance, targeting Adjusted EBITDA of $10 to $15 million and year-end ARR of $65 to $70 million.
Key takeaways
Full year 2025 revenue was $156.3 million, an 8% increase from $144.6 million in 2024.
The company achieved positive Adjusted EBITDA of $6.7 million for the full year 2025, compared to $(22.8) million in the prior year.
Full year 2025 net income was $137.8 million, primarily driven by a $220.0 million gain on extinguishment of debt, compared to a net loss of $854.0 million in 2024.
Fourth quarter 2025 revenue decreased 15% year-over-year to $47.2 million.
The company introduced 2026 guidance targeting revenue of $140 to $190 million and Adjusted EBITDA of $10 to $15 million.
Cash and cash equivalents totaled $48.9 million at the end of the fourth quarter 2025, up from $43.1 million in the prior quarter.