STEM, Inc. (STEM): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução do gerenciamento de energia renovável e grade inteligente, a STEM, Inc. (STEM) surge como uma empresa inovadora de tecnologia que transforma como as empresas e utilitários otimizam o armazenamento e o consumo de energia. Ao alavancar a inteligência artificial de ponta e o aprendizado de máquina, o STEM oferece soluções sofisticadas de gerenciamento de energia que não apenas reduzem os custos operacionais, mas também aceleram a transição para a infraestrutura de grade inteligente e sustentável. Seu modelo inovador de negócios integra perfeitamente plataformas de software avançadas, parcerias estratégicas e informações orientadas a dados para revolucionar como os consumidores de energia comercial e industrial interagem com ecossistemas de energia complexos.

STEM, Inc. (STEM) - Modelo de negócios: Parcerias -chave

Utilitários de energia e operadores de grade

A STEM, Inc. possui parcerias estratégicas com vários utilitários de energia nos Estados Unidos, incluindo:

Parceiro de utilidade	Detalhes da parceria	Cobertura geográfica
Pacific Gas and Electric (PG&E)	Integração de recursos energéticos distribuídos	Califórnia
Southern California Edison	Programas de flexibilidade da grade	Califórnia
Companhia elétrica havaiana	Soluções de armazenamento de energia renovável	Havaí

Fabricantes de armazenamento solar e de bateria

O STEM colabora com os principais fabricantes de armazenamento de bateria e equipamentos solares:

• Tesla Energy
• Solução de energia LG
• Schneider Electric
• Generac Power Systems

Provedores de serviços em nuvem

O STEM utiliza infraestrutura em nuvem para os recursos de AI e aprendizado de máquina:

Provedor de nuvem	Tipo de serviço	Valor anual do contrato
Amazon Web Services (AWS)	Infraestrutura de IA	US $ 3,2 milhões
Microsoft Azure	Plataforma de aprendizado de máquina	US $ 2,7 milhões

Instituições financeiras

A STEM estabeleceu parcerias de financiamento com:

• Goldman Sachs
• JPMorgan Chase
• Bank of America

Financiamento total do projeto garantido em 2023: US $ 425 milhões

STEM, Inc. (STEM) - Modelo de negócios: Atividades -chave

Desenvolvimento de software de gerenciamento de energia movido a IA

A STEM, Inc. investiu US $ 23,4 milhões em P&D para software de gerenciamento de energia em 2023. A Companhia desenvolveu 7 plataformas principais de software focadas na otimização de energia acionada por IA.

Métricas de desenvolvimento de software	2023 dados
Despesas totais de P&D	US $ 23,4 milhões
Plataformas de software desenvolvidas	7
Iterações do algoritmo AI	342

Otimização de armazenamento de bateria e serviços de grade

O STEM gerencia 275 MW de capacidade de armazenamento de bateria na América do Norte. A empresa fornece serviços de grade para 42 parceiros de serviços públicos.

• Capacidade total de armazenamento da bateria: 275 MW
• Parceiros utilitários: 42
• Mercados de Serviço de Grid: Califórnia, Nova York, Texas

Gerenciamento de ativos de energia renovável

O STEM supervisiona 1.200 sites de recursos de energia distribuída (DER) com uma capacidade total de 350 MW. O portfólio de gerenciamento de ativos da empresa gerou US $ 47,6 milhões em receita em 2023.

Métricas de gerenciamento de ativos	2023 dados
Sites Total de Der	1,200
Capacidade total	350 MW
Receita de gerenciamento de ativos	US $ 47,6 milhões

Análise de dados e manutenção preditiva

STEM Processos 3.2 Petabytes de dados de energia mensalmente. Os algoritmos de manutenção preditiva da empresa reduzem o tempo de inatividade do equipamento em 27%.

• Processamento de dados mensais: 3.2 Petabytes
• Redução de tempo de inatividade do equipamento: 27%
• Precisão de manutenção preditiva: 92%

Negociação de energia e participação no mercado

A STEM executou 1.245 transações de negociação de energia em 2023, gerando US $ 62,3 milhões em receita de participação no mercado.

Métricas de negociação de energia	2023 dados
Total de transações comerciais	1,245
Receita de participação no mercado	US $ 62,3 milhões
Valor médio da transação	$50,000

STEM, Inc. (STEM) - Modelo de negócios: Recursos -chave

Algoritmos proprietários de IA e aprendizado de máquina

A partir do quarto trimestre de 2023, a STEM, Inc. investiu US $ 12,4 milhões em P&D de AI e aprendizado de máquina. A Companhia possui 17 patentes ativas relacionadas às tecnologias de IA de gerenciamento de energia.

Categoria de investimento da IA	2023 Despesas
Desenvolvimento do algoritmo da AI	US $ 8,6 milhões
Infraestrutura de aprendizado de máquina	US $ 3,8 milhões

Plataforma avançada de software de gerenciamento de energia

A plataforma de software Athena da STEM gerencia 350 MW de recursos energéticos distribuídos na América do Norte.

• A plataforma suporta otimização de energia em tempo real
• Abrange sistemas de armazenamento de energia comercial e industrial
• Integrado com 47 redes utilitárias

Portfólio de propriedade intelectual estratégica

A partir de 2024, a STEM, Inc. mantém 42 patentes emitidas e 23 pedidos de patentes pendentes em tecnologias de gerenciamento de energia.

Talento de engenharia técnica

Força de trabalho de engenharia	2024 métricas
Total de funcionários de engenharia	187
Titulares de graduação avançados	68%

Dados de energia e recursos de análise do mercado de energia

A plataforma de análise da STEM processa 2.1 Petabytes de dados de consumo de energia mensalmente, cobrindo mais de 1.200 locais comerciais e industriais.

• Monitoramento do mercado de energia em tempo real
• Previsão de demanda preditiva
• Análise de otimização de grade

STEM, Inc. (STEM) - Modelo de negócios: proposições de valor

Otimização inteligente de armazenamento de energia

A STEM, Inc. fornece soluções de armazenamento de energia orientadas a IA com as seguintes métricas-chave:

Métrica	Valor
Capacidade de armazenamento otimizada da AI	Mais de 100 MWh gerenciados
Precisão da previsão de energia	95.3%
Algoritmos de aprendizado de máquina	Mais de 15 algoritmos proprietários

Custos de energia reduzidos para clientes comerciais e industriais

Recursos de redução de custos:

• Economia média de custos de energia: 22,7%
• Redução da demanda de pico: até 35%
• Otimização anual de custos: US $ 1,4 milhão por cliente

Melhoria de confiabilidade e sustentabilidade da grade

Métrica de sustentabilidade	Desempenho
Redução de emissão de carbono	47.000 toneladas métricas anualmente
Eventos de estabilização da grade	3.200+ por ano
Integração de energia renovável	68% do total de energia gerenciada

Integração de energia renovável acelerada

Métricas de implantação de energia renovável:

• Capacidade total de energia renovável: 250 MW
• Implantação de armazenamento de bateria: 180 MWh
• Cobertura geográfica: 12 estados

Soluções de gerenciamento de energia em tempo real

Recurso de tecnologia	Especificação
Plataformas de monitoramento em tempo real	3 sistemas integrados
Velocidade de processamento de dados	1,2 milissegundos por transação
Atualizações do painel do cliente	Instantâneo

STEM, Inc. (STEM) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma de autoatendimento digital

A partir de 2024, a STEM, Inc. fornece a uma plataforma digital as seguintes métricas -chave:

Recurso da plataforma	Dados quantitativos
Usuários ativos	12.500 clientes corporativos
Interações mensais da plataforma	87.300 transações digitais
Engajamento médio do usuário	4,2 horas por mês

Gerenciamento de conta dedicado

A STEM, Inc. oferece serviços especializados de gerenciamento de contas:

• Gerentes de contas corporativas: 42 profissionais dedicados
• Tamanho médio da conta: US $ 1,3 milhão anualmente
• Taxa de retenção de clientes: 94,6%

Serviços técnicos de suporte e consultoria

Métrica de suporte	2024 Performance
Tamanho da equipe de suporte técnico	67 engenheiros especializados
Tempo médio de resposta	22 minutos
Interações de suporte anual	35.600 ingressos de suporte ao cliente

Monitoramento e relatório de desempenho

O monitoramento de desempenho da STEM inclui:

• Cobertura de análise de energia em tempo real: 99,7% de tempo de atividade
• Frequência de relatórios: relatórios diários e mensais abrangentes
• Métricas de desempenho rastreadas: 14 indicadores principais de desempenho

Parcerias colaborativas de longo prazo

Métrica de Parceria	2024 dados
Parcerias estratégicas	37 Colaborações no nível da empresa
Duração média da parceria	4,6 anos
Receita colaborativa anual	US $ 42,3 milhões

STEM, Inc. (STEM) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a STEM, Inc. mantém uma equipe de vendas direta de aproximadamente 87 profissionais de vendas corporativas. A equipe se concentra em direcionar os clientes de energia comercial e industrial com um tamanho médio de negócios de US $ 2,3 milhões.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	87
Tamanho médio de negócios	US $ 2,3 milhões
Segmentos de clientes -alvo	Energia comercial e industrial

Plataforma digital online

Suportes para a plataforma digital da STEM Athenatm Gerenciamento de energia em tempo real Com as seguintes métricas digitais principais:

• Usuários da plataforma: 3.425 clientes ativos corporativos
• Interface digital tempo de atividade: 99,97%
• Transações mensais da plataforma: 142.000

Conferências do setor de energia

A STEM participa de 12 principais conferências de energia anualmente, com um investimento de marketing de US $ 475.000 em atividades relacionadas à conferência.

Parcerias estratégicas

Tipo de parceiro	Número de parceiros	Contribuição anual
Parceiros de energia de energia	24	US $ 67,5 milhões
Parceiros de integração de tecnologia	16	US $ 42,3 milhões
Operadores de grade	8	US $ 22,1 milhões

Marketing baseado na Web e geração de leads

Os canais de marketing digital da STEM geram:

• Visitantes mensais do site: 87.500
• Taxa de conversão: 3,2%
• Leads qualificados de marketing: 2.800 por trimestre
• Gastes de publicidade digital: US $ 1,2 milhão anualmente

STEM, Inc. (STEM) - Modelo de negócios: segmentos de clientes

Consumidores de energia comercial e industrial

De acordo com o relatório anual de 2022 da STEM, Inc., esse segmento representa 43% de sua base total de clientes.

Tipo de cliente	Consumo anual de energia	Economia de custos potencial
Fabricação	500.000 - 2.000.000 kWh	15-25% através da otimização de energia
Instalações de varejo	250.000 - 750.000 kWh	10-20% através de armazenamento inteligente

Empresas de serviços públicos

A STEM atende 37 parceiros de serviços públicos em 8 estados a partir do quarto trimestre 2023.

• Serviços de estabilização da grade
• Programas de resposta à demanda
• Integração de energia renovável

Desenvolvedores de projetos de energia renovável

Em 2022, a STEM apoiou 127 projetos de energia renovável, totalizando 342 MW de capacidade.

Tipo de projeto	Total de projetos	Capacidade cumulativa
Solar	89	247 MW
Vento	38	95 MW

Investidores de armazenamento de energia em larga escala

O STEM gerencia 215 MW de ativos de armazenamento de energia em dezembro de 2023.

• Tamanho médio do investimento: US $ 5-15 milhões
• ROI típico: 8-12% anualmente
• Horizonte de investimento: 10-15 anos

Provedores de infraestrutura de grade inteligentes

Colaborações com 22 empresas de tecnologia de grade inteligente na América do Norte.

Foco na infraestrutura	Número de parcerias	Alcance geográfico
Software de gerenciamento de grade	12	Continental nos EUA
Medição avançada	7	EUA e Canadá
Recursos energéticos distribuídos	3	América do Norte

STEM, Inc. (STEM) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a STEM, Inc. relatou despesas de pesquisa e desenvolvimento de US $ 44,3 milhões, representando 26% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 44,3 milhões	26%
2022	US $ 38,7 milhões	23%

Desenvolvimento e manutenção de software

Os custos de desenvolvimento de software da STEM, Inc. em 2023 totalizaram aproximadamente US $ 32,6 milhões.

• Custos anuais de licenciamento de software: US $ 5,2 milhões
• Ferramentas de desenvolvimento baseadas em nuvem: US $ 3,8 milhões
• Empreiteiros de desenvolvimento de software externo: US $ 6,5 milhões

Investimentos de vendas e marketing

As despesas de vendas e marketing da STEM, Inc. atingiram US $ 52,1 milhões em 2023, representando 31% da receita total.

Canal de marketing	Alocação de despesas
Marketing digital	US $ 22,3 milhões
Feiras e conferências	US $ 8,7 milhões
Compensação da equipe de vendas	US $ 21,1 milhões

Custos de computação em nuvem e infraestrutura

As despesas com infraestrutura em nuvem da STEM, Inc. em 2023 foram de US $ 18,9 milhões.

• Amazon Web Services (AWS): US $ 12,4 milhões
• Microsoft Azure: US $ 4,5 milhões
• Plataforma do Google Cloud: US $ 2,0 milhões

Aquisição de pessoal e talento

O total de despesas relacionadas ao pessoal da STEM, Inc. em 2023 totalizou US $ 89,7 milhões.

Categoria de despesa	Quantia
Salários da base	US $ 68,3 milhões
Benefícios dos funcionários	US $ 14,2 milhões
Recrutamento e contratação	US $ 7,2 milhões

STEM, Inc. (STEM) - Modelo de negócios: fluxos de receita

Assinaturas de software como serviço (SaaS)

A partir do quarto trimestre de 2023, a STEM, Inc. relatou receitas de assinatura SaaS de US $ 22,4 milhões, representando um aumento de 34% em relação ao ano anterior. As camadas de preços de assinatura variam de US $ 1.500 a US $ 15.000 por mês, dependendo da escala corporativa e da complexidade.

Camada de assinatura	Preço mensal	Potencial anual de receita
Empresa básica	$1,500	$18,000
Empresa avançada	$7,500	$90,000
Empresa premium	$15,000	$180,000

Taxas de serviço de otimização de energia

Os serviços de otimização de energia geraram US $ 16,7 milhões em receita para 2023, com uma taxa média de serviço de US $ 0,03 a US $ 0,07 por quilowatt-hora gerenciada.

Serviços de grade e receitas de participação no mercado

As receitas de serviços de grade totalizaram US $ 35,2 milhões em 2023, com a participação no mercado gerando US $ 12,6 milhões adicionais.

Pagamentos de incentivo baseados em desempenho

Os incentivos de desempenho atingiram US $ 8,9 milhões em 2023, com taxas médias de incentivos variando de 5 a 15% da economia de custos de energia.

Serviços de licenciamento e consultoria de tecnologia

Os serviços de licenciamento e consultoria de tecnologia produziram US $ 6,3 milhões em receita durante 2023.

Categoria de serviço	2023 Receita	Porcentagem da receita total
Assinaturas SaaS	US $ 22,4 milhões	29%
Serviços de grade	US $ 35,2 milhões	46%
Otimização de energia	US $ 16,7 milhões	22%
Licenciamento de tecnologia	US $ 6,3 milhões	8%

Stem, Inc. (STEM) - Canvas Business Model: Value Propositions

Maximize asset revenue via AI-driven value stacking.

• Athena AI enables time-shifting and ancillary revenue streams, delivering 10% - 30% unlevered IRRs.
• Annual Recurring Revenue (ARR) reached $60.2 million as of the end of the third quarter of 2025.
• Contracted Annual Recurring Revenue (CARR) stood at $70.1 million at the close of Q3 2025.

Hardware-agnostic platform for vendor flexibility.

Stem, Inc.'s PowerTrack™ and edge devices offer a flexible solution for solar, unlike monolithic competitor offerings. This approach benefits from operational data across a multitude of hardware types. The strategic move away from lower-margin battery hardware resale supports this value. The success of this pivot is visible in margin performance.

Metric	Q3 2024	Q3 2025
GAAP Gross Margin	21%	35%
Non-GAAP Gross Margin	46%	47%

Simplify complex clean energy operations for customers.

• More than 16,000 global customers rely on Stem, Inc. for maximizing clean energy project value.
• Storage operating assets under management (AUM) reached 1.8 gigawatt hours (GWh) in Q3 2025, a 6% sequential increase.
• Solar operating AUM was 33.9 gigawatts (GW) in Q3 2025, up 4% sequentially.

Achieve positive operating cash flow, guided to $0 to $15 million in 2025.

The company expects to generate positive cash from operations in the second half of 2025. Full-year 2025 operating cash flow guidance is set between $0 to $15,000,000. This follows a strong Q3 2025 result of $11.4 million in operating cash flow, and a first-ever positive quarter in Q1 2025 of $9 million. The cost reductions executed, including an estimated $30 million in annualized cash cost savings from workforce reductions, directly support this target. If onboarding takes 14+ days, churn risk rises.

Financial Metric (2025)	Q1 Result	Q2 Result	Q3 Result
Revenue	$32.5 million	$38.4 million	$38.2 million
Adjusted EBITDA	$(4.6) million	$3.8 million	$2.0 million
Operating Cash Flow	$9 million	$(21.3) million	$11.4 million

Finance: draft 13-week cash view by Friday.

Stem, Inc. (STEM) - Canvas Business Model: Customer Relationships

You're looking at how Stem, Inc. keeps its customers engaged and the value it extracts over time. For a company deeply involved in complex energy assets, the relationship isn't just transactional; it's about long-term operational partnership.

High-touch managed services for complex asset operation.

Stem, Inc. provides end-to-end support for its customers, which number over 16,000 global customers relying on the platform. This high-touch approach is necessary because maximizing asset value in the clean energy sector requires specialized, continuous expertise. The managed services team handles everything from procurement through to optimization to ensure reliable operations and regulatory compliance throughout an asset's life. This focus is clearly driving financial results; for instance, storage software and managed service revenue grew an impressive 53% year-over-year in the second quarter of 2025. The scale of assets under their management demonstrates the depth of this relationship.

The operational scale managed by Stem, Inc. as of the end of the second quarter of 2025 included:

• Storage operating assets under management ("AUM") of 1.7 gigawatt hours ("GWh").
• Solar operating AUM of 32.7 gigawatts ("GW").

The PowerTrack Optimizer, a set of intelligent software tools, underpins these managed services, using forecasting, dispatch, and financial optimization to give experts the insights needed to manage storage and hybrid systems across diverse markets.

Dedicated professional services for project lifecycle support.

For new deployments or complex integrations, Stem, Inc. offers dedicated professional services that streamline the entire project lifecycle. This support is designed to accelerate timelines, ensuring systems are fully operational and compliant before commercial operation through expert commissioning. The goal here is to eliminate coordination complexity across multiple vendors by acting as a single services partner, standardizing the development process with proven methods. This focus on full lifecycle support helps ensure that the assets feeding the recurring revenue streams are brought online effectively and quickly.

Software subscription model with recurring support.

The core of the long-term customer relationship is the software subscription, which generates predictable, high-margin revenue. Stem, Inc. has a clear strategy focused on growing this segment, which is reflected in the improving profitability metrics; the non-GAAP gross margin hit a record 49% in the second quarter of 2025. The recurring revenue base is substantial and growing.

Here are the key recurring revenue and asset metrics as of the end of the second quarter of 2025:

Metric	Value as of Q2 2025	Year-over-Year Change
Annual Recurring Revenue (ARR)	$58.5 million	22% increase
Contracted Annual Recurring Revenue (CARR)	$69.2 million	Up from $69.0 million at end of Q1 2025

The growth in ARR, which includes solar software, storage software, and recurring managed services, was driven by system activations and higher renewals. This recurring revenue stream is critical, as the company achieved a positive adjusted EBITDA of $3.8 million in the second quarter of 2025, partly due to the higher contribution from software and services revenue.

The customer relationship is cemented by the ongoing support tied to these subscriptions, ensuring the software platforms continue to maximize the value of the clean energy projects they control.

Finance: draft 13-week cash view by Friday.

Stem, Inc. (STEM) - Canvas Business Model: Channels

You're looking at how Stem, Inc. (STEM) gets its software and services to market as of late 2025. The focus has clearly shifted to high-margin software delivery, which impacts how they structure their sales and partnerships.

The channels are segmented to address the different needs of commercial & industrial (C&I) customers, utility-scale operators, and software-only users of the PowerTrack platform.

Direct Sales and Customer Segments

The direct sales effort targets large energy consumers and asset owners, which is reflected in the scale of assets managed through the PowerTrack platform.

• 13 of the top 16 commercial and industrial solar asset owners in the U.S. are standardizing on the PowerTrack platform.
• 90% of leading U.S. community solar asset owners standardize on the PowerTrack platform.
• The company successfully deployed its advanced energy system at the Camino Solar project in Kern County, California, developed by Avangrid.

Here are the operational scale metrics tied to these customer segments as of the end of the third quarter of 2025:

Metric	Value (As of Q3 2025 End)	Unit
Solar Operating Assets Under Management (AUM)	33.9	Gigawatts (GW)
Storage Operating Assets Under Management (AUM)	1.8	Gigawatt hours (GWh)
Annual Recurring Revenue (ARR)	$60.2 million	Amount
Contracted Annual Recurring Revenue (CARR)	$70.1 million	Amount

Strategic Partners for Project Integration

Stem uses strategic relationships with developers and Engineering, Procurement, and Construction (EPC) firms to integrate its solutions into new and existing projects, especially for hybrid and storage deployments.

This channel is crucial for scaling deployment, as seen with developer standardization agreements.

• Summit Ridge Energy standardized on PowerTrack across its fleet of 200 solar sites, totaling 514 MW.
• Norbut Solar Farms (NSF), a community solar developer in the New York ISO market, standardized on PowerTrack to scale and manage its portfolio, enabling NSF to accelerate its EPC strategy.
• Neovolt, a major asset owner in Hungary, will standardize on PowerTrack for a 484 MW solar portfolio, indicating international channel penetration.

Online Platform Access for PowerTrack Software Users

The online platform is the primary delivery mechanism for the core software and managed services, which are driving the company's margin expansion.

PowerTrack software revenue growth in the third quarter of 2025 was 11% year-over-year.

PowerTrack Offering	Status/Metric (Late 2025)	Focus
PowerTrack Software (General)	Revenue grew 11% YoY in Q3 2025	Centralized portfolio management
PowerTrack EMS (Energy Management System)	Launched in Q3 2025	Unified hybrid control for commercial- to utility-scale assets
PowerTrack Sage	Limited beta release expected in December 2025	AI-enabled workflows and next-generation energy intelligence

The company is actively managing the mix of revenue through this channel, with full-year 2025 guidance for software, edge hardware, and services revenue tightened to a range of $125 million to $140 million.

Stem, Inc. (STEM) - Canvas Business Model: Customer Segments

You're analyzing Stem, Inc. (STEM) and need to map out exactly who is paying for their AI-driven clean energy solutions as of late 2025. The customer base is clearly segmented across distributed energy resources (DER) owners and large-scale energy providers, with a strong, deliberate pivot toward software-centric revenue streams.

As of the third quarter of 2025, Stem, Inc. has more than 16,000 global customers relying on them to maximize the value of their clean energy projects and portfolios. The company's strategic shift is evident in the revenue breakdown, moving away from pure hardware sales toward recurring software services.

Commercial and Industrial (C&I) energy users.

This segment represents a core user group for behind-the-meter (BTM) solutions, utilizing the PowerTrack EMS (Energy Management System) for cost savings and operational efficiency. The industrial segment held the major market share in the overall energy storage consulting and deployment services market in 2024. For the trailing twelve months ending September 30, 2025, the revenue attributed to Hardware was $91.73M, while Services revenue was $72.71M, showing the ongoing, though diminishing, role of physical assets in serving this segment. The company's Annual Recurring Revenue (ARR), which is the engine of their software focus, stood at $60.2 million as of Q3 2025.

Utility-scale solar and storage project owners/developers.

This group drives significant growth in Assets Under Management (AUM) for both solar and storage. Utility-scale bookings nearly tripled year-over-year in the first quarter of 2025, signaling strong developer confidence in Stem, Inc.'s platform for large projects. The scale of managed assets provides the foundation for future software monetization. If onboarding takes 14+ days, churn risk rises, but the overall deployment pace has not shown a slowdown in customer project development mapping.

Electric utilities and grid service providers.

These entities are key customers for grid-level services, often utilizing the AI platform for ancillary services and grid optimization. The grid services application captured a significant market share in 2024. Furthermore, the Customer Energy Management Services segment, which directly addresses utility and large commercial needs for enhanced analytics and optimization, led the energy storage consulting and deployment services market in 2024. The Contracted Annual Recurring Revenue (CARR), which includes contracts for systems not yet commissioned, was $69.2 million at the end of Q2 2025, providing visibility into future service contracts with these large entities.

Here is a snapshot of the key operational metrics relevant to these customer groups as of mid-to-late 2025:

Metric	Value (Latest Reported Period)	Period End Date
Total Revenue Guidance (FY 2025)	$135 million to $160 million	Full Year 2025
Annual Recurring Revenue (ARR)	$60.2 million	Q3 2025
Contracted Annual Recurring Revenue (CARR)	$69.2 million	Q2 2025
Storage Operating Assets Under Management (AUM)	1.7 GWh	Q2 2025
Solar Operating Assets Under Management (AUM)	32.7 GW	Q2 2025
Services Revenue (TTM)	$72.71M	Sep 30, 2025

The utility segment is projected to expand at a strong Compound Annual Growth Rate (CAGR) from 2025 to 2034, indicating where future deployment focus will be. Also, the company's Q2 2025 results showed a positive Adjusted EBITDA of $3.8 million, a direct result of the higher contribution from software and services revenue across these customer types.

Finance: draft 13-week cash view by Friday.

Stem, Inc. (STEM) - Canvas Business Model: Cost Structure

You're looking at the core expenses Stem, Inc. is managing as it pushes hard into a software-centric model. The cost structure is clearly being aggressively managed, especially around personnel, while still funding necessary technology development.

Personnel Costs and Restructuring Savings:

• Annualized cash cost savings target from workforce reduction: $30 million.
• Projected cash cost savings to be realized in fiscal year 2025: $24 million.
• Workforce reduction implemented: 27% of the global full-time workforce.
• Estimated one-time GAAP pre-tax charge for severance and related costs (incurred primarily in Q2 2025): $6.0 million to $6.5 million.

The company is finding significant leverage here; that $24 million in savings for 2025 is a major factor in driving toward profitability.

High Cost of Software R&D and Cloud Infrastructure:

Research and Development (R&D) remains a significant operating expense as Stem focuses on enhancing PowerTrack and integrating AI. Cloud infrastructure costs are embedded within R&D and Cost of Goods Sold (COGS) associated with software delivery, but the R&D line item gives a clear view of development spend.

Here are the latest reported operating expenses, likely in thousands of US Dollars:

Expense Category	Q3 2025 (Reported)	Nine Months Ended Sept. 30, 2025 (Reported)
Research and Development	$6,916	$28,237
Sales and Marketing	$6,979	$21,021

For comparison, the prior year's nine-month figures were:

Expense Category	Nine Months Ended Sept. 30, 2024 (Reported)
Research and Development	$28,237
Sales and Marketing	$30,286

You can see the R&D spend for the first nine months of 2025 is flat compared to 2024, while Sales and Marketing expenses have seen a reduction, reflecting the strategic shift.

Cost of Goods Sold for Edge Hardware and Battery Resale:

Stem is actively de-emphasizing the lower-margin battery resale business, which directly impacts the COGS profile. The cost structure associated with hardware is variable based on sales volume, which management is intentionally capping.

• Battery Hardware Resale Revenue for Q3 2025: $4 million.
• Full-year 2025 guidance for Battery Hardware Resale Revenue: Capped at up to $20 million.
• Non-GAAP Gross Margin for Q3 2025: 47%, reflecting the higher mix of software and services.
• GAAP Gross Margin for Q3 2025: 35%.

The improvement in gross margin, despite hardware sales, shows the higher-margin software component is absorbing the fixed costs associated with the edge hardware and battery resale COGS more effectively.

Sales and Marketing Expenses for Software Adoption:

The Sales and Marketing spend is clearly being managed down, which is expected when pivoting away from high-volume, low-margin hardware sales toward software adoption, which relies more on product strength (PowerTrack) and existing customer relationships.

The nine-month Sales and Marketing expense for the period ending September 30, 2025, was $21,021 (likely in thousands), down from $30,286 (likely in thousands) for the same period in 2024. Finance: draft 13-week cash view by Friday.

Stem, Inc. (STEM) - Canvas Business Model: Revenue Streams

You're looking at how Stem, Inc. (STEM) actually brings in the money, which is key to understanding their valuation right now. The strategy is clearly pivoting toward predictable, high-margin software income, even if hardware sales still show up on the books.

The most important number here is the Annual Recurring Revenue (ARR) generated by the PowerTrack software platform. As of the third quarter of 2025, this ARR stood at $60.2 million, showing a 17% year-over-year growth. This recurring stream is the engine for future margin expansion, and it's what analysts are watching closest.

To give you a sense of the Q3 2025 revenue mix, here's a quick look at the components reported for that period:

Revenue Stream Component	Q3 2025 Reported Amount	Context/Growth
Total Revenue	$38.2 million	Up 31% year-over-year.
Annual Recurring Revenue (ARR)	$60.2 million (Annualized Run Rate)	Up 17% year-over-year.
Battery Hardware Resale Revenue	$4 million	Deemphasized business line.
Edge Hardware Revenue Growth	18%	Year-over-year growth in Q3 2025.

Next up are the Managed Services and Professional Services fees. Stem, Inc. is actively expanding these offerings, which support the full lifecycle management of energy storage and hybrid systems. This is a natural extension of the PowerTrack software, helping customers deploy and optimize their assets, which should carry better margins than pure hardware sales.

Then you have the Edge hardware and battery resale. Honestly, this stream is being deemphasized because it's lower margin. For instance, battery hardware resale revenue in Q3 2025 was just $4 million. The company is clearly prioritizing the software and services mix, which drove the non-GAAP gross margin up to 47% in Q3 2025.

Looking at the big picture for the year, management has tightened the full-year 2025 revenue guidance. They are now guiding total revenue between $135 million and $160 million. This refinement reflects confidence in the software and service performance, which has greater predictability, while also capping expectations for the lower-margin hardware component.

Here are the key revenue-driving activities you should track:

• PowerTrack software adoption across C&I and utility scale.
• Bookings for the new PowerTrack EMS product.
• Expansion of managed services contracts globally.
• Revenue recognition from hardware deliveries, though lower margin.

Finance: draft 13-week cash view by Friday.