Stem, Inc. (STEM) Revenue History
Annual and quarterly revenue from 2018 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
STEM Revenue Growth
Revenue Breakdown (FY 2025)
STEM's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
STEM Revenue Analysis (2018–2025)
As of May 6, 2026, Stem, Inc. (STEM) generated trailing twelve-month (TTM) revenue of $152.8 million, reflecting significant decline in growth of -10.8% year-over-year. The most recent quarter (Q1 2026) recorded $29.0 million in revenue, down 38.5% sequentially.
Looking at the longer-term picture, STEM's 5-year compound annual growth rate (CAGR) stands at +33.9%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $461.5 million in 2023.
Revenue diversification analysis shows STEM's business is primarily driven by Service (56%), and Hardware (44%). With over half of revenue concentrated in Service, the company maintains significant focus in this area while developing other growth vectors.
When compared to Technology sector peers including FLUX (-0.0% YoY), NRGV (+362.0% YoY), and GREE, STEM has underperformed the peer group in terms of revenue growth. Compare STEM vs FLUX →
STEM Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| STEMCurrent | $153M | -10.8% | +33.9% | -38.7% | |
 FLUX | $66M | -0.0% | +31.6% | -7.6% | |
 NRGV | $204M | +362.0% | - | -36.5% | |
 GREE | $60M | - | - | -19.2% | |
 GNRC | $4.2B | -0.5% | +11.1% | 6.9% | |
 BE | $2.0B | +56.5% | +20.6% | 3.6% |
STEM Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $156.3M | +8.1% | $55.2M | 35.3% | $-60,488,000 | -38.7% |
| 2024 | $144.6M | -68.7% | $-11,058,000 | -7.6% | $-839,456,000 | -580.6% |
| 2023 | $461.5M | +27.1% | $3.7M | 0.8% | $-179,314,000 | -38.9% |
| 2022 | $363.0M | +185.0% | $33.1M | 9.1% | $-131,121,000 | -36.1% |
| 2021 | $127.4M | +250.8% | $1.2M | 1.0% | $-83,074,000 | -65.2% |
| 2020 | $36.3M | +106.9% | $-3,912,000 | -10.8% | $-49,387,000 | -136.0% |
| 2019 | $17.6M | +149.6% | $-3,260,000 | -18.6% | $-47,850,000 | -272.6% |
| 2018 | $7.0M | - | $-2,658,000 | -37.8% | $-8,150 | -0.1% |
See STEM's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs STEM Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare STEM vs NVDA
Side-by-side business, growth, and profitability comparison vs NVIDIA Corporation.
Start ComparisonSTEM — Frequently Asked Questions
Quick answers to the most common questions about buying STEM stock.
Is STEM's revenue growth accelerating or slowing?
STEM revenue declined -10.8% year-over-year, contrasting with the 5-year CAGR of +33.9%. TTM revenue fell to $153M. This reverses the prior growth trend.
What is STEM's long-term revenue growth rate?
Stem, Inc.'s 5-year revenue CAGR of +33.9% reflects the variable expansion pattern. Current YoY growth of -10.8% is below this long-term average.
How is STEM's revenue distributed by segment?
STEM reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2018-2025 are available for download. Segment mix reveals concentration and diversification trends.