This Research Note examines Stem’s energy storage and solar business, 2025 financial highlights, and their progress towards a software-centric model, based on the company’s Q4 2025 results, 4th March 2026, and their latest 10-K report. We comment on their pivot to a dual-market software strategy aimed at both commercial and industrial clients and a utility-scale footprint. This article updates our previous coverage of the company in April 2025. Stem Profile Founded in 2009, Stem originally offered commercial and industrial (C&I) customers a complete solution of integrated battery storage systems, network integration, and battery optimization via its Athena proprietary AI-driven software platform. In April 2021, Stem, became the first pure-play smart energy storage company to go public in the US through a business combination with Star Peak Energy Transition Corp., a special purpose acquisition company (SPAC). The 2022 acquisition of AlsoEnergy for $652 million brought the PowerTrack solar asset performance monitoring platform into Stem’s portfolio. PowerTrack […]
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