---
title: "Stem | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 29 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285439218.md"
datetime: "2026-05-06T20:59:58.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285439218.md)
  - [en](https://longbridge.com/en/news/285439218.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285439218.md)
---

# Stem | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 29 M

Revenue: As of FY2026 Q1, the actual value is USD 29 M, missing the estimate of USD 34.61 M.

EPS: As of FY2026 Q1, the actual value is USD -2.22, missing the estimate of USD -2.1344.

EBIT: As of FY2026 Q1, the actual value is USD -6.855 M.

#### Revenue

-   Total revenue for the first quarter of 2026 was $29.0 million, an 11% decrease from $32.5 million in the first quarter of 2025, primarily due to significantly reduced battery hardware sales .
-   Software, services, and edge hardware revenue was $29.0 million in the first quarter of 2026, up 4% from $28.0 million in the first quarter of 2025 .
-   PowerTrack software revenue increased by 16% year-over-year .
-   Services and other revenue was $18,674 thousand for the three months ended March 31, 2026, compared to $17,721 thousand for the same period in 2025 .
-   Hardware revenue was $10,326 thousand for the three months ended March 31, 2026, down from $14,791 thousand for the same period in 2025 .

#### Gross Profit

-   GAAP gross profit was $10.9 million in the first quarter of 2026, up from $10.5 million in the first quarter of 2025 .
-   Non-GAAP gross profit was $15.2 million in the first quarter of 2026, up from $14.8 million in the first quarter of 2025 .

#### Gross Margin

-   GAAP gross margin was 38% in the first quarter of 2026, up from 32% in the first quarter of 2025 .
-   Non-GAAP gross margin was 52% in the first quarter of 2026, up from 46% in the first quarter of 2025 .

#### Net Loss

-   Net loss was - $18.9 million in the first quarter of 2026, an improvement from a net loss of - $25.0 million in the first quarter of 2025 .

#### Adjusted EBITDA

-   Adjusted EBITDA was $2.0 million in the first quarter of 2026, compared to - $4.6 million in the first quarter of 2025 .

#### Operating Cash Flow

-   Operating cash flow was - $8.3 million in the first quarter of 2026, compared to $8.5 million in the first quarter of 2025 .

#### Cash and Cash Equivalents

-   Stem, Inc. ended the first quarter of 2026 with $36.6 million in cash and cash equivalents, down from $48.9 million at the end of the fourth quarter of 2025 .

#### Bookings

-   Bookings were $26.5 million in the first quarter of 2026, compared to $32.7 million in the fourth quarter of 2025 .

#### Contracted Backlog

-   Contracted backlog was $23.0 million at the end of the first quarter of 2026, up from $21.3 million at the end of the fourth quarter of 2025 .

#### Annual Recurring Revenue (ARR)

-   Annual recurring revenue (ARR) increased slightly to $61.2 million at the end of the first quarter of 2026 from $61.1 million at the end of the fourth quarter of 2025 .
-   PowerTrack ARR increased 2% sequentially to $41.7 million in the first quarter from $40.7 million at the end of the fourth quarter of 2025 .
-   Managed services ARR decreased 4% sequentially to $19.5 million from $20.4 million at the end of the fourth quarter of 2025 .

#### Contracted Annual Recurring Revenue (CARR)

-   Contracted annual recurring revenue (CARR) was $67.2 million at the end of the first quarter of 2026, flat compared to the end of the fourth quarter of 2025 .

#### Assets Under Management (AUM)

-   Solar operating AUM increased 4% sequentially to 37.5 GW for the first quarter of 2026 .
-   Storage operating AUM was sequentially flat at 1.7 GWh for the quarter .

#### Outlook / Guidance for Full Year 2026

Stem, Inc. reaffirms its full-year 2026 guidance, projecting total revenue between $140 million and $190 million, with a Non-GAAP Gross Margin of 40% to 50% and Adjusted EBITDA between $10 million and $15 million . Operating cash flow is guided to be between $0 and $10 million, and year-end ARR is expected to range from $65 million to $70 million .

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