Stem

Q2 FY2026 EarningsQ2 FY26 results missed consensus on the top line but significantly beat margin and EPS expectations. Revenue of $33.7M fell -8.2% below the $36.6M consensus as the strategic pivot away from battery hardware resale accelerated. However, GAAP gross margin of 41.3% (calculated) substantially exceeded the 46.6% "normalized" mean (given GAAP reported beat the 33% YoY). GAAP EPS of -$1.58 beat the consensus mean of -$1.83, supported by a 19% YoY reduction in operating expenses following aggressive restructuring and headcount reductions.