Cash and cash equivalents (vie 337 and 560 as of june30, 2026 and december31, 2025, respectively)
38,415
36,586
48,915
43,121
Accounts receivable, net of allowances of 2,717 and 3,893 as of june30, 2026 and december31, 2025, respectively (vie 1,633 and 3,820 as of june30, 2026 and december31, 2025, respectively)
33,222
33,345
38,353
35,836
Inventory
6,122
5,698
4,587
5,165
Assets held for sale
1,229
1,363
-
-
Other current assets (vie 300 and 0 as of june30, 2026 and december31, 2025, respectively)
10,339
8,303
8,236
9,634
Total current assets
89,327
85,295
100,091
93,756
Energy storage systems, net
33,990
36,238
43,925
47,894
Contract origination costs, net
6,121
7,205
7,466
8,663
Goodwill
2,463
-
-
-
Intangible assets, net
113,045
117,286
123,028
129,169
Operating lease right-of-use assets
10,598
11,284
9,571
10,147
Prepaid warranties and maintenance
-
-
14,585
-
Unbilled receivables, net
-
-
84
-
Receivable from spes (note 15)
-
-
2,035
-
Self-generation incentive program deposits
-
-
147
-
Investment in vies
-
-
2,274
-
Property and equipment, net
-
-
615
-
Project assets
-
-
0
-
Restricted cash
-
-
1,786
-
Other
-
-
3,280
-
Other noncurrent assets
24,229
24,572
24,806
72,978
Total assets
279,773
281,880
308,887
362,607
Accounts payable (vie 157 and 440 as of june30, 2026 and december31, 2025, respectively)
14,468
7,084
10,310
10,986
Accrued liabilities
21,796
25,667
26,875
29,913
Accrued payroll
5,552
5,136
9,131
8,389
Financing obligation, current portion
13,151
13,198
13,792
14,181
Deferred revenue, current portion
44,381
42,783
43,625
43,104
Other current liabilities
8,168
7,399
6,832
6,988
Total current liabilities
107,516
101,267
110,565
113,561
Deferred revenue, noncurrent
81,634
83,030
85,251
85,817
Asset retirement obligation
4,385
4,365
4,349
4,314
Convertible notes, noncurrent
184,007
183,800
183,594
183,389
Senior secured notes, noncurrent
135,212
134,266
128,796
127,609
Financing obligation, noncurrent
24,010
26,659
29,590
31,091
Warrant liability
2,207
2,710
5,121
6,089
Lease liabilities, noncurrent
10,070
11,000
9,860
10,653
Other liabilities
729
664
820
35,193
Total liabilities
549,770
547,761
557,946
597,716
Common stock, 0.0001 par value 250,000,000 shares authorized as of june30, 2026 and december31, 2025, respectively 9,607,873 and 8,489,540 issued and outstanding as of june30, 2026 and december31, 2025, respectively
1
1
1
1
Additional paid-in capital
1,252,624
1,241,228
1,239,263
1,236,905
Accumulated other comprehensive (loss) income
-141
179
41
175
Accumulated deficit
-1,522,055
-1,507,672
-1,488,747
-1,472,768
Total stem stockholders deficit
-269,571
-266,264
-249,442
-235,687
Non-controlling interests
-426
383
383
578
Total stockholders deficit
-269,997
-265,881
-249,059
-235,109
Total liabilities and stockholders deficit
279,773
281,880
308,887
362,607
Unit: Thousand (K) dollars (except for numbers of shares and EPS). Numbers labeled with * are estimated quarterly values.
Time Plot
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