Stem (STEM) Cost of Revenue (2020 - 2026)

Stem's Cost of Revenue history runs 7 years deep, the most recent figure standing at $18.1 million for Q1 2026.

• In Q1 2026, Cost of Revenue fell 17.44% year-over-year to $18.1 million; the TTM figure through Mar 2026 stood at $74.8 million (down 41.54% YoY), while the FY2025 annual figure was $96.3 million, down 38.12% from the prior year.
• Cost of Revenue was $18.1 million for Q1 2026 at Stem, down from $24.1 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $156.3 million in Q4 2023 to a low of $7.0 million in Q3 2025.
• Historically, Cost of Revenue has averaged $55.0 million across 5 years, with a median of $25.6 million in 2025.
• The sharpest annual moves came in 2022 and 2024: Cost of Revenue surged 7839.5% in 2022, then sank 85.01% in 2024.
• A 5-year view of Cost of Revenue shows it stood at $142.9 million in 2022, then grew by 9.39% to $156.3 million in 2023, then tumbled by 62.73% to $58.3 million in 2024, then plunged by 58.63% to $24.1 million in 2025, then fell by 24.74% to $18.1 million in 2026.
• The last three Cost of Revenue figures came in at $18.1 million (Q1 2026), $24.1 million (Q4 2025), and $7.0 million (Q3 2025), per Business Quant data.