Stem (STEM) Cost of Revenue (2020 - 2026)
Stem (STEM) posted quarterly Cost of Revenue of $18.1 million for Q1 2026, down 17.44% year-over-year from $22.0 million in Q1 2025, and down 24.74% quarter-over-quarter from $24.1 million in Q4 2025.
Stem (STEM) Cost of Revenue (2020 - 2026) Analysis & Trends
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 $92.5 million (down 27.73% YoY), while the FY2025 annual figure was $96.3 million, down 38.12% from the prior year.
- Cost of Revenue for Q1 2026 stood at $18.1 million, down from $24.1 million in the prior quarter.
- The five-year high for Cost of Revenue was $156.3 million in Q4 2023, with the low at $18.1 million in Q1 2026.
- The 5-year median for Cost of Revenue is $49.7 million (2024), against an average of $62.2 million.
- The sharpest annual moves came in 2022 and 2024: Cost of Revenue jumped 7839.5% in 2022, then plunged 85.01% in 2024.
- Stem's Cost of Revenue stood at $142.9 million in 2022, then climbed by 9.39% to $156.3 million in 2023, then slumped by 62.73% to $58.3 million in 2024, then tumbled by 58.63% to $24.1 million in 2025, then declined by 24.74% to $18.1 million in 2026.
- Business Quant data shows STEM's Cost of Revenue at $18.1 million in Q1 2026, $24.1 million in Q4 2025, and $24.7 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Enlight Renewable Energy | 11.86 Bn | 10.69 Bn | 117.49 Mn | 48.50 Mn |
| 2 | Ormat Technologies | 6.97 Bn | 6.31 Bn | 68.70 Mn | 190.07 Mn |
| 3 | Brookfield Renewable Partners | 4.63 Bn | 2.13 Bn | 623.00 Mn | 453.00 Mn |
| 4 | Clearway Energy | 3.79 Bn | 3.45 Bn | 332.00 Mn | 149.00 Mn |
| 5 | ReNew Energy Global | 2.48 Bn | 2.06 Bn | 269.00 Mn | 70.00 Mn |
| 6 | Fluence Energy | 1.83 Bn | 1.27 Bn | 33.24 Mn | 616.61 Mn |
| 7 | XPLR Infrastructure | 1.08 Bn | 584.55 Mn | - | - |
| 8 | AXIA Energia | 672.29 Mn | -1.91 Bn | 1.44 Bn | 975.34 Mn |
| 9 | Energy Vault Holdings | 671.14 Mn | 602.39 Mn | 4.79 Mn | 17.09 Mn |
| 10 | Stem | 46.59 Mn | 10.00 Mn | 10.86 Mn | 18.14 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 18.14 Mn |
| Mar 31, 2026 | 18.14 Mn |
| Dec 31, 2025 | 24.11 Mn |
| Dec 31, 2025 | 24.11 Mn |
| Sep 30, 2025 | 24.66 Mn |
| Sep 30, 2025 | 24.66 Mn |
| Jun 30, 2025 | 25.57 Mn |
| Jun 30, 2025 | 25.57 Mn |
| Mar 31, 2025 | 21.97 Mn |
| Mar 31, 2025 | 21.97 Mn |
| Dec 31, 2024 | 58.26 Mn |
| Dec 31, 2024 | 58.26 Mn |
| Sep 30, 2024 | 23.10 Mn |
| Sep 30, 2024 | 23.10 Mn |
| Jun 30, 2024 | 24.62 Mn |
| Jun 30, 2024 | 24.62 Mn |
| Mar 31, 2024 | 49.66 Mn |
| Mar 31, 2024 | 49.66 Mn |
| Dec 31, 2023 | 156.33 Mn |
| Dec 31, 2023 | 156.33 Mn |