Edge Hardware was Stem’s largest product and service line in fiscal 2025, bringing in $161.19M of $468.80M (34%).
| Product and Service | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Battery Hardware Resale | — | $1.08B | $94.04M | $44.52M | |||
| Hardware Revenue | $932.51M | — | — | — | |||
| Edge Hardware | — | $116.29M | $136.29M | $161.19M | |||
| Powertrack Software | — | $86.20M | $98.43M | $112.86M | |||
| Managed Services | — | $76.03M | $70.17M | $90.63M | |||
| Services & Other Revenue | $156.43M | — | — | — | |||
| Service Revenue | — | — | — | — | |||
| Project & Professional Services Other | — | $25.42M | $34.83M | $59.60M | |||
| Total | $1.09B | $1.38B | $433.75M | $468.80M |
Stem brought in $468.80M from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 8.1% from $433.75M in fiscal 2024. Edge Hardware was the largest at $161.19M (34.4%), ahead of Powertrack Software at $112.86M (24.1%) and Managed Services at $90.63M (19.3%). The other two lines brought in $104.12M combined.
Compared with fiscal 2024, Project & Professional Services Other grew fastest, up 71.1% to $59.60M, while Battery Hardware Resale fell the most, down 52.7% to $44.52M.
Stem began breaking out Battery Hardware Resale in fiscal 2023, Edge Hardware in fiscal 2023, Powertrack Software in fiscal 2023 and Managed Services in fiscal 2023. Stem stopped reporting Hardware Revenue ($932.51M in fiscal 2022) and Services & Other Revenue ($156.43M in fiscal 2022) as separate lines.
United States was Stem’s largest region in fiscal 2025, bringing in $445.60M of $468.80M (95%).
| Geography | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| United States | $1.06B | $1.33B | $418.22M | $445.60M | ||
| Rest Of The World | $27.56M | $54.20M | $15.54M | $23.20M | ||
| Total | $1.09B | $1.38B | $433.75M | $468.80M |
Stem brought in $468.80M from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 8.1% from $433.75M in fiscal 2024. United States was the largest at $445.60M (95.1%), ahead of Rest Of The World at $23.20M (4.9%).
Compared with fiscal 2024, Rest Of The World grew 49.3% to $23.20M and United States grew 6.5% to $445.60M. From fiscal 2022 to 2025, combined revenue from these regions fell from $1.09B to $468.80M, a compound annual decline of 24.5%. United States' share of the total fell from 97.5% to 95.1%.
Stem (STEM) reports its revenue by product and service and by geography. In fiscal 2025, Edge Hardware was its largest product and service line, bringing in $161.19M (34.4% of the total), followed by Powertrack Software at $112.86M (24.1%).
Edge Hardware was Stem's largest product and service line in fiscal 2025, bringing in $161.19M, or 34.4% of the $468.80M total across its five product and service lines.
United States was Stem's largest region in fiscal 2025, bringing in $445.60M, or 95.1% of the $468.80M total across its two regions.
Among Stem's product and service lines that make up at least 2% of revenue, Project & Professional Services Other grew fastest in fiscal 2025, up 71.1% from $34.83M to $59.60M.
Every figure comes from Stem's annual financial filings, as reported. Each line keeps the name Stem gives it, and years follow its fiscal calendar.
Stem's revenue by product and service goes back to fiscal 2019, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.