STEM Instantâneo da Ação Preço, capitalização de mercado, P/E, EPS, ROE, dívida/patrimônio, intervalo de 52 semanas

03

Preço $4.26

Capitalização de Mercado (MRQ) $41M

P/E (TTM) -0.4

EPS (TTM) $-11.04

Receita (TTM) $148M

ROE (TTM) 30.2%

Intervalo 52 Semanas $4–$32

STEM Gráfico de Preço da Ação OHLCV diário com indicadores técnicos — panorâmica, zoom e personalize sua visualização

04

intervalo

barras

A granularidade da barra se adapta ao período selecionado — passe o mouse sobre o gráfico para ver a abertura/máxima/mínima/fechamento de uma barra.

Divisões de Ações 1

Data ex	Desdobramento	Tipo
23 de Junho de 2025	1-for-20	Reverso

Desempenho de 10 Anos Tendências de receita, lucro líquido, margens e EPS

06

Receita$156M

2019-12-31 → 2025-12-31

EPS$-9.18

2019-12-31 → 2025-12-31

Margem líquida-49.4%

2021-12-31 → 2025-12-31

Avaliação e Proporções 07–12

Avaliação Rácios P/E, P/S, P/B, EV/EBITDA — a ação está cara ou barata?

Métrica	STEM	média 5A	Mediana de Pares	Veredito
P/E (TTM)	-0.4média 5A ≈-124.4	≈-124.4	·	·
P/S (TTM)	0.3média 5A ≈109.5	≈109.5	1.3	Subvalorizado
P/B (MRQ)	-0.2média 5A ≈31.0	≈31.0	·	·
Price / Cash Flow (Preço / Fluxo de Caixa)	5.3média 5A ≈-179.2	≈-179.2	·	·
Preço / Valor Patrimonial Tangível (MRQ)	-0.1	·	·	·

A mediana dos pares é calculada em uma base padronizada por métrica e pode não corresponder sempre à base TTM/MRQ mostrada para esta ação.

Lucratividade Margens bruta, operacional e líquida; ROE, ROA, ROIC

Métrica	STEM	média 5A	Mediana de Pares	Veredito
Margem Bruta (TTM)	41.5%média 5A ≈8.3%	≈8.3%	28.6%	Primeira linha
Margem Operacional (TTM)	-29.1%média 5A ≈-151.3%	≈-151.3%	-43.7%	Primeira linha
Margem EBITDA (TTM)	1.0%média 5A ≈-131.0%	≈-131.0%	-43.7%	Primeira linha
Margem de Impostos Pré-Tributação (TTM)	-49.3%média 5A ≈-130.0%	≈-130.0%	-100.0%	Primeira linha
Margem de Lucro Líquido (TTM)	-49.4%média 5A ≈-129.3%	≈-129.3%	-68.5%	Primeira linha
ROA (TTM)	-22.2%média 5A ≈-18.5%	≈-18.5%	-65.4%	Primeira linha
ROE (TTM)	30.2%média 5A ≈-1250.8%	≈-1250.8%	-27.7%	Abaixo da média
ROIC	22.2%média 5A ≈31.4%	≈31.4%	-0.87%	Primeira linha

Saúde financeira Dívida, liquidez, solvência — força do balanço patrimonial

Métrica	Tendência de 5 anos	STEM	média 5A	Mediana de Pares	Veredito
Índice de liquidez corrente (MRQ)		0.8média 5A ≈3.5	≈3.5	1.2	Baixa liquidez
Quick Ratio (Índice de Liquidez Seca)		0.8média 5A ≈3.3	≈3.3	0.7	Em linha

Crescimento Crescimento da receita, EPS e lucro líquido: YoY, CAGR 3 anos, CAGR 5 anos

Métrica	STEM	média 5A	Mediana de Pares	Veredito
Revenue YoY (Receita Ano a Ano)	8.1%média 5A ≈80.5%	≈80.5%	·	·
Revenue CAGR 3Y (CAGR Receita 3A)	-24.5%média 5A ≈37.7%	≈37.7%	·	·
Revenue CAGR 5Y (CAGR Receita 5A)	33.9%	·	·	·

Métricas por Ação EPS, valor patrimonial por ação, fluxo de caixa por ação, dividendo por ação

Métrica	STEM	média 5A	Mediana de Pares	Veredito
EPS (Diluted) (EPS (Diluído))	$-9.18média 5A ≈$-26.96	≈$-26.96	·	·
Revenue / Share (Receita / Ação)	$18.41média 5A ≈$5.17	≈$5.17	·	·
Cash Flow / Share (Fluxo de Caixa / Ação)	$0.81média 5A ≈$-0.48	≈$-0.48	·	·
Cash / Share (Caixa / Ação)	$5.76média 5A ≈$2.50	≈$2.50	·	·

Eficiência de Capital Giro de ativos, giro de estoques, giro de contas a receber

Métrica	STEM	média 5A	Mediana de Pares	Veredito
Asset Turnover (Giro do Ativo)	0.4média 5A ≈0.3	≈0.3	0.5	Fraco
Receivables Turnover (Giro de Contas a Receber)	3.2média 5A ≈2.3	≈2.3	3.6	Fraco
Revenue / Employee (Receita anual ÷ funcionários (número de funcionários reportado, yfinance). Derivado — não é um conceito SEC-XBRL armazenado.)	≈$369.4K	·	·	·

valor · ≈ média 5A · mediana do setor · veredicto relativo à mediana

Histórico de Lucros EPS real vs. estimativa, surpresa %, taxa de acerto, próxima data de resultados

14

Surpresa Média -18.1%

Próximo relatório Out 27, 2026

Período	Relatório	EPS Actual	EPS est.	Surpresa
30 de Junho de 2026	Ago 12, 2026	$-1.58	$-2.00	21.1%
31 de Março de 2026		$-2.22	$-2.35	5.5%
31 de Dezembro de 2025		$-1.89	$-2.49	24.0%
30 de Setembro de 2025		$-2.84	$-2.43	-17.0%
30 de Junho de 2025		$-2.48	$3.93	-163.1%
31 de Março de 2025		$-3.00	$-3.78	20.7%

Fundamentos Completos Todas as métricas por ano — demonstração de resultados, balanço patrimonial, fluxo de caixa

15

Demonstração de Resultados 17

Métrica	2025	2024	2023	2022	2021	2020	2019
Revenue	$156M	$145M	$462M	$363M	$127M	$36M	$18M
Cost of Revenue	$96M	$156M	$458M	$330M	$126M	$40M	$21M
Gross Profit	$60M	$-11M	$4M	$33M	$1M	$-4M	$-3M
R&D Expense	$35M	$51M	$57M	$38M	$23M	$16M	$15M
SG&A Expense	$52M	$88M	$75M	$77M	$42M	$15M	$12M
Operating Expenses	$116M	$828M	$183M	$164M	$84M	$45M	$45M
Operating Income	$-56M	$-839M	$-179M	$-131M	$-83M	$-49M	$-48M
Interest Expense	·	·	$15M	$10M	$17M	$21M	$13M
Other Non-op	$1M	$3M	$3M	$2M	$898.0K	$-1M	$-503.0K
Pretax Income	$138M	$-854M	$-140M	$-139M	$-101M	$-156M	$-59M
Income Tax	$536.0K	$332.0K	$433.0K	$-15M	$0	$5.0K	$6.0K
Net Income	$138M	$-854M	$-140M	$-124M	$-101M	$-156M	$-59M
EPS (Basic)	$16.52	$-105.80	$-18.05	$-0.81	$-0.96	$-4.13	$-1.51
EPS (Diluted)	$-9.18	$-105.80	$-18.05	$-0.81	$-0.96	$-4.13	$-1.51
Shares (Basic)	8,338,759	8,072,127	7,779,198	153,413,743	105,561,139	40,064,087	42,811,383
Shares (Diluted)	8,489,879	8,072,127	7,779,198	153,413,743	105,561,139	40,064,087	42,811,383
EBITDA	$-11M	$-794M	$-133M	$-86M	$-59M	$-4M	·

Balanço Patrimonial 28

Métrica	2025	2024	2023	2022	2021	2020	2019
Cash & Equivalents	$49M	$56M	$105M	$88M	$748M	$7M	·
Short-term Investments	·	·	$8M	$162M	$173M	·	·
Receivables	$38M	$59M	$303M	$223M	$62M	$14M	·
Inventory	·	·	$27M	$8M	$23M	$21M	·
Prepaid Expense	$5M	$6M	$6M	$6M	$3M	$698.0K	$1.6K
Other Current Assets	$8M	$10M	$9M	$8M	$5M	$8M	·
Current Assets	$100M	$137M	$473M	$533M	$1.02B	$49M	$1.6K
PP&E (Net)	$44M	$59M	$74M	$91M	$106M	$124M	·
Accum. Depreciation	$92M	$81M	$71M	$59M	$45M	$33M	·
Goodwill	$0	$0	$547M	$547M	$2M	$2M	·
Intangibles	$123M	$144M	$157M	$162M	$14M	$12M	·
Other Non-current Assets	$25M	$76M	$82M	$65M	$25M	$8M	·
Total Assets	$309M	$437M	$1.36B	$1.42B	$1.19B	$206M	$253.0K
Accounts Payable	$10M	$30M	$78M	$84M	$28M	$14M	$35.1K
Accrued Liabilities	$27M	$26M	$77M	$85M	$26M	$16M	$154.2K
Short-term Debt	·	·	·	·	$0	$34M	·
Current Liabilities	$111M	$129M	$251M	$267M	$88M	$191M	$246.6K
Capital Leases	$10M	$13M	$10M	$11M	$12M	$57.0K	·
Other Non-current Liabilities	$820.0K	$35M	$416.0K	$362.0K	$0	·	·
Total Liabilities	$558M	$835M	$930M	$870M	$524M	$383M	$246.6K
Total Debt	·	·	·	·	$0	·	·
Common Stock	$1.0K	$16.0K	$16.0K	$15.0K	$14.0K	$4.0K	·
Paid-in Capital	$1.24B	$1.23B	$1.20B	$1.19B	$1.18B	$231M	$24.0K
Retained Earnings	$-1.49B	$-1.63B	$-772M	$-632M	$-509M	$-408M	$-18.6K
AOCI	$41.0K	$76.0K	$-42.0K	$-2M	$20.0K	$-192.0K	·
Stockholders' Equity	$-249M	$-398M	$426M	$552M	$668M	$-177M	$-25M
Liabilities + Equity	$309M	$437M	$1.36B	$1.42B	$1.19B	$206M	$253.0K
Shares Outstanding	8,489,540	8,139,884	155,932,880	154,540,197	144,671,624	40,202,785	·

Fluxo de Caixa 12

Métrica	2025	2024	2023	2022	2021	2020	2019
D&A	$45M	$45M	$46M	$45M	$24M	$18M	$14M
Stock-based Comp	$10M	$18M	$45M	$29M	$14M	$5M	$2M
Deferred Tax	$-239.0K	$-110.0K	$-438.0K	$-16M	$0	$0	$0
Amort. of Intangibles	$15M	$15M	$16M	$17M	$0	$0	$3M
Other Non-cash	$-186M	$754M	$-158M	$-41M	$-38M	·	·
Operating Cash Flow	$7M	$-37M	$-207M	$-106M	$-101M	$-34M	$-30M
Investing Cash Flow	$-7M	$-4M	$136M	$-544M	$-185M	$-12M	$-46M
Stock Issued	·	·	·	·	·	$11M	·
Net Stock Activity	·	·	·	·	·	$11M	·
Financing Cash Flow	$-8M	$-8M	$90M	$-9M	$1.03B	$40M	$67M
Net Change in Cash	$-7M	$-48M	$19M	$-660M	$741M	$-6M	$-9M
Taxes Paid	$481.0K	$700.0K	$200.0K	·	·	·	·

Lucratividade 8

Métrica	2025	2024	2023	2022	2021	2020	2019
Gross Margin	38.4%	-7.6%	0.79%	9.1%	0.98%	·	·
Operating Margin	-35.6%	-580.6%	-38.9%	-36.1%	-65.2%	·	·
Net Margin	88.2%	-590.7%	-30.4%	-34.2%	-79.5%	·	·
Pretax Margin	88.5%	-590.4%	-30.3%	-38.4%	-79.5%	·	·
EBITDA Margin	-6.9%	-549.5%	-28.8%	-23.6%	-46.0%	·	·
ROA	36.9%	-95.2%	-10.1%	-9.5%	-14.5%	-29.2%	·
ROE	-42.5%	-6139.1%	-28.7%	-20.3%	-23.1%	294.6%	·
ROIC	22.2%	210.8%	-42.2%	-21.2%	-12.4%	·	·

Liquidez e Solvência 4

Métrica	2025	2024	2023	2022	2021	2020	2019
Current Ratio	0.9	1.1	1.9	2.0	11.6	0.6	·
Quick Ratio	0.8	0.9	1.7	1.8	11.2	0.3	·
Debt / Equity	·	·	·	·	0.0	·	·
Interest Coverage	·	·	-12.0	-12.5	-4.8	·	·

Eficiência 3

Métrica	2025	2024	2023	2022	2021	2020	2019
Asset Turnover	0.4	0.2	0.3	0.3	0.2	·	·
Inventory Turnover	·	·	26.1	21.2	5.8	·	·
Receivables Turnover	3.2	0.8	1.8	2.5	3.4	·	·

Por Ação 5

Métrica	2025	2024	2023	2022	2021	2020	2019
Book Value / Share	$-29.38	$-2.45	$2.73	$3.57	$4.62	·	·
Revenue / Share	$18.41	$0.90	$2.97	$2.37	$1.21	·	·
Cash Flow / Share	$0.81	$-0.23	$-1.33	$-0.69	$-0.96	·	·
Cash / Share	$5.76	$0.35	$0.68	$0.57	$5.17	·	·
EPS (TTM)	$-9.18	$-105.80	$-18.05	$-0.81	$-0.96	$-4.13	·

Taxas de Crescimento 3

Métrica	2025	2024	2023	2022	2021	2020	2019
Revenue YoY	8.1%	-68.7%	27.2%	185.0%	250.8%	·	·
Revenue CAGR 3Y	-24.5%	4.3%	133.4%	·	·	·	·
Revenue CAGR 5Y	33.9%	·	·	·	·	·	·

Avaliação (TTM) 12

Métrica	2025	2024	2023	2022	2021	2020	2019
Revenue TTM	$156M	$145M	$462M	$363M	$127M	$36M	·
Net Income TTM	$138M	$-854M	$-140M	$-124M	$-101M	$-156M	·
Market Cap	$128M	$1.96B	$12.10B	$27.63B	$54.89B	·	·
Enterprise Value	·	·	·	·	$53.97B	·	·
P/E	-1.6	-0.1	-4.3	-220.7	-395.2	-99.1	·
P/S	0.8	13.6	26.2	76.1	430.9	·	·
P/B	-0.5	-4.9	28.4	50.1	82.2	·	·
P / Tangible Book	·	·	·	·	84.2	·	·
P / Cash Flow	18.6	-53.6	-58.3	-260.6	-542.0	·	·
EV / EBITDA	·	·	·	·	-920.9	·	·
EV / Revenue	·	·	·	·	423.7	·	·
Earnings Yield	-61.0%	-877.3%	-23.3%	-0.45%	-0.25%	-1.0%	·

Demonstração de Resultados 17

Métrica	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$34M	$29M	$47M	$38M	$38M	$33M	$56M	$29M	$34M	$25M	$167M	$134M	$93M	$67M	$155M	$100M
Cost of Revenue	$20M	$18M	$24M	$25M	$26M	$22M	$58M	$23M	$25M	$50M	$156M	$154M	$81M	$66M	$143M	$90M
Gross Profit	$14M	$11M	$23M	$14M	$13M	$11M	$-2M	$6M	$9M	$-24M	$11M	$-20M	$12M	$994.0K	$13M	$9M
R&D Expense	$6M	$7M	$7M	$7M	$10M	$11M	$11M	$11M	$15M	$14M	$14M	$14M	$14M	$13M	$10M	$11M
SG&A Expense	$8M	$9M	$17M	$13M	$9M	$14M	$26M	$27M	$16M	$19M	$16M	$22M	$19M	$18M	$23M	$18M
Operating Expenses	$22M	$25M	$31M	$26M	$26M	$32M	$45M	$151M	$589M	$44M	$45M	$48M	$47M	$44M	$46M	$42M
Operating Income	$-8M	$-14M	$-8M	$-13M	$-13M	$-21M	$-47M	$-144M	$-580M	$-68M	$-34M	$-68M	$-35M	$-43M	$-34M	$-33M
Interest Expense	·	·	·	·	·	·	·	·	·	$5M	·	$4M	$4M	$2M	·	$3M
Other Non-op	$308.0K	$349.0K	$-156.0K	$379.0K	$374.0K	$496.0K	$437.0K	$793.0K	$794.0K	$566.0K	$807.0K	$713.0K	$2M	$-439.0K	$552.0K	$863.0K
Pretax Income	$-14M	$-19M	$-16M	$-24M	$203M	$-25M	$-51M	$-148M	$-582M	$-72M	$-38M	$-77M	$20M	$-45M	$-35M	$-34M
Income Tax	$13.0K	$112.0K	$144.0K	$-141.0K	$475.0K	$58.0K	$-12.0K	$129.0K	$62.0K	$153.0K	$79.0K	$-46.0K	$491.0K	$-91.0K	$40.0K	$19.0K
Net Income	$-14M	$-19M	$-16M	$-24M	$203M	$-25M	$-51M	$-148M	$-582M	$-72M	$-38M	$-77M	$19M	$-45M	$-35M	$-34M
EPS (Basic)	$-1.58	$-2.22	$-4.80	$-2.84	$24.31	$-3.05	$-15.29	$-18.24	$-71.81	$-0.46	$-17.39	$-0.49	$0.12	$-0.29	$-0.23	$-0.22
EPS (Diluted)	$-1.58	$-2.22	$-4.40	$-2.84	$-1.79	$-3.05	$-15.29	$-18.24	$-71.81	$-0.46	$-17.01	$-0.49	$-0.26	$-0.29	$-0.23	$-0.22
Shares (Basic)	9,110,452	8,517,041	·	8,376,032	8,330,679	8,194,490	·	8,131,700	8,107,947	158,180,137	·	155,829,348	155,619,179	154,966,163	·	154,392,573
Shares (Diluted)	9,110,452	8,517,041	·	8,376,032	8,481,799	8,194,490	·	8,131,700	8,107,947	158,180,137	·	155,829,348	155,804,953	154,966,163	·	154,392,573
EBITDA	$-8M	$-4M	·	$-13M	$-13M	$-10M	·	$-144M	$-580M	$-57M	·	$-68M	$-35M	$-32M	·	$-33M

Balanço Patrimonial 26

Métrica	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$38M	$37M	$49M	$43M	$41M	$59M	$56M	$75M	$90M	$113M	$105M	$97M	$75M	$118M	$88M	$100M
Short-term Investments	·	·	·	·	·	·	·	·	·	·	·	$28M	$63M	$88M	·	$193M
Receivables	$33M	$33M	$38M	$36M	$43M	$35M	$59M	$93M	$206M	$240M	·	$289M	$294M	$233M	·	$144M
Inventory	·	·	·	·	·	·	·	·	·	$24M	·	$66M	$146M	$43M	·	$29M
Prepaid Expense	·	·	$5M	·	·	·	$6M	·	·	·	·	·	·	·	·	·
Other Current Assets	$10M	$8M	$8M	$10M	$11M	$8M	$10M	$10M	$11M	$8M	·	$11M	$13M	$7M	·	$9M
Current Assets	$89M	$85M	$100M	$94M	$99M	$111M	$137M	$228M	$360M	$406M	·	$511M	$613M	$511M	·	$537M
PP&E (Net)	$34M	$36M	$44M	$48M	$51M	$56M	$59M	$64M	$68M	$71M	·	$81M	$85M	$88M	·	$95M
Accum. Depreciation	$92M	$90M	$92M	$89M	$86M	$85M	$81M	$78M	$75M	$72M	·	$66M	$62M	$61M	·	$56M
Goodwill	$2M	·	·	·	·	·	·	$0	$0	$547M	·	$547M	$547M	$547M	·	$547M
Intangibles	$113M	$117M	$123M	$129M	$135M	$142M	$144M	$148M	$152M	$155M	·	$158M	$159M	$162M	·	$164M
Other Non-current Assets	$24M	$25M	$25M	$73M	$74M	$76M	$76M	$77M	$91M	$84M	·	$77M	$73M	$60M	·	$53M
Total Assets	$280M	$282M	$309M	$363M	$379M	$405M	$437M	$538M	$692M	$1.28B	·	$1.40B	$1.50B	$1.39B	·	$1.42B
Accounts Payable	$14M	$7M	$10M	$11M	$11M	$20M	$30M	$47M	$63M	$62M	·	$85M	$103M	$113M	·	$95M
Accrued Liabilities	$22M	$26M	$27M	$30M	$30M	$28M	$26M	$58M	$63M	$78M	·	$61M	$56M	$59M	·	$62M
Current Liabilities	$108M	$101M	$111M	$114M	$112M	$120M	$129M	$207M	$217M	$237M	·	$269M	$307M	$276M	·	$240M
Capital Leases	$10M	$11M	$10M	$11M	$12M	$13M	$13M	$13M	$12M	$10M	·	$11M	$12M	$13M	·	$11M
Other Non-current Liabilities	$729.0K	$664.0K	$820.0K	$35M	$35M	$35M	$35M	$643.0K	$599.0K	$436.0K	·	$565.0K	$563.0K	$444.0K	·	$391.0K
Total Liabilities	$550M	$548M	$558M	$598M	$593M	$822M	$835M	$881M	$894M	$913M	·	$945M	$984M	$877M	·	$840M
Common Stock	$1.0K	$1.0K	$1.0K	$1.0K	$1.0K	$17.0K	$16.0K	$16.0K	$16.0K	$16.0K	·	$16.0K	$16.0K	$16.0K	·	$15.0K
Paid-in Capital	$1.25B	$1.24B	$1.24B	$1.24B	$1.23B	$1.23B	$1.23B	$1.23B	$1.22B	$1.22B	·	$1.19B	$1.18B	$1.19B	·	$1.18B
Retained Earnings	$-1.52B	$-1.51B	$-1.49B	$-1.47B	$-1.45B	$-1.65B	$-1.63B	$-1.58B	$-1.43B	$-845M	·	$-735M	$-658M	$-677M	·	$-597M
AOCI	$-141.0K	$179.0K	$41.0K	$175.0K	$348.0K	$266.0K	$76.0K	$302.0K	$94.0K	$154.0K	·	$23.0K	$-88.0K	$-2.0K	·	$-2M
Stockholders' Equity	$-270M	$-266M	$-249M	$-236M	$-214M	$-417M	$-398M	$-344M	$-203M	$372M	·	$453M	$519M	$517M	·	$577M
Liabilities + Equity	$280M	$282M	$309M	$363M	$379M	$405M	$437M	$538M	$692M	$1.28B	·	$1.40B	$1.50B	$1.39B	·	$1.42B
Shares Outstanding	9,607,873	8,567,751	8,489,540	8,389,951	8,358,552	166,352,779	8,139,884	162,714,738	162,587,526	161,526,782	·	155,883,088	155,796,411	155,508,303	·	154,487,778

Fluxo de Caixa 9

Métrica	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$11M	$10M	$12M	$11M	$11M	$11M	$12M	$11M	$11M	$11M	$13M	$11M	$11M	$11M	$13M	$11M
Stock-based Comp	$1M	$2M	$2M	$2M	$1M	$4M	$-3M	$7M	$7M	$8M	$17M	$11M	$10M	$7M	$8M	$8M
Deferred Tax	·	·	·	·	·	·	$-110.0K	$0	$0	$0	$-103.0K	$0	$0	$-335.0K	$-409.0K	$0
Amort. of Intangibles	·	·	·	·	·	·	$-5M	$7M	$7M	$7M	$-3M	$5M	$7M	$6M	$-300.0K	$6M
Other Non-cash	·	$-2M	·	·	·	$18M	·	·	·	$53M	·	·	·	$-9M	·	·
Operating Cash Flow	$342.0K	$-8M	$8M	$11M	$-21M	$9M	$-15M	$-9M	$-12M	$-621.0K	$-2M	$-4M	$-165M	$-36M	$-37M	$-36M
Investing Cash Flow	$-1M	$-1M	$-927.0K	$-1M	$-1M	$-4M	$-3M	$-2M	$-3M	$5M	$15M	$32M	$21M	$68M	$28M	$-16M
Financing Cash Flow	$3M	$-3M	$-1M	$-8M	$5M	$-3M	$-1M	$-3M	$-7M	$3M	$-5M	$-5M	$102M	$-2M	$-2M	$1M
Net Change in Cash	$2M	$-12M	$6M	$2M	$-18M	$2M	$-19M	$-14M	$-22M	$7M	$8M	$23M	$-42M	$30M	$-12M	$-51M

Lucratividade 8

Métrica	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Gross Margin	41.3%	37.4%	·	35.5%	33.4%	32.4%	·	21.1%	27.6%	-95.0%	·	-15.2%	12.8%	1.5%	·	9.2%
Operating Margin	-22.8%	-49.0%	·	-33.6%	-34.8%	-65.0%	·	-493.2%	-1705.5%	-267.0%	·	-51.0%	-37.5%	-63.3%	·	-32.8%
Net Margin	-42.7%	-65.3%	·	-62.2%	527.8%	-76.9%	·	-506.3%	-1712.6%	-283.9%	·	-57.6%	20.6%	-66.4%	·	-34.4%
Pretax Margin	-42.7%	-64.9%	·	-62.6%	529.0%	-76.7%	·	-505.9%	-1712.4%	-283.3%	·	-57.7%	21.1%	-66.6%	·	-34.4%
EBITDA Margin	-22.8%	-12.9%	·	-33.6%	-34.8%	-31.2%	·	-493.2%	-1705.5%	-224.6%	·	-51.0%	-37.5%	-46.8%	·	-32.8%
ROA	-4.4%	-5.5%	·	-5.3%	37.8%	-3.0%	·	-15.3%	-53.0%	-5.4%	·	-5.5%	1.3%	-3.2%	·	-3.1%
ROE	5.9%	5.5%	·	8.2%	-97.1%	108.9%	·	-272.7%	-368.9%	-16.3%	·	-15.0%	3.4%	-7.8%	·	-5.7%
ROIC	2.9%	5.4%	·	5.4%	6.2%	5.1%	·	42.0%	285.4%	-18.3%	·	-15.1%	-6.6%	-8.2%	·	-5.7%

Liquidez e Solvência 3

Métrica	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	0.8	0.8	·	0.8	0.9	0.9	·	1.1	1.7	1.7	·	1.9	2.0	1.9	·	2.2
Quick Ratio	0.7	0.7	·	0.7	0.7	0.8	·	0.8	1.4	1.5	·	1.5	1.4	1.6	·	1.8
Interest Coverage	·	·	·	·	·	·	·	·	·	-14.4	·	-15.5	-8.9	-24.0	·	-12.9

Eficiência 3

Métrica	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.1	0.1	·	0.1	0.1	0.0	·	0.0	0.0	0.0	·	0.1	0.1	0.0	·	0.1
Inventory Turnover	·	·	·	·	·	·	·	·	·	1.5	·	3.2	0.8	1.1	·	3.4
Receivables Turnover	0.9	0.9	·	0.6	0.3	0.2	·	0.2	0.1	0.1	·	0.6	0.5	0.4	·	1.1

Por Ação 5

Métrica	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$-28.06	$-31.08	·	$-28.09	$-25.61	$-2.51	·	$-2.11	$-1.25	$2.30	·	$2.91	$3.33	$3.32	·	$3.73
Revenue / Share	$3.69	$3.40	·	$4.57	$4.52	$0.20	·	$0.18	$0.21	$0.16	·	$0.86	$0.60	$0.43	·	$0.64
Cash Flow / Share	·	$-0.98	·	·	·	$0.05	·	·	·	$-0.00	·	·	·	$-0.23	·	·
Cash / Share	$4.00	$4.27	·	$5.14	$4.88	$0.35	·	$0.46	$0.55	$0.70	·	$0.62	$0.48	$0.76	·	$0.65
EPS (TTM)	$-11.04	$-11.25	·	$-22.97	$-38.37	$-108.39	·	$-107.52	$-89.77	$-18.22	·	$-1.27	$-1.00	$-0.95	·	$1.65

Avaliação (TTM) 8

Métrica	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$148M	$153M	·	$165M	$156M	$152M	·	$256M	$361M	$420M	·	$450M	$415M	$389M	·	$260M
Net Income TTM	$-73M	$144M	·	$103M	$-22M	$-807M	·	$-841M	$-769M	$-168M	·	$-138M	$-95M	$-146M	·	$-123M
Market Cap	$75M	$76M	·	$147M	$52M	$1.16B	·	$1.13B	$3.61B	$7.07B	·	$13.22B	$17.82B	$17.63B	·	$41.22B
P/E	-0.7	-0.8	·	-0.8	-0.2	-0.1	·	-0.1	-0.2	-2.4	·	-66.8	-114.4	-119.4	·	161.7
P/S	0.5	0.5	·	0.9	0.3	7.7	·	4.4	10.0	16.9	·	29.4	42.9	45.3	·	158.3
P/B	-0.3	-0.3	·	-0.6	-0.2	-2.8	·	-3.3	-17.8	19.0	·	29.2	34.3	34.1	·	71.5
P / Cash Flow	·	-9.1	·	·	·	136.4	·	·	·	-11392.7	·	·	·	-492.3	·	·
Earnings Yield	-141.4%	-127.3%	·	-131.1%	-615.9%	-1548.4%	·	-1544.8%	-404.4%	-41.6%	·	-1.5%	-0.87%	-0.84%	·	0.62%

Período mais recente à esquerda · valores nulos mostrados como ·

Demonstrações Financeiras Demonstração de resultados, balanço patrimonial, fluxo de caixa — anual, últimos 5 anos

16

Métrica	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Receita	$156M	$145M	$462M	$363M	$127M
Margem Bruta %	38.4%	-7.6%	0.79%	9.1%	0.98%
Margem Operacional %	-35.6%	-580.6%	-38.9%	-36.1%	-65.2%
Lucro líquido	$138M	$-854M	$-140M	$-124M	$-101M
EPS Diluído	$-9.18	$-105.80	$-18.05	$-0.81	$-0.96

Métrica	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Dívida / Patrimônio Líquido	·	·	·	·	0.0
Índice de liquidez corrente	0.9	1.1	1.9	2.0	11.6
Índice de Liquidez Seca	0.8	0.9	1.7	1.8	11.2

Investidores institucionais (13F) 81 declarantes · $22.9M total · Em 30 de Junho de 2026

17

Instituições que relatam a posse desta ação em seu Formulário 13F trimestral da SEC. Apenas posições compradas; um único declarante pode aparecer duas vezes para opções separadas. Grandes posições de compra/venda compensatórias geralmente refletem market-making ou inventário protegido, não convicção direcional.

Detentores 81

Valor detido $22.9M

Novas posições 9

Posições encerradas 12

Atividade institucional — Q2 2026 vs trimestre anterior

Novas posições	Posições encerradas	Aumentou	Diminuído	Variação líquida de ações
9 (-5 vs trimestre anterior)	12 (-11 vs trimestre anterior)	18 (+2 vs trimestre anterior)	20 (-6 vs trimestre anterior)	+96K

Comparado a Q1 2026. Os registros do Formulário 13F da SEC devem ser feitos em até 45 dias após o final do trimestre, mais um pequeno período de tolerância para registrantes atrasados — trimestres ainda dentro desse período são ignorados em favor do par mais recente totalmente reportado.

Instituição	Valor	Ações	% de 13F rastreado	Tipo
VANGUARD GROUP INC	$5.965.565	396.383	26,05%	Ações
MARSHALL WACE, LLP	$3.167.799	405.608	13,83%	Ações
VANGUARD CAPITAL MANAGEMENT LLC	$2.821.355	361.249	12,32%	Ações
BlackRock, Inc.	$1.284.565	164.477	5,61%	Ações
Trexquant Investment LP	$864.098	110.640	3,77%	Ações
TWO SIGMA INVESTMENTS, LP	$806.258	103.234	3,52%	Ações
BNP PARIBAS FINANCIAL MARKETS	$727.064	93.094	3,17%	Ações
GEODE CAPITAL MANAGEMENT, LLC	$726.785	93.014	3,17%	Ações
RENAISSANCE TECHNOLOGIES LLC	$519.224	66.482	2,27%	Ações
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$503.745	64.500	2,20%	Opção de compra
BRIDGEWAY CAPITAL MANAGEMENT, LLC	$465.476	59.600	2,03%	Ações
VANGUARD FIDUCIARY TRUST CO	$444.373	56.898	1,94%	Ações
TWO SIGMA ADVISERS, LP	$416.735	27.690	1,82%	Ações
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$383.471	49.100	1,67%	Opção de venda
Longaeva Partners L.P.	$376.333	48.186	1,64%	Ações
STATE STREET CORP	$298.951	38.278	1,31%	Ações
MORGAN STANLEY	$294.132	37.661	1,28%	Ações
ROYAL BANK OF CANADA	$231.000	29.636	1,01%	Ações
XTX Topco Ltd	$230.254	29.482	1,01%	Ações
CITIGROUP INC	$222.788	28.526	0,97%	Ações
HSBC HOLDINGS PLC	$221.423	28.424	0,97%	Ações
Keyframe Capital Partners, L.P.	$202.466	25.924	0,88%	Ações
CITADEL ADVISORS LLC	$198.374	25.400	0,87%	Opção de compra
UBS Group AG	$196.281	25.132	0,86%	Ações
CITADEL ADVISORS LLC	$185.308	23.727	0,81%	Ações
NOMURA HOLDINGS INC	$185.199	23.713	0,81%	Ações
NORTHERN TRUST CORP	$165.892	21.241	0,72%	Ações
HighTower Advisors, LLC	$126.108	16.147	0,55%	Ações
Engineers Gate Manager LP	$99.187	12.700	0,43%	Ações
BANK OF AMERICA CORP /DE/	$88.917	11.385	0,39%	Ações
GOLDMAN SACHS GROUP INC	$88.612	11.346	0,39%	Ações
Balyasny Asset Management L.P.	$75.890	9.717	0,33%	Ações
Zweig-DiMenna Associates LLC	$64.839	8.302	0,28%	Ações
Point72 Asia (Singapore) Pte. Ltd.	$57.587	3.287	0,25%	Ações
WELLS FARGO & COMPANY/MN	$36.160	4.630	0,16%	Ações
GROUP ONE TRADING LLC	$31.662	4.054	0,14%	Ações
Steward Partners Investment Advisory, LLC	$27.233	3.487	0,12%	Ações
Vanguard Global Advisers, LLC	$22.274	2.852	0,10%	Ações
INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC	$14.810	1.870	0,06%	Ações
PNC Financial Services Group, Inc.	$8.435	1.080	0,04%	Ações
CIBC Private Wealth Group LLC	$8.340	476	0,04%	Ações
SIMPLEX TRADING, LLC	$6.560	840	0,03%	Ações
OSAIC HOLDINGS, INC.	$5.488	703	0,02%	Ações
JPMORGAN CHASE & CO	$5.326	712	0,02%	Ações
FMR LLC	$5.061	648	0,02%	Ações
NATIONAL BANK OF CANADA /FI/	$4.014	514	0,02%	Ações
Rockefeller Capital Management L.P.	$3.062	392	0,01%	Ações
DEUTSCHE BANK AG\	$2.710	347	0,01%	Ações
CWM, LLC	$2.175	246	0,01%	Ações
Hurley Capital, LLC	$1.913	245	0,01%	Ações

Mostrar todos os 81 proprietários institucionais →

Executivos da empresa 33 insiders · 17 diretores · 11 conselheiros

19

Investidor com informação privilegiada	Função	Última atividade	Ações detidas	Vendas 12m	Líquido 12m
Arun Narayanan	Chief Executive Officer	30 de Junho de 2026 M	19.109	2	$-72.881
John Eugene Carrington	CEO and Director	28 de Maio de 2024 A	506.585	0	$0
Brian Musfeldt	Chief Financial Officer	17 de Julho de 2026 M	2.379	1	$-6.086
Spencer Doran Hole	Chief Financial Officer & EVP	3 de Setembro de 2024 A	·	0	$0
William John Bush	Chief Financial Officer	28 de Maio de 2024 A	390.217	0	$0
Michael James Carlson	President, Managed Services	26 de Setembro de 2026 M	26.020	3	$-34.374
Matthew Tappin	President, Software Products	30 de Junho de 2026 M	9.577	7	$-198.017
Robert Schaefer	President, Transformational	19 de Março de 2024 S	716.110	0	$0
Mark William Triplett	Chief Operating Officer	12 de Abril de 2022 M	323.946	0	$0
Saul R. Laureles	Chief Legal Officer	30 de Junho de 2026 M	34.525	3	$-18.598
Jeffrey T Cabot	Chief Accounting Officer	5 de Janeiro de 2026 A	·	0	$0
Rahul Shukla	Chief Accounting Officer	18 de Novembro de 2025 S	0	1	$-59.556
Hofeldt Albert	Chief Technology Officer	19 de Fevereiro de 2025 M	185.863	0	$0
Kim Homenock	Chief People Officer	19 de Fevereiro de 2025 M	184.568	0	$0
Alan Russo	Chief Revenue Officer	28 de Maio de 2024 A	212.910	0	$0
Patel Prakesh	Chief Strategy Officer	28 de Maio de 2024 A	181.668	0	$0
Larsh Johnson	Chief Technology Officer	13 de Março de 2024 S	78.739	0	$0
Vasudevan Guruswamy	Conselheiro	7 de Agosto de 2026 M	10.597	0	$0
Anil Tammineedi	Conselheiro	7 de Agosto de 2026 M	15.473	0	$0
Adam Daley	Conselheiro	7 de Agosto de 2026 M	19.535	0	$0
Krishna Shivram	Conselheiro	7 de Agosto de 2026 M	10.597	0	$0
Gerard Cunningham	Conselheiro	28 de Agosto de 2024 A	12.138	0	$0
Jane Woodward	Conselheiro	7 de Junho de 2024 M	49.511	0	$0
Michael C Morgan	Conselheiro	7 de Junho de 2024 M	43.987	0	$0
Lisa L Troe	Conselheiro	15 de Junho de 2023 M	19.872	0	$0
Park C Shaper	Conselheiro	28 de Abril de 2021 M	40.000	0	$0
Desiree G Rogers	Conselheiro	28 de Abril de 2021 M	40.000	0	$0
Star Peak Sponsor LLC	Detentor de 10%	28 de Abril de 2021 M	9.509.626	0	$0
Eric J Scheyer	Detentor de 10%	28 de Abril de 2021 M	9.509.626	0	$0
Alec N Litowitz	Detentor de 10%	28 de Abril de 2021 M	9.509.626	0	$0
Ira M Birns	·	7 de Agosto de 2026 M	14.207	0	$0
David S Buzby	·	7 de Agosto de 2026 M	7.486	0	$0
Laura D Tyson	·	7 de Agosto de 2026 M	15.473	0	$0

Executivos de declarações SEC Formulário 3/4/5; líquido = apenas P/V de mercado aberto

Participação em ETFs Detido por 4 ETFs

20

O peso reflete apenas participações diretas em ações (N-PORT); fundos alavancados ou baseados em derivativos podem deter exposição adicional a swaps não mostrada.

Fundo	Peso	Unidades	Em	Fonte
ISCF · iShares Trust	0,05%	81.548 SH	11 de Setembro de 2026	Diário
IWC · iShares Trust	0,01%	27.803 SH	11 de Setembro de 2026	Diário
VXF · VANGUARD INDEX FUNDS	0,00%	106.310 SH	19 de Agosto de 2026	Diário
VTI · VANGUARD INDEX FUNDS	0,00%	245.987 SH	19 de Agosto de 2026	Diário

STEM Consenso dos analistas Opiniões de analistas otimistas e pessimistas, preço-alvo de 12 meses, potencial de alta

21

classificação · 11 analistas MANTER

Alvo mediano $7.50 +76,1%

0 0,0% Compra forte

0 0,0% Compra

8 72,7% Manter

1 9,1% Venda

2 18,2% Venda forte

Preço-alvo de 12 meses

5 analistas · 2026-09-30

Alvo médio $7.45 +74,9%

← Abaixo de todos os alvos Preço atual $4.26

Mín$6.75 Média$7.45 Máx$8.00

Comparação de pares (subindústria GICS) Métricas chave vs pares do setor

22

Base do ano fiscal, preços no fechamento do último ano fiscal de cada empresa.

Ticker	Capitalização de Mercado	P/E	Receita YoY	Margem Líquida	ROE	Margem Bruta
STEM	$128M	-1.6	8.1%	88.2%	-42.5%	38.4%
WATT	$9M	-0.6	633.1%	-170.4%	-90.2%	36.0%
TYGO	$97M	-46.0	91.7%	-1.8%	-12.8%	42.8%
STI	$53M	-0.7	·	-307146.1%	385.4%	50.2%
FTCI	·	-1.9	110.5%	·	·	·
ZEO	·	·	·	·	·	·
BEEM	$29M	-1.0	-42.8%	-95.6%	-104.4%	12.5%

Minhas Métricas Sua lista pessoal — linhas selecionadas de Fundamentos Completos

26

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STEM Classe A Stem, Inc. Class A Common Stock