STEM Hisse Senedi Özeti Fiyat, piyasa değeri, P/E, EPS, ROE, borç/öz sermaye, 52 haftalık aralık

03

Fiyat $4.26

Piyasa Değeri (MRQ) $41M

P/E (TTM) -0.4

Hisse Başına Kâr (TTM) $-11.04

Gelir (TTM) $148M

ROE (TTM) 30.2%

52 Haftlık Aralık $4–$32

STEM Hisse Senedi Fiyat Grafiği Teknik göstergeler ile günlük OHLCV — kaydır, yakınlaştır ve görünümünüzü özelleştirin

04

aralık

çubuklar

Çubuk çözünürlüğü seçilen döneme uyum sağlar — bir çubuk için açılış/yüksek/düşük/kapanış değerlerini görmek için grafiğin üzerine gelin.

Hisse bölünmeleri 1

Ex-tarihi	Bölünme	Tür
23 Haziran 2025	1-for-20	Ters

10 Yıllık Performans Gelir, net kar, marjlar ve EPS trendleri

06

Gelir$156M

2019-12-31 → 2025-12-31

Hisse Başına Kâr$-9.18

2019-12-31 → 2025-12-31

Net kar marjı-49.4%

2021-12-31 → 2025-12-31

Değerleme ve Oranlar 07–12

Değerleme P/E, P/S, P/B, EV/EBITDA oranları — hisse senedi pahalı mı ucuz mu?

Metrik	STEM	5Y ort.	Akran Ortalaması	Sonuç
P/E (TTM)	-0.45Y ort. ≈-124.4	≈-124.4	·	·
F/S (TTM)	0.35Y ort. ≈109.5	≈109.5	1.3	Düşük değerli
F/D (MRQ)	-0.25Y ort. ≈31.0	≈31.0	·	·
Price / Cash Flow (Fiyat / Nakit Akışı)	5.35Y ort. ≈-179.2	≈-179.2	·	·
Fiyat / Maddi Defter Değeri (MRQ)	-0.1	·	·	·

Akran ortalaması, metrik başına standartlaştırılmış bir temelde hesaplanır ve bu hisse senedi için gösterilen TTM/MRQ temelini her zaman eşleşmeyebilir.

Kârlılık Brüt, faaliyet ve net kâr marjları; ROE, ROA, ROIC

Metrik	STEM	5Y ort.	Akran Ortalaması	Sonuç
Brüt Kar Marjı (TTM)	41.5%5Y ort. ≈8.3%	≈8.3%	28.6%	En üst düzey
Faaliyet Kâr Marjı (TTM)	-29.1%5Y ort. ≈-151.3%	≈-151.3%	-43.7%	En üst düzey
FAVÖK Marjı (TTM)	1.0%5Y ort. ≈-131.0%	≈-131.0%	-43.7%	En üst düzey
Vergi Öncesi Kar Marjı (TTM)	-49.3%5Y ort. ≈-130.0%	≈-130.0%	-100.0%	En üst düzey
Net Kâr Marjı (TTM)	-49.4%5Y ort. ≈-129.3%	≈-129.3%	-68.5%	En üst düzey
ROA (TTM)	-22.2%5Y ort. ≈-18.5%	≈-18.5%	-65.4%	En üst düzey
ROE (TTM)	30.2%5Y ort. ≈-1250.8%	≈-1250.8%	-27.7%	Ortalamanın altında
ROIC	22.2%5Y ort. ≈31.4%	≈31.4%	-0.87%	En üst düzey

Finansal Sağlık Borç, likidite, solventlik — bilanço gücü

Metrik	5 Yıllık trend	STEM	5Y ort.	Akran Ortalaması	Sonuç
Cari Oran (MRQ)		0.85Y ort. ≈3.5	≈3.5	1.2	Düşük likidite
Quick Ratio (Cari Oran)		0.85Y ort. ≈3.3	≈3.3	0.7	Aynı seviyede

Büyüme Gelir, EPS ve net gelir büyümesi: YOY, 3 Yıllık CAGR, 5 Yıllık CAGR

Metrik	STEM	5Y ort.	Akran Ortalaması	Sonuç
Revenue YoY (Gelir Yıllık Bazda)	8.1%5Y ort. ≈80.5%	≈80.5%	·	·
Revenue CAGR 3Y (Gelir 3 Yıllık Bileşik Büyüme Oranı)	-24.5%5Y ort. ≈37.7%	≈37.7%	·	·
Revenue CAGR 5Y (Gelir 5 Yıllık Bileşik Büyüme Oranı)	33.9%	·	·	·

Hisse Başı Metrikler Hisse Başı Kâr, hisse başına defter değeri, hisse başına nakit akışı, hisse başına temettü

Metrik	STEM	5Y ort.	Akran Ortalaması	Sonuç
EPS (Diluted) (Hisse Başına Kar (Seyreltilmiş))	$-9.185Y ort. ≈$-26.96	≈$-26.96	·	·
Revenue / Share (Hisse Başına Gelir)	$18.415Y ort. ≈$5.17	≈$5.17	·	·
Cash Flow / Share (Hisse Başına Nakit Akışı)	$0.815Y ort. ≈$-0.48	≈$-0.48	·	·
Cash / Share (Hisse Başına Nakit)	$5.765Y ort. ≈$2.50	≈$2.50	·	·

Sermaye Verimliliği Aktif devir hızı, stok devir hızı, alacak devir hızı

Metrik	STEM	5Y ort.	Akran Ortalaması	Sonuç
Asset Turnover (Aktif Devir Hızı)	0.45Y ort. ≈0.3	≈0.3	0.5	Zayıf
Receivables Turnover (Alacak Devir Hızı)	3.25Y ort. ≈2.3	≈2.3	3.6	Zayıf
Revenue / Employee (Çalışan Başına Gelir)	≈$369.4K	·	·	·

değer · ≈ 5Y ort. · sektör ortalaması · ortalamaya göre değerlendirme

Kazanç Geçmişi EPS gerçekleşen vs tahmin, sürpriz %, kazanma oranı, bir sonraki kazanç tarihi

14

Ort. Sürpriz -18.1%

Sonraki Rapor Eki 27, 2026

Dönem	Rapor	EPS Gerçek	EPS Tahmin	Sürpriz
30 Haziran 2026	Ağu 12, 2026	$-1.58	$-2.00	21.1%
31 Mart 2026		$-2.22	$-2.35	5.5%
31 Aralık 2025		$-1.89	$-2.49	24.0%
30 Eylül 2025		$-2.84	$-2.43	-17.0%
30 Haziran 2025		$-2.48	$3.93	-163.1%
31 Mart 2025		$-3.00	$-3.78	20.7%

Tüm Temeller Tüm metrikler yıla göre — gelir tablosu, bilanço, nakit akışı

15

Gelir Tablosu 17

Metrik	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	·

Bilanço 28

Metrik	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	·

Nakit Akışı 12

Metrik	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	·	·	·	·

Kârlılık 8

Metrik	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%	·	·

Likidite ve Solventlik 4

Metrik	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	·	·

Verimlilik 3

Metrik	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	·	·

Hisse Başına 5

Metrik	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	·

Büyüme Oranları 3

Metrik	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%	·	·	·	·	·	·

Değerleme (TTM) 12

Metrik	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%	·

Gelir Tablosu 17

Metrik	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

Bilanço 26

Metrik	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

Nakit Akışı 9

Metrik	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

Kârlılık 8

Metrik	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%

Likidite ve Solventlik 3

Metrik	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

Verimlilik 3

Metrik	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

Hisse Başına 5

Metrik	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

Değerleme (TTM) 8

Metrik	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%

En son dönem solda · null değerler · olarak gösterilir

Finansal Tablolar Gelir tablosu, bilanço, nakit akışı — yıllık, son 5 yıl

16

Metrik	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Gelir	$156M	$145M	$462M	$363M	$127M
Brüt Kâr Marjı %	38.4%	-7.6%	0.79%	9.1%	0.98%
Faaliyet Kâr Marjı %	-35.6%	-580.6%	-38.9%	-36.1%	-65.2%
Net Gelir	$138M	$-854M	$-140M	$-124M	$-101M
Seyreltilmiş Hisse Başı Kâr	$-9.18	$-105.80	$-18.05	$-0.81	$-0.96

Metrik	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Borç / Öz Sermaye	·	·	·	·	0.0
Cari Oran	0.9	1.1	1.9	2.0	11.6
Cari Oran	0.8	0.9	1.7	1.8	11.2

Kurumsal Sahipler (13F) 81 dosya · $22.9M toplam · Tarih itibarıyla 30 Haziran 2026

17

Çeyreklik SEC Form 13F'lerinde bu hisse senedini tuttuklarını bildiren kurumlar. Yalnızca uzun pozisyonlar; tek bir başvuru sahibi, ayrı opsiyon bacakları için iki kez görünebilir. Büyük dengeleyici alım/satım bacakları genellikle piyasa yapımını veya korunmuş envanteri yansıtır, yönlü bir inancı değil.

Sahipler 81

Tutulan Değer $22.9M

Yeni pozisyonlar 9

Çıkan pozisyonlar 12

Kurumsal faaliyet — Q2 2026 ve önceki çeyrek

Yeni pozisyonlar	Çıkan pozisyonlar	Artırıldı	Azaldı	Net hisse senedi değişimi
9 (-5 önceki Ç'ye göre)	12 (-11 önceki Ç'ye göre)	18 (+2 önceki Ç'ye göre)	20 (-6 önceki Ç'ye göre)	+96K

Q1 2026 ile karşılaştırıldı. SEC Form 13F başvuruları, çeyrek sonundan itibaren 45 gün içinde ve geç başvuranlar için kısa bir ek süre içinde tamamlanmalıdır — bu pencere içindeki çeyrekler, en son tam olarak raporlanan çifte tercih edilerek atlanır.

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

Tüm 81 kurumsal sahibi göster →

Şirket yöneticileri 33 içeriden öğrenenler · 17 yöneticiler · 11 yönetim kurulu üyeleri

19

İçeriden Öğrenen	Rol	Son işlem	Sahip olunan hisse senetleri	Satışlar 12ay	Net 12ay
Arun Narayanan	Chief Executive Officer	30 Haziran 2026 M	19.109	2	$-72.881
John Eugene Carrington	CEO and Director	28 Mayıs 2024 A	506.585	0	$0
Brian Musfeldt	Chief Financial Officer	17 Temmuz 2026 M	2.379	1	$-6.086
Spencer Doran Hole	Chief Financial Officer & EVP	03 Eylül 2024 A	·	0	$0
William John Bush	Chief Financial Officer	28 Mayıs 2024 A	390.217	0	$0
Michael James Carlson	President, Managed Services	26 Eylül 2026 M	26.020	3	$-34.374
Matthew Tappin	President, Software Products	30 Haziran 2026 M	9.577	7	$-198.017
Robert Schaefer	President, Transformational	19 Mart 2024 S	716.110	0	$0
Mark William Triplett	Chief Operating Officer	12 Nisan 2022 M	323.946	0	$0
Saul R. Laureles	Chief Legal Officer	30 Haziran 2026 M	34.525	3	$-18.598
Jeffrey T Cabot	Chief Accounting Officer	05 Ocak 2026 A	·	0	$0
Rahul Shukla	Chief Accounting Officer	18 Kasım 2025 S	0	1	$-59.556
Hofeldt Albert	Chief Technology Officer	19 Şubat 2025 M	185.863	0	$0
Kim Homenock	Chief People Officer	19 Şubat 2025 M	184.568	0	$0
Alan Russo	Chief Revenue Officer	28 Mayıs 2024 A	212.910	0	$0
Patel Prakesh	Chief Strategy Officer	28 Mayıs 2024 A	181.668	0	$0
Larsh Johnson	Chief Technology Officer	13 Mart 2024 S	78.739	0	$0
Vasudevan Guruswamy	Yönetim kurulu üyesi	07 Ağustos 2026 M	10.597	0	$0
Anil Tammineedi	Yönetim kurulu üyesi	07 Ağustos 2026 M	15.473	0	$0
Adam Daley	Yönetim kurulu üyesi	07 Ağustos 2026 M	19.535	0	$0
Krishna Shivram	Yönetim kurulu üyesi	07 Ağustos 2026 M	10.597	0	$0
Gerard Cunningham	Yönetim kurulu üyesi	28 Ağustos 2024 A	12.138	0	$0
Jane Woodward	Yönetim kurulu üyesi	07 Haziran 2024 M	49.511	0	$0
Michael C Morgan	Yönetim kurulu üyesi	07 Haziran 2024 M	43.987	0	$0
Lisa L Troe	Yönetim kurulu üyesi	15 Haziran 2023 M	19.872	0	$0
Park C Shaper	Yönetim kurulu üyesi	28 Nisan 2021 M	40.000	0	$0
Desiree G Rogers	Yönetim kurulu üyesi	28 Nisan 2021 M	40.000	0	$0
Star Peak Sponsor LLC	10% sahip	28 Nisan 2021 M	9.509.626	0	$0
Eric J Scheyer	10% sahip	28 Nisan 2021 M	9.509.626	0	$0
Alec N Litowitz	10% sahip	28 Nisan 2021 M	9.509.626	0	$0
Ira M Birns	·	07 Ağustos 2026 M	14.207	0	$0
David S Buzby	·	07 Ağustos 2026 M	7.486	0	$0
Laura D Tyson	·	07 Ağustos 2026 M	15.473	0	$0

SEC Form 3/4/5 başvurularından yöneticiler; net = yalnızca açık piyasa Alış/Satış

ETF sahipliği 4 ETF'ler tarafından tutuluyor

20

Ağırlık yalnızca doğrudan öz sermaye varlıklarını (N-PORT) yansıtır; kaldıraçlı veya türev tabanlı fonlar gösterilmeyen ek swap pozisyonlarına sahip olabilir.

Fon	Ağırlık	Birimler	Tarih itibarıyla	Kaynak
ISCF · iShares Trust	0,05%	81.548 SH	11 Eylül 2026	Günlük
IWC · iShares Trust	0,01%	27.803 SH	11 Eylül 2026	Günlük
VXF · VANGUARD INDEX FUNDS	0,00%	106.310 SH	19 Ağustos 2026	Günlük
VTI · VANGUARD INDEX FUNDS	0,00%	245.987 SH	19 Ağustos 2026	Günlük

STEM Analist Uzlaşması Boğa ve ayı analist görüşleri, 12 aylık fiyat hedefi, yukarı yönlü potansiyel

21

derecelendirme · 11 analist TUT

Medyan hedef $7.50 +76,1%

0 0,0% Güçlü Al

0 0,0% Al

8 72,7% Tut

1 9,1% Sat

2 18,2% Güçlü Sat

12 Aylık Fiyat Hedefi

5 analist · 2026-09-30

Ortalama hedef $7.45 +74,9%

← Tüm hedeflerin altında Mevcut fiyat $4.26

Düşük$6.75 Ortalama$7.45 Yüksek$8.00

Akran karşılaştırması (GICS alt sektörü) Anahtar metrikler sektördeki benzerlerine karşı

22

Mali yıl bazında, fiyatlar her şirketin son mali yıl kapanışına göredir.

Hisse Sembolü	Piyasa Değeri	P/E	Gelir YoY	Net Kar Marjı	ROE	Brüt Kar Marjı
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%

Metriklerim Kişisel izleme listeniz — Tam Temeller'den seçilen satırlar

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Sizin için önemli olan metrikleri seçin — Yukarıdaki Tam Temeller bölümündeki herhangi bir satırın yanındaki + işaretine tıklayın.

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STEM Sınıf A Stem, Inc. Class A Common Stock