Key Highlights

  • Stem, Inc. (NYSE:STEM) was quoted at USD 2.60, down 8.45%, in pre-market trading on Wednesday, October 28, 2026, and no company announcement dated on or just before that day explains the decline.
  • Second-quarter revenue, reported on Wednesday, August 12, 2026 for the period ended June 30, 2026, fell 12% to USD 33.7 million, the net loss was USD 14.4 million, and adjusted EBITDA climbed 63% to USD 6.2 million.
  • Stem reaffirmed 2026 guidance of USD 140 million to USD 190 million in revenue, USD 10 million to USD 15 million in adjusted EBITDA and USD 65 million to USD 70 million in year-end annual recurring revenue.
  • Third-quarter results arrive Thursday, November 5, 2026, and cash stood at USD 38.4 million at June 30, 2026. Pre-market prints are thin and may shift before the 9:30 a.m. ET open.

The Quote Before the Results

Stem, Inc. (NYSE:STEM) is a Houston-based provider of AI-enabled clean energy software and services, and its PowerTrack platform monitors and optimises solar and storage assets. The stock traded at USD 2.60 in the Wednesday, October 28, 2026 pre-market, an 8.45% fall. No dated company announcement came out on or just before that day. The move appears to reflect thin liquidity and caution. A notice dated Wednesday, October 14, 2026 put the third-quarter release on the calendar for Thursday, November 5, 2026.

Second-Quarter Scorecard

In its Wednesday, August 12, 2026 release, Stem reported second-quarter revenue of USD 33.7 million, down from USD 38.4 million, while software, services and edge hardware revenue reached USD 33.4 million, up 1%. GAAP gross margin widened to 41% from 33% a year earlier. The net loss of USD 14.4 million compares with net income of USD 202.5 million a year earlier, which included a USD 220.0 million debt extinguishment gain. Annual recurring revenue reached USD 62.4 million and bookings USD 36.8 million, while operating cash flow was USD 0.3 million for the quarter.

Bull and Bear Views Into November

Bulls point to expanding margins, positive adjusted EBITDA and bookings that rose 39% from the first quarter, which support the reaffirmed guidance. Bears focus on the falling top line and wide revenue range: first-half revenue of USD 62.7 million implies second-half revenue between USD 77.3 million and USD 127.3 million, by simple arithmetic. Risks include a cash balance of USD 38.4 million, ongoing GAAP losses and reliance on lumpy battery hardware resales of up to USD 40 million. Investors should track the third-quarter release at about 4:05 p.m. ET, the 5:00 p.m. ET call on Thursday, November 5, 2026, and the Federal Reserve decision on Wednesday, October 28, 2026.

Where Things Stand

Stem, Inc. (NYSE:STEM) fell before the open without a dated company announcement, and the move appears consistent with thin trading and caution before the Federal Reserve decision. The headline figure is second-quarter revenue of USD 33.7 million, down 12%, with adjusted EBITDA of USD 6.2 million. Upcoming catalysts are the Federal Reserve decision later on Wednesday, October 28, 2026 and the third-quarter results and call on Thursday, November 5, 2026. Pre-market prices are snapshots and can change before the open, and this is not investment advice.