Stem, Inc. (STEM) 2025 Q4 法說會逐字稿

Greetings. Welcome to Stem's fourth-quarter 2025 results conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Stem 2025 年第四季業績電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Erin Reed, Head of Investor Relations. Thank you. You may begin.

現在我將把會議交給投資者關係主管艾琳·里德。謝謝。你可以開始了。

Thank you, operator. This is Erin Reed, Head of Investor Relations at Stem. We welcome you to our fourth-quarter and full year 2025 earnings call.

謝謝接線生。這是 Stem 投資者關係主管 Erin Reed。歡迎參加我們2025年第四季及全年業績電話會議。

Before we begin, please note that some of the statements we will be making today are forward-looking. These statements involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. We therefore refer you to our latest 10-K and other SEC filings and supplemental materials which can be found on our IR website.

在開始之前，請注意，我們今天將要發表的一些聲明是前瞻性的。這些聲明涉及風險和不確定性，可能導致我們的實際結果與這些聲明中預測的結果有重大差異。因此，我們建議您查閱我們最新的 10-K 表格和其他提交給美國證券交易委員會的文件和補充資料，這些資料可以在我們的投資者關係網站上找到。

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our fourth-quarter and full year 2025 earnings release, which is on our website.

我們今天的評論也包括非GAAP財務指標。更多詳情以及與最直接可比較的 GAAP 財務指標的核對，請參閱我們網站上發布的 2025 年第四季和全年收益報告。

Arun Narayanan, CEO; and Brian Musfeldt, CFO, will start the call today with prepared remarks, and then we will take your questions.

執行長 Arun Narayanan 和財務長 Brian Musfeldt 將首先發表準備好的講話，然後我們將回答您的問題。

With that, I'll turn the call over to Arun.

接下來，我將把電話交給阿倫。

Thank you, Erin. Good afternoon, everyone, and thank you all for joining us today. I am pleased to be speaking with you one year after assuming the role of CEO, and I could not be more proud of what the Stem team has accomplished over the past 12 months: best-in-class execution, unwavering commitment to our customers and each other, and disciplined financial performance.

謝謝你，艾琳。各位下午好，感謝大家今天蒞臨。很高興在擔任執行長一年後能與各位交談，我對 Stem 團隊在過去 12 個月中所取得的成就感到無比自豪：一流的執行力、對客戶和彼此堅定不移的承諾以及嚴謹的財務業績。

2025 was a transformative year that methodically yet decisively reshaped Stem into a software-centric, operationally disciplined organization. Every commitment we made and the proof of our strategic transformation is in the results.

2025 年是具有變革意義的一年，它有條不紊但果斷地將 Stem 重塑為以軟體為中心、營運紀律嚴明的組織。我們所做的每一項承諾以及我們策略轉型的成果都體現在結果中。

Today, I will take you through a look back on our fourth-quarter and full year accomplishments. After that, I will walk you through our 2026 priorities and show you how we are determined to become the operating system for clean energy projects. And finally, I will give you a preview of guidance for the year ahead. Brian will follow with the detailed financial results and a complete 2026 outlook.

今天，我將帶大家回顧我們第四季和全年的成就。之後，我將帶您了解我們 2026 年的優先事項，並向您展示我們如何決心成為清潔能源專案的作業系統。最後，我將為大家預告未來一年的指導方針。Brian 隨後將公佈詳細的財務業績和完整的 2026 年展望。

In 2025, we delivered on guidance across every metric. Full year 2025 revenue grew 8% year over year to $156 million with over 55% of that revenue coming from software and services, evidencing our successful and ongoing transformation.

2025年，我們在各項指標上都達成了預期目標。2025 年全年營收年增 8% 至 1.56 億美元，其中超過 55% 的收入來自軟體和服務，證明了我們成功且持續的轉型。

Software services and edge hardware revenues grew by 25% year over year to $141 million. Year-end ARR grew 16% year over year to $61 million. In 2025, we substantially expanded gross margins and considerably reduced our operating expenses. We achieved three consecutive quarters of positive adjusted EBITDA, resulting in our first ever full year positive adjusted EBITDA of $7 million.

軟體服務和邊緣硬體營收年增 25%，達到 1.41 億美元。年末年度經常性收入 (ARR)年增 16%，達到 6,100 萬美元。2025年，我們大幅提高了毛利率，並大幅降低了營運費用。我們連續三個季度實現了調整後 EBITDA 為正，從而首次實現了全年調整後 EBITDA 為 700 萬美元。

We also achieved positive operating cash flow for full year 2025, another first and major accomplishment in the company's history.

我們也實現了 2025 年全年正經營現金流，這是公司歷史上又一個首次取得的重大成就。

Throughout the year, we continue to deepen and expand our PowerTrack platform, delivering meaningful improvements in platform stability, performance, and customer experience. We added 6 gigawatts of solar assets to a total of 36 gigawatts under management and added $7 million in PowerTrack ARR to reach $41 million.

今年，我們持續深化並擴展 PowerTrack 平台，在平台穩定性、效能和客戶體驗方面實現了顯著提升。我們新增了 6 吉瓦的太陽能資產，使管理的太陽能資產總量達到 36 吉瓦，同時 PowerTrack ARR 增加了 700 萬美元，使 ARR 達到 4,100 萬美元。

In 2025, we accelerated our R&D efforts, leveraged AI tools, and rebuilt our product roadmaps. We successfully launched two new products last year. Both products, PowerTrack EMS and PowerTrack Sage, have resonated well with our customers, and we are encouraged by the early traction. We launched PowerTrack EMS in September 2025, and it is a premier solution for utility scale projects.

2025年，我們加快了研發工作，利用了人工智慧工具，並重新制定了產品路線圖。去年我們成功推出了兩款新產品。PowerTrack EMS 和 PowerTrack Sage 這兩款產品都受到了客戶的好評，我們對目前的市場反應感到鼓舞。我們在 2025 年 9 月推出了 PowerTrack EMS，它是公用事業規模專案的首選解決方案。

This morning, we announced a new engagement with Everyray, a German clean energy developer and EPC. This 100-megawatt hour deal further expands Stem's presence in Germany and reinforces PowerTrack EMS's role as the control backbone for sophisticated utility scale storage deployments across Europe and other international markets.

今天上午，我們宣布與德國清潔能源開發商和EPC公司Everyray達成新的合作關係。這項 100 兆瓦時的交易進一步擴大了 Stem 在德國的業務，並鞏固了 PowerTrack EMS 作為歐洲及其他國際市場複雜公用事業規模儲能部署的控制骨幹的地位。

Commercial operations for those deployments are expected to commence in the summer of 2026. Our expansion into the utility scale market, both domestically and internationally gained meaningful traction in the fourth quarter, with utility scale bookings increasing 10% sequentially. Notably, nearly all fourth-quarter utility scale bookings were driven by international solar projects, underscoring growing demand in global markets.

這些部署的商業營運預計將於 2026 年夏季開始。我們在國內和國際公用事業規模市場的擴張在第四季度取得了顯著進展，公用事業規模的預訂量較上季成長了 10%。值得注意的是，第四季幾乎所有公用事業規模的訂單都來自國際太陽能項目，凸顯了全球市場需求的成長。

I talked with you about PowerTrack Sage, our AI-powered assistant, in previous calls, and I continue to be excited about it. We deployed PowerTrack Sage in the fourth quarter to more than 80 customers for a beta trial, and the feedback has been overwhelmingly positive. PowerTrack Sage will be generally available at the end of this month.

我曾在之前的通話中向您介紹過我們的人工智慧助理 PowerTrack Sage，我對它仍然感到非常興奮。我們在第四季度向 80 多個客戶部署了 PowerTrack Sage 進行 beta 試用，反饋非常積極。PowerTrack Sage 將於本月底正式上市。

At launch, we will deploy a light version across the entire PowerTrack customer base, embedding AI-assisted capabilities into the core platform from day one and accelerating adoption at scale. This universal rollout ensures immediate value realization while positioning AI as a foundational component of the PowerTrack experience. For customers seeking deeper automation, advanced analytics, and expanded workflow functionality, we will soon offer premium tiers at incremental cost, creating a clear pathway for upselling, monetization, and long-term platform expansion.

發佈時，我們將在整個 PowerTrack 客戶群中部署輕量版，從一開始就將 AI 輔助功能嵌入到核心平台中，加速大規模採用。這種全面推廣確保了價值的立即實現，同時將人工智慧定位為 PowerTrack 體驗的基礎組成部分。對於尋求更深層自動化、進階分析和擴展工作流程功能的客戶，我們很快就會以遞增的成本提供高級套餐，從而為追加銷售、獲利和長期平台擴展創造清晰的途徑。

Finally, our managed services business delivered solid fourth-quarter performance highlighted by a new brownfield agreement. Under this deal, we will operate and optimize a four-site energy storage portfolio for a Southern California utility. Our services include real-time asset monitoring, enrollment and dispatch into California demand response programs, performance reporting to optimize site dispatches and energy cost savings, and more. This is a solid proof point for our differentiated managed services capabilities and validation of our brownfield strategy.

最後，我們的託管服務業務在第四季度取得了穩健的業績，其中一項新的棕地專案協議尤為突出。根據這項協議，我們將為南加州一家公用事業公司營運和優化四個地點的儲能設施組合。我們的服務包括即時資產監控、加州需求響應計畫的註冊和調度、優化站點調度和節省能源成本的績效報告等等。這有力地證明了我們差異化的託管服務能力，也驗證了我們的棕地開發策略。

Overall, the result of 2025 is this. Stem has established a stable, increasingly profitable, software-centric business model. 2025 was (technical difficulty) ability. 2026 is about operational leverage and building for scale. So let's dive in.

總的來說，2025 年的結果如下。Stem 已建立起穩定且獲利能力不斷提升的軟體核心商業模式。 2025 年的目標是克服技術難題。 2026 年的重點在於提升營運效率和擴大規模。那麼，讓我們深入探討一下。

As we enter the new year with strong fourth-quarter momentum, we are focused on three new priorities. Priority number one, driving operational leverage; priority number two, continuing to strengthen our core business; and priority number three, building the foundation for accelerated growth in 2027 and beyond.

帶著強勁的第四季度發展勢頭進入新的一年，我們將重點放在三個新的優先事項上。第一要務是提高營運槓桿；第二要務是繼續加強我們的核心業務；第三要務是為 2027 年及以後的加速成長奠定基礎。

Now let's dive deeper into each of these in turn. First, driving operational leverage. We have built a sustainable business model, and in 2026 we intend to demonstrate the leverage it creates. Our software-centric model delivers predictable, high margin revenue, and cost discipline is now embedded in the culture of this company. In 2026, we will continue integrating AI across the organization to drive productivity improvements, and we will maintain our relentless focus on cost reductions, cash conservation, and working capital management.

現在讓我們依序深入探討這些內容。首先，提高營運槓桿作用。我們已經建立了一個可持續的商業模式，並計劃在 2026 年展示它所帶來的優勢。我們以軟體為中心的模式帶來了可預測的高利潤收入，成本控制現已融入公司的文化中。2026年，我們將繼續在整個組織內整合人工智慧，以提高生產力，並將繼續不懈地專注於降低成本、節省現金和營運資本管理。

Second, strengthening our core business. We remain focused on driving core platform excellence for PowerTrack in 2026. The platform maintains its market leading position in commercial and industrial solar monitoring in the US. This year we will deliver further platform stability, scalability, and simplified intelligent UI updates that drive customer value and attention. The domestic C&I solar market, where we already hold significant share, offers moderate growth in 2026, but this is a stable, high retention base that continues to generate recurring revenue.

第二，加強我們的核心業務。我們將繼續專注於在 2026 年推動 PowerTrack 核心平台的卓越發展。該平台在美國商業和工業太陽能監控領域保持著市場領先地位。今年，我們將進一步提昇平台穩定性、可擴展性，並簡化智慧用戶介面更新，進而提升客戶價值和關注度。國內工商業太陽能市場，我們已經佔據了相當大的份額，預計到 2026 年將實現溫和增長，但這是一個穩定、高留存率的基礎，能夠持續產生經常性收入。

Additionally, we are targeting a brownfield strategy to further increase our market share as well as a range of other adjacent offerings.

此外，我們正在製定一項棕地開發策略，以進一步提高我們的市場份額以及一系列其他相關產品和服務。

Our other core business, managed services for energy storage, continues to be a differentiated offering that sets Stem apart from competitors. Our brownfield strategy remains a key focus, as does actively pursuing greenfield opportunities. We are scaling in existing domestic markets, leading with our proof of performance and winning with our differentiated offerings.

我們的另一個核心業務——儲能管理服務——仍然是一項差異化產品，使 Stem 從競爭對手中脫穎而出。我們的棕地開發策略仍是重點，同時我們也積極尋求綠地開發機會。我們正在現有國內市場擴大規模，以業績證明為先導，以差異化產品贏得市場。

And finally, to priority number three, building for growth in 2027 and beyond. Outside of our core C&I solar and storage businesses, we are focused on expanding our utility scale footprint domestically and internationally. We are targeting key markets across Europe, leveraging local support infrastructure that we have built and continue to invest in. Both the domestic and international utility scale storage and solar markets are growing, and we are well positioned to capture rising demand and take share.

最後，談到第三項優先事項，即為 2027 年及以後的成長做好準備。除了我們核心的工商業太陽能和儲能業務外，我們還專注於在國內和國際上擴大我們的公用事業規模業務。我們瞄準歐洲各主要市場，利用我們已經建立並將繼續投資的本地支援基礎設施。國內外公用事業規模的儲能和太陽能市場都在成長，我們已做好充分準備，抓住不斷增長的需求並搶佔市場份額。

PowerTrack EMS helps us differentiate in the utility scale space by providing a solution for hybrid solar plus storage sites and also standalone best sites, which are increasingly common in the utility scale market. We expect meaningful revenue conversion of PowerTrack EMS bookings to begin at the end of 2026 and the beginning of 2027.

PowerTrack EMS 透過為混合式太陽能加儲能站點以及在公用事業規模市場中越來越常見的獨立最佳站點提供解決方案，幫助我們在公用事業規模領域脫穎而出。我們預計 PowerTrack EMS 預訂的實質收入轉換將於 2026 年底和 2027 年初開始。

While we are bringing PowerTrack EMS to market this year, we are also exploring other ways in which our team's expertise and our technology can deliver value.

今年我們將把 PowerTrack EMS 推向市場，同時也在探索如何利用我們團隊的專業知識和技術來創造價值。

First, as part of our suite of professional services offerings, we are developing AI services that leverage our domain expertise and operational knowledge to help customers identify, prioritize, and deploy the current iteration of generative AI solutions in a way that generates real economic outcomes. These offerings are distinct from PowerTrack Sage, and they are focused on helping customers unlock value across their broader operations.

首先，作為我們一系列專業服務產品的一部分，我們正在開發人工智慧服務，利用我們的領域專業知識和營運知識，幫助客戶識別、優先排序和部署當前版本的生成式人工智慧解決方案，從而產生真正的經濟效益。這些產品和服務與 PowerTrack Sage 不同，它們專注於幫助客戶在其更廣泛的營運中釋放價值。

And our second area of opportunity is with data centers. More and more we are seeing data centers adopting renewables as a power source. We believe Stem has the foundational technology and deep expertise in both solar and storage to be a meaningful player in this market.

我們的第二個機會領域是資料中心。我們看到越來越多的資料中心採用再生能源作為能源。我們相信，Stem 在太陽能和儲能領域擁有基礎技術和深厚的專業知識，能夠成為該市場的重要參與者。

I am encouraged by these options. We see a natural extension of our existing capabilities driving our entrance into the space, and I look forward to updating you all on our progress in the coming quarters.

這些選擇令我感到鼓舞。我們認為，進入這個領域是我們現有能力的自然延伸，我期待在接下來的幾季向大家報告我們的進展。

2026 is an optimization year focused on margin expansion and operating leverage while we continue to invest selectively in the capabilities that will drive scale in 2027 and beyond. I want to be deliberate about that framing because it shapes how you should think about our trajectory.

2026 年是優化之年，重點在於擴大利潤率和提高營運槓桿，同時我們將繼續有選擇地投資於那些將在 2027 年及以後推動規模化發展的能力。我想刻意強調這一點，因為它會影響你對我們未來發展軌跡的看法。

PowerTrack EMS was launched in late 2025. It accelerates through the end of 2026 and meaningfully scales in 2027 and beyond. Our utility scale team is building meaningfully in 2026, and this foundation will drive us towards taking share in 2027 and beyond.

PowerTrack EMS於2025年底推出。到 2026 年底，這一趨勢將加速發展，並在 2027 年及以後實現顯著規模化。我們的公用事業規模團隊在 2026 年取得了顯著的成就，這一基礎將推動我們在 2027 年及以後取得更大的市場份額。

We believe that the market positions we are strengthening (technical difficulty) business. On technology, are AI integration, improving stability and scalability. On markets, international expansion and utility scale expansion here and abroad. On products and offerings, a comprehensive suite from solar monitoring to storage optimization. On operations, building operating leverage and driving operational excellence.

我們相信，我們正在加強的市場地位（技術難度）業務。技術方面，包括人工智慧整合、提高穩定性和可擴展性。關於市場、國際擴張以及國內外公用事業規模擴張。在產品和服務方面，我們提供從太陽能監控到儲能優化的全面解決方案。在營運方面，建立營運槓桿並推動卓越營運。

Expanding the value chain of our offerings today sets up the foundation for future growth. This is important to note because it ties into our core software-centric vision for Stem. We are determined to become the operating system for new energy projects across solar storage and hybrid assets and in different market segments and geographies.

拓展我們今天的產品價值鏈，為未來的成長奠定了基礎。這一點很重要，因為它與我們以軟體為中心的STEM核心願景息息相關。我們決心成為太陽能儲能和混合資產等新能源項目在不同市場領域和地理區域的作業系統。

Before turning it over to Brian, let me introduce the key themes of our 2026 guidance. We are entering the year with a strong foundation from our 2025 execution and believe we are well positioned to execute on our commitments.

在將發言權交給布萊恩之前，讓我先介紹一下我們 2026 年指導方針的關鍵主題。我們以2025年計畫的堅實基礎進入新的一年，相信我們有能力履行我們的承諾。

We expect our software-centric strategy to drive moderate top-line revenue growth, strong gross margins, and significant adjusted EBITDA expansion supported by continued software momentum, our expanding product suite, and the operational leverage we have built into the business.

我們預計，以軟體為中心的策略將推動適度的營收成長、強勁的毛利率和顯著的調整後 EBITDA 擴張，這得益於軟體的持續發展勢頭、不斷擴大的產品組合以及我們已融入業務的營運槓桿。

Brian will provide a more detailed look at our 2026 guidance and also dive deeper into our fourth-quarter and full year 2025 financial results.

Brian 將更詳細地介紹我們 2026 年的業績指引，並深入分析我們 2025 年第四季和全年的財務表現。

With that, let me pass over the call to him.

那麼，我就把電話轉給他吧。

Thanks, Arun, and hello, everyone.

謝謝Arun，大家好。

Let's walk through the results. For the full year 2025, we were in line or above all of the financial expectations we outlined on our third quarter call. We exceeded our profitability guidance, demonstrating the dedication to operational discipline that runs through this organization.

讓我們一起來看看結果。2025 年全年，我們所有財務業績都達到或超過了我們在第三季電話會議上提出的預期。我們超額完成了獲利預期，這反映了貫穿整個組織的對營運紀律的堅持。

For the full year of 2025, total revenue was $156 million, up 8% year over year. Most importantly, revenue from software, services, and edge hardware, the core of our software-centric model, was up 25% year over year to $141 million.

2025 年全年總營收為 1.56 億美元，年增 8%。最重要的是，作為我們以軟體為中心的模式的核心，軟體、服務和邊緣硬體的收入年增 25%，達到 1.41 億美元。

Battery hardware resale was $15 million for the year, consistent with our strategic de-emphasis of lower margin business. This shift in revenue mix is precisely what we committed to delivering, and it is reflected in our improved gross margin performance this year.

本年度電池硬體轉售額為 1,500 萬美元，這與我們策略性地減少對低利潤業務的重視是一致的。這種收入結構的轉變正是我們承諾要實現的，並且反映在我們今年毛利率的提高上。

Turning now to the fourth quarter, PowerTrack software revenue continued its strong performance, growing 14% year over year, and Edge hardware revenue grew an impressive 21% year over year. Managed service revenue was up 51% year over year, driven in part by one-time performance-based revenue, where we exceeded asset operational targets.

現在來看第四季度，PowerTrack 軟體營收持續保持強勁勢頭，較去年同期成長 14%，Edge 硬體營收年增 21%，成長令人矚目。管理服務收入年增 51%，部分原因是由於一次性績效收入，我們超額完成了資產營運目標。

Battery resale revenue was down from $27 million to less than $1 million year over year as expected. Project and professional services revenue increased significantly year over year, driven by approximately $11 million of one-time DevCo revenue recognized in the fourth quarter. Excluding DevCo, fourth-quarter project and professional services revenue was up 27% year over year.

如預期，電池轉售收入年比從 2,700 萬美元下降到少於 100 萬美元。專案和專業服務收入年增率顯著，主要得益於第四季度確認的約 1,100 萬美元一次性 DevCo 收入。剔除 DevCo 業務後，第四季專案和專業服務收入年增 27%。

I also want to note that as of the end of the year, we have sold or written off all of the project assets associated with DevCo from our financial statements, and we do not intend to make any further investments in DevCo assets moving forward.

我還想指出，截至年底，我們已經從財務報表中出售或註銷了與 DevCo 相關的所有專案資產，我們未來不打算對 DevCo 資產進行任何進一步投資。

Now let's take a look at gross margins. For the full year 2025, we achieved record GAAP gross margins of 38% and record non-GAAP gross margins of 46%, driven by decreased battery hardware sales, a favorable software and service revenue mix, and improved edge hardware margins.

現在我們來看看毛利率。2025 年全年，我們實現了創紀錄的 GAAP 毛利率 38% 和非 GAAP 毛利率 46%，這主要得益於電池硬體​​銷售額的下降、軟體和服務收入組合的有利性以及邊緣硬體利潤率的提高。

Fourth-quarter GAAP gross margins were 49% and non-GAAP gross margins were 45%, continuing our strong results. You can again find the detailed revenue and margin breakdowns we introduced last quarter in our supplemental materials on our IR website.

第四季GAAP毛利率為49%，非GAAP毛利率為45%，延續了我們強勁的表現。您可以在我們的投資者關係網站的補充資料中找到我們上個季度推出的詳細收入和利潤率細分數據。

Full year 2025 cash operating expenses were down 41% from 2024, and fourth-quarter cash operating expenses were down an impressive 50% year over year. We are building sustainability into our cost structure, not temporary reductions, but permanent structural efficiency, while simultaneously developing new products and entering new markets. That combination is the foundation of our operating leverage thesis moving forward into 2026 and beyond.

2025 年全年現金營運支出比 2024 年下降了 41%，第四季現金營運支出較去年同期下降了 50%，降幅驚人。我們正在將永續性融入成本結構中，而不是暫時降低成本，而是實現永久性的結構效率，同時開發新產品並進入新市場。這個組合是我們展望 2026 年及以後的經營槓桿理論的基礎。

The improved margins and significantly reduced OpEx in 2025 drove positive adjusted EBITDA of approximately $7 million for the year, above the high end of our guidance range and representing the first year of positive annual adjusted EBITDA in Stem's history. We achieved three consecutive quarters of positive adjusted EBITDA this year, with the fourth quarter coming in at $5 million, a 30% improvement from fourth quarter of 2024.

2025 年利潤率的提高和營運支出的大幅減少，推動了當年調整後 EBITDA 為正值，約為 700 萬美元，高於我們預期範圍的上限，也是 Stem 公司歷史上首次實現年度調整後 EBITDA 為正值。今年我們連續三個季度實現了調整後 EBITDA 為正，第四季達到 500 萬美元，比 2024 年第四季成長了 30%。

The improvement was primarily driven by improved gross profits and reductions in operating expenses with modest additional benefit related to the final sales of the DevCo project assets.

業績改善主要得益於毛利提高和營運費用降低，而 DevCo 專案資產的最終銷售也帶來了一定的額外收益。

Full year operating cash flow was $7 million, slightly above the high end of our revised guidance. The fourth quarter benefited from the sale of our DevCo project assets and other favorable working capital movements. We ended the fourth quarter in full year 2025 with $49 million in cash, up from $43 million at the end of the third quarter. This is a solid liquidity position that supports our '26 plans.

全年經營現金流為700萬美元，略高於我們修訂後的預期上限。第四季受益於 DevCo 專案資產的出售和其他有利的營運資金變動。截至 2025 年第四季末，我們擁有 4,900 萬美元現金，高於第三季末的 4,300 萬美元。這是穩健的流動性狀況，能夠支持我們的2026年計畫。

And now turning to our operating metrics. Fourth-quarter bookings were $33 million, up slightly from last quarter due to increased software and service bookings, offset by decreased battery hardware bookings. Contracted backlog was $21 million, down 4% from $22 million last quarter due to decreased battery hardware bookings. Our end of year 2025 backlog is 2% higher than it was at the end of 2024, and excluding battery hardware is 23% higher than the prior year.

現在來看我們的營運指標。第四季訂單金額為 3,300 萬美元，較上一季略有成長，這主要得益於軟體和服務訂單的增加，但被電池硬體訂單的減少所抵消。由於電池硬體​​訂單減少，合約積壓金額為 2,100 萬美元，比上一季的 2,200 萬美元下降了 4%。截至 2025 年底，我們的積壓訂單比 2024 年底增加了 2%，如果排除電池硬件，則比上一年增加了 23%。

CARR decreased $3 million sequentially to $67 million due to lower managed services bookings and the cancellation of a managed service customer agreement. This customer cancellation driven by adjacent non-scalable product requests outside of our roadmap impacted CARR by $3 million, ARR by $1 million, and AUM by 0.1 gigawatt hours.

由於託管服務預訂量減少以及取消了託管服務客戶協議，CARR 環比減少 300 萬美元至 6700 萬美元。由於客戶提出了超出我們路線圖範圍的相鄰的、無法擴展的產品需求，導致客戶取消訂單，對 CARR 造成了 300 萬美元的影響，對 ARR 造成了 100 萬美元的影響，對 AUM 造成了 0.1 吉瓦時的影響。

Despite this cancellation, total company ARR grew 1% sequentially and 16% year over year to $61 million, supported by increased PowerTrack software bookings.

儘管有此次取消，但得益於 PowerTrack 軟體預訂量的增加，公司 ARR 總收入較上季成長 1%，年增 16%，達到 6,100 萬美元。

Turning now to our full year 2026 guidance. We are encouraged by the strong momentum we carried throughout 2025 and that we bring forward into 2026. We expect that performance to accelerate as we advance throughout the year.

接下來，我們來看看2026年全年業績指引。我們對2025年取得的強勁勢頭感到鼓舞，並將這種勢頭延續到2026年。我們預計隨著年內時間的推移，這一業績將會加速成長。

For revenue, we expect total revenue in the range of $140 million to $190 million. Within that range, we expect $130 million to $150 million to come from high margin software, services, and edge hardware revenue, our core business. We expect the remaining balance of up to $40 million to be driven by battery hardware resales, which remain opportunistic and are not a strategic priority.

我們預計總收入將在 1.4 億美元至 1.9 億美元之間。在這個範圍內，我們預計 1.3 億美元至 1.5 億美元將來自高利潤的軟體、服務和邊緣硬體收入，這是我們的核心業務。我們預計剩餘的 4000 萬美元資金將來自電池硬體轉售，但這仍然是機會主義行為，並非戰略重點。

We expect non-GAAP gross margins of 40% to 50%, broadly in line with our 2025 performance. Higher battery hardware resales would cause gross margin percentage to trend toward the lower end of that range.

我們預期非GAAP毛利率為40%至50%，與我們2025年的表現大致相符。電池硬體轉售量增加會導致毛利率百分比趨向於該範圍的下限。

We expect adjusted EBITDA of $10 million to $15 million, representing approximately 85% growth at the midpoint versus full year 2025, driven by revenue growth, operating expense discipline, and increased operating leverage. We expect operating cash flow of zero to $10 million, reflecting stable cash generation from operations for the year.

我們預計調整後的 EBITDA 為 1,000 萬美元至 1,500 萬美元，與 2025 年全年相比，中位數成長約 85%，這主要得益於營收成長、營運費用控制和營運槓桿的提高。我們預計全年經營現金流量為零至 1,000 萬美元，反映出全年經營活動產生的現金流量穩定。

And finally, we expect ARR of $65 million to $70 million, representing approximately 10% growth at the midpoint, continuing the momentum from 2025.

最後，我們預期 ARR 為 6,500 萬美元至 7,000 萬美元，中位數約為 10%，延續 2025 年的成長動能。

I'm extremely proud of what the team has accomplished in 2025, and we are continuing to build a strong foundation into 2026 that sets us up for accelerated growth in 2027 and beyond.

我為團隊在 2025 年所取得的成就感到無比自豪，我們將繼續為 2026 年打下堅實的基礎，為 2027 年及以後的加速成長做好準備。

And I will now pass the call back over to Arun for closing remarks.

現在我將把電話轉回給阿倫，請他作總結發言。

Thank you, Brian. As I reflect on 2025, I am struck by the scope of what our team accomplished. We delivered a business transformation, executed a financial turnaround, completed two new product launches, and demonstrated a clear strategic path forward. We said we would do it and we did it.

謝謝你，布萊恩。展望2025年，我被我們團隊所取得的成就之大所震撼。我們實現了業務轉型，扭轉了財務局面，完成了兩款新產品的發布，並展示了清晰的策略發展路徑。我們說過會做，我們也做到了。

As I look ahead through the remainder of 2026 and beyond, I am confident. We have three clear strategic priorities to guide us in 2026. We have an ambitious but achievable adjusted EBITDA target and multiple growth drivers that de-risk execution.

展望 2026 年剩餘時間及以後，我充滿信心。我們有三大明確的策略重點來引導我們2026年的發展。我們制定了一個雄心勃勃但可實現的調整後 EBITDA 目標，並且有多種成長驅動因素可以降低執行風險。

And last but certainly not least, we have a team with a proven track record of executing. Our long-term vision is to build a scalable, profitable software and services company that holds a market leadership position in clean energy intelligence. Stem is uniquely positioned to capitalize on the ongoing clean energy transformation with a market-leading platform, a growing product suite, and an expanding global footprint.

最後但同樣重要的是，我們擁有一支執行力強、業績卓著的團隊。我們的長期願景是打造一家可擴展、獲利的軟體和服務公司，在清潔能源智慧領域佔據市場領導地位。Stem 擁有市場領先的平台、不斷成長的產品組合和不斷擴大的全球業務，在持續的清潔能源轉型中佔據了獨特的優勢。

To our customers, we are grateful for your continued partnership and trust. To our investors, we appreciate your support through this transformation and your confidence in our vision. To our team, your execution through a challenging, transformational year reflects your talent, your resilience, and your dedication.

我們衷心感謝各位客戶的持續合作與信任。對於我們的投資者，我們感謝你們在此次轉型過程中給予的支持以及對我們願景的信任。對我們的團隊而言，你們在充滿挑戰和變革的一年中展現出的執行力，體現了你們的才華、韌性和奉獻精神。

Thank you. With that, I will ask the operator to open the line for questions.

謝謝。接下來，我會請接線生開通提問專線。

(Operator Instructions) Justin Clare, Roth.

（操作說明）賈斯汀·克萊爾，羅斯。

Hi, thanks for taking our questions here. Wanted to start off on the PowerTrack EMS launch. So you mentioned that you could see an acceleration for PowerTrack EMS in 2026, but more meaningful scale in 2027. So just wondering how we should think about the timing of bookings for the product. Could we see an increase as early as Q1 or Q2, or is that more of a second half dynamic?

您好，感謝您接受我們的提問。想先從 PowerTrack EMS 的發布說起。所以您提到，PowerTrack EMS 可能會在 2026 年加速發展，但要到 2027 年才能達到更有意義的規模。所以我想知道我們應該如何考慮產品的預訂時間。我們能否在第一季或第二季就看到成長，還是說這更多要等到下半年才會出現？

And then just wondering if you could talk through the typical sales cycle and lead times for the EMS deployments.

另外，我想請您介紹一下EMS部署的典型銷售週期和交付週期。

Good afternoon, thank you for your question. This is Arun. It's good to hear from you again. PowerTrack EMS was launched in September 2025, and the reason we are so excited about it is it is the first time we're able to address a solar and storage solution and address a customer's need completely.

下午好，謝謝你的提問。這是阿倫。很高興再次收到你的來信。PowerTrack EMS 於 2025 年 9 月推出，我們對此感到非常興奮，因為這是我們第一次能夠解決太陽能和儲能解決方案，並完全滿足客戶的需求。

If you think about even the press release that we put out today, we are able to work with newer customers in international markets as well as customers domestically as well. And the main sort of aspect of these solutions are geared towards utility scale projects.

即使從我們今天發布的新聞稿來看，我們也能夠與國際市場的新客戶以及國內客戶合作。這些解決方案的主要方面是面向公用事業規模的項目。

Inherently, they are a longer life cycle and this means that we need to give time to build the business, build the pipeline, engage with the customer and make sure that the solution is a good fit, and then work with the customer through the commissioning of the project all the way to revenue recognition. So it does take some time and we're working on that today.

從本質上講，它們的生命週期較長，這意味著我們需要投入時間來建立業務、建立管道、與客戶互動並確保解決方案合適，然後與客戶合作完成專案的調試，直至最終確認收入。所以這確實需要一些時間，我們今天正在努力解決這個問題。

Okay. And then just curious, would you anticipate the revenue (technical difficulty) a recurring revenue stream, but maybe you could also help us understand that?

好的。另外，我很好奇，您認為（技術難題）帶來的收入會是經常性收入嗎？或許您也能幫我們理解一下？

Yeah, so it just depends on the components, right? So think about a project that we deploy. It would have hardware, software, as well as service components, and the mix of these three components would be the totality of the contract that we are executing. Depending on the component we're talking about, the revenue recognition would follow specific timelines, so maybe hardware is recognized immediately upon delivery, but the service component would need to run through the commissioning life cycle.

是的，所以這取決於具體組件，對吧？所以，想想我們部署的一個專案。它將包含硬體、軟體以及服務元件，這三個元件的組合將構成我們正在執行的合約的全部內容。根據我們所討論的組件的不同，收入確認將遵循特定的時間表，因此硬體可能在交付後立即確認收入，但服務組件需要經歷調試生命週期。

So if you look at the Everyray press release that we announced today, we are encouraged by the feedback that we're getting from our customers. That's a 100-megawatt hour project that we have deployed and it's connecting back to the remarks that we made earlier. We are looking at 2026 as a way to build the foundation and then see 2027 as the point at which we're able to scale the revenue.

所以，如果你看看我們今天發布的 Everyray 新聞稿，你會發現我們從客戶那裡得到的回饋令人鼓舞。這是一個我們已經部署的 100 兆瓦時項目，它與我們之前所說的內容有關。我們希望以 2026 年為起點打好基礎，然後以 2027 年為起點擴大營收規模。

I see. Got it. Okay, and then just on the 2026 guidance, it does look like the battery resale revenue, up to $40 million. That's a fairly meaningful increase potentially from the 2025 storage resale revenue of $15 million. So just wondering if you could speak to what's driving the increase there, considering you're shifting emphasis toward software and services? Are you still seeing a demand from customers where they prefer you to do the procurement?

我懂了。知道了。好的，那麼就 2026 年的業績指引而言，電池轉售收入似乎將達到 4,000 萬美元。與 2025 年 1500 萬美元的儲存轉售收入相比，這可能是相當顯著的增長。所以我想問一下，鑑於貴公司正在將重心轉向軟體和服務，是什麼因素推動了這方面的成長？您是否仍看到客戶希望由您來負責採購？

I would characterize them as a trusted adviser. We have really good relationships with our customer and the ability for our technical expertise in the organization to assist customers through that journey is very valuable to our customers.

我會把他們視為值得信賴的顧問。我們與客戶建立了非常好的關係，我們公司擁有的技術專長能夠幫助客戶完成整個過程，這對我們的客戶來說非常有價值。

So we have deemphasized the OEM hardware resale component of the business, but when we see opportunities to help customers meaningfully and it doesn't use up our balance sheet, we do pursue it, and this is how we see the year develop, and that's how we're guiding to it.

因此，我們降低了 OEM 硬體轉售業務的權重，但當我們看到能夠切實幫助客戶的機會，並且不會耗盡我們的資產負債表時，我們就會去追求，這就是我們對今年發展趨勢的預期，也是我們為此所做的努力。

Got it. Okay. And then just one more on margins, wondering if you could give us a sense for how you see the gross margins evolving for software services and edge hardware in '26 relative to '25? It looks like you could potentially have a higher mix of battery hardware resale, which is lower margin, but overall for the year it looks like margins could be flat year over year.

知道了。好的。最後再問一個關於利潤率的問題，您能否談談您認為 2026 年軟體服務和邊緣硬體的毛利率相對於 2025 年將如何變化？看起來電池硬體轉售的佔比可能會更高，利潤率會更低，但總體而言，今年的利潤率可能與去年持平。

So it implies there could be an expansion in the software margins, so just checking. Is that the right interpretation in how we should think about it?

所以這意味著軟體利潤空間可能會擴大，所以只是確認一下。這種解讀方式對我們該如何看待這個問題正確嗎？

Justin, this is Brian. Yeah, I mean, we've guided you to 40% to 50% for the year, and that is obviously out a mix of kind of revenue software services and hardware. We do break out for you now on our slide deck the kind of detail by each revenue kind of line you can look at that the appendix for that.

賈斯汀，這位是布萊恩。是的，我的意思是，我們已經引導你們今年的營收目標達到 40% 到 50%，這顯然是軟體服務和硬體等各種收入來源的組合。現在，我們在幻燈片中為您詳細列出了每項收入明細，您可以在附錄中查看。

But yeah, I think you see that this year, software was over 70% or just north of 70%. So I think you can look at that from a mixed perspective and based on our guidance on what we're looking at for improved software revenue, we'll drive that mix up a bit.

是的，我想你可以看到，今年軟體的佔比超過了 70%，或接近 70%。所以我認為可以從綜合的角度來看待這個問題，並且根據我們對提高軟體收入的指導，我們將稍微提高這種組合。

(Operator Instructions)

（操作說明）

There are no further questions at this time. This concludes our question-and-answer session. I'd like to turn the call back over to Arun for closing comments.

目前沒有其他問題了。我們的問答環節到此結束。我想把電話轉回給阿倫，讓他做總結發言。

I want to thank everyone for joining our fourth-quarter and full year earnings call, and we look forward to speaking with you next during our first-quarter 2026 earnings call this spring.

感謝各位參加我們的第四季和全年業績電話會議，我們期待在今年春季舉行的 2026 年第一季業績電話會議上再次與大家交流。

Thanks, everyone.

謝謝大家。

Ladies and gentlemen, thank you for your participation. This concludes today's conference. Please disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的會議到此結束。請斷開線路，祝您有美好的一天。