Stem reaffirmed its full-year 2026 revenue guidance of $140 million to $190 million while stating it is tracking toward the upper range of its $10 million to $15 million adjusted EBITDA target, according to the company's second-quarter earnings announcement on August 12.
CFO Brian Musfeldt told investors on the earnings call that Stem is positioned to deliver results at the high end of its profitability range. The reaffirmation comes after Stem beat analyst expectations on earnings per share in the quarter, a performance that preceded the stock's rebound from earlier weakness in the year.
Stem operates as a software and hardware platform for commercial and industrial battery storage, demand response and energy management. The company's revenue guidance implies growth from $128 million in 2025, according to company filings. The adjusted EBITDA range of $10 million to $15 million represents profitability at the operating level after backing out depreciation, amortization and stock-based compensation.
The midpoint of Stem's revenue range is $165 million, placing the high-end scenario at $190 million. If Stem achieves both the revenue high end and the adjusted EBITDA high end, the company would post an 8.1 percent EBITDA margin.
Stem's guidance reaffirmation came without revision to either the floor or ceiling of its ranges, meaning management has not adjusted expectations materially since the prior period. The company disclosed no material change to the operational drivers behind its outlook, and no new contract wins or cancellations large enough to shift the full-year picture were disclosed on the call.
