STEM, INC.

Stem, Inc. is a global leader in technology supporting the energy transition, helping asset owners, operators, and energy stakeholders maximize the value of their energy portfolios. The company enables the intelligent development, deployment, and operation of clean energy assets. Stem's integrated software suite, PowerTrack™, provides asset monitoring and optimization software and solutions, supported by professional and managed services. These solutions and services are designed to address complex energy challenges by transforming raw data into clear and accurate information for actionable insights. Stem has projects across 55 countries and has served customers for nearly 20 years. PowerTrack is Stem's integrated suite of software and solutions for solar, storage, and hybrid assets. The PowerTrack product suite includes PowerTrack Software, PowerTrack Energy Management System, PowerTrack Supervisory Control and Data Acquisition ("SCADA"), PowerTrack Power Plant Controller ("PPC"), PowerTrack Logger, and PowerTrack Optimizer. In 2024, Stem announced a new business strategy focused on developing and marketing its AI-enabled software, edge, and services offerings. This transition involved significant operational changes during calendar years 2024 and 2025, including a reduction in battery resales, which had historically been the primary source of revenue. These changes also included adjustments to product and service development and marketing, and realignment of business processes. These changes have resulted in reduced revenue, increased restructuring-related costs, reduced operating expenses, and short-term operational disruptions.