Trust Size
$383M
Peak Price
$51.49
Current Price
$0.30
Return
-99.4%
Peak Market Cap
$7.5B
What Happened
AI-powered energy storage company lost 99% as the clean energy SPAC bubble burst. Accumulated $780M in goodwill impairments and was acquired for pennies.
Stem merged with Star Peak Energy Transition Corp in April 2021. The company uses AI software to optimize battery storage for commercial and industrial customers. It rode the clean energy SPAC wave to a $51 stock price before reality hit — hardware-dependent business with razor-thin margins, massive goodwill from overpriced acquisitions (AlsoEnergy for $695M), and slowing growth. By 2024, the stock was under $1 after writing off $780M in goodwill. Acquired by a consortium for essentially nothing in early 2025.
Projections vs. Reality
Projected Revenue
$800M
What they told investors
Actual Revenue
$382M
What actually happened
Hype-to-Reality Ratio: 48.0x
Key People
John Carrington
CEO
Led through boom and bust, oversaw AlsoEnergy acquisition
George Roberts
SPAC Sponsor (Star Peak)
Ex-KKR, serial SPAC sponsor
Timeline
2020-12
SPAC merger announced
2021-04
Merger completed
2021-11
Stock peaks at $51.49
2022-09
AlsoEnergy acquisition ($695M)
2024-06
Stock under $1, $780M goodwill writeoff
2025-01
Acquired for pennies
🔀 Reverse Stock Split
Reverse split ratio: 1:10. Reverse splits are used to avoid delisting but destroy shareholder value through the illusion of a higher stock price.
⚖️ Legal Actions
• Class action lawsuit filed by shareholders
📄 SEC Filings
View all EDGAR filings for Stem Inc
Risk Scores
Dilution Score
70/100
Insider Profit Index
65/100
Hype-to-Reality Ratio
48.0x
Projected ÷ actual revenue