"Stem operates AI-driven energy storage software that optimizes battery deployments for commercial and utility customers. The pitch is compelling: use machine learning to maximize ROI on energy storage assets. The execution is messy. Q3 2025 revenue hit $38.2 million, up 30.5% year over year. Gross margins of 35.5% suggest the software model has legs. But the company burned $23.8 million in net losses that quarter while sitting on just $43 million in cash."
"Enovix is developing advanced silicon anode battery technology targeting consumer electronics, EVs, and industrial applications. Q3 2025 revenue of $8 million grew 85% year over year, the fastest growth rate in this group. Gross margin of 17.5% shows the technology is commercially viable. But the company lost $53.7 million in Q3 while holding $336 million in cash. At current burn rates, that's roughly six quarters of runway."
Energy storage sits at the intersection of renewable expansion, grid modernization, and electrification, producing companies with divergent fortunes. The top five companies were evaluated on financial viability, revenue momentum, and path to sustained profitability. Stem offers AI-driven energy storage software with 30.5% year-over-year revenue growth and 35.5% gross margins, but it reported a $23.8 million quarterly net loss, only $43 million in cash, negative $236 million equity, and $311 million debt. Enovix develops silicon‑anode batteries, grew revenue 85% year over year to $8 million, and shows 17.5% gross margins, yet burned $53.7 million in the quarter and holds about six quarters of runway on $336 million cash. Valuations for several companies appear to price significant commercialization and profitability that remain uncertain.
Read at 24/7 Wall St.
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