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HOUSTON - Stem, Inc. (NYSE:STEM), an AI-driven clean energy software and services provider, trading at $7.52 per share, on Wednesday announced the appointment of Brian Musfeldt as Chief Financial Officer, effective July 17, 2025. According to InvestingPro data, the company faces significant financial challenges, with revenue of $151.63 million and a concerning -63.86% revenue growth in the last twelve months.
Musfeldt will replace current CFO and EVP Doran Hole, who is stepping down to pursue other opportunities. Hole will remain with the company in an advisory capacity until July 31, 2025, to facilitate the transition.
The incoming CFO returns to Stem after previously serving as CFO of AlsoEnergy from 2017 to 2023, where he played a key role in the company’s sale to Stem in 2022. Most recently, Musfeldt was CFO at ikeGPS, a utility technology company, from 2023 to 2025.
Musfeldt brings nearly three decades of finance and management experience in the clean technology and energy sectors. His previous roles include CFO at MST Global Inc from 2011 to 2015, and he began his career as a certified public accountant at KPMG / Arthur Anderson. He holds an MBA from Colorado State University.
"Brian’s experience, including previously serving as one of the leaders of part of Stem’s business, is in complete alignment with the strategic direction I have charted for the Company," said Arun Narayanan, Chief Executive Officer of Stem, in a press release statement.
The leadership change comes as Stem continues its growth trajectory following a strategic realignment of its business units, software offerings and professional services. The company serves more than 16,000 global customers with solutions for planning, deploying, and operating clean energy assets.
Stem describes itself as a global leader in AI-enabled software and services that help customers maximize the value of clean energy projects and portfolios.
In other recent news, Stem, Inc. reported its first-quarter 2025 earnings, revealing a significant revenue increase to $32.5 million, surpassing the forecasted $31.27 million. The company also reported an earnings per share (EPS) of -$0.15, which exceeded the anticipated -$0.19. Additionally, Stem achieved a 27% year-over-year increase in total revenue and reported its first positive operating cash flow of $9 million. In a strategic move, Stem announced a 1-for-20 reverse stock split, effective June 23, 2025, aimed at regaining compliance with the New York Stock Exchange’s minimum average closing price requirement. This decision was approved at the company’s 2025 Annual Meeting of Stockholders, alongside a reduction in authorized shares from 500 million to 250 million. Shareholders also approved key amendments to the company’s Certificate of Incorporation, facilitating the reverse stock split and authorized shares reduction. Furthermore, the company announced a 27% workforce reduction, targeting $30 million in annual cost savings. These developments reflect Stem’s ongoing efforts to enhance its financial position and strategic focus.
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