Exhibit 99 Stem Announces First Quarter 2024 Results Substantial increase of +42% CARR-to-ARR conversion since January 2024 Introducing Next Generation Asset Performance Management Software Suite Reaffirming Full Year 2024 Operating Cash Flow, Adjusted EBITDA, Gross Margin and Bookings Guidance First Quarter 2024 Financial and Operating Highlights Financial Highlights1 • Revenue of $25.5 million, down from $67.4 million (-62%) in 1Q23. Reflects a $33 million reduction in revenue due to an updated valuation ...