Exhibit 99 Stem Announces Fourth Quarter and Full Year 2023 Results Achieved Key Milestone with Positive Adjusted EBITDA in Q4 and 2H23 Expect to Generate at Least $50 million of Operating Cash Flow in 2024 Awarded PowerBidderTM Pro Contract by Mercuria Energy Trading Outlook • Expect to achieve positive adjusted EBITDA of between $5 million and $20 million in 20241 • Project at least $50 million in operating cash flow generation for the full year 2024 with no equity issuance Fourth Quarter and Full Year 20 ...