Order Dismissing Securities Class Action Lawsuit Against Stem, Inc.

On December 17, 2025, the United States District Court for the Northern District of California issued an order dismissing with prejudice all claims in the putative securities class action lawsuit filed against Stem, Inc. and certain of its former officers, directors, and employees. The lawsuit, captioned In re Stem, Inc. Sec. Litig., Case No. 23-CV-02329-MMC, alleged various violations of federal securities laws. The dismissal resolves all claims previously brought against the company and its related individuals in this litigation. Stem, Inc. is represented in this matter by its Chief Legal Officer and Secretary, Saul R. Laureles, who signed the report on December 19, 2025.