Stem SPAC Presentation Deck

stem Financial Forecast Stem delivers consistent growth and improving margins ($MM) Cumulative AUM (MWh) Yo Y Growth Bookings YOY Growth Revenue YOY Growth Pro Forma Gross Profit Gross Margin(1) Total Operating Expenses Adjusted EBITDA EBITDA Margin % CapEx Free Cash Flow FY20E 714 153% $145 65% $33 94% $4 12% 39 ($35) NM NM NM FY21E 1,046 46% $198 37% $147 348% $24 16% 49 ($25) NM ($17) ($49) FY22E 1,754 68% $342 72% $315 115% $82 26% 54 $28 9% ($34) ($7) FY23E 3,785 116% $721 111% $526 67% $169 32% 55 $113 22% ($39) $70 FY24E 7,257 92% $848 18% $748 42% $264 35% 60 $204 27% ($37) $162 FY25E ~88% of Forecasted 2021 Revenues From Executed Contracts Source: Stem. Note: Stem's fiscal year is 31-Dec. (1) Pro Forma Gross Profit adjusted for non-recurring, non-system related items and amortization related with product development (IDS) costs. 11,834 63% $974 15% $944 26% $360 38% 65 $295 31% ($35) $253 Confidential 31 FY26E 17,799 50% $1,159 19% $1,167 24% $483 41% 66 $417 36% ($25) $381

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