Stem (STEM) said in a regulatory filing Monday that it plans to reduce its global workforce by about 27% as part of a larger effort to cut costs.

Costs associated with the layoffs are expected to be $6 million to $6.5 million, mostly for severance, notice pay, and benefits, and are expected to be incurred mainly in Q2, the company said.

Stem said savings are expected to amount to about $24 million in 2025 and $30 million in 2026. The layoff process is set to be mostly completed by the end of Q2, Stem said.

Stem shares were about 1% higher in recent trading.

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