SPRUCE POWER HOLDING CORP SPRU

Utilities SIC 4911 - Electric Services NAICS Utilities › Electric Power Generation, Transmission and Distribution derived NYSE

Spruce Power Holding Corporation and its subsidiaries ("Spruce Power") is a leading owner and operator of distributed solar energy assets across the United States (the "U.S."), offering subscription-based services to approximately 84,000 home solar assets and customer contracts, making renewable energy more accessible to everyone. We are engaged in the ownership and maintenance of home solar energy systems for homeowners in the U.S.

Our primary customers are homeowners and our core solar service offerings to these customers generate revenues primarily through (i) the lease of, and the sale of electricity generated by, our home solar energy systems to homeowners pursuant to long-term Customer Agreements (as defined below) which require the homeowners to make recurring monthly payments, (ii) third party contracts to sell solar renewable energy credits ("SRECs") generated by our home solar energy systems for contracted prices, and (iii) the servicing of third party-owned solar energy systems through our Spruce Pro servicing platform, which is contracted to offer portfolio managed services to over 60,000 systems owned by third parties, as well as to our portfolio of home solar energy systems (the "Portfolio"). These portfolio managed services include (a) billing and collections/asset recovery, (b) account support services, (c) financial asset management, (d) homeowner support and servicing technology, (e) asset operations, and (f) transaction and execution services related to SRECs. Our Spruce Pro brand, launched in the first quarter of 2024, expands our prior existing residential servicing platform to the commercial solar market, offering third-party owners a range of services for residential, commercial, and industrial assets.

Last close 1.33 2026-10-23
Market cap $25.6M 2026-06-30 share count
52-week range 1.29 - 6.75

Valuation FY2025 figures against the last close

P/S0.2x
P/E—
P/FCF—
EV/EBITDA36.1x
Dividend yield—
Diluted EPS-1.44

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $111.8M$82.1M$79.9M$23.2M$0$20.3M$7.2M—
Cost of revenue ——$37.8M$9.9M$16.3M$17.6M$8.1M—
Gross profit ——$42.0M$13.2M-$696.0K$2.7M-$860.0K—
R&D ————$10.8M$4.4M$2.9M—
SG&A $55.1M$58.9M$56.1M$73.1M$35.1M$13.6M$9.8M—
Total operating expenses $93.9M$132.5M$116.7M$82.5M$35.1M———
Operating income $17.9M-$50.4M-$36.8M-$59.3M-$35.1M-$15.3M-$13.6M—
Interest expense $50.9M$40.2M$41.9M$11.4M$39.0K$94.0K$99.0K—
Pre-tax income -$26.0M———————
Income tax $0———————
Net income -$26.0M-$70.5M-$65.8M-$93.9M$28.8M-$60.6M-$14.9M—
EPS, basic -1.44-3.82-3.58-5.270.21-0.72-0.19—
EPS, diluted -1.44-3.82-3.58-5.270.19-0.72-0.19—
Shares, diluted (wtd. avg.) 18.1M18.5M18.4M17.8M148.5M84.6M79.8M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $54.8M$72.8M$172.9M$240.1M$351.8M$329.8M$3.5M$5.9M
Receivables $15.7M$15.0M$9.2M$8.3M$0$10.6M$1.2M—
Inventory ————$15.3M$3.6M$2.2M—
Total current assets $115.9M$136.4M$203.3M$275.0M$374.6M$345.3M$7.1M—
Property, plant and equipment $561.4M$589.0M$484.4M$396.2M$0$579.0K$840.0K—
Goodwill —$0$28.8M$128.5M$0$489.0K$489.0K—
Other intangibles $7.8M$9.0M$10.2M$0$4.9M$593.0K$809.0K—
Total assets $837.3M$898.5M$895.0M$826.6M$393.2M$347.0M$9.2M—
Accounts payable $1.9M$987.0K$1.1M$2.9M$697.0K$4.4M$549.0K—
Short-term debt $213.8M$28.3M$27.9M$25.3M$78.0K$110.0K$1.4M—
Total current liabilities $238.8M$59.6M$71.7M$59.7M$16.6M$9.1M$15.5M—
Long-term debt $462.9M$677.0M$590.9M$474.4M$0$98.0K$1.8M—
Total liabilities $716.0M$752.3M$680.4M$537.6M$31.4M$158.1M$22.9M—
Retained earnings -$354.4M-$328.4M-$257.9M-$193.3M-$99.4M-$128.2M-$67.6M—
Total equity $121.3M$146.2M$214.7M$288.9M$361.8M$188.9M-$13.7M$846.0K

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow -$3.5M-$41.8M-$33.7M-$63.5M-$28.2M-$19.9M-$11.6M—
Depreciation and amortisation ————$653.0K$406.0K$265.0K—
Stock-based compensation $3.0M$2.7M$2.9M$10.0M$7.9M$978.0K$208.0K—
Capital expenditure $221.0K$354.0K$499.0K$0$3.6M$145.0K$28.0K—
Investing cash flow $24.8M-$101.4M-$16.7M-$29.0M-$3.0M-$145.0K-$28.0K—
Financing cash flow -$37.3M$79.4M-$16.8M-$19.2M$85.9M$346.3M$9.2M—
Buybacks $1.8M$853.0K$5.4M—————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-049579.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M Revenue, FY2019: 7.2M Gross profit, FY2019: -860K Net income, FY2019: -14.9M Revenue, FY2020: 20.3M Gross profit, FY2020: 2.7M Net income, FY2020: -60.6M Revenue, FY2021: 0 Gross profit, FY2021: -696K Net income, FY2021: 28.8M Revenue, FY2022: 23.2M Gross profit, FY2022: 13.2M Net income, FY2022: -93.9M Revenue, FY2023: 79.9M Gross profit, FY2023: 42M Net income, FY2023: -65.8M Revenue, FY2024: 82.1M Net income, FY2024: -70.5M Revenue, FY2025: 111.8M Net income, FY2025: -26M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $7.2M $20.3M $0 $23.2M $79.9M $82.1M $111.8M
Gross profit — -$860.0K $2.7M -$696.0K $13.2M $42.0M — —
Net income — -$14.9M -$60.6M $28.8M -$93.9M -$65.8M -$70.5M -$26.0M

Recent filings and events

  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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