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SPRU

Spruce Power Holding Corporation

SPRU

Spruce Power Holding Corporation • NYSE
$4.97 ▼ -0.60% (-0.03)
Market Cap $90.30 M
52w High $6.11
52w Low $1.13
Dividend Yield 0%
P/E -3.77
Volume 73.59K
Outstanding Shares 18.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $30.727M ▼ $12.542M ▼ $-823K ▲ -2.678% ▲ $-0.05 ▲ $20.12M ▲
Q2-2025 $33.239M ▲ $14.909M ▲ $-2.966M ▲ -8.923% ▲ $-0.16 ▲ $16.774M ▲
Q1-2025 $23.818M ▲ $14.331M ▼ $-15.338M ▼ -64.397% ▼ $-0.84 ▼ $5.337M ▼
Q4-2024 $20.226M ▼ $15.193M ▼ $-5.928M ▲ -29.309% ▲ $-0.32 ▲ $10.47M ▲
Q3-2024 $21.378M $48.88M $-53.529M -250.393% $-2.88 $3.433M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $98.769M ▲ $857.057M ▼ $729.721M ▼ $124.854M ▼
Q2-2025 $53.511M ▼ $862.631M ▼ $735.221M ▼ $124.987M ▼
Q1-2025 $61.924M ▼ $877.987M ▼ $747.208M ▼ $128.394M ▼
Q4-2024 $72.802M ▼ $898.479M ▲ $752.327M ▲ $143.714M ▼
Q3-2024 $113.658M $806.774M $655.138M $149.542M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-823K ▲ $0 ▲ $0 ▼ $0 ▲ $8.312M ▲ $0 ▲
Q2-2025 $-2.853M ▲ $-2.343M ▲ $4.12M ▼ $-7.789M ▼ $-6.012M ▲ $-2.44M ▲
Q1-2025 $-15.31M ▼ $-9.124M ▲ $4.176M ▲ $-7.731M ▼ $-12.679M ▲ $-9.211M ▲
Q4-2024 $-5.451M ▲ $-13.458M ▼ $-124.81M ▼ $97.435M ▲ $-40.833M ▼ $-13.63M ▼
Q3-2024 $-53.386M $-1.051M $9.911M $-9.088M $-228K $-1.083M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
PPA Revenue
PPA Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Income statement: Spruce Power has very modest revenue, but it has been edging up and now supports a small positive gross margin. The core issue is that the business is still not covering its operating costs. Operating losses have been persistent over the last five years, and net income has been negative in most years, with only one brief profitable year. Management does appear to be tightening expenses, as the gap between operating performance and break-even has narrowed at times, but overall the company remains in a loss‑making phase and earnings per share have been consistently negative.

Balance Sheet

Balance Sheet Balance sheet: The asset base has grown compared with a few years ago, reflecting the buildout and acquisition of solar portfolios. However, cash on hand has steadily declined from earlier levels, showing that past cash reserves have been drawn down. At the same time, debt has increased from essentially none to a meaningful level, while shareholders’ equity has been shrinking. This combination points to a more leveraged and financially tighter position than in prior years, with less balance‑sheet flexibility and a greater need for the underlying assets to perform well.

Cash Flow

Cash Flow Cash flow: Spruce Power has been burning cash from its core operations every year in the period shown, though the size of the outflow has recently improved somewhat. Because capital spending is minimal, operating cash flow and free cash flow are essentially the same, which fits their move toward a more capital‑light, service‑oriented model. Even so, the consistent cash drain means the company has had to rely on its starting cash balance and external financing to fund the business. A key watch point is whether the recent efficiency efforts are enough to push operating cash flow toward sustained break‑even or better.

Competitive Edge

Competitive Edge Competitive position: Spruce Power occupies a specialized niche in residential solar by focusing on owning and managing existing rooftop systems rather than chasing new installations. Its portfolio of many tens of thousands of long‑term homeowner contracts across numerous states provides a base of recurring revenue and a scale advantage in operations. The Spruce Pro servicing platform extends that know‑how to third‑party asset owners, creating a higher‑margin, capital‑light line of business. On the other hand, the company competes against much larger residential solar players and specialized service providers, operates in a heavily regulated and policy‑sensitive industry, and must maintain high service quality to keep contract revenue stable over long time periods. Execution on cost control and customer service is central to preserving its edge.

Innovation and R&D

Innovation and R&D Innovation & R&D: Innovation at Spruce Power is centered on software, data, and processes rather than new hardware. The company is investing in automation, integrated IT systems, and data analytics to monitor and manage a large, distributed solar fleet more efficiently. The Spruce Pro platform is a key innovation, turning in‑house asset management tools into an external service for other owners, which can deepen the company’s moat as more data and customers join. Partnerships to add battery storage and to monetize renewable energy credits extend the value of its existing customer base without heavy capital spending. While these are promising, they depend on successful execution, continued technology upgrades, and the company’s ability to keep its platform meaningfully better than what competitors can build or buy.

Summary

Summary: Spruce Power has a differentiated, service‑oriented model in residential solar, built around managing existing solar assets and providing third‑party servicing through its Spruce Pro platform. Strategically, this capital‑light, recurring‑revenue approach can be attractive, especially in a higher‑rate environment where asset ownership is more expensive. Financially, however, the company is still in a challenging phase: revenues remain small, losses have been persistent, cash is being consumed, and debt levels are higher than in the past. The balance between its operational innovations and efficiency gains, on one side, and its need to stabilize earnings and cash flow, on the other, is the central tension for the story going forward. The company’s long‑term outcome will depend heavily on its ability to scale its servicing platform, control costs, and manage its leveraged balance sheet prudently in a competitive and evolving energy market.

NEWS

November 11, 2025 · 4:05 PM UTC

Spruce Power Reports Third Quarter 2025 Results

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October 1, 2025 · 9:00 AM UTC

Spruce Power Partners with Treehouse to Accelerate Expansion into Home Battery Storage, Opening a New Avenue of Growth

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September 26, 2025 · 8:30 AM UTC

Spruce Power Wins Competitive Spruce PRO Backup Servicing Agreement Expanding to Puerto Rico, Cementing Status as the Go-To End-to-End Solar Portfolio Servicer

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September 24, 2025 · 4:01 PM UTC

Spruce Power Streamlines Operations, Reducing Costs and Accelerating Path to Sustainable Growth

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September 4, 2025 · 8:30 AM UTC

Spruce Power Wins Competitive Multi-Year Spruce PRO Contract, Expanding Solar and Storage Services in North Carolina

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