Spruce Power Holding Corporatio
2.9100-0.09 (-3%)
Oct 29, 4:00:02 PM EDT · NYSE · SPRU · USD
Key Stats
Market Cap
51.90MP/E (TTM)
-Basic EPS (TTM)
-4.21Dividend Yield
0%Recent Filings
8-K
Spruce cuts workforce for $20M savings
Spruce Power approved a workforce reduction on September 16, 2025, affecting 40 employees and contractors—19% of its staff—announced September 24, with severance charges of $1 million in Q3. This streamlines operations, targeting $20 million in annual savings to accelerate positive free cash flow. Yet risks loom if disruptions hinder retention. Savings will fuel solar platform growth.
10-Q
Q2 FY2025 results
Spruce Power's Q2 FY2025 revenue climbed 48% year-over-year to $33.2M, fueled by the NJR Acquisitions adding $3.0M in SLA revenues and $5.0M in SREC sales, while government incentives jumped $1.5M. Operating income swung to a $8.9M profit from a $3.4M loss, thanks to O&M efficiencies slashing costs 52% to $2.1M and SG&A dipping 10% to $15.1M. Yet net loss narrowed to $3.0M from $8.6M, pressured by $12.8M interest expense up 69% from the SP5 Facility and $4.1M fair-value hit on swaps. Cash dipped to $53.5M with $90.5M total liquidity, supporting $13.6M debt repayments; free cash flow not disclosed in the 10-Q. The NJR deal closed November 2024 for $132.5M cash, recognizing no goodwill but adding 9,800 systems with 11-year lives. Revenue growth shows portfolio strength. But competition from traditional energy firms threatens market share.
8-K
Q2 Revenue Up 48%
Spruce Power reported Q2 2025 results with revenues surging 48% to $33.2 million, fueled by the November 2024 NJR portfolio acquisition and stronger SREC revenue, while Operating EBITDA jumped 71% to $24.6 million amid a 52% drop in O&M expenses to $2.1 million. The company holds a robust $90.5 million cash balance, equivalent to $5.07 per share, supporting its focus on portfolio scaling and cost controls. Net loss narrowed to $3.0 million from $8.6 million year-over-year. Spruce eyes positive free cash flow, insulated from H.R. 1 tax bill impacts due to its post-subsidy acquisition model.
8-K
Annual meeting approvals and board refresh
Spruce Power's stockholders approved all proposals at the June 24, 2025 annual meeting, electing Christopher Hayes, Clara Nagy McBane, and Shawn Kravetz as Class B directors, endorsing executive compensation on an advisory basis, and ratifying CohnReznick as auditors for 2025. Kevin Griffin retired from the board, replaced by Kravetz, whose investment expertise in turnarounds bolsters strategic oversight. Board stays at seven members. Forward-looking statements highlight growth prospects amid market risks.
8-K
Spruce names interim CFO
Spruce Power appointed Thomas J. Cimino as Interim Chief Financial Officer effective June 5, 2025, following Sarah Wells' departure for a private opportunity. Cimino, with over 25 years in finance including stints at Vantage Drilling and EnfraGen, will provide services via Element 78 Partners at $18,000 weekly through at least August 2025. This move ensures continuity while the company searches for a permanent CFO. Risks include integration challenges amid solar industry uncertainties.
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