SPRUCE POWER HOLDING CORP

Listed Company

SPRUCIK 0001772720NYSENon-AcceleratedSmaller ReportingElectric ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$111.81M

Net Income

$-25.71M

Total Assets

—

Equity

—

Shares Out

18.37M

Op. Cash Flow

$-3.53M

Business

SPRUCE POWER HOLDING CORP is an owner and operator of distributed residential solar energy assets that provides subscription-based services to homeowners and institutional owners. It sells electricity generated by home solar systems under long-term power purchase and lease agreements, markets solar renewable energy credits, and operates the Spruce Pro servicing platform for operations, maintenance, billing, and customer support. Reporting focuses on one segment—selling electricity and related servicing—while its operations include servicing third‑party portfolios and fund-owned subsidiaries. The company operates across the United States, servicing customers through long-term customer agreements, third‑party servicers, installer partnerships and online channels.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	112	82	80	23	—
Selling, general and administrative expenses	55	59	56	73	35
Litigation settlements	2	7	27	0	—
Gain on asset disposal, net	−2	−3	−5	−580,000	26,000
Impairment of goodwill	0	29	0	—	—
Total operating expenses	94	133	117	82	—
Income (loss) from operations	18	−50	−37	−59	−35
Interest income	−21	−23	−20	−1	—
Interest expense, net	51	40	42	—	—
Change in fair value of warrant liabilities	0	−17,000	−239,000	−5	−90
Change in fair value of interest rate swaps	13	3	5	−6	0
Other expense (income)	699,000	−525,000	−1	−912,000	−58,000
Net loss from continuing operations	−26	−70	−62	−53	53
Net income (loss) from discontinued operations	−64,000	25,000	−4	−40	−24
Net loss	−26	−70	−67	−93	29
Less: Net income attributable to noncontrolling interests	320,000	436,000	−779,000	1	0
Net loss attributable to stockholders	−26	−70	−66	−94	29
Net loss from continuing operations per share, basic (in dollars per share)	−1.42	−3.79	−3.4	−2.95	—
Net loss from continuing operations per share, diluted (in dollars per share)	−1.42	−3.79	−3.4	−2.95	—
Net income (loss) from discontinued operations, per share, basic (in dollars per share)	0	0	−0.22	−2.25	—
Net income (loss) from discontinued operations per share, diluted (in dollars per share)	0	0	−0.22	−2.25	—
Net loss attributable to stockholders per share, basic (in dollars per share)	−1.44	−3.82	−3.58	−5.27	0.21
Net loss attributable to stockholders per share, diluted (in dollars per share)	−1.44	−3.82	−3.58	−5.27	0.19
Weighted-average shares outstanding, basic (in shares)	18	18	18	18	138
Weighted-average shares outstanding, diluted (in shares)	18	18	18	18	149

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	55	73	141	220	352
Restricted cash	38	36	32	20	150,000
Accounts receivable, net of allowance of $0.8 million and $0.8 million as of December 31, 2025 and 2024, respectively	16	15	9	8	0
Interest rate swap assets, current	4	6	11	10	0
Prepaid expenses and other current assets	3	6	10	5	310,000
Total current assets	116	136	203	275	375
Investment related to SEMTH master lease agreement	133	137	143	0	—
Property and equipment, net	561	589	484	396	0
Interest rate swap assets, non-current	10	18	17	22	0
Intangible assets, net	8	9	10	0	—
Deferred rent assets	5	4	3	2	0
Right-of-use assets, net	4	5	6	3	5
Other assets	269,000	255,000	257,000	383,000	0
Total assets	837	898	895	827	393
Accounts payable	2	987,000	1	3	697,000
Non-recourse debt, current	214	28	28	25	0
Accrued expenses and other current liabilities	20	28	41	22	6
Deferred revenue, current	1	1	878,000	39,000	0
Lease liability, current	945,000	892,000	1	834,000	900,000
Interest rate swap liabilities, current	545,000	0	—	—	—
Current liabilities of discontinued operations	12,000	61,000	0	9	10
Total current liabilities	239	60	72	60	17
Non-recourse debt, non-current	463	677	591	474	0
Deferred revenue, non-current	4	3	2	452,000	0
Lease liability, non-current	4	5	6	2	4
Unfavorable solar renewable energy agreements, net	779,000	4	6	0	—
Interest rate swap liabilities, non-current	2	385,000	843,000	0	5
Other long-term liabilities	4	4	3	10,000	0
Long-term liabilities of discontinued operations	28,000	40,000	170,000	294,000	4
Total liabilities	716	752	680	538	31
Commitments and contingencies (Note 14)	—	—	—	—	—
Common stock, $0.0001 par value; 350,000,000 shares authorized at December 31, 2025 and 2024; 20,041,252 and 18,170,425 shares issued and outstanding at December 31, 2025, respectively, and 19,403,262 and 18,311,054 issued and outstanding at December 31, 2024, respectively	2,000	2,000	2,000	2,000	—
Additional paid-in capital	481	478	476	473	461
Accumulated deficit	−354	−328	−258	−193	−99
Treasury stock at cost, 1,870,827 shares and 1,092,208 at December 31, 2025 and 2024, respectively	−8	−6	−5	0	—
Noncontrolling interests	2	2	2	9	0
Total equity	121	146	215	289	362
Total liabilities, stockholders equity and noncontrolling interests	837	898	895	827	393

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation, net	3	3	3	10	8
Bad debt expense	1	1	2	2	0
Amortization of deferred revenue	−317,000	−1	−91,000	−34,000	—
Depreciation and amortization expense	30	24	22	6	0
Amortization related to unfavorable solar renewable energy agreements	−3	−3	—	—	—
Accretion expense	328,000	236,000	300,000	0	—
Change in fair value of warrant liabilities	0	−17,000	−239,000	−5	—
Interest income related to SEMTH master lease agreement	−18	−17	−11	0	—
Gain on disposal of assets	−2	−3	−5	−580,000	—
Change in operating right-of-use assets and lease liability	−72,000	26,000	120,000	134,000	0
Amortization of debt discount and deferred financing costs	7	6	6	1	72,000
Accounts receivable, net	−2	−3	85,000	553,000	0
Deferred rent assets	−1	−1	−828,000	−2	−10
Prepaid expenses and other current assets	3	4	−2	−2	954,000
Other assets	−13,000	2,000	126,000	0	−31,000
Accounts payable	929,000	−133,000	−2	−2	−577,000
Accrued expenses and other current liabilities	−10	−16	14	5	−1
Other long-term liabilities	0	−9,000	5,000	0	—
Deferred revenue	1	3	1	495,000	—
Net cash used in continuing operating activities	−3	−42	−32	−48	−28
Net cash used in discontinued operating activities	−125,000	−125,000	−2	−16	−20
Net cash used in operating activities	−4	−42	−34	−63	−48
Proceeds from sale of solar energy systems	6	6	6	2	0
Proceeds from investment related to SEMTH master lease agreement	25	26	20	0	—
Cash paid for acquisitions	−5	−133	−43	−33	0
Purchases of other property and equipment	−221,000	−354,000	−499,000	0	−4
Net cash provided by (used in) continuing investing activities	25	−101	−17	−29	−15
Proceeds from issuance of non-recourse debt	0	240	21	0	—
Payment of deferred financing costs	0	−3	−391,000	0	—
Repayments of non-recourse debt	−35	−156	−33	−9	0
Share repurchases	−2	−853,000	−5	0	—
Capital distributions to noncontrolling interests	−336,000	−323,000	−479,000	−2	0
Net cash provided by (used in) continuing financing activities	−37	79	−17	−19	86
Net cash provided by discontinued financing activities	0	81,000	0	−99,000	−502,000
Net cash provided by (used in) financing activities	−37	79	−17	−19	85
Net change in cash and cash equivalents and restricted cash:	−16	−64	−67	−112	22
Cash paid for interest	43	35	37	12	48,000
Right-of-use asset obtained in exchange for lease liability	307,000	0	933,000	2	0

Filings

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