SPRU · Spruce Power Holding Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.42M | - | $30.73M | $33.24M | $23.82M | - | $21.38M | $22.48M | $18.29M | - |
| Cost of Revenue | - | - | - | - | - | - | $9.66M | $8.59M | $8.87M | - |
| Gross Profit | - | - | - | - | - | - | $11.72M | $13.89M | $9.42M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $11.58M | - | $12.94M | $15.10M | $14.10M | - | $13.52M | $16.70M | $13.47M | - |
| Total Operating Expenses | $19.57M | - | $22.24M | $24.34M | $25.51M | - | $58.54M | $25.84M | $21.88M | - |
| D&A | $7.51M | - | - | - | $6.80M | - | - | - | $5.23M | - |
| Operating Income | $3.85M | - | $8.48M | $8.90M | ($1.69M) | - | ($37.16M) | ($3.36M) | ($3.60M) | - |
| Interest Expense | $12.29M | - | $12.81M | $12.82M | $10.94M | - | $11.37M | $7.59M | $10.94M | - |
| Income Tax | $0 | - | $0 | $0 | $0 | - | $0 | $0 | $0 | - |
| Net Income | ($2.92M) | - | ($860.0K) | ($2.97M) | ($15.34M) | - | ($53.53M) | ($8.58M) | ($2.45M) | - |
| EPS - Basic | ($0.16) | - | ($0.05) | ($0.17) | ($0.84) | - | ($2.88) | ($0.45) | ($0.13) | - |
| EPS - Diluted | ($0.16) | - | ($0.05) | ($0.17) | ($0.84) | - | ($2.88) | ($0.45) | ($0.13) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $50.02M | $54.84M | $53.65M | $53.51M | $61.92M | $72.80M | $113.66M | $116.59M | $120.58M | $141.35M |
| Accounts Receivable | $18.81M | $15.75M | $18.09M | $19.45M | $19.55M | $15.01M | $11.52M | $13.25M | $10.96M | $9.19M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $1.14M | $1.92M | $1.46M | $952.0K | $775.0K | $987.0K | $858.0K | $1.42M | $769.0K | $1.12M |
| Current Assets | $111.35M | $115.87M | $125.43M | $119.30M | $125.87M | $136.43M | $173.01M | $178.87M | $178.24M | $203.34M |
| Total Assets | $824.37M | $837.27M | $857.06M | $862.63M | $877.99M | $898.48M | $806.77M | $858.43M | $867.89M | $895.02M |
| Current Liabilities | $231.01M | $238.76M | $247.09M | $239.49M | $59.40M | $59.57M | $62.81M | $53.81M | $53.24M | $71.71M |
| Long-term Debt | $460.34M | $462.94M | $466.76M | $479.42M | $671.77M | $677.02M | $577.00M | $584.48M | $585.36M | $590.87M |
| Total Liabilities | $705.03M | $716.02M | $729.72M | $735.22M | $747.21M | $752.33M | $655.14M | $653.87M | $654.92M | $680.35M |
| Stockholders' Equity | $118.83M | $121.25M | $124.85M | $143.71M | $130.78M | $146.15M | $151.64M | $204.56M | $212.96M | $214.67M |
| Retained Earnings | ($357.33M) | ($354.40M) | ($347.54M) | ($346.68M) | ($343.71M) | ($328.38M) | ($322.45M) | ($268.92M) | ($260.34M) | ($257.89M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($2.70M) | - | - | - | ($9.12M) | - | - | - | ($22.19M) | - |
| Investing Cash Flow | $5.33M | - | - | - | $4.18M | - | - | - | $5.69M | - |
| Financing Cash Flow | ($10.16M) | - | - | - | ($7.73M) | - | - | - | ($6.78M) | - |
| CapEx | $0 | - | - | - | $87.0K | - | - | - | $67.0K | - |
| Free Cash Flow | ($2.70M) | - | - | - | ($9.21M) | - | - | - | ($22.25M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | 54.8% | 61.8% | 51.5% | - |
| Operating margin | 16.4% | - | 27.6% | 26.8% | -7.1% | - | -173.8% | -14.9% | -19.7% | - |
| EBITDA margin | 48.5% | - | - | - | 21.4% | - | - | - | 9.0% | - |
| Net margin | -12.5% | - | -2.8% | -8.9% | -64.4% | - | -250.4% | -38.2% | -13.4% | - |
| Free cash flow margin | -11.5% | - | - | - | -38.7% | - | - | - | -121.7% | - |
| FCF / Net income | 0.92 | - | - | - | 0.60 | - | - | - | 9.07 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 49.4% | - | 42.1% | 45.4% | 59.2% | - | 63.2% | 74.3% | 73.7% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -0.4% | - | -0.1% | -0.3% | -1.7% | - | -6.6% | -1.0% | -0.3% | - |
| Return on equity | -2.5% | - | -0.7% | -2.1% | -11.7% | - | -35.3% | -4.2% | -1.2% | - |
| Return on invested capital | 0.5% | - | 1.1% | 1.1% | -0.2% | - | -4.0% | -0.3% | -0.4% | - |
| Liquidity | ||||||||||
| Current ratio | 0.48 | 0.49 | 0.51 | 0.50 | 2.12 | 2.29 | 2.75 | 3.32 | 3.35 | 2.84 |
| Quick ratio | 0.48 | 0.49 | 0.51 | 0.50 | 2.12 | 2.29 | 2.75 | 3.32 | 3.35 | 2.84 |
| Cash ratio | 0.22 | 0.23 | 0.22 | 0.22 | 1.04 | 1.22 | 1.81 | 2.17 | 2.26 | 1.97 |
| Leverage | ||||||||||
| Debt / Equity | 3.87 | 3.82 | 3.74 | 3.34 | 5.14 | 4.63 | 3.81 | 2.86 | 2.75 | 2.75 |
| Debt / Assets | 0.56 | 0.55 | 0.54 | 0.56 | 0.77 | 0.75 | 0.72 | 0.68 | 0.67 | 0.66 |
| Debt / EBITDA | 40.53 | - | - | - | 131.57 | - | - | - | 357.58 | - |
| Interest coverage | 0.3x | - | 0.7x | 0.7x | -0.2x | - | -3.3x | -0.4x | -0.3x | - |
| Equity multiplier | 6.94 | 6.91 | 6.86 | 6.00 | 6.71 | 6.15 | 5.32 | 4.20 | 4.08 | 4.17 |
| Liabilities / Assets | 0.86 | 0.86 | 0.85 | 0.85 | 0.85 | 0.84 | 0.81 | 0.76 | 0.75 | 0.76 |
| Efficiency | ||||||||||
| Asset turnover | 0.03 | - | 0.04 | 0.04 | 0.03 | - | 0.03 | 0.03 | 0.02 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 293d | - | 215d | 214d | 300d | - | 197d | 215d | 219d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | 32d | 60d | 32d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.6x | - | 0.4x | 0.3x | 0.3x | - | 0.3x | 0.3x | 0.4x | - |
| P / S | 3.2x | - | 1.4x | 1.1x | 1.8x | - | 2.5x | 3.1x | 4.1x | - |
| EV / EBITDA | 42.7x | - | - | - | 128.0x | - | - | - | 330.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -1.7% | - | 43.7% | 47.9% | 30.2% | - | -8.1% | -1.5% | 1.1% | - |
| Revenue CAGR (3y) | 9.0% | - | 54.3% | 122.7% | 71.0% | - | 88.3% | 82.6% | 145.8% | - |
| Revenue CAGR (5y) | 80.2% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | -12.8% | -2.3% | -8.0% | - |
| Operating income growth (YoY) | - | - | - | - | 52.9% | - | -51.6% | -90.3% | 34.3% | - |
| Net income growth (YoY) | 80.9% | - | 98.4% | 65.4% | -525.0% | - | -177.2% | - | 87.3% | - |
| EPS growth (YoY) | 81.0% | - | 98.3% | 62.2% | -546.2% | - | -159.5% | - | 0.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 70.7% | - | - | - | 58.6% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -9.1% | -17.0% | -17.7% | -29.7% | -38.6% | -31.9% | -37.9% | -23.1% | -19.7% | -25.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$111.81M totalReportable Segment$111.81M · 100.0%
Product / service
$111.81M totalSLARevenue$39.91M · 35.7%
PPARevenue$37.97M · 34.0%
Solar Renewable Energy Credit Revenue$21.36M · 19.1%
Service$3.80M · 3.4%
Product And Service Other$3.63M · 3.2%
Amortization Of Intangible Assets$2.99M · 2.7%
Government Incentives$2.15M · 1.9%
Peer comparison
Same SIC group: Electric Services
Comparing SPRUCE POWER HOLDING CORP against the 5 most active filers in the same SIC group.