Spruce Power Delivers Record 2025 Results, Generates $17.9 million in Operating Income and Operating EBITDA of $80.1 million up 49% for the Year
Exits Year with Over $5 per Share in Cash While Paying Down almost $2 per Share in Debt
HOUSTON--(BUSINESS WIRE)--March 30, 2026--
Spruce Power Holding Corporation (NYSE: SPRU) ("Spruce", "Spruce Power" or the "Company"), a leading owner and operator of distributed solar energy assets across the United States, today reported financial results for the fourth quarter and full-year ended December 31, 2025.
Fourth Quarter and Full-Year 2025 Business Highlights
-- Delivered the strongest financial performance in company history,
achieving full-year Operating Income of $17.9 million compared to a loss
of $50.4 million in 2024
-- Strengthened equity value through balance sheet execution, including
$35.1 million of debt principal payments in 2025, enhancing enterprise
value and reducing leverage
-- Revenues of $24.0 million in the fourth quarter, up 19% year-over-year,
and up 36% for the full year, driven by portfolio growth and servicing
expansion
-- Positive cash generation, with $5.1 million of Adjusted Cash Flow
Generated in Operations for the fourth quarter and $31.6 million for
2025
-- Demonstrated powerful operating leverage, with Operating EBITDA up 57%
year-over-year in the fourth quarter and 49% for the full year, driven by
revenue growth and structural cost reductions
-- Reduced core operating costs at scale, including a 64% decline in
Operations & Maintenance ("O&M") expense and a 16% decline in Selling,
General and Administrative ("SG&A") expense for the fourth quarter,
reflecting durable efficiency gains across the platform
-- Net loss attributable to stockholders of $6.9 million and $26.0 million
for the quarter and year, respectively, compared to net loss attributable
to stockholders of $5.9 million and $70.5 million for the year-earlier
periods
-- Cash Flow used in Operations of $3.3 million for the quarter and $3.5
million used for the year
-- Ended the year with $93.1 million of cash, or $5.13 per share,
providing substantial liquidity, flexibility, and embedded value
Management Commentary and Outlook
Chris Hayes, Chief Executive Officer, commented:
"2025 was the best year in Spruce's history, and our fourth quarter results reflect a business that is hitting its stride. We delivered strong growth, achieved record EBITDA, and reached a clear inflection point in cash generation, all while fundamentally improving the efficiency of our platform.
What is most exciting is that these gains are not one-time in nature. The cost reductions we have achieved--particularly in O&M and SG&A--are structural and position us to continue expanding margins as we scale.
We also made meaningful progress strengthening our balance sheet, including repaying $35.1 million of debt during the year, which directly enhances equity value as we continue to delever the business.
We exited the year with $93.1 million of cash, or $5.13 per share, giving us significant flexibility as we continue to grow the business and optimize our capital structure.
As part of that strategy, we made a deliberate decision to extend our SP1 facility to maximize flexibility as we pursue a broader refinancing opportunity across multiple portfolios. We believe this approach positions us to enhance long-term financing efficiency and support the next phase of growth.
With strong momentum, a more efficient operating model, and a growing base of long-term contracted cash flows, we believe Spruce is exceptionally well positioned heading into 2026."
Consolidated Financial Results
Revenues totaled $24.0 million for the fourth quarter of 2025, compared with $20.2 million for the fourth quarter of 2024. The year-over-year increase was primarily due to the November 2024 acquisition of a residential solar portfolio from NJR Clean Energy Ventures ("NJR") and improved solar renewable energy credits ("SRECs") revenue. The Spruce PRO service agreement signed with ADT in December 2024 also contributed to growth.
Total operating expenses were $21.8 million for the fourth quarter of 2025, compared to $26.7 million for the fourth quarter of 2024. The year-over-year decline in operating expense is attributed primarily to a decrease in operations and maintenance costs and ongoing cost management efforts.
Core Operating Expenses, which includes both SG&A expenses and O&M expenses was $14.9 million in the aggregate for the fourth quarter of 2025, down from $20.7 million in the year-earlier period. This includes $13.0 million of SG&A expenses and O&M expenses of $1.9 million in the fourth quarter of 2025, down from SG&A expense of $15.5 million and O&M expense of $5.3 million for the fourth quarter of 2024.
The decreases in both total operating expenses and Core Operating Expenses were primarily attributable to lower year-over-year O&M costs due to the completion of meter upgrades as well as more prudent cost management, which included the vertical integration of servicing teams in concentrated markets. The decrease in SG&A expenses was due to both a labor reduction and related compensation and benefit costs as well as lower professional service fees.
Net loss attributable to stockholders was $6.9 million, or $0.38 per share for the fourth quarter of 2025, compared to $5.9 million or $0.32 for the fourth quarter of 2024.
Balance Sheet and Liquidity
Total principal amount of outstanding debt as of December 31, 2025, decreased to $695.5 million with a blended interest rate of 6.1%, including the impact of hedge arrangements. All debt consists of project finance loans that are non-recourse to the Company itself. Non-recourse debt is incurred at the project level and does not impact the Company's unrestricted cash on hand balance.
Total cash as of December 31, 2025, was $93.1 million, or $5.13 per share, including cash and cash equivalents of $54.8 million and restricted cash of $38.3 million. Per-share amount is based on 18,170,425 shares issued and outstanding as of December 31, 2025.
Growth and Capital Allocation
Spruce is committed to maximizing long-term value for its shareholders through a disciplined approach that includes strategic acquisitions, capital expenditure projects, debt repayment and shareholder return initiatives
The Company's gross portfolio value (on a PV6 basis as defined below) was $848.0 million as of December 31, 2025.
During the fourth quarter of 2025, Spruce repurchased no shares of common stock. There was $42.0 million remaining under the Company's authorized $50.0 million common share repurchase program as of December 31, 2025.
Key Operating Metrics
As of December 31, 2025, Spruce owned cash flows from approximately 84,000 home solar assets and customer contracts across 18 U.S. States with an average remaining contract life of approximately 10 years. Combined portfolio generation for the fourth quarter of 2025 was approximately 104,711 MWh of energy. In addition, the Company services approximately 60,000 third-party owned home solar systems as of December 31, 2025. Gross Portfolio Value, on a PV6 basis as described below, was $848.0 million as of December 31, 2025.
Conference Call Information
The Spruce management team will host a conference call for analysts and investors to discuss its fourth quarter and full year 2025 financial results and business outlook at 4:30 p.m. Eastern Standard Time March 30, 2026. The conference call can be accessed live over the telephone by dialing (646) 307-1963 and referencing Conference ID 3699222. Alternatively, the call can be accessed via a live webcast accessible at https://events.q4inc.com/attendee/468435160.
An audio replay will be available shortly after the call and can be accessed by dialing (800) 770-2030. The passcode for the replay is 3699222. The replay will be available until April 14, 2026.
About Spruce Power
Spruce Power is a leading owner and operator of distributed solar energy assets across the United States. We provide subscription-based services that make it easy for homeowners to benefit from rooftop solar power and battery storage. Our power as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our Company owns the cash flows from approximately 84,000 home solar assets and customer contracts across the United States. For additional information, please visit www.sprucepower.com.
Cautionary Note Regarding Forward Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are characterized by the use of certain words or phrases (and their derivatives) such as "anticipate," "believe," "could," "expect," "intend, " "may," "opportunity," "plan," "goals," "target" "predict," "potential, " "estimate," "should," "will," "would," "continue," "likely," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based upon our current plans and strategies, management's assumptions and expectations about future events, and market conditions and reflect our current assessment of the risks and uncertainties related to our business and are made as of the date of this release. Forward-looking statements in this release may include, without limitation, statements made in Mr. Hayes' quotations, statements regarding contracted portfolio value and renewal portfolio value, potential future acquisitions, potential future repurchases under the stock repurchase program, the impacts of the Company's O&M initiatives and operational enhancements and the Company's ability
to sustain cost reductions, the Company's expected key revenue drivers, expectations with respect to Spruce PRO and its potential partnerships, expectations with respect to refinancing outstanding debt, and the Company's prospects for long-term growth in revenues, business cash inflows, earnings and Operating EBITDA. Repurchases under the stock repurchase program will depend upon market prices, trading volume, available cash and other factors, and therefore, there is no guarantee that any repurchases will be completed or as to the number of shares that may be purchased. There can be no assurance that actual future results, performance or achievements of, or trends affecting, us will not differ materially from any future results, performance, achievements or trends expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from historical results or the forward-looking statements contained herein, including but not limited to: uncertainties relating to the solar energy industry and the risk that sufficient additional demand for home solar energy systems may not develop or take longer to develop than we anticipate; disruptions to our solar monitoring systems, which could negatively impact our revenues and increase our expenses; warranties provided by the manufacturers of equipment for our assets and maintenance obligations may be inadequate to protect us; the solar energy systems we own or may acquire may have a limited operating history and may not perform as we expect, including as a result of unsuitable solar and meteorological conditions; problems with performance of our solar energy systems may cause us to incur expenses, may lower the value of our solar energy systems, and may damage our market reputation; the ability to identify and complete future acquisitions or strategic relationships and the ability to integrate strategic acquisitions; the ability to develop and market new products and services; changes in, and our compliance with, laws and regulations affecting our business; the highly competitive nature of the Company's business and markets; the ability to manage our growth effectively or grow by expanding our market penetration or acquiring additional home solar portfolios; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, product liability claims or other claims, government investigations and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company's products and services, including due to tariffs or trade restrictions; developments in technology or improvements in distributed solar energy generation and related technologies or components may materially adversely affect demand for our offerings; a material reduction in the retail price of traditional utility generated electricity, electricity from other sources or renewable energy credits; we may require additional financing to support the development of our business and implementation of our growth strategy; we are subject to risks relating to our outstanding debt, including risks relating to rising interest rates and the risk that we may not have sufficient cash flow to pay or refinance our debt and to continue as a going concern; the impact of natural disasters and other events beyond our control, such as hurricanes, wildfires or pandemics, on the Company's business, results of operations, financial condition, regulatory compliance and customer experience; cybersecurity risks; the loss or transition of key employees or senior management or the Company's inability to attract and retain qualified personnel; the risk that the Company may identify material weaknesses in its internal control over financial reporting, or fail to maintain an effective system of internal control over financial reporting; general economic, financial, legal, political and business conditions, supply chain constraints and changes in domestic and foreign markets; the availability of capital and additional financing; economic conditions, including market interest rates, inflation, recessionary conditions and U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom; governmental investigations, litigation, complaints, other claims, or adverse publicity, which may cause us to incur significant expense, hinder execution of business and growth strategy, or impact the price of our common stock; changes in tax laws, which may materially adversely affect our business, prospects, financial condition, and operating results; our ability to use net operating loss carryforwards and other tax attributes; risks associated with construction, regulatory compliance, risks relating to changes in, and our compliance with, laws and regulations affecting our business, and other contingencies; violations of export control and/or economic sanctions laws and regulations; the adequacy of our insurance coverage; competition from traditional energy companies as well as solar and other renewable energy companies; and the other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31, 2025, subsequent Quarterly Reports on Form 10-Q, and other documents that the Company files with the SEC in the future. These factors are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from the results implied by these forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Use of Non-GAAP Financial Information
This press release includes references to certain non-GAAP financial measures. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter, without the impact of items or events that may obscure trends in our underlying financial performance. These non-GAAP financial measures should not be considered in isolation and should be considered as a supplement to, and not as a substitute for or superior to, the GAAP financial measures presented in this press release, our financial statements, and other publicly filed reports. This prospective financial information was not prepared with a view toward compliance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information or U.S. GAAP with respect to forward-looking financial information. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies.
Definitions of Non-GAAP Financial Information
Earnings (Loss) Before Interest, Income Taxes, Depreciation and Amortization ("EBITDA"):
We define EBITDA as our consolidated net income (loss) and adding back interest expense, net, income taxes, and depreciation and amortization. We believe EBITDA provides meaningful information as to the performance of our business and therefore we use it to supplement our GAAP reporting. We believe that Adjusted EBITDA, which excludes certain identified items that we do not consider to be part of our ongoing business, improves the comparability of year-to-year results, and is more representative of our underlying performance. Management uses this information to assess and measure the performance of our operating segment. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments shown in the below reconciliations, and to provide an additional measure of performance.
Operating EBITDA:
We define Operating EBITDA as Adjusted EBITDA plus proceeds from investment in master lease agreement, net, proceeds from buyouts / prepayments and interest earned on cash investments. Proceeds from investment in master lease agreement, net, represent cash flows from the Company's Spruce Power 4 Portfolio, which holds the 20-year use rights to customer payment streams of approximately 22,500 solar lease and power purchase agreements, net of servicing costs. Proceeds from buyouts / prepayments represent cash inflows from the early buyout of customer solar contracts and cash inflows from the prepayment of customer solar contracts. Interest earned on cash investments represent cash interest received on investments in money market funds.
Adjusted Cash Flow from Operations:
We define Adjusted Cash Flow from Operations as cash from operations adjusted for the recurring proceeds from both our SEMTH master lease and sales of solar energy systems, as well as non-recurring litigation settlements.
Core Operating Expenses:
We define Core Operating Expenses as the sum of our SG&A and our O&M expenses.
Portfolio Value Metrics
We believe Portfolio Value Metrics are helpful to management, investors, and analysts to understand the value of our business and to evaluate the estimated remaining value of our customer contracts, including present value implied from future, uncontracted sales of SRECs generated from assets that the Company owns today.
-- Gross Portfolio Value reflects the remaining projected net cash flows
from current customers discounted at 6% ("PV6")
-- Projected cash flows include the customer's initial agreement plus
renewal
As of December 31,
($ in millions) 2025
------------------------------------------ --------------------
Contracted Portfolio Value (1) 729
Renewal Portfolio Value (2) 71
Uncontracted Renewable Energy Credits (3) 48
------------------------------------------ ----- -------------
Gross Portfolio Value (4) $ 848
(1) Contracted Portfolio Value represents the present value of the remaining net cash flows discounted at 6% per annum during the initial term of the Company's customer agreements as of the measurement date. It is calculated as the present value of cash flows discounted at 6% that the Company expects to receive from customers in future periods as set forth in customer agreements, after deducting expected operating and maintenance costs, equipment replacements costs, distributions to tax equity partners in consolidated joint venture partnership flip structures, and distributions to third-party project equity investors. The calculation includes cash flows the Company expects to receive in future periods from state incentive and rebate programs, contracted sales of solar renewable energy credits, and awarded net cash flows from grid service programs with utilities or grid operators.
(2) Renewal Portfolio Value is the forecasted net present value the Company would receive upon or following the expiration of the initial customer agreement term, but before the 30th anniversary of the system's activation in the form of cash payments during any applicable renewal period for customers as of the measurement date. The Company calculates the Renewal Portfolio Value amount at the expiration of the initial contract term assuming that, on average, Spruce's customers choose to renew 50% of the time at a contract rate representing a 35% discount to the contract rate in effect at the end of the initial contract term, for a term of 7-years.
(3) Uncontracted sales of SRECs based on forward market REC pricing curves, adjusted for liquidity discounts.
(4) Gross Portfolio Value represents the sum of Contracted Portfolio Value, Renewal Portfolio Value and Uncontracted SRECs.
Spruce Power Holding Corporation
Condensed Consolidated Statements of Operations (Unaudited)
For the Three Months and Years Ended December 31, 2025 and 2024
Three Months Ended
December 31, Years Ended December 31,
-------------------------- ----------------------------
(In thousands,
except per share
and share
amounts) 2025 2024 2025 2024
----------------- ---------- ---------- ---------- ----------
Revenues $ 24,028 $ 20,226 $ 111,812 $ 82,107
---------- ---------- ---------- ----------
Operating
expenses:
Cost of
revenues -
solar energy
systems
depreciation 7,073 6,189 29,139 23,377
Cost of
revenues -
operations and
maintenance 1,884 5,285 9,764 16,597
Selling,
general and
administrative
expenses 12,975 15,463 55,113 58,889
Litigation
settlements 637 179 1,711 7,384
Impairment of
goodwill -- -- -- 28,757
Gain on asset
disposal, net (786) (449) (1,855) (2,504)
---------- ---------- ---------- ----------
Total
operating
expenses 21,783 26,667 93,872 132,500
---------- ---------- ---------- ----------
Income (loss)
from
operations 2,245 (6,441) 17,940 (50,393)
Other (income)
expense:
Interest income (5,086) (5,850) (20,718) (22,758)
Interest
expense, net 12,616 10,332 50,918 40,232
Change in fair
value of
interest rate
swaps 746 (5,400) 12,684 2,753
Other expense
(income) 774 (72) 698 (542)
---------- ---------- ---------- ----------
Net loss from
continuing
operations (6,805) (5,451) (25,642) (70,078)
Net income
(loss) from
discontinued
operations (9) (25) (64) 25
---------- ---------- ---------- ----------
Net loss (6,814) (5,476) (25,706) (70,053)
Less: Net income
attributable to
noncontrolling
interests 51 452 320 436
---------- ---------- ---------- ----------
Net loss
attributable
to
stockholders $ (6,865) $ (5,928) $ (26,026) $ (70,489)
========== ========== ========== ==========
Net loss from
continuing
operations per
share, basic and
diluted $ (0.38) $ (0.29) $ (1.42) $ (3.79)
========== ========== ========== ==========
Net income (loss)
from discontinued
operations per
share, basic and
diluted $ -- $ -- $ -- $ --
========== ========== ========== ==========
Net loss
attributable to
stockholders per
share, basic and
diluted $ (0.38) $ (0.32) $ (1.44) $ (3.82)
========== ========== ========== ==========
Weighted-average
shares
outstanding,
basic and
diluted 18,068,059 18,566,015 18,068,059 18,470,926
========== ========== ========== ==========
Spruce Power Holding Corporation
Calculation of Core Operating Expenses
For the Three Months Ended December 31, 2025 and 2024
Three Months Ended
December 31,
-----------------------
(In thousands) 2025 2024
------------------------------------------------ -------- --------
Calculation of core operating expenses:
Cost of revenues - operations and maintenance $ 1,884 $ 5,285
Selling, general and administrative expenses 12,975 15,463
-------- --------
Core operating expenses $ 14,859 $ 20,748
======== ========
Spruce Power Holding Corporation
Reconciliation of Adjusted Cash Flow from Operations
For the Three and Twelve Months Ended
December 31, 2025 and 2024
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- ---------------------
(In thousands) 2025 2024 2025 2024
---------------- ------ ------- ------ -------
Reconciliation
of Adjusted Cash
Flow from
Operations
Net cash
provided
by/(used) in
operating
activities (3,302) (13,458) (3,530) (41,811)
Proceeds from
investment
related to
SEMTH master
lease
agreement 6,847 6,746 24,726 25,614
Proceeds from
sale of solar
energy
systems 1,546 1,379 5,609 6,091
Non-recurring
legal
settlement -- 1,250 4,750 17,250
------ ------- ------ -------
Adjusted
Cash Flow
from
Operations $ 5,091 $ (4,083) $31,555 $ 7,144
====== ======= ====== =======
Spruce Power Holding Corporation
Reconciliation of Non-GAAP Financial Measures
For the Three Months and Years Ended December 31, 2025 and 2024
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ ----------------------
(In thousands) 2025 2024 2025 2024
------------------------- ------ ------ ------- -------
Reconciliation of Net
Loss to EBITDA, Adjusted
EBITDA, and Operating
EBITDA
Net loss attributable
to stockholders $(6,865) $(5,928) $(26,026) $(70,489)
Net income attributable
to noncontrolling
interests 51 452 320 436
Interest income (5,086) (5,850) (20,718) (22,758)
Interest expense, net 12,616 10,332 50,918 40,232
Depreciation and
amortization 6,325 5,331 26,146 20,280
------ ------ ------- -------
EBITDA 7,041 4,337 30,640 (32,299)
Net (income) loss from
discontinued
operations 9 25 64 (25)
Impairment of goodwill -- -- -- 28,757
Legal charges related
to legacy shareholder
and securities
lawsuits -- 275 -- 8,952
Gain on asset disposal,
net (786) (449) (1,855) (2,504)
Change in fair value of
interest rate swaps 746 (5,400) 12,684 2,753
Meter upgrade campaign 18 480 321 2,123
Other one-time costs 503 183 2,309 4,311
Change in fair value
warrant liabilities -- -- -- (17)
Stock based
compensation 845 957 3,267 3,097
Bad debt expense 254 258 1,301 1,386
Accretion expense 85 55 328 236
Non-recurring
acquisition/divestment
expenses -- 1,161 135 1,161
------ ------ ------- -------
Adjusted EBITDA 8,715 1,882 49,194 17,931
Proceeds from
investment in master
lease agreement, net 6,382 6,082 22,183 23,077
Proceeds from buyouts /
prepayments 1,333 1,656 6,133 6,934
Interest earned on cash
investments 565 1,186 2,633 5,922
------ ------ ------- -------
Operating EBITDA $16,995 $10,806 $ 80,143 $ 53,864
====== ====== ======= =======
Spruce Power Holding Corporation
Condensed Consolidated Balance Sheets (Unaudited)
December 31, 2025 and December 31, 2024
As of December 31,
------------------------
(In thousands, except share and per share
amounts) 2025 2024
----------------------------------------- -------- --------
Assets
Current assets
Cash and cash equivalents $ 54,842 $ 72,802
Restricted cash 38,303 36,346
Accounts receivable, net of allowance
of $0.8 million and $0.8 million as
of December 31, 2025 and 2024,
respectively 15,748 15,010
Interest rate swap assets, current 3,791 6,258
Prepaid expenses and other current
assets 3,189 6,014
-------- --------
Total current assets 115,873 136,430
Investment related to SEMTH master
lease agreement 132,843 136,942
Property and equipment, net 561,388 589,014
Interest rate swap assets, non-current 9,990 18,414
Intangible assets, net 7,830 8,957
Deferred rent assets 4,872 3,717
Right-of-use assets, net 4,208 4,750
Other assets 269 255
-------- --------
Total assets $ 837,273 $ 898,479
Liabilities, stockholders' equity and
noncontrolling interests
Current liabilities
Accounts payable $ 1,916 $ 987
Accrued expenses and other current
liabilities 20,308 28,125
Non-recourse debt, current 213,826 $ 28,310
Deferred revenue, current 1,210 1,194
Lease liability, current 945 892
Interest rate swap liabilities,
current 545 --
Current liabilities of discontinued
operations 12 61
-------- --------
Total current liabilities 238,762 59,569
Non-recourse debt, non-current 462,942 677,021
Deferred revenue, non-current 3,831 2,790
Lease liability, non-current 4,181 4,848
Unfavorable solar renewable energy
agreements, net 779 4,134
Interest rate swap liabilities,
non-current 1,633 385
Other long-term liabilities 3,865 3,540
Long-term liabilities of discontinued
operations 28 40
-------- --------
Total liabilities 716,021 752,327
Commitments and contingencies
Stockholders' equity:
Common stock, $0.0001 par value;
350,000,000 shares authorized at
December 31, 2025 and December 31,
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 2 2
Additional paid-in capital 481,327 478,366
Accumulated deficit (354,404) (328,377)
Treasury stock at cost, 1,870,827
shares and 1,092,208 at December 31,
2025 and 2024, respectively (8,095) (6,277)
-------- --------
Total stockholders' equity 118,830 143,714
Noncontrolling interests 2,422 2,438
-------- --------
Total equity 121,252 146,152
-------- --------
Total liabilities, stockholders'
equity and noncontrolling
interests $ 837,273 $ 898,479
======== ========
Spruce Power Holding Corporation
Condensed Consolidated Statement of Cash Flows (Unaudited)
December 31, 2025 and December 31, 2024
Years Ended
December 31,
(In thousands) 2025 2024
------------------------------------------ ------- --------
Operating activities:
Net loss $(25,706) $ (70,053)
Add back: Net loss (income) from
discontinued operations 64 (25)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock-based compensation, net 2,961 2,712
Bad debt expense 1,301 1,386
Amortization of deferred revenue (317) (1,193)
Depreciation and amortization expense 30,191 24,381
Amortization related to unfavorable
solar renewable energy agreements for
each period (2,993) (3,097)
Impairment of goodwill -- 28,757
Accretion expense 328 236
Change in fair value of interest rate
swaps 12,684 2,753
Change in fair value of warrant
liabilities -- (17)
Interest income related to SEMTH master
lease agreement (18,085) (16,823)
Gain on disposal of assets (1,855) (2,504)
Change in operating right-of-use assets
and lease liability (72) 26
Amortization of debt discount and
deferred financing costs 6,536 6,026
Changes in operating assets and
liabilities:
Accounts receivable, net (2,040) (3,490)
Deferred rent assets (1,155) (1,263)
Prepaid expenses and other
current assets 2,825 3,707
Other assets (14) 2
Accounts payable 929 (133)
Accrued expenses and other
current liabilities (10,361) (15,571)
Other long-term liabilities -- (9)
Deferred revenue 1,374 2,506
------- --------
Net cash used in continuing
operating activities (3,405) (41,686)
Net cash used in discontinued
operating activities (125) (125)
------- --------
Net cash used in operating
activities (3,530) (41,811)
------- --------
Investing activities:
Proceeds from sale of solar energy
systems 5,609 6,091
Proceeds from investment related to SEMTH
master lease agreement 24,726 25,614
Cash paid for acquisitions (5,334) (132,763)
Purchases of other property and equipment (221) (354)
------- --------
Net cash provided by (used in)
continuing investing
activities 24,780 (101,412)
------- --------
Financing activities:
Proceeds from issuance of non-recourse
debt -- 239,842
Payment of deferred financing costs -- (3,374)
Repayments of non-recourse debt (35,099) (155,943)
Share repurchases (1,818) (853)
Capital distributions to noncontrolling
interests (336) (323)
------- --------
Net cash provided by (used in)
continuing financing
activities (37,253) 79,349
------- --------
Net cash provided by
discontinued financing
activities -- 81
------- --------
Net cash used in financing
activities (37,253) 79,430
------- --------
Net change in cash and cash equivalents and
restricted cash: (16,003) (63,793)
Cash and cash equivalents and restricted
cash, beginning of period 109,148 172,941
------- --------
Cash and cash equivalents and restricted
cash, end of period $ 93,145 $ 109,148
======= ========
Supplemental disclosure of cash flow
information:
Cash paid for interest $ 42,978 $ 35,060
======= ========
Supplemental disclosure of noncash
investing and financing information:
Right-of-use asset obtained in exchange
for lease liability $ 307 $ --
======= ========
View source version on businesswire.com: https://www.businesswire.com/news/home/20260330976329/en/
CONTACT: For More Information
Investor Contact: investors@sprucepower.com
Media Contact: publicrelations@sprucepower.com
(END) Dow Jones Newswires
March 30, 2026 16:05 ET (20:05 GMT)
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